Latest Ratios: P/E Ratio -0.5x · EV/EBITDA 5.5x · ROE -28.2%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $70M | $306M | $479M | $1.1B | $1.1B | $2.7B | — | — |
| Enterprise Value | $84M | $320M | $627M | $1.3B | $1.2B | $2.5B | — | — |
| P/E Ratio → | -0.51 | — | — | — | — | — | — | — |
| P/S Ratio | 0.29 | 1.27 | 1.90 | 4.46 | 4.99 | 15.96 | — | — |
| P/B Ratio | 0.19 | 0.81 | 0.79 | 0.93 | 0.75 | 1.77 | — | — |
| P/FCF | 1.88 | 8.26 | 10.46 | 29.33 | 40.78 | 143.49 | — | — |
| P/OCF | 1.30 | 5.69 | 8.24 | 27.21 | 31.23 | 105.18 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.33 | 2.49 | 5.00 | 5.57 | 15.26 | — | — |
| EV / EBITDA | 5.50 | 21.02 | — | — | 96.43 | 77.69 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 8.64 | 13.68 | 32.92 | 45.51 | 137.17 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.9% | 75.9% | 78.3% | 81.1% | 80.9% | 75.5% | 74.2% | 49.7% |
| Operating Margin | -8.5% | -8.5% | -281.8% | -131.2% | -19.8% | -16.4% | -13.4% | -2.5% |
| Net Profit Margin | -57.5% | -57.5% | -163.8% | -80.5% | -3.2% | -31.2% | -44.5% | -42.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -28.2% | -28.2% | -45.7% | -15.1% | -0.5% | -3.9% | -4.4% | -3.0% |
| ROA | -15.2% | -15.2% | -28.3% | -10.3% | -0.3% | -2.7% | -3.0% | -2.1% |
| ROIC | -2.7% | -2.7% | -51.0% | -16.8% | -2.2% | -1.4% | -0.7% | — |
| ROCE | -2.7% | -2.7% | -55.0% | -18.1% | -2.2% | -1.5% | -1.0% | -0.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.47 | 0.47 | 0.42 | 0.22 | 0.19 | 0.18 | 0.39 | 0.36 |
| Debt / EBITDA | 11.67 | 11.67 | — | — | 21.45 | 8.30 | 10.57 | 14.01 |
| Net Debt / Equity | — | 0.04 | 0.24 | 0.11 | 0.09 | -0.08 | 0.37 | 0.35 |
| Net Debt / EBITDA | 0.93 | 0.93 | — | — | 10.02 | -3.58 | 10.00 | 13.73 |
| Debt / FCF | — | 0.38 | 3.22 | 3.58 | 4.73 | -6.32 | 20.03 | 21.87 |
| Interest Coverage | -17.54 | -17.54 | -41.71 | -19.27 | -2.74 | -1.42 | -0.44 | -0.98 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.64 | 1.64 | 2.30 | 2.23 | 2.94 | 3.61 | 0.72 | 0.52 |
| Quick Ratio | 1.64 | 1.64 | 2.30 | 2.23 | 2.94 | 3.61 | 0.72 | 0.52 |
| Cash Ratio | 1.15 | 1.15 | 1.80 | 1.80 | 2.36 | 3.15 | 0.28 | 0.12 |
| Asset Turnover | — | 0.33 | 0.23 | 0.14 | 0.10 | 0.08 | 0.07 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 78.55 | 77.04 | 86.02 | 96.39 | 95.20 | 102.14 | 106.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 1.0% | 1.1% | 1.1% | 1.2% | 0.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 53.2% | 12.1% | 9.6% | 3.4% | 2.5% | 0.7% | — | — |
| Buyback Yield | 71.0% | 16.2% | 4.7% | 0.0% | 0.0% | 8.7% | — | — |
| Total Shareholder Yield | 75.5% | 17.2% | 5.7% | 1.1% | 1.2% | 9.0% | — | — |
| Shares Outstanding | — | $107M | $117M | $113M | $101M | $97M | $97M | $149M |
Persistent Revenue Contraction
As reported in financial statements, Definitive Healthcare's P/S ratio of 0.29 suggests that the market has significantly discounted the company's valuation, reflecting a lack of confidence in its ability to return to historical growth trajectories compared to peers like Veeva Systems which trade at much higher multiples.
The current valuation multiples appear to price in a permanent shift toward a low-growth, value-oriented profile rather than the high-growth SaaS narrative previously assigned. Investors should monitor whether the forward P/E of 3.94 is a sign of deep undervaluation or a reflection of the market's expectation for continued earnings volatility.
Based on recent quarterly filings, the company's gross margin has contracted to 59.6% in 2026Q1, a notable decline from historical levels near 80%, which suggests that the core data-as-a-service model is facing increased cost pressures that are currently outpacing the company's ability to drive operational efficiencies.
The persistent negative operating margin of -8.6% indicates that the firm's high fixed-cost structure for data maintenance is not being adequately offset by revenue scale. This trend warrants further investigation into whether the company can achieve sustainable profitability without a fundamental restructuring of its sales and marketing expenditure.
According to the latest data, the asset turnover ratio remains suppressed at 0.09, which, when combined with a DSO of 73 days, suggests that the company is struggling to convert its data-driven assets into rapid cash inflows compared to more efficient software-as-a-service industry benchmarks.
The extended collection cycle may indicate that the company is offering more flexible payment terms to retain enterprise clients in a competitive environment. This inefficiency in working capital management appears to be a structural drag on the company's ability to generate consistent free cash flow.
As reported in financial statements, the company maintains a debt-to-equity ratio of 0.89, which, while elevated compared to historical periods, suggests that management has avoided excessive reliance on debt financing despite the ongoing pressure from negative net margins and the lack of consistent GAAP profitability.
The interest coverage ratio of -1.84 indicates that the company's current operating income is insufficient to cover its debt obligations, which may necessitate a reliance on the existing $163.6 million cash pile. Investors should monitor this liquidity buffer closely as it serves as the primary defense against further operational deterioration.
Based on an analysis of the business model, the most commonly misapplied metric is the P/S ratio, which obscures the company's transition from a high-growth SaaS entity to a mature data-infrastructure provider that is currently struggling with significant revenue contraction and negative net margins.
Relying solely on revenue multiples ignores the underlying quality of the data moat and the potential for churn in the smaller-account tiers. A more appropriate focus would be on the Net Retention Rate and the cost-to-acquire-customer payback period, which better reflect the sustainability of the company's core commercial intelligence platform.
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Quick answers to the most common questions about buying DH stock.
Definitive Healthcare Corp.'s current P/E ratio is -0.5x. This places it at the 50th percentile of its historical range.
Definitive Healthcare Corp.'s current EV/EBITDA is 5.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 65.0x.
Definitive Healthcare Corp.'s return on equity (ROE) is -28.2%. The historical average is -14.4%.
Based on historical data, Definitive Healthcare Corp. is trading at a P/E of -0.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Definitive Healthcare Corp.'s current dividend yield is 4.47%.
Definitive Healthcare Corp. has 75.9% gross margin and -8.5% operating margin.
Definitive Healthcare Corp.'s Debt/EBITDA ratio is 11.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.