Claritev Corporation — Earnings Quality Grade F
CTEV · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 13 days
AR outpaced revenue for 2 consecutive years
Revenue 3.7%, CFFO 9.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 9.7% vs revenue 3.7%. Normal
SG&A/Gross Profit = 24.4%, excellent (<30%)
Gross margin 67.2%, change -0.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -8.2%. Low accruals
Cash $0.0B covers only 0% of debt $4.6B
Balance Sheet Health
Goodwill+Intangibles $4.3B = -2467% of equity. Manageable
Debt/EBITDA = 9.9x (>4x). Interest coverage = 0.1x (<2x). Financial stress
Other assets -10.1% vs revenue 3.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.65 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25