MeritValue

Claritev Corp

CTEVdata completeness 100%8 fiscal years on file
The thesis, from the filings

Claritev Corp earns about -7% on invested capital, and has bought back 97% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.12B1$1.08B1$961.5M2$930.6M2$965.4M2
Net income$102.1M3−$572.9M3−$91.7M4−$1.65B4−$284.3M4
Operating cash flow$404.7M5$372.4M5$171.7M6$107.6M6$117.3M6
Capital expenditure$84.6M7$89.7M7$108.9M8$118.1M8$129.6M8
Free cash flow (derived)$320.1M5$282.6M5$62.9M6−$10.5M6−$12.3M6
Total debt$4.99B9$4.84B10$4.61B11$4.58B12$4.63B12
Cash & equivalents$185.3M13$334M13$71.5M14$16.8M14$16.8M14
Diluted shares651.5M638.9M16.1M16.1M16.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$105.81
your share of equity
Profit it earned you last year
−$172.97
Free cash flow it threw off
−$7.47
Debt you’d be carrying
$2,815.3

10 shares is a claim on −$105.81 of net worth that earned you −$172.97 and generated −$7.47 of cash last year, against $2,815.3 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 4%FY22 -3%FY23 3%FY24 -30%FY25 -7%

It earned an average -7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001793229-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001793229-26-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001793229-24-000012 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001793229-26-000017 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001793229-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001793229-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001793229-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001793229-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2021-12-31 · accession 0001793229-23-000013 (LongTermDebtCurrent)
  10. 10-K · period ending 2022-12-31 · accession 0001793229-24-000012 (LongTermDebtCurrent)
  11. 10-K · period ending 2023-12-31 · accession 0001793229-25-000022 (LongTermDebtCurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001793229-26-000017 (LongTermDebtCurrent)
  13. 10-K · period ending 2021-12-31 · accession 0001793229-24-000012 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001793229-26-000017 (CashAndCashEquivalentsAtCarryingValue)