Definitive Healthcare (DH) Financial statements
Definitive Healthcare reported revenue of $242M in fiscal 2025, up 15.3% a year over 5 years.
Key figures
Net income was -$139M and the operating margin -92.9%, against -13.4% in 2020. Free cash flow was $37M, and the company returned $49M in net buybacks. The diluted share count rose 16% over the period (dilution).
- Revenue, FY2025
- $242M-4.2% on 2024
- Net income
- -$139M-66.4% on 2024
- Operating margin
- -92.9%
- Free cash flow
- $37M-19.2% on 2024
Revenue and free cash flow
Fiscal years, from Definitive Healthcare's 10-K filings.
Definitive Healthcare revenue and free cash flow
FY2020–FY2025Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
Definitive Healthcare margins
FY2020–FY2025Financial statements
Fiscal 2020–2025.
Definitive Healthcare income statement, fiscal 2020–2025
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $118M | $166M | $223M | $251M | $252M | $242M |
| Cost of revenue | $11M | $19M | $26M | $35M | $41M | $38M |
| Gross profit | $88M | $125M | $180M | $204M | $197M | $183M |
| Research and development | $11M | $19M | $35M | $42M | $37M | $35M |
| Selling, general and admin | $49M | $89M | $141M | $153M | $133M | $133M |
| Operating income | -$16M | -$27M | -$44M | -$330M | -$711M | -$224M |
| Interest expense | $36M | $26M | $11M | $15M | $15M | $11M |
| Pre-tax income | -$53M | -$63M | -$42M | -$308M | -$634M | -$209M |
| Income tax | $0 | -$443,000 | -$18M | -$19M | -$42M | -$10M |
| Net income | $0 | -$18M | -$7M | -$202M | -$413M | -$139M |
| EPS (diluted) | — | -$0.19 | -$0.07 | -$1.79 | -$3.54 | -$1.30 |
| Diluted shares | — | 92M | 101M | 113M | 117M | 107M |
| 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% |
| Net margin | 0.0% | -10.7% | -3.2% | -80.5% | -163.8% | -57.5% |
Definitive Healthcare balance sheet, fiscal 2020–2025
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $25M | $387M | $332M | $308M | $290M | $181M |
| Receivables | $33M | $43M | $59M | $59M | $53M | $52M |
| Total current assets | $64M | $444M | $414M | $394M | $370M | $258M |
| Property, plant and equipment | $3M | $5M | $4M | $4M | $4M | $13M |
| Goodwill | $1.3B | $1.3B | $1.3B | $1.1B | $393M | $197M |
| Total assets | $1.7B | $2.1B | $2.1B | $1.8B | $1.1B | $735M |
| Total current liabilities | $91M | $123M | $141M | $171M | $161M | $157M |
| Long-term debt | $457M | $264M | $256M | $243M | $229M | $156M |
| Total liabilities | $554M | $618M | $641M | $627M | $482M | $356M |
| Shareholders' equity | $1.2B | $1.5B | $1.5B | $1.2B | $607M | $379M |
| Net debt | $437M | -$117M | $117M | $125M | $138M | $1M |
Definitive Healthcare cash flow, fiscal 2020–2025
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $23M | $25M | $36M | $41M | $58M | $54M |
| Capital spending | $1M | $7M | $8M | $3M | $12M | $17M |
| Free cash flow | $22M | $18M | $27M | $38M | $46M | $37M |
| Stock-based compensation | $2M | $10M | $36M | $49M | $38M | $29M |
| Share buybacks (net) | $0 | -$232M | $0 | $0 | -$22M | -$49M |
| Net borrowing | $0 | $275M | -$7M | -$9M | -$14M | -$78M |
| Free cash flow margin | 18.4% | 11.1% | 12.2% | 15.2% | 18.2% | 15.3% |
How Definitive Healthcare compares
Definitive Healthcare's operating margin is higher than 22% of Healthcare companies and 8% of the 2,820 companies with an operating margin figure.
| Higher than | Healthcare | All stocks |
|---|---|---|
| Operating margin | 22% | 8% |
| Net margin | 25% | 8% |
| Gross margin | 70% | 87% |
| Revenue growth | 20% | 12% |
| ROE | 14% | 5% |
Questions about Definitive Healthcare
What was Definitive Healthcare's revenue in 2025?
$242M in fiscal 2025, from its 10-K filing.
How much free cash flow does Definitive Healthcare generate?
$37M in fiscal 2025 (operating cash flow minus capital spending).
From Definitive Healthcare's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.