Teladoc Health, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Market position and reach
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.
Integrated Care core business
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 trend
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.
Balance sheet quality and goodwill
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.
Funding and the 2027 maturity
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.
Earnings quality
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.
Worth Noting
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).
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TDOC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.50 $ to 9.70 $ · Last price: 6.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Health Information Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Teladoc Health, Inc. TDOC | 1.1 | – | 6.8 | 69.0 | -7.9 | -1.5 | -20.5 |
| Veeva Systems Inc Class A VEEV | 41.1 | 44.0 | 33.4 | 75.0 | 30.9 | 16.3 | -3.9 |
| Tempus AI, Inc. TEM | 14.2 | – | 0.0 | 64.0 | -24.3 | 83.4 | -7.0 |
| BrightSpring Health Services, Inc. BTSG | 11.2 | 73.3 | 22.6 | 12.4 | 3.4 | 14.6 | 106.6 |
| 10X Genomics Inc TXG | 10.1 | – | 148.5 | 70.1 | -11.3 | 5.3 | 498.5 |
| HealthEquity Inc HQY | 7.9 | 39.6 | 16.8 | 71.3 | 29.3 | 9.5 | 2.4 |
| Hinge Health, Inc. HNGE | 7.6 | 11.9 | 71.9 | 84.5 | 19.0 | 50.6 | 59.2 |
| Doximity Inc DOCS | 4.8 | – | 18.7 | 88.1 | 21.6 | 13.1 | -63.4 |
| Waystar Holding Corp. WAY | 4.8 | – | 14.8 | 69.1 | 25.6 | 16.5 | -31.3 |
| Median of companies shown | 7.9 | 41.8 | 18.7 | 70.1 | 19.0 | 14.6 | -3.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
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
| 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 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.78 | -0.99 – -0.65 | 2,420 | -19.4% | 3 |
| 12/31/2027 | -0.79 | -1.02 – -0.55 | 2,395 | -0.2% | 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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -11.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $224.7M |
|---|---|
| Market cap | $1.15B |
| Free cash flow in year ten | $64.3M |
| Terminal value as a share of market value | 29.5% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Teladoc 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.
10-K · 2026-02-26 · View SEC filing
„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.
10-K · 2026-02-26 · View SEC filing
„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.
10-K · 2026-02-26 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.7%
- More than 10% revenue growth is expected for the coming year 1.3%
- Share count grows by less than 3% a year 3.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 9.7%
- Gross margin at 40% or higher and without meaningful erosion 69.5%
- Goodwill from acquisitions does not grow faster than revenue 9.1%
- Net debt below twice EBITDA 1.8 x EBITDA
- Operating cash flow covers the profits of the last three years 2,360 m
- Return on capital at 15% or higher, or up versus two years ago -9.8%
- Insiders hold at least 10% or are net buyers 0.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 39.9%
- Exp. sales growth 3Y > 5% -2.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -2.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -9.8%
- Expected return > 10% 21.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | Sell | 17,805 | 6.10 | 108,682 |
| Sep 10, 2026 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | Other | 39,160 | – | – |
| Sep 10, 2026 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | Other | 3,642 | – | – |
| Sep 3, 2026 | Rodrigues Fernando M. | President of BetterHelp | Sell | 9,812 | 6.51 | 63,876 |
| Sep 2, 2026 | Nueno Carlos | President, International | Sell | 6,200 | 6.30 | 39,066 |
| Sep 2, 2026 | Rodrigues Fernando M. | President of BetterHelp | Sell | 5,439 | 6.30 | 34,271 |
| Sep 2, 2026 | Bliss Kelly | President, U.S. Group Health | Sell | 7,357 | 6.30 | 46,356 |
| Sep 2, 2026 | Catapano Joseph Ronald | Chief Accounting Officer | Sell | 274 | 6.30 | 1,726 |
| Sep 2, 2026 | Vandervoort Adam C | CHIEF LEGAL OFFICER, SECRETARY | Sell | 7,573 | 6.30 | 47,717 |
| Sep 2, 2026 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | Sell | 18,327 | 6.30 | 115,478 |
The company
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
- 07/01/2015
- ISIN
- US87918A1051
Management
| Name | Title | Birth Year |
|---|---|---|
| Charles Divita III, C.P.A. | CEO & 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 | – |
| Michael Fitzgerald Grasher | Chief Financial Officer | 1965 |
| 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 | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/31/2026 Teladoc Health, Inc. (TDOC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Teladoc Health, Inc. (TDOC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/03/2026 Teladoc Health, Inc. (TDOC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/29/2026 Teladoc Health, Inc. (TDOC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.