Teladoc Health, Inc. (TDOC)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Yellow because a material operating question is open, not because the substance is failing. The business pays its own way in cash ($294.4 million of operating cash flow in 2025, a 47.6 percent equity ratio as of July 28, 2026, no maturity before June 2027 and an undrawn revolver), and the $1,000.0 million of convertible notes can be covered on paper from cash, ongoing cash flow and the $300.0 million facility — the documented substance finding that red would require is absent. What is missing for green is proof that the revenue decline ends in 2026 and that BetterHelp turns its user curve: paying users down 9 percent, U.S. membership down 1.3 million and segment profit down from $7.7 million to $1.9 million in the first quarter of 2026 describe an open turnaround, not a proven one. That the stock looks cheap on revenue changes nothing here — price is not a quality attribute. The decision is yours.
symbol.quality_note
Teladoc Health is the largest virtual care company in the world: 101.2 million U.S. members as of March 31, 2026, 17.1 million visits in 2025 alone, roughly 5,600 employees and $2,530.0 million of revenue. The business pays its own way in cash — $294.4 million of operating cash flow in 2025. And yet the same filings with the U.S. securities regulator, the SEC, disclose $14.3 billion of goodwill already written off, every acquisition inside the Integrated Care segment impaired on the day it closed, and $1.0 billion of convertible notes falling due on June 1, 2027 — against $750.7 million of cash. Not investment advice — just the question of what a dollar of revenue is worth after $14.3 billion of it was once paid for by mistake.
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Stock Watch
This analysis is as of July 29, 2026. Stock Watch will tell you what's changed at TDOC since then.
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Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 6.70 $ — 42% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AITeladoc Health setzt KI und maschinelles Lernen laut Geschäftsbericht 10-K für 2025 als Werkzeug ein — für interne Abläufe, die Effizienz der Behandlungsteams, die Zuordnung von Patient und Arzt sowie die Auswertungsplattform Pulse —, weist aber weder ein KI-Produkt noch einen KI-Umsatz gesondert aus: Der Umsatz wird nur nach Zugangsgebühren/Sonstiges und Regionen und in den zwei Segmenten Integrated Care und BetterHelp aufgeschlüsselt.
View the full file — quotes, sources, reviewed filings
„We use AI and machine learning to support internal operations, improve efficiency for care delivery teams, and enable certain member-facing features that provide educational resources, recommendations, or support."
Wir nutzen KI und maschinelles Lernen, um interne Abläufe zu unterstützen, die Effizienz der Behandlungsteams zu erhöhen und bestimmte an die Mitglieder gerichtete Funktionen zu ermöglichen, die Bildungsangebote, Empfehlungen oder Unterstützung bereitstellen.
„Our machine learning algorithms enable us to match members in the U.S. with available state-licensed, board-certified clinicians anytime, anywhere we operate, with 90% of Teladoc Health’s virtual urgent care visits occurring within thirty minutes of a member’s virtual visit request."
Unsere Algorithmen des maschinellen Lernens ermöglichen es uns, Mitglieder in den USA jederzeit und überall dort, wo wir tätig sind, mit verfügbaren staatlich zugelassenen, fachärztlich zertifizierten Behandlern zusammenzubringen; 90 Prozent der virtuellen Akutbesuche bei Teladoc Health finden innerhalb von dreißig Minuten nach der Anfrage eines Mitglieds statt.
„We offer a portfolio of services and solutions, bolstered by technology, artificial intelligence (“AI”), machine learning and human expertise to provide an effective care experience that people value and trust."
Wir bieten ein Portfolio von Dienstleistungen und Lösungen an, gestützt auf Technologie, Künstliche Intelligenz („AI“), maschinelles Lernen und menschliche Fachkompetenz, um ein wirksames Behandlungserlebnis zu bieten, das die Menschen schätzen und dem sie vertrauen.
Filings Reviewed: 10-Q 2026-04-30 · 10-K 2026-02-26 · 10-Q 2025-10-30 · 10-Q 2025-07-30 · 10-Q 2025-05-01 · 10-K 2025-02-27
Rated on July 29, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 15.8% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 24
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.74 | -0.85 – -0.65 | 2,433 | -12.3% | 3 |
| 12/31/2027 | -0.62 | -0.68 – -0.55 | 2,432 | 16.5% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.28 | – | 641 | -3.00 | -7.60 | 86 | 56 |
| 2025: Q1 | -0.53 | – | 629 | -2.60 | -14.80 | 16 | -16 |
| 2025: Q2 | -0.19 | – | 632 | -1.60 | -5.20 | 91 | 90 |
| 2025: Q3 | -0.28 | – | 626 | -2.20 | -7.90 | 99 | 68 |
| 2025: Q4 | -0.14 | – | 642 | 0.30 | -3.90 | 88 | 85 |
| 2026: Q1 | -0.36 | – | 614 | -2.50 | -10.40 | 10 | 8 |
| 2026: Q2 | -0.21 | -10.50 | 607 | -4.00 | -6.40 | 65 | 64 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 123 | -63 | -74 | -1.75 | -52 | 231 | 304 |
| 2017 | 233 | -75 | -107 | -1.93 | -34 | 559 | 824 |
| 2018 | 418 | -71 | -97 | -1.47 | -5 | 1,013 | 1,529 |
| 2019 | 553 | -80 | -99 | -1.38 | 30 | 1,014 | 1,603 |
| 2020 | 1,094 | -506 | -485 | -5.36 | -54 | 15,884 | 17,755 |
| 2021 | 2,033 | -266 | -429 | -2.73 | 194 | 16,046 | 17,735 |
| 2022 | 2,407 | -13,198 | -13,660 | -84.60 | 189 | 2,308 | 4,701 |
| 2023 | 2,602 | -249 | -220 | -1.34 | 350 | 2,326 | 4,392 |
| 2024 | 2,570 | -1,021 | -1,001 | -5.87 | 294 | 1,491 | 3,517 |
| 2025 | 2,530 | -263 | -200 | -1.14 | 294 | 1,386 | 3,101 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
The world's largest virtual care provider: 101.2 million U.S. members in Integrated Care (March 31, 2026), 17.1 million visits in 2025, roughly 5,600 employees and a distribution network of employers, insurers and hospitals that cannot be recreated quickly.
The larger segment grows and earns: $1,579.6 million of revenue and $239.2 million of segment adjusted EBITDA in 2025, rising from $50.4 million to $56.3 million in the first quarter of 2026. Consolidated gross margin stood at 69.3 percent as of July 28, 2026.
Revenue has fallen for two straight years since the 2023 peak: $2,602.4 million (2023), $2,569.6 million (2024), $2,530.0 million (2025), plus another 2 percent decline to $613.8 million in the first quarter of 2026. The decline comes from BetterHelp, whose paying user count fell 9 percent to 0.361 million in that quarter; U.S. membership fell by 1.3 million to 101.2 million at the same time.
The 2025 annual report discloses $14.3 billion of cumulative goodwill impairment charges; Integrated Care goodwill stands at zero, which is why the Catapult Health ($59.1 million) and Telecare ($12.6 million) acquisitions were written off in the quarter they closed. The remaining $283.2 million hangs entirely on BetterHelp, and market capitalization stayed below book value during the first quarter of 2026.
On June 1, 2027, $1,000.0 million of convertible notes fall due in cash — the roughly $242 conversion price makes a share conversion effectively impossible. Against that sit $750.7 million of cash (March 31, 2026), an undrawn $300.0 million revolver and roughly $166.9 million of annual free cash flow: covered on paper, but without a cushion.
The $200.3 million net loss for 2025 sits against $294.4 million of operating cash flow; the gap comes mainly from $350.8 million of scheduled amortization of intangible assets. From that operating figure, however, $118.6 million of capitalized software development also has to come off — leaving roughly $166.9 million free.
Teladoc Health is the purchase-price reflex in its purest form: of roughly $17.9 billion of shareholder capital paid in, $16,494.1 million now sits on the balance sheet as accumulated deficit, $14.3 billion of goodwill has been written back off by the company's own impairment tests, and inside the Integrated Care segment every acquisition is impaired on the day it closes. Underneath all of it, though, sits a real business: 101.2 million members, $2,530.0 million of revenue and $294.4 million of operating cash flow in 2025, out of which $550.6 million of maturing notes was retired without outside help. Three testable questions remain: a third year of revenue decline, the BetterHelp user curve, and the billion dollars due on June 1, 2027. Not investment advice.
- Teladoc Health reached our research list through the list of most-discussed Reddit tickers in our scanner area (as of July 29, 2026), not through a momentum, quality or valuation screen. Those lists are recalculated daily.
- Recency status: the most recent periodic report is the Form 10-Q for the quarter ended March 31, 2026, filed April 30, 2026. No further periodic report and no earnings release (8-K Item 2.02) followed through July 29, 2026; the only substantive filing after it was the Form 8-K of May 21, 2026 reporting the annual meeting results — all nine nominees elected, say-on-pay approved, Ernst & Young ratified as auditor for 2026. The most recent filing of any kind was a Form 4 insider report dated July 6, 2026. All market and valuation figures carry the July 28, 2026 data date.
- Open personnel item: the finance seat has been vacant since Mala Murthy left on November 21, 2025; chief executive Charles Divita, III, signs both the Form 10-K for 2025 and the Form 10-Q for the quarter ended March 31, 2026 as principal financial officer. No 8-K under Item 5.02 announcing a successor had been filed through July 29, 2026.
- Do not confuse the terms: “adjusted EBITDA” at Teladoc is a company-defined measure and is not comparable with similarly named metrics at other companies — the filing says so explicitly. Nor is operating cash flow the amount actually available: capitalized software development costs come off it ($118.6 million in 2025).
About the Company
Teladoc Health, Inc. bietet weltweit virtuelle Gesundheitsdienstleistungen an.
| Employees | 4,648 |
|---|---|
| Headquarters | New York, NY |
| Address | 155 E 44th Street, 10017 New York, United States |
| Phone | 203 635 2002 |
| Website | teladochealth.com |
| IPO Date | 1. Jul 2015 |
| ISIN | US87918A1051 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Charles Divita III, CPA | CEO, Interim Principal Financial Officer & Director | 1970 |
| Adam Christian Vandervoort J.D. | Chief Legal Officer & Secretary | 1975 |
| Carlos Nueno | President of International | 1974 |
| Kelly M. Bliss | President of U.S. Group Health | 1975 |
| George Byron Brooks BS EE, M.D. | Co-Founder | – |
| Joseph Ronald Catapano Cpa | Senior VP & Chief Accounting Officer | 1969 |
| Dave Ross | Chief Technology Officer | – |
| Michael Minchak | Vice President of Investor Relations | – |
| Laura Whipple | Chief Communications & Brand Officer | – |
| Fernando Madeira | President of BetterHelp | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.