Definitive Healthcare Corp. Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Definitive Healthcare Corp. (DH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 58/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Definitive Healthcare Corp. has an operating margin of -281.8%, meaning the company retains $-282 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -131.2% the prior year.

Growth

Definitive Healthcare Corp.'s revenue grew a modest 0.3% year-over-year to $252.2M. This slow but positive growth earns a score of 29/100.

Leverage

Definitive Healthcare Corp. carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.30, Definitive Healthcare Corp. holds $2.30 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.

Cash Flow

Definitive Healthcare Corp. converts 18.2% of revenue into free cash flow ($45.9M). This strong cash generation earns a score of 91/100.

Piotroski F-Score Weak

3/9

Definitive Healthcare Corp. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.14x

For every $1 of reported earnings, Definitive Healthcare Corp. generates $-0.14 in operating cash flow ($58.2M OCF vs -$413.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-47.9x

Definitive Healthcare Corp. earns $-47.9 in operating income for every $1 of interest expense (-$710.8M vs $14.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Revenue

$252.2M

YoY+0.3%

Definitive Healthcare Corp. generated $252.2M in revenue in fiscal year 2024. This represents an increase of 0.3% from the prior year.

EBITDA

-$708.6M

YoY-116.1%

Definitive Healthcare Corp.'s EBITDA was -$708.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 116.1% from the prior year.

Free Cash Flow

$45.9M

YoY+20.0%

Definitive Healthcare Corp. generated $45.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 20.0% from the prior year.

Net Income

-$413.1M

YoY-104.1%

Definitive Healthcare Corp. reported -$413.1M in net income in fiscal year 2024. This represents a decrease of 104.1% from the prior year.

EPS (Diluted)

$-3.54

YoY-97.8%

Definitive Healthcare Corp. earned $-3.54 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 97.8% from the prior year.

Cash & Debt

$105.4M

YoY-19.5%

Definitive Healthcare Corp. held $105.4M in cash against $229.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

78.3%

YoY-2.8pp

Definitive Healthcare Corp.'s gross margin was 78.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.

Operating Margin

-281.8%

YoY-150.7pp

Definitive Healthcare Corp.'s operating margin was -281.8% in fiscal year 2024, reflecting core business profitability. This is down 150.7 percentage points from the prior year.

Net Margin

-163.8%

YoY-83.3pp

Definitive Healthcare Corp.'s net profit margin was -163.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 83.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$36.5M

YoY-14.0%

Definitive Healthcare Corp. invested $36.5M in research and development in fiscal year 2024. This represents a decrease of 14.0% from the prior year.

Share Buybacks

$22.4M

Definitive Healthcare Corp. spent $22.4M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$12.3M

YoY+314.6%

Definitive Healthcare Corp. invested $12.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 314.6% from the prior year.

DH Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$252.2M+0.3%	$251.4M+12.9%	$222.7M+34.0%	$166.2M+40.4%	$118.3M
Cost of Revenue	$54.7M+15.3%	$47.5M+11.4%	$42.6M+119.5%	$19.4M+75.2%	$11.1M
Gross Profit	$197.5M-3.2%	$203.9M+13.3%	$180.0M+43.5%	$125.5M+42.8%	$87.8M
R&D Expenses	$36.5M-14.0%	$42.4M+21.6%	$34.9M+87.9%	$18.6M+67.8%	$11.1M
SG&A Expenses	$49.3M-16.3%	$58.9M+14.2%	$51.6M+56.9%	$32.9M+128.7%	$14.4M
Operating Income	-$710.8M-115.5%	-$329.8M-648.8%	-$44.0M-61.2%	-$27.3M-72.0%	-$15.9M
Interest Expense	$14.8M-2.4%	$15.2M+35.7%	$11.2M-56.8%	$25.9M-29.0%	$36.5M
Income Tax	-$42.3M-128.0%	-$18.6M-4.8%	-$17.7M-3895.0%	-$443K	$0
Net Income	-$413.1M-104.1%	-$202.4M-2702.4%	-$7.2M+59.5%	-$17.8M	$0
EPS (Diluted)	$-3.54-97.8%	$-1.79-2457.1%	$-0.07+63.2%	$-0.19	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$60.0M-1.2%	$60.8M+2.6%	$59.2M-5.0%	$62.3M-2.3%	$63.7M+0.4%	$63.5M-3.7%	$65.9M+0.9%	$65.3M
Cost of Revenue	$14.1M-0.6%	$14.1M-8.4%	$15.4M+5.1%	$14.7M+10.6%	$13.3M+1.4%	$13.1M-41.0%	$22.2M+156.1%	$8.7M
Gross Profit	$46.0M-1.3%	$46.6M+6.5%	$43.8M-8.1%	$47.6M-5.7%	$50.5M+0.1%	$50.4M-5.7%	$53.4M0.0%	$53.4M
R&D Expenses	$7.6M-5.2%	$8.0M-14.3%	$9.3M+3.6%	$9.0M-11.3%	$10.1M-0.1%	$10.1M-12.4%	$11.6M+7.5%	$10.8M
SG&A Expenses	$12.4M-2.4%	$12.7M+3.3%	$12.3M+44.3%	$8.5M-32.1%	$12.5M-25.8%	$16.9M+1.9%	$16.6M+13.9%	$14.5M
Operating Income	-$8.7M-108.3%	-$4.2M+97.7%	-$184.8M-85.6%	-$99.6M+73.1%	-$369.6M-2174.9%	-$16.2M-61.2%	-$10.1M+96.6%	-$295.4M
Interest Expense	$3.0M+0.3%	$3.0M+22.9%	$2.4M-30.7%	$3.5M-6.7%	$3.8M-1.4%	$3.8M-2.1%	$3.9M+0.1%	$3.9M
Income Tax	$524K+14.9%	$456K+104.2%	-$10.9M-84.7%	-$5.9M+73.1%	-$21.9M-2707.7%	-$780K-166.4%	$1.2M+106.7%	-$17.5M
Net Income	-$14.8M-96.5%	-$7.6M+93.0%	-$107.2M-81.5%	-$59.1M+72.3%	-$213.6M-2144.5%	-$9.5M+7.0%	-$10.2M+94.0%	-$171.5M
EPS (Diluted)	$-0.14-100.0%	$-0.07+92.6%	$-0.95-79.2%	$-0.53+70.7%	$-1.81-2162.5%	$-0.08+20.0%	$-0.10+93.3%	$-1.50

DH Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.1B-40.3%	$1.8B-14.0%	$2.1B+0.2%	$2.1B+21.2%	$1.7B
Current Assets	$370.2M-6.0%	$393.9M-4.8%	$413.7M-6.9%	$444.2M+595.8%	$63.8M
Cash & Equivalents	$105.4M-19.5%	$131.0M-10.9%	$146.9M-62.1%	$387.5M+1464.1%	$24.8M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$53.2M-10.2%	$59.2M+0.8%	$58.8M+35.7%	$43.3M+30.9%	$33.1M
Goodwill	$393.3M-63.4%	$1.1B-18.8%	$1.3B+4.9%	$1.3B0.0%	$1.3B
Total Liabilities	$482.2M-23.1%	$626.7M-2.2%	$640.7M+3.7%	$617.8M+11.4%	$554.4M
Current Liabilities	$161.2M-5.6%	$170.7M+21.4%	$140.6M+14.2%	$123.1M+34.9%	$91.3M
Long-Term Debt	$229.4M-5.4%	$242.6M-5.2%	$255.8M-3.0%	$263.8M-42.3%	$457.2M
Total Equity	$607.2M-49.4%	$1.2B-19.1%	$1.5B-1.2%	$1.5B+25.8%	$1.2B
Retained Earnings	-$640.6M-181.6%	-$227.4M-807.5%	-$25.1M-40.5%	-$17.8M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$755.5M-1.9%	$770.1M-4.8%	$808.7M-25.8%	$1.1B-23.4%	$1.4B-21.4%	$1.8B-0.9%	$1.8B+0.3%	$1.8B
Current Assets	$246.3M-1.2%	$249.2M-8.9%	$273.4M-26.1%	$370.2M+0.5%	$368.3M-2.7%	$378.7M-3.9%	$393.9M+4.9%	$375.4M
Cash & Equivalents	$108.3M+33.8%	$81.0M-23.7%	$106.1M+0.7%	$105.4M-12.8%	$120.9M+14.1%	$106.0M-19.1%	$131.0M+69.1%	$77.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$34.4M-8.4%	$37.5M-12.6%	$42.9M-19.4%	$53.2M+20.5%	$44.2M-22.0%	$56.7M-4.4%	$59.2M+43.4%	$41.3M
Goodwill	$216.8M0.0%	$216.8M0.0%	$216.8M-44.9%	$393.3M-45.3%	$718.5M-33.6%	$1.1B+0.7%	$1.1B+0.1%	$1.1B
Total Liabilities	$365.9M+1.9%	$358.9M-3.7%	$372.8M-22.7%	$482.2M-10.1%	$536.1M-12.8%	$615.1M-1.9%	$626.7M+1.7%	$616.1M
Current Liabilities	$153.9M+1.7%	$151.3M-3.1%	$156.1M-3.2%	$161.2M+5.0%	$153.5M-7.0%	$165.0M-3.3%	$170.7M+16.0%	$147.1M
Long-Term Debt	$158.2M-1.3%	$160.3M-1.3%	$162.4M-29.2%	$229.4M-2.8%	$236.0M-1.4%	$239.3M-1.4%	$242.6M-1.3%	$245.9M
Total Equity	$389.7M-5.2%	$411.2M-5.7%	$435.9M-28.2%	$607.2M-31.5%	$886.3M-25.8%	$1.2B-0.3%	$1.2B-0.4%	$1.2B
Retained Earnings	-$770.2M-2.0%	-$755.4M-1.0%	-$747.8M-16.7%	-$640.6M-42.2%	-$450.6M-90.2%	-$237.0M-4.2%	-$227.4M-4.7%	-$217.2M

DH Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$58.2M+41.3%	$41.2M+15.8%	$35.6M+41.1%	$25.2M+8.6%	$23.2M
Capital Expenditures	$12.3M+314.6%	$3.0M-64.2%	$8.3M+23.7%	$6.7M+382.5%	$1.4M
Free Cash Flow	$45.9M+20.0%	$38.2M+40.2%	$27.3M+47.5%	$18.5M-15.3%	$21.8M
Investing Cash Flow	-$26.4M+16.9%	-$31.8M+87.2%	-$248.9M-432.6%	-$46.7M-95.8%	-$23.9M
Financing Cash Flow	-$56.7M-121.8%	-$25.6M+4.2%	-$26.7M-106.9%	$384.4M+2207.8%	$16.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$22.4M	$0	$0-100.0%	$231.8M	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$15.7M+68.6%	$9.3M-64.3%	$26.1M+220.4%	$8.1M-42.1%	$14.0M-15.4%	$16.6M+252.3%	$4.7M-50.4%	$9.5M
Capital Expenditures	$2.3M-0.5%	$2.3M-70.2%	$7.7M-29.3%	$10.9M+2558.8%	$410K+54.1%	$266K-55.2%	$594K+94.8%	$305K
Free Cash Flow	$13.4M+91.2%	$7.0M-61.8%	$18.4M+763.8%	-$2.8M-120.3%	$13.6M-16.5%	$16.3M+296.7%	$4.1M-55.2%	$9.2M
Investing Cash Flow	$24.1M+337.6%	-$10.2M-112.2%	$83.5M+418.0%	-$26.3M-275.9%	$14.9M+162.1%	-$24.0M-144.2%	$54.4M+200.6%	-$54.1M
Financing Cash Flow	-$12.5M+49.5%	-$24.7M+77.5%	-$109.7M-720.7%	-$13.4M+5.3%	-$14.1M+17.9%	-$17.2M-183.6%	-$6.1M+41.5%	-$10.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$9.2M-51.7%	$19.1M-9.8%	$21.2M+188.6%	$7.3M+4.7%	$7.0M	$0	$0	$0

DH Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	78.3%-2.8pp	81.1%+0.3pp	80.9%+5.3pp	75.5%+1.3pp	74.3%
Operating Margin	-281.8%-150.7pp	-131.2%-111.4pp	-19.8%-3.3pp	-16.4%-3.0pp	-13.4%
Net Margin	-163.8%-83.3pp	-80.5%-77.3pp	-3.2%+7.5pp	-10.7%-10.7pp	0.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-37.9%-26.8pp	-11.1%-10.7pp	-0.3%+0.5pp	-0.8%-0.8pp	0.0%
Current Ratio	2.30-0.0	2.31-0.6	2.94-0.7	3.61+2.9	0.70
Debt-to-Equity	0.38+0.2	0.20+0.0	0.170.0	0.18-0.2	0.38
FCF Margin	18.2%+3.0pp	15.2%+3.0pp	12.2%+1.1pp	11.1%-7.3pp	18.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	76.6%-0.1pp	76.7%+2.8pp	73.9%-2.5pp	76.4%-2.7pp	79.2%-0.2pp	79.4%-1.7pp	81.0%-0.8pp	81.8%
Operating Margin	-14.5%-7.6pp	-6.9%+305.3pp	-312.2%-152.3pp	-159.8%+420.1pp	-580.0%-554.4pp	-25.6%-10.3pp	-15.3%+436.9pp	-452.2%
Net Margin	-24.7%-12.3pp	-12.4%+168.7pp	-181.2%-86.3pp	-94.8%+240.3pp	-335.2%-320.2pp	-15.0%+0.5pp	-15.5%+247.1pp	-262.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.0%-1.0pp	-1.0%+12.3pp	-13.3%-7.8pp	-5.4%+9.6pp	-15.0%-14.5pp	-0.5%+0.0pp	-0.6%+8.9pp	-9.4%
Current Ratio	1.60-0.0	1.65-0.1	1.75-0.5	2.30-0.1	2.40+0.1	2.30-0.0	2.31-0.2	2.55
Debt-to-Equity	0.41+0.0	0.39+0.0	0.370.0	0.38+0.1	0.27+0.1	0.200.0	0.200.0	0.20
FCF Margin	22.3%+10.8pp	11.5%-19.5pp	31.0%+35.5pp	-4.4%-25.8pp	21.4%-4.3pp	25.7%+19.5pp	6.2%-7.8pp	14.1%

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Frequently Asked Questions

What is Definitive Healthcare Corp.'s annual revenue?

Definitive Healthcare Corp. (DH) reported $252.2M in total revenue for fiscal year 2024. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Definitive Healthcare Corp.'s revenue growing?

Definitive Healthcare Corp. (DH) revenue grew by 0.3% year-over-year, from $251.4M to $252.2M in fiscal year 2024.

Is Definitive Healthcare Corp. profitable?

No, Definitive Healthcare Corp. (DH) reported a net income of -$413.1M in fiscal year 2024, with a net profit margin of -163.8%.

What is Definitive Healthcare Corp.'s earnings per share (EPS)?

Definitive Healthcare Corp. (DH) reported diluted earnings per share of $-3.54 for fiscal year 2024. This represents a -97.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Definitive Healthcare Corp.'s EBITDA?

Definitive Healthcare Corp. (DH) had EBITDA of -$708.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Definitive Healthcare Corp. have?

As of fiscal year 2024, Definitive Healthcare Corp. (DH) had $105.4M in cash and equivalents against $229.4M in long-term debt.

What is Definitive Healthcare Corp.'s gross margin?

Definitive Healthcare Corp. (DH) had a gross margin of 78.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Definitive Healthcare Corp.'s operating margin?

Definitive Healthcare Corp. (DH) had an operating margin of -281.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Definitive Healthcare Corp.'s net profit margin?

Definitive Healthcare Corp. (DH) had a net profit margin of -163.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Definitive Healthcare Corp.'s free cash flow?

Definitive Healthcare Corp. (DH) generated $45.9M in free cash flow during fiscal year 2024. This represents a 20.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Definitive Healthcare Corp.'s operating cash flow?

Definitive Healthcare Corp. (DH) generated $58.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Definitive Healthcare Corp.'s total assets?

Definitive Healthcare Corp. (DH) had $1.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Definitive Healthcare Corp.'s capital expenditures?

Definitive Healthcare Corp. (DH) invested $12.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Definitive Healthcare Corp. spend on research and development?

Definitive Healthcare Corp. (DH) invested $36.5M in research and development during fiscal year 2024.

Does Definitive Healthcare Corp. buy back shares?

Yes, Definitive Healthcare Corp. (DH) spent $22.4M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Definitive Healthcare Corp.'s current ratio?

Definitive Healthcare Corp. (DH) had a current ratio of 2.30 as of fiscal year 2024, which is generally considered healthy.

What is Definitive Healthcare Corp.'s debt-to-equity ratio?

Definitive Healthcare Corp. (DH) had a debt-to-equity ratio of 0.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Definitive Healthcare Corp.'s return on assets (ROA)?

Definitive Healthcare Corp. (DH) had a return on assets of -37.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Definitive Healthcare Corp.'s Piotroski F-Score?

Definitive Healthcare Corp. (DH) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Definitive Healthcare Corp.'s earnings high quality?

Definitive Healthcare Corp. (DH) has an earnings quality ratio of -0.14x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Definitive Healthcare Corp. cover its interest payments?

Definitive Healthcare Corp. (DH) has an interest coverage ratio of -47.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Definitive Healthcare Corp.?

Definitive Healthcare Corp. (DH) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.