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Definitive Healthcare

DH on Nasdaq. Market value $105m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 102 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • at least 58.5%0.0 pts
    (filed with 3 related holders)
    Since 29 September 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented to insert the following at the end thereof: Confidentiality Agreement On September 29, 2026, Advent LP entered into a confidentiality agreement (the "NDA") with the Issuer. The NDA provides that Advent LP generally…

    Read the filing
  • Advent International GPE IX, LLC
    Passive investor
    at least 43.1%
    (filed with 33 related holders)
    Since 31 March 2025
  • Jason Ronald Krantz
    Insider or founder
    17.6%+0.7 pts
    Since 1 September 2026
    What they said

    Since February of 2022, the Reporting Person has filed a Statement of Beneficial Ownership on Schedule 13G and amendments thereto with respect to his beneficial ownership in the Issuer. As a result of the Proposal by the Advent Funds described below, which is premised on the…

    Read the filing
  • at least 5.7%−2.0 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • Sold down below 5%
    Since 31 December 2024
  • Irenic Capital
    Passive investor
    Sold down below 5%
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.