revenue
1000–1020 $million
FY 2026
official guidance
CLARITEV CORPORATION
Last · —$23.94+0.22 (+0.93%)live · yahoo · 0s ago
Market cap$405.72M—
P/E · TTM—fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $965.4M |
|---|---|
| Operating income | $28.8M |
| Net income | $-284.3M |
| Free cash flow | $-12.3M |
| Operating margin | 3.0% |
| Net margin | -29.4% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Claritev delivered a credible operating beat and raised 2026 revenue guidance to $1.00-$1.02 billion, adjusted EBITDA to $610-$620 million, and free cash flow to only $5-$15 million.
The bull case is improving bookings—$74 million ACV in H1, up 150%—and 6.6% Q2 revenue growth, but the quality of the rebound remains mixed: Q2 NSA upside was primarily tied to one client, Q3 revenue is expected to be flat sequentially, EBITDA margin fell to 60.5% from 63.8%, and most bookings will not contribute materially until 2027-2028.
Themes
- Bookings Momentum
- Nsa Idr
- Claims Intelligence
- Tpa Expansion
- Medicare Advantage
- Ai Modernization
Near term
Q3 revenue is expected to be flat sequentially, while management’s guidance framework implies modest sequential progression into the second half depending on claims volumes and PSAV conversion.
NSA claims volume is expected to remain elevated after the recent client win, but management needs another one to two quarters to determine whether regulatory changes create a durable volume increase.
Payment and Revenue Integrity bookings are gaining traction, including approximately $25 million of H1 ACV, but revenue conversion remains delayed by roughly 2-4 quarters.
Q1 and Q3 are expected to be cash-consumption quarters because of the post-refinancing cash cadence, making the very low full-year FCF outlook sensitive to working-capital execution.
Longer term
The $300 million-plus pipeline, 3x-plus coverage, larger deal sizes, and TPA/Medicare Advantage expansion could diversify the company beyond its payer base, but new verticals are still early and take time to become material revenue contributors.
Management expects AI-enabled modernization of more than 400 applications to let the existing workforce perform fourfold to eightfold more work; this is potentially meaningful leverage, but it remains largely an unquantified productivity claim.
Claims Intelligence appears to be the strongest current growth engine, with Q2 revenue up nearly 14%, while Network is expected to decline high single digits for the full year because of approximately $18.5 million of prior-year one-time revenue.
The competitive advantage in NSA depends on Claritev sustaining its claimed approximately 8-point arbitration performance advantage and converting that advantage into more wallet share; the call did not provide independently verifiable win-rate or customer-retention detail.
Red flags
The main Q2 NSA upside was driven by one client, and management acknowledged that the impact of final NSA rule implementation may take one to two quarters to assess.
Bookings momentum is not yet equivalent to near-term revenue: management said new bookings typically take 2-4 quarters to produce first revenue and another four quarters to annualize.
Free cash flow guidance of just $5-$15 million remains thin relative to adjusted EBITDA of $610-$620 million and planned capital expenditures of $160-$170 million, despite management’s expectation that cash conversion will normalize above 50% by year-end.
The decline in adjusted EBITDA margin to 60.5% reflects ongoing transformation investment, while management did not quantify the timing or payback of those investments.
Analyst questioning exposed important mix issues: the payment and revenue integrity revenue shortfall was attributed to timing, network is structurally pressured by lapping one-time revenue, and the NSA volume increase was not demonstrated to be broad-based.
Forward outlook
revenue growth
4–6 pct
FY 2026
official guidance
adjusted eps
—
FY 2026
official guidance
ebitda
610–620 $million
FY 2026
official guidance
gross margin
—
FY 2026
official guidance
operating margin
61 pct
FY 2026
official guidance
revenue
5–15 $million
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-26
- Net Margin Sharply Negative
- Cash Runway Low
- Current Ratio Low
Red flags
- Net Margin Sharply Negative — Net margin -29.4%
- Cash Runway Low — Cash runway ~1.4 years
- Current Ratio Low — Current ratio 0.86
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$1.71
Est. revenue
256.1M
Earnings transcripts
Documents
FormReporting forFiledFlags