Free cash flow volatility is extreme, evidenced by a swing from a positive $36.4 million in 2025Q4 to a negative $95.4 million in 2026Q1, exacerbated by capital expenditures consuming 19.1% of revenue.
| Cash from Operations | 98.74M | 117.32M | 107.62M | 171.72M | 372.36M | 404.69M | 377.37M | 284.31M |
| Operating CF Margin % | - | 12.15% | 11.56% | 17.86% | 34.49% | 36.21% | 40.24% | 28.93% |
| Operating CF Growth % | 391.76% | 9.02% | -37.33% | -53.88% | -7.99% | 7.24% | 32.73% | - |
| Net Income | -286.52M | -284.28M | -1.65B | -91.7M | -572.91M | 102.08M | -520.56M | 9.71M |
| Depreciation & Amortization | 223.38M | 445.43M | 436.44M | 425.79M | 415.66M | 424.32M | 403.68M | 399.45M |
| Stock-Based Compensation | 7.8M | 27.82M | 26.64M | 18.02M | 16.74M | 18.01M | 406.05M | -14.88M |
| Deferred Taxes | -76.94M | -128.51M | -198.01M | -114.06M | -114.38M | 0 | -45.04M | -111.4M |
| Other Non-Cash Items | 229.08M | 85.73M | 1.5B | -44.42M | 571.92M | -93.04M | 103.23M | -4.92M |
| Working Capital Changes | 1.95M | -28.87M | -13.67M | -21.91M | 55.34M | -46.68M | 30.01M | 6.35M |
| Change in Receivables | -35.49M | -26.57M | -13.2M | 4.4M | 21M | -33.83M | 14.76M | 5.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 87.09M | -25.86M | 42.22M | 0 | 0 | 0 | 29.07M | 20.78M |
| Cash from Investing | -128.92M | -121.02M | -118.12M | -249.79M | -104.45M | -228.38M | -210.84M | -66.41M |
| Capital Expenditures | -137.5M | -129.6M | -118.12M | -108.85M | -89.73M | -84.59M | -70.81M | -66.41M |
| CapEx % of Revenue | 14.05% | 13.42% | 12.69% | 11.32% | 8.31% | 7.57% | 7.55% | 6.76% |
| Acquisitions | 0 | 0 | 0 | -140.94M | 0 | -149.43M | -140.03M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 8.58M | -7.42M | 0 | 0 | 0 | 5.64M | 0 | 0 |
| Cash from Financing | 31M | 2.36M | -41.31M | -180.99M | -115.74M | -114.68M | -61.6M | -201.09M |
| Debt Issued (Net) | 39.72M | 4.72M | -28.07M | -165.82M | -13.28M | -10.89M | 2.2B | -201.09M |
| Equity Issued (Net) | 1.26M | 1.74M | -10.37M | -14.71M | -100M | -103.79M | -101.12M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -10.37M | -15.22M | -100M | -103.79M | -101.12M | 0 |
| Other Financing | -9.97M | -4.09M | -2.88M | -465K | -2.46M | 0 | -2.16B | 0 |
| Net Change in Cash | 828K | -1.33M | -51.82M | -259.06M | 152.18M | 61.62M | 104.93M | 16.81M |
| Free Cash Flow | -38.76M | -12.28M | -10.51M | 62.87M | 282.63M | 320.1M | 306.56M | 217.9M |
| FCF Margin % | -3.96% | -1.27% | -1.13% | 6.54% | 26.18% | 28.64% | 32.69% | 22.17% |
| FCF Growth % | 60.93% | -16.85% | -116.71% | -77.76% | -11.71% | 4.42% | 40.69% | - |
| FCF per Share | -2.32 | -0.75 | -0.65 | 3.90 | 17.69 | 19.65 | 26.05 | 7.92 |
| FCF Conversion (FCF/Net Income) | 0.14x | -0.41x | -0.07x | -1.87x | -0.65x | 3.96x | -0.72x | 29.28x |
| Interest Paid | 35.51M | 0 | 315.25M | 0 | 0 | 231.05M | 312.35M | 363.91M |
| Taxes Paid | 41.45M | 0 | 80.09M | 0 | 0 | 0 | 3.92M | 114.57M |
Debt-servicing and liquidity constraints
As reported in recent financial filings, Claritev's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of 0.66 highlighting a persistent inability to convert accounting losses into meaningful cash generation, suggesting that non-cash charges are masking underlying operational cash flow volatility.
The consistent gap between net income and operating cash flow suggests that the company's profitability is heavily impacted by non-cash amortization, which obscures the true cash-generating capacity of the core business. Investors should monitor whether this disconnect persists as the company attempts to pivot toward higher-margin analytics services.
Based on Claritev's reported figures, free cash flow has exhibited extreme instability, swinging from a positive $36.4M in 2025Q4 to a negative $95.4M in 2026Q1, which indicates that the company's cash trajectory remains highly sensitive to quarterly fluctuations in working capital and capital expenditure requirements.
The erratic nature of FCF margins suggests that the company lacks a stable foundation for self-funding its operations. This volatility may indicate that the business model is struggling to maintain consistent cash inflows while simultaneously managing the high capital intensity required for its legacy infrastructure.
According to recent SEC filings, Claritev's capital expenditure as a percentage of revenue reached 19.1% in 2026Q1, reflecting a significant commitment to maintaining its legacy PPO infrastructure despite the strategic shift toward data-driven analytics, which may be crowding out necessary investment in newer, more scalable technologies.
The high level of capital intensity relative to revenue suggests that the company is burdened by the maintenance requirements of its older network-based services. This persistent spending may limit the firm's ability to pivot effectively toward AI-driven solutions without further straining its already vulnerable liquidity position.
As evidenced by the $80.0M working capital outflow in 2026Q1, Claritev's cash flow is frequently disrupted by lumpy collection cycles and potential delays in claim adjudications, which suggests that the company's transactional revenue model is susceptible to significant timing mismatches between service delivery and final cash receipt.
The sharp swings in working capital indicate that the company's cash position is highly dependent on the speed at which payers process and report savings. This dependency creates a structural risk where operational cash flow can be severely hampered by even minor delays in the payer adjudication process.
Quick answers to the most common questions about buying CTEV stock.
Claritev Corporation (CTEV) generated $117.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Claritev Corporation (CTEV) reported negative free cash flow of $12.3M in 2025, indicating capital requirements exceeded cash from operations.
Claritev Corporation (CTEV) spent $129.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.