Definitive Healthcare Corp.
DH Nasdaq Services-Prepackaged Software Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$242M
4.2%
vs prior year
Operating margin
Operating income as a share of revenue.
−92.9%
189.0 pts
Net income
Profit after all expenses, interest and tax.
−$139M
Free cash flow
Cash from operations minus capital spending.
$37.1M
19.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−48.6%
51.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.65 EPS (TTM)
What Definitive Healthcare Corp. does
No business description yet.
- Legal name
- Definitive Healthcare Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-076782
0001861795
Revenue and margins
Definitive Healthcare Corp. had $242M of revenue in fiscal 2025, down 4.2% on the year before.
FY20
Revenue $118M
FY21
Revenue $166M
FY22
Revenue $223M
FY23
Revenue $251M
FY24
Revenue $252M
FY25
Revenue $242M
Q3 '23
Revenue $65.3M
Q4 '23
Revenue $65.9M
Q1 '24
Revenue $63.5M
Q2 '24
Revenue $63.7M
Q3 '24
Revenue $62.7M
Q4 '24
Revenue $62.3M
Q1 '25
Revenue $59.2M
Q2 '25
Revenue $60.8M
Q3 '25
Revenue $60.0M
Q4 '25
Revenue $61.5M
Q1 '26
Revenue $55.9M
Q2 '26
Revenue $55.2M
FY20
Gross 74.2%
Operating −13.4%
Net 0.0%
FCF 18.4%
FY21
Gross 75.5%
Operating −16.4%
Net −10.7%
FCF 11.1%
FY22
Gross 80.9%
Operating −19.8%
Net −3.2%
FCF 12.2%
FY23
Gross 81.1%
Operating −131.2%
Net −80.5%
FCF 15.2%
FY24
Gross 78.3%
Operating −281.8%
Net −163.8%
FCF 18.2%
FY25
Gross 75.9%
Operating −92.9%
Net −57.5%
FCF 15.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 81.8%
Operating −452.2%
Net −262.6%
FCF 14.1%
Q4 '23
Gross 81.0%
Operating −15.3%
Net −15.5%
FCF 6.2%
Q1 '24
Gross 79.4%
Operating −25.6%
Net −15.0%
FCF 25.7%
Q2 '24
Gross 79.2%
Operating −579.9%
Net −335.2%
FCF 21.4%
Q3 '24
Gross 78.2%
Operating −359.5%
Net −208.8%
FCF 29.8%
Q4 '24
Gross 76.4%
Operating −159.8%
Net −94.8%
FCF −4.4%
Q1 '25
Gross 73.9%
Operating −312.2%
Net −181.2%
FCF 31.0%
Q2 '25
Gross 76.7%
Operating −6.9%
Net −12.4%
FCF 11.5%
Q3 '25
Gross 76.6%
Operating −14.5%
Net −24.7%
FCF 22.3%
Q4 '25
Gross 76.2%
Operating −43.3%
Net −15.1%
FCF −2.8%
Q1 '26
Gross 74.5%
Operating −359.9%
Net −247.9%
FCF 15.0%
Q2 '26
Gross 73.5%
Operating −12.2%
Net −9.8%
FCF 15.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income $0.0M
FY21
Net income −$17.8M
FY22
Net income −$7.2M
FY23
Net income −$202M
FY24
Net income −$413M
FY25
Net income −$139M
Q3 '23
Net income −$172M
Q4 '23
Net income −$10.2M
Q1 '24
Net income −$9.5M
Q2 '24
Net income −$214M
Q3 '24
Net income −$131M
Q4 '24
Net income −$59.1M
Q1 '25
Net income −$107M
Q2 '25
Net income −$7.6M
Q3 '25
Net income −$14.8M
Q4 '25
Net income −$9.3M
Q1 '26
Net income −$139M
Q2 '26
Net income −$5.4M
FY20
Diluted EPS —
FY21
Diluted EPS −$0.19
FY22
Diluted EPS −$0.07
FY23
Diluted EPS −$1.79
FY24
Diluted EPS −$3.54
FY25
Diluted EPS −$1.30
Q3 '23
Diluted EPS −$1.50
Q4 '23
Diluted EPS −$0.10
Q1 '24
Diluted EPS −$0.08
Q2 '24
Diluted EPS −$1.81
Q3 '24
Diluted EPS −$1.12
Q4 '24
Diluted EPS −$0.53
Q1 '25
Diluted EPS −$0.95
Q2 '25
Diluted EPS −$0.07
Q3 '25
Diluted EPS −$0.14
Q4 '25
Diluted EPS −$0.14
Q1 '26
Diluted EPS −$1.32
Q2 '26
Diluted EPS −$0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital −0.8%
Return on equity 0.0%
Return on assets 0.0%
FY21
Return on capital −1.6%
Return on equity −1.3%
Return on assets −0.9%
FY22
Return on capital −2.5%
Return on equity −0.5%
Return on assets −0.3%
FY23
Return on capital −22.7%
Return on equity −15.1%
Return on assets −10.3%
FY24
Return on capital −100.1%
Return on equity −45.7%
Return on assets −28.3%
FY25
Return on capital −48.6%
Return on equity −28.2%
Return on assets −15.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $37.1M in fiscal 2025, 15.3% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow $21.8M
FY21
Free cash flow $18.5M
FY22
Free cash flow $27.3M
FY23
Free cash flow $38.2M
FY24
Free cash flow $45.9M
FY25
Free cash flow $37.1M
Q3 '23
Free cash flow $9.2M
Q4 '23
Free cash flow $4.1M
Q1 '24
Free cash flow $16.3M
Q2 '24
Free cash flow $13.6M
Q3 '24
Free cash flow $18.7M
Q4 '24
Free cash flow −$2.8M
Q1 '25
Free cash flow $18.4M
Q2 '25
Free cash flow $7.0M
Q3 '25
Free cash flow $13.4M
Q4 '25
Free cash flow −$1.7M
Q1 '26
Free cash flow $8.4M
Q2 '26
Free cash flow $8.5M
FY20
Cash from operations $23.2M
Capital spending $1.4M
FY21
Cash from operations $25.2M
Capital spending $6.7M
FY22
Cash from operations $35.6M
Capital spending $8.3M
FY23
Cash from operations $41.2M
Capital spending $3.0M
FY24
Cash from operations $58.2M
Capital spending $12.3M
FY25
Cash from operations $53.8M
Capital spending $16.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations $9.5M
Capital spending $0.3M
Q4 '23
Cash from operations $4.7M
Capital spending $0.6M
Q1 '24
Cash from operations $16.6M
Capital spending $0.3M
Q2 '24
Cash from operations $14.0M
Capital spending $0.4M
Q3 '24
Cash from operations $19.4M
Capital spending $0.8M
Q4 '24
Cash from operations $8.1M
Capital spending $10.9M
Q1 '25
Cash from operations $26.1M
Capital spending $7.7M
Q2 '25
Cash from operations $9.3M
Capital spending $2.3M
Q3 '25
Cash from operations $15.7M
Capital spending $2.3M
Q4 '25
Cash from operations $2.7M
Capital spending $4.4M
Q1 '26
Cash from operations $11.6M
Capital spending $3.2M
Q2 '26
Cash from operations $11.5M
Capital spending $2.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Definitive Healthcare Corp. returned $49.5M to shareholders in fiscal 2025, 133% of free cash flow. The diluted share count fell 8.6%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $22.4M
FY25
Dividends —
Buybacks $49.5M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $7.0M
Q3 '24
Dividends —
Buybacks $8.0M
Q4 '24
Dividends —
Buybacks $7.3M
Q1 '25
Dividends —
Buybacks $21.2M
Q2 '25
Dividends —
Buybacks $19.1M
Q3 '25
Dividends —
Buybacks $9.2M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY20
Diluted shares —
FY21
Diluted shares 0.09B
FY22
Diluted shares 0.10B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.12B
FY25
Diluted shares 0.11B
Balance sheet
Cash, debt and the ratios that show how comfortably Definitive Healthcare Corp. can carry it.
FY20
Cash $24.8M
Debt $462M
FY21
Cash $387M
Debt $273M
FY22
Cash $332M
Debt $266M
FY23
Cash $308M
Debt $258M
FY24
Cash $290M
Debt $244M
FY25
Cash $181M
Debt $166M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $387M | $332M | $308M | $290M | $181M |
| Debt incl. finance leases | $273M | $266M | $258M | $244M | $166M |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.4x | 0.4x |
| Interest coverage | −1.1x | −3.9x | −21.7x | −47.9x | −19.9x |
| Current ratio | 3.6x | 2.9x | 2.3x | 2.3x | 1.6x |
| Quick ratio | 3.6x | 2.9x | 2.3x | 2.3x | 1.6x |
| Total assets | $2.1B | $2.1B | $1.8B | $1.1B | $735M |
| Total liabilities | $618M | $641M | $627M | $482M | $357M |
| Shareholders' equity | $1.5B | $1.5B | $1.2B | $607M | $379M |
| Net debt (− = net cash) | −$114M | −$65.5M | −$50.3M | −$46.1M | −$14.6M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | — | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 6 / 8 | 6 / 9 | 4 / 9 | 3 / 9 | 5 / 9 |
| Accruals ratio | −1.3% | −2.2% | −2.0% | −12.3% | −32.3% | −21.1% |
| Altman Z'' | — | 3.43 | 3.09 | 1.19 | −3.72 | −3.49 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $118M | $166M | $223M | $251M | $252M | $242M |
| Gross profit | $87.8M | $125M | $180M | $204M | $197M | $183M |
| Research and development | $11.1M | $18.6M | $34.9M | $42.4M | $36.5M | $34.8M |
| Operating income | −$15.9M | −$27.3M | −$44.0M | −$330M | −$711M | −$224M |
| Interest expense | $36.5M | $25.9M | $11.2M | $15.2M | $14.8M | $11.3M |
| Pretax income | −$52.6M | −$62.8M | −$41.9M | −$308M | −$634M | −$209M |
| Income tax | $0.0M | −$0.4M | −$17.7M | −$18.6M | −$42.3M | −$10.0M |
| Net income | $0.0M | −$17.8M | −$7.2M | −$202M | −$413M | −$139M |
| Diluted EPS | — | −$0.19 | −$0.07 | −$1.79 | −$3.54 | −$1.30 |
| Diluted shares | — | 0.09B | 0.10B | 0.11B | 0.12B | 0.11B |
| Cash flow | ||||||
| Cash from operations | $23.2M | $25.2M | $35.6M | $41.2M | $58.2M | $53.8M |
| Capital expenditure | $1.4M | $6.7M | $8.3M | $3.0M | $12.3M | $16.7M |
| Free cash flow | $21.8M | $18.5M | $27.3M | $38.2M | $45.9M | $37.1M |
| Depreciation and amortization | $1.2M | $1.8M | $2.2M | $2.0M | $2.2M | $3.3M |
| Stock-based compensation | $1.7M | $10.0M | $36.4M | $48.7M | $38.1M | $29.1M |
| Acquisitions | $22.5M | $40.0M | $56.3M | $45.0M | $13.5M | $0.0M |
| Share buybacks | — | — | $0.0M | $0.0M | $22.4M | $49.5M |
| Dividends and buybacks | — | — | $0.0M | $0.0M | $22.4M | $49.5M |
| Balance sheet | ||||||
| Cash and short-term investments | $24.8M | $387M | $332M | $308M | $290M | $181M |
| Total debt | $462M | $273M | $266M | $258M | $244M | $166M |
| Finance lease liabilities | — | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $63.8M | $444M | $414M | $394M | $370M | $258M |
| Current liabilities | $91.3M | $123M | $141M | $171M | $161M | $157M |
| Property and equipment, net | $3.2M | $5.1M | $4.5M | $4.5M | $3.8M | $12.7M |
| Goodwill | $1.3B | $1.3B | $1.3B | $1.1B | $393M | $197M |
| Intangible assets | $410M | $352M | $351M | $323M | $298M | $247M |
| Total assets | $1.7B | $2.1B | $2.1B | $1.8B | $1.1B | $735M |
| Total liabilities | $554M | $618M | $641M | $627M | $482M | $357M |
| Shareholders' equity | $1.2B | $1.5B | $1.5B | $1.2B | $607M | $379M |
| Margins | ||||||
| Gross margin | 74.2% | 75.5% | 80.9% | 81.1% | 78.3% | 75.9% |
| Operating margin | −13.4% | −16.4% | −19.8% | −131.2% | −281.8% | −92.9% |
| EBITDA margin | −12.5% | −15.4% | −18.8% | −130.4% | −281.0% | −91.5% |
| Net margin | 0.0% | −10.7% | −3.2% | −80.5% | −163.8% | −57.5% |
| FCF margin | 18.4% | 11.1% | 12.2% | 15.2% | 18.2% | 15.3% |
| Returns | ||||||
| Return on capital | −0.8% | −1.6% | −2.5% | −22.7% | −100.1% | −48.6% |
| Return on capital employed | −1.0% | −1.4% | −2.2% | −19.9% | −76.6% | −38.8% |
| Return on equity | 0.0% | −1.3% | −0.5% | −15.1% | −45.7% | −28.2% |
| Return on assets | 0.0% | −0.9% | −0.3% | −10.3% | −28.3% | −15.2% |
| Growth | ||||||
| Revenue growth | — | 40.4% | 34.0% | 12.9% | 0.3% | −4.2% |
| FCF growth | — | −15.3% | 47.5% | 40.2% | 20.0% | −19.2% |
| Share count change | — | — | 10.0% | 11.5% | 3.4% | −8.6% |
| Financial health | ||||||
| Debt / equity | 0.4x | 0.2x | 0.2x | 0.2x | 0.4x | 0.4x |
| Interest coverage | −0.4x | −1.1x | −3.9x | −21.7x | −47.9x | −19.9x |
| Current ratio | 0.7x | 3.6x | 2.9x | 2.3x | 2.3x | 1.6x |
| Quick ratio | 0.7x | 3.6x | 2.9x | 2.3x | 2.3x | 1.6x |
| Capital allocation | ||||||
| Capex / revenue | 1.2% | 4.1% | 3.7% | 1.2% | 4.9% | 6.9% |
| Stock comp / revenue | 1.5% | 6.0% | 16.4% | 19.4% | 15.1% | 12.1% |
| Payouts / FCF | — | — | 0.0% | 0.0% | 48.8% | 133.4% |
| Quality scores | ||||||
| Piotroski F-score | — | 6.0 | 6.0 | 4.0 | 3.0 | 5.0 |
| Altman Z'' | — | 3.4 | 3.1 | 1.2 | −3.7 | −3.5 |
| Accruals ratio | −1.3% | −2.2% | −2.0% | −12.3% | −32.3% | −21.1% |
Source: SEC EDGAR XBRL filings (CIK 0001861795). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.