Definitive Healthcare Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Definitive Healthcare Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	118	166	223	251	252	242
Cost of revenue	11.1	19.4	42.6	47.5	54.7	58.2
Gross profit	87.8	125	180	204	197	183
Research and development	11.1	18.6	34.9	42.4	36.5	34.8
Selling and marketing	34.3	56.4	89.6	94.5	83.8	81.6
General and administrative	14.4	32.9	51.6	58.9	49.3	51.6
Operating expenses	104	153	224	534	908	408
Operating income	-15.9	-27.3	-44	-330	-711	-224
Interest expense	36.5	25.9	11.2	15.2	14.8	11.3
Interest income		0.03	2.79	13.6	14.6	6.95
Other non-operating income	-36.7	-35.5	2.17	21.6	77.1	15
Pre-tax income	-52.6	-62.8	-41.9	-308	-634	-209
Income tax	0	-0.44	-17.7	-18.6	-42.3	-9.96
Net income to minority interests	0	-10.4	-17	-87.2	-178	-60.4
Net income	0	-17.8	-7.22	-202	-413	-139
EBITDA	-14.7	-25.6	-41.9	-328	-709	-221
EPS, basic		-0.19	-0.07	-1.79	-3.54	-1.30
EPS, diluted		-0.19	-0.07	-1.79	-3.54	-1.30
Shares, basic (weighted)		91.9	101	113	117	107
Shares, diluted (weighted)		91.9	101	113	117	107

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	24.8	387	147	131	105	164
Short-term investments		0	185	177	185	17.3
Receivables	33.1	43.3	58.8	59.2	53.2	52
Other current assets	3.02	6.52	12.7	13.1	13	12
Total current assets	63.8	444	414	394	370	258
Property, plant and equipment	3.25	5.07	4.46	4.47	3.79	12.7
Lease right-of-use assets		0	9.68	9.59	7.52	5.39
Goodwill	1,263	1,263	1,325	1,075	393	197
Intangible assets	410	352	351	323	298	247
Other non-current assets	0.47	8.43	4.68	2.39	2.3	2.28
Total assets	1,747	2,118	2,123	1,826	1,089	735
Accounts payable	5.66	4.65	3.95	5.79	10.8	3.6
Accrued liabilities	17.3	28	26.9	51.5	40.9	44.8
Deferred revenue	61.1	83.6	99.7	97.4	93.3	97
Short-term debt	4.68	6.88	8.59	13.8	13.8	8.75
Total current liabilities	91.3	123	141	171	161	157
Long-term debt	457	264	256	243	229	156
Lease liabilities		0	9.97	9.37	7.59	5.15
Other non-current liabilities	4.17	1.29	3.25	9.93	9.45	2.25
Total liabilities	554	618	641	627	482	357
Total debt	462	273	266	258	244	166
Paid-in capital		889	970	1,087	1,085	1,062
Retained earnings		-17.8	-25.1	-227	-641	-780
Other comprehensive income	-0.13	0.06	3.67	2.11	-0.61	-1.45
Minority interests		629	533	338	163	97.9
Total equity	1,193	1,500	1,482	1,199	607	379
Total liabilities and equity	1,747	2,118	2,123	1,826	1,089	735

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-52.6	-62.3	-24.2	-290	-591	-199
Depreciation and amortization	1.15	1.75	2.19	1.95	2.25	3.3
Stock-based compensation	1.75	9.96	36.4	48.7	38.1	29.1
Deferred income tax	0.05	-0.44	-17.8	-18.7	-42.7	-10.9
Change in receivables	-8.29	-10.7	-13.2	0.81	5.69	1.38
Change in payables	4.44	3.42	3.14	1.33	-5.46	-1.09
Cash from operations	23.2	25.2	35.6	41.2	58.2	53.8
Capital expenditures	-1.4	-6.73	-8.33	-2.98	-12.3	-16.7
Acquisitions	-22.5	-40	-56.3	-45	-13.5	0
Cash from investing	-23.9	-46.7	-249	-31.8	-26.4	154
Debt issued	0	275	0	0	0	175
Debt repaid			-6.88	-8.59	-13.8	-253
Stock issued	0	835	0	0
Share buybacks	0	-232	0	0	-22.4	-49.5
Cash from financing	16.7	384	-26.7	-25.6	-56.7	-151
Exchange rate effect	0.15	-0.13
Net change in cash	16	363	-240	-16.2	-25	56.9
Free cash flow	21.8	18.5	27.3	38.2	45.9	37.1
Interest paid	26	14.2	10.4	14.5	14.2	10.8
Income taxes paid	0	0	0	0.14	0	0.83

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.95 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.2%	Gross profit / revenue.
Operating margin	-104.6%	Operating income / revenue.
EBITDA margin	-96.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-102.3%	Pre-tax income / revenue.
Net margin	-72.3%	Net income / revenue.
FCF margin	12.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.8%	Cash from operations / revenue.
Return on assets (ROA)	-33.9%	Net income / average total assets.
R&D / revenue	13.2%	Research and development expense / revenue.
Stock-based pay / revenue	10.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.5%	Capital expenditures / revenue.
D&A / revenue	8.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-19.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-32.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-29.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-15.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.86x	Current assets / current liabilities.
Quick ratio	1.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.42x	(Cash + short-term investments) / current liabilities.
Debt / assets	32.3%	Total debt / total assets.
Liabilities / assets	62.2%	Total liabilities / total assets.
Net debt	-$23.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-21.9x	Operating income / interest expense.
Working capital	$111.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	15.8x	Revenue / average property, plant and equipment.
Receivables turnover	7.51x	Revenue / average receivables.
Days sales outstanding	49 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	31.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.20	Revenue / diluted weighted shares.
FCF per share	$0.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.39	Cash from operations / diluted weighted shares.
Cash per share	$1.74	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	32.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$137.0M	Share price x shares outstanding.
Enterprise value	$114.0M	Market cap + total debt - cash - short-term investments.
P/S	0.59x	Market cap / revenue.
P/FCF	4.80x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.31x	Market cap / cash from operations, when positive.
EV/Sales	0.49x	Enterprise value / revenue.
EV/FCF	3.99x	Enterprise value / free cash flow, when both are positive.
FCF yield	20.8%	Free cash flow / market cap.
Earnings yield	-122.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.7%	(Dividends paid + share buybacks) / market cap.

What was Definitive Healthcare Corp.'s revenue in fiscal 2025?

Definitive Healthcare Corp. reported revenue of $241.5M for fiscal 2025, 4.2% lower than the year before.

Was Definitive Healthcare Corp. profitable in fiscal 2025?

No. It reported a net loss of $138.9M.

How much free cash flow did Definitive Healthcare Corp. generate in fiscal 2025?

Cash from operations of $53.8M minus capital expenditures of $16.7M left free cash flow of $37.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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