Definitive Healthcare vs Health Catalyst
Health Catalyst is the larger business, with $311m of revenue in fiscal 2025 against $242m for Definitive Healthcare (1.3 times as much). Health Catalyst grew faster (1.5% against -4.2%). Health Catalyst kept more of each dollar of sales as profit: a net margin of -57.2% against -57.5%. Definitive Healthcare carries less debt relative to equity (43.9% against 65.4%).
| Latest fiscal year | Definitive HealthcareDH, 2025 | Health CatalystHCAT, 2025 |
|---|---|---|
| Revenue | $242m | $311m |
| Revenue growth | -4.2% | 1.5% |
| Net income | −$139m | −$178m |
| Operating margin | -92.9% | -51.7% |
| Net margin | -57.5% | -57.2% |
| Return on equity | -28.2% | -58.3% |
| Free cash flow | $37.1m | −$237,000 |
| Cash | $164m | $50.8m |
| Total debt | $166m | $161m |
| Debt to equity | 43.9% | 65.4% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $49.5m | $5.0m |
| Employees | — | 1,200 |
| Market value | $120m | $118m |
| Price vs our value range | Below our value range | — |
| Moat score | 58 (Moderate) | 9 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 1 buys, 2 sales |