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Teladoc Health, Inc. (TDOC) stock

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NYSE: TDOC NYSE Health Care Technology Next results ~January 25, 2027

C+ Fundamentals grade

Teladoc Health, Inc. is a US-listed company in the health care technology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$17

Cash-flow model

Base case. Range ~$12–$22 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 87% above it.

Price used: $8.87, November 3, 2026

Teladoc Health, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling1 purchase and 37 sales by directors and officers, last 12 monthsInsider trades
  • Funds160 adding, 128 cuttingOf 46 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Teladoc Health files

10-Q filed October 29: Teladoc Health

Model value +11.2%

Revenue for the twelve months to September 2026 was $2.47bn, down 2.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 10.6%. Operating margin widened to -6.6% from -10.9%. The diluted share count is up 2.9% on a year earlier, which dilutes existing holders. Our model value rises from $15.07 to $16.76 a share, against a share price of $8.77. The rating stays Buy. At that price, our model says the market is pricing in cash flow shrinking about 9.0% a year for five years, slower than the 4.0% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Teladoc Health

Teladoc Health reported revenue of $2.47bn for the twelve months to June 2026, down 2.4% on a year earlier and little changed from the pace seen a quarter earlier. Free-cash-flow margin held steady at 10.6%, while the operating margin widened to -6.6% from -10.9%. Diluted shares outstanding rose 2.9% year-on-year, diluting existing holders. The fundamentals grade improves from D to C+. Our model value has slipped from $15.80 to $15.07 a share, compared with a share price of $6.88. We keep the rating at Buy. At that price, the market appears to be pricing in cash flow shrinking by around 10.7% a year over five years, a pace slower than the 4.0% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Teladoc Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.49bn, down 2.1% on a year earlier, a steeper fall than the 1.5% decline a quarter earlier. Free-cash-flow margin fell to 10.2% from 11.5% a year earlier. Operating margin widened to -7.5% from -10.5%. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $15.80 a share, against a share price of $6.22.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Teladoc Health, Inc.'s trailing-twelve-month revenue fell 2.4% year on year, with a free-cash-flow margin of 10.6%. Where it stands out: stock pay as % of revenue of 2.1% ranks 3 of 22 health care technology companies we cover.

Our discounted-cash-flow model values the business at ~$17 per share in the base case (~$12–$22 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net income rising while operating cash flow falls: TTM net income grew 30.8% while operating cash flow fell 8.3% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $8.63 is 92% below our value per share of $17.
  • Margins widening. Operating margin is up 4.3 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.8bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 2.4% over the last 12 months.
  • Loss-making. Operating margin is -6.6%: costs exceed revenue.
  • Share dilution. Diluted shares rose 2.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 65% and a beta of 1.1 against the S&P 500.
  • Heavily shorted. 17.7% of the shares available to trade are sold short (8.8 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$0.12 against an average estimate of -$0.19: beat by 36.5%
Revenue
$605m, down 3.4% on a year earlier
Share reaction
+35.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate -$0.19

Teladoc Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.7%
  • 1 week+37.4%
  • 1 month+60.6%
  • This year+23.3%
  • 1 year+8.9%
  • 5 years-94.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
-6.6%
Net margin
-6.3%
EPS (TTM, diluted)
$-0.86

Growth

Revenue growth
−2.4%
Change in growth rate
−0.3 pts
Share count change
+2.9%

Cash

Free cash flow (TTM)
$262M
FCF margin
10.6%
Stock pay % of revenue
2.1%

Earnings

Last results
October 28, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Product
  4. Announcement
  5. Leadership
  6. Announcement
  7. Leadership
  8. Leadership
  9. Leadership
  10. Results
  11. Announcement
  12. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Teladoc Health, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 8.9% a year for five years.That is slower than the 4.0% a year revenue growth Teladoc Health has delivered.

  • Priced in-8.9%
  • Last 12 months-2.4%
  • 3 years a year-1.5%
  • 5 years a year4.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($8.87, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$17
Price used
$8.87close November 3, 2026
Implied change
▲ +87%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Teladoc Health, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($200M, FY2026 Q3 TTM), growing -1.2% and 1% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$12–~$22 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Teladoc Health, Inc.'s free cash flow after stock-based pay ( $200M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Teladoc Health, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$17 ~$12–$22 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$17 ~$12–$22 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Teladoc Health, Inc. with Health Care Technology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −4%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $15$21$28$38$51$68
8.5% $11$15$21$28$37$49
10% $9$12$16$22$29$38

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.96$16.50$34.85$49.57$83.72$199.96$91.82$23.65$21.55$9.09$7.00$8.63
Market value$358m$698m$1.9bn$3.3bn$6.0bn$18.1bn$14.4bn$3.8bn$3.5bn$1.6bn$1.2bn$1.6bn
+ Net debt (− = net cash)−$28m−$6m$165m−$9m−$74m$689m$332m$617m$415m$244m$214m$148m
Enterprise value$329m$693m$2.1bn$3.3bn$5.9bn$18.8bn$14.7bn$4.4bn$4.0bn$1.8bn$1.4bn$1.7bn
Multiples
Price / sales 4.6x5.7x8.3x7.8x10.9x16.5x7.1x1.6x1.4x0.6x0.5x0.6x
Price / earnings ————————————
Price / free cash flow ————n/m—77.7x22.1x10.5x5.5x4.3x5.9x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Teladoc Health's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -7.7% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 70.2%, moving by 3.4 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -27.0%; its worst year was -425.2%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 7 of 10 years, at a median 8.6% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 135.3% over five years; stock-based pay has been a median 8.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (41 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.51 +22% $2.4bn −5%
Next −$0.60 −17% $2.4bn −2%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −30.8% on 90 days ago. In the last 30 days, 1 analyst raised Teladoc Health, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Teladoc Health, Inc., last 90 days
−$0.80 −$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.74 Current fiscal year, 60 days ago: −$0.78 Current fiscal year, 30 days ago: −$0.78 Current fiscal year, 7 days ago: −$0.79 Current fiscal year, Now: −$0.51 −$0.51 Next fiscal year, 90 days ago: −$0.61 Next fiscal year, 60 days ago: −$0.79 Next fiscal year, 30 days ago: −$0.79 Next fiscal year, 7 days ago: −$0.72 Next fiscal year, Now: −$0.60 −$0.60

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.74−$0.61
60 days ago −$0.78−$0.79
30 days ago −$0.78−$0.79
7 days ago −$0.79−$0.72
Now −$0.51−$0.60

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.19 −$0.12 +36.5%
Jun 2026 −$0.23 −$0.20 +10.8%
Mar 2026 −$0.39 −$0.28 +26.7%
Dec 2025 −$0.22 −$0.10 +52.1%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Teladoc Health, Inc.'s revenue by -1.2% next year and +1.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.7%, weight 56%) and the company's own record (+2.0%, weight 44%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy626%
Hold1774%
Sell00%

Monthly trend

  1. Oct 202651723
  2. Sep 202651723
  3. Aug 202651824
  4. Jul 202651824

Counts of recommendations published by analysts covering Teladoc Health, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.7%
of tradable shares
Days to cover
8.82
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
0.7%
of shares
Employees
4,648
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months 0.0%

$8.63 on October 31, 2025 to $8.63

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.5bn −2.1%
P/S multiple 0.6x 0.6x +5.1%
Share count 174m 179m −2.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −50.3%

$17.38 on November 3, 2023 to $8.63

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.5bn −1.6%
P/S multiple 1.1x 0.6x −44.6%
Share count 163m 179m −8.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TDOC−54%−74%−9%−58%−23%+23%
Industry peers (median)−9%−60%−25%−8%−28%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TDOC25%25%50%25%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TDOC−70%−76%−53%−69%−55%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 99% from February 8, 2021 to February 12, 2026. Getting back needed a 6489% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.47 – $9.72
From 52-week high
−11.2%
vs 50-day average
+37.5%
vs 200-day average
+33.2%
Volatility (1 year)
65%
Beta vs S&P 500
1.10

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±12.4%
After a week
4 up, 7 down
typical move ±12.6%
After a month
3 up, 8 down
typical move ±19.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +35.3% 0.0% — —
July 29, 2026 −29.7% +0.1% −26.0% −32.1%
April 29, 2026 +1.0% +1.0% +13.3% +26.8%
February 25, 2026 +17.8% +0.3% +13.0% +21.6%
October 29, 2025 +4.5% −1.1% −3.6% −9.2%
October 23, 2025 +13.4% +1.4% +4.8% −16.5%
July 29, 2025 −9.8% −0.4% −15.1% −5.6%
April 30, 2025 −4.6% +0.7% −6.4% −5.6%
February 26, 2025 −15.0% −1.5% −19.2% −23.4%
October 30, 2024 +0.9% −2.3% +5.8% +34.3%
July 31, 2024 −11.7% +0.2% −26.4% −27.0%
April 25, 2024 −5.2% +0.6% −5.4% −16.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Teladoc Health, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.92× the last 60 days’ realised volatility , richer than 9% of the 229 stocks we screen today.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Teladoc Health, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Teladoc Health, Inc.
$2.5B $2.5B $2.6B $2.6B $2.7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.6B Revenue (TTM), FY24 Q1: $2.6B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.6B Revenue (TTM), FY24 Q4: $2.6B Revenue (TTM), FY25 Q1: $2.6B Revenue (TTM), FY25 Q2: $2.5B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.5B Revenue (TTM), FY26 Q3: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.6B
FY24 Q1 $2.6B
FY24 Q2 $2.6B
FY24 Q3 $2.6B
FY24 Q4 $2.6B
FY25 Q1 $2.6B
FY25 Q2 $2.5B
FY25 Q3 $2.5B
FY25 Q4 $2.5B
FY26 Q1 $2.5B
FY26 Q2 $2.5B
FY26 Q3 $2.5B
Revenue growth, TTM YoY Teladoc Health, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.1% Revenue growth, TTM YoY, FY24 Q1: 6.0% Revenue growth, TTM YoY, FY24 Q2: 3.1% Revenue growth, TTM YoY, FY24 Q3: 0.4% Revenue growth, TTM YoY, FY24 Q4: -1.3% Revenue growth, TTM YoY, FY25 Q1: -2.5% Revenue growth, TTM YoY, FY25 Q2: -2.6% Revenue growth, TTM YoY, FY25 Q3: -2.4% Revenue growth, TTM YoY, FY25 Q4: -1.5% Revenue growth, TTM YoY, FY26 Q1: -1.5% Revenue growth, TTM YoY, FY26 Q2: -2.1% Revenue growth, TTM YoY, FY26 Q3: -2.4% -2.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.1%
FY24 Q1 6.0%
FY24 Q2 3.1%
FY24 Q3 0.4%
FY24 Q4 -1.3%
FY25 Q1 -2.5%
FY25 Q2 -2.6%
FY25 Q3 -2.4%
FY25 Q4 -1.5%
FY26 Q1 -1.5%
FY26 Q2 -2.1%
FY26 Q3 -2.4%
Operating margin (TTM) Teladoc Health, Inc.
-60% -40% -20% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -9.6% Operating margin (TTM), FY24 Q1: -9.9% Operating margin (TTM), FY24 Q2: -39.4% Operating margin (TTM), FY24 Q3: -38.9% Operating margin (TTM), FY24 Q4: -39.7% Operating margin (TTM), FY25 Q1: -41.3% Operating margin (TTM), FY25 Q2: -10.5% Operating margin (TTM), FY25 Q3: -10.9% Operating margin (TTM), FY25 Q4: -10.4% Operating margin (TTM), FY26 Q1: -8.1% Operating margin (TTM), FY26 Q2: -7.5% Operating margin (TTM), FY26 Q3: -6.6% -6.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -9.6%
FY24 Q1 -9.9%
FY24 Q2 -39.4%
FY24 Q3 -38.9%
FY24 Q4 -39.7%
FY25 Q1 -41.3%
FY25 Q2 -10.5%
FY25 Q3 -10.9%
FY25 Q4 -10.4%
FY26 Q1 -8.1%
FY26 Q2 -7.5%
FY26 Q3 -6.6%
FCF margin (TTM) Teladoc Health, Inc.
10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 13.0% FCF margin (TTM), FY24 Q1: 12.8% FCF margin (TTM), FY24 Q2: 12.4% FCF margin (TTM), FY24 Q3: 12.8% FCF margin (TTM), FY24 Q4: 11.0% FCF margin (TTM), FY25 Q1: 11.3% FCF margin (TTM), FY25 Q2: 11.5% FCF margin (TTM), FY25 Q3: 11.1% FCF margin (TTM), FY25 Q4: 11.3% FCF margin (TTM), FY26 Q1: 11.1% FCF margin (TTM), FY26 Q2: 10.2% FCF margin (TTM), FY26 Q3: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 13.0%
FY24 Q1 12.8%
FY24 Q2 12.4%
FY24 Q3 12.8%
FY24 Q4 11.0%
FY25 Q1 11.3%
FY25 Q2 11.5%
FY25 Q3 11.1%
FY25 Q4 11.3%
FY26 Q1 11.1%
FY26 Q2 10.2%
FY26 Q3 10.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.0 0.0 0.1 0.1 0.2 0.4 0.6 1.1 2.0 2.4 2.6 2.6 2.5 2.5
Gross profit 0.0 0.0 0.1 0.1 0.2 0.3 0.4 0.7 1.4 1.7 — — — —
EBITDA −0.0 −0.0 −0.1 −0.1 −0.1 −0.0 −0.0 −0.4 −0.1 −13.4 — — — —
Operating income −0.0 −0.0 −0.1 −0.1 −0.1 −0.1 −0.1 −0.5 −0.3 −13.7 −0.2 −1.0 −0.3 −0.2
Net income −0.0 −0.0 −0.1 −0.1 −0.1 −0.1 −0.1 −0.5 −0.4 −13.7 −0.2 −1.0 −0.2 −0.2
Diluted EPS −$0.81 −$1.02 −$2.91 −$1.75 −$1.93 −$1.47 −$1.38 −$5.36 −$2.73 −$84.60 −$1.34 −$5.87 −$1.14 −$0.86
Growth (year on year)
Revenue — +118.7% +77.8% +59.2% +89.4% +79.1% +32.4% +97.7% +85.8% +18.4% +8.1% −1.3% −1.5% −2.4%
Margins
Gross margin 79.0% 77.2% 72.8% 74.0% 73.6% 69.2% 66.7% 64.3% 68.0% 69.1% — — — —
EBITDA margin −25.7% −29.5% −65.8% −44.2% −24.1% −8.4% −7.5% −39.9% −3.0% −556.6% — — — —
Operating margin −29.5% −34.8% −72.1% −50.9% −32.3% −17.0% −14.5% −46.3% −13.1% −567.3% −9.6% −39.7% −10.4% −6.6%
Net margin −30.2% −39.1% −75.0% −60.3% −45.8% −23.2% −17.9% −44.3% −21.1% −567.5% −8.5% −39.0% −7.9% −6.3%
Free-cash-flow margin −31.4% −28.6% −69.1% −43.8% −15.9% −2.1% 4.8% −5.3% 9.1% 7.2% 13.0% 11.0% 11.3% 10.6%
Cash flow
Cash from operations −0.0 −0.0 −0.0 −0.1 −0.0 −0.0 0.0 −0.1 0.2 0.2 0.4 0.3 0.3 0.3
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow −0.0 −0.0 −0.1 −0.1 −0.0 −0.0 0.0 −0.1 0.2 0.2 0.3 0.3 0.3 0.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.5 0.3 0.2 0.2 0.1 0.1 0.1
Free cash flow after stock pay −0.0 −0.0 −0.1 −0.1 −0.1 −0.1 −0.0 −0.5 −0.1 −0.0 0.1 0.1 0.2 0.2
Balance sheet
Cash 0.0 0.0 0.1 0.1 0.0 0.4 0.5 0.7 0.9 0.9 1.1 1.3 0.8 0.8
Total debt 0.0 0.0 0.0 0.0 0.2 0.4 0.4 1.4 1.2 1.5 1.5 1.5 1.0 1.0
Net debt (negative = net cash) −0.0 −0.0 −0.0 −0.0 0.2 −0.0 −0.1 0.7 0.3 0.6 0.4 0.2 0.2 0.1
Diluted shares 12m 20m 20m 42m 55m 66m 72m 91m 157m 161m 165m 171m 176m 180m
Returned to shareholders
Buybacks 0.0 0.0 — — — — — — — — — — — —
Total returned 0.0 0.0 — — — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · September 30, 2026
What it owns · $2.8bn
Short-term assets $1.2bnLonger-term assets $1.5bn
What it owes, and who funded it · $2.8bn
Short-term liabilities $1.4bnLonger-term liabilities $65mShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $65m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$163m against $20m of interest.

From Teladoc Health, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.9%
year over year
R&D spending
10.9%
of revenue
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care technology
Last 12 months unless stated TDOC VEEV TEM WAY OMCL GDRX Median
Revenue, last 12 months $2.5bn $3.5bn $1.5bn $1.3bn $1.2bn $785m $292m
Revenue growth, last 12 months −2.4% 16.5% 36.6% 21.4% 8.5% −1.8% 8.8%
Revenue growth, 3-year average −1.5% 15.7% — — 0.3% 1.8% 0.8%
Revenue growth, latest quarter −3.4% 17.6% 23.1% 21.2% 7.4% −1.3% 7.4%
Gross margin 70.2% 75.0% — — 44.8% — 58.6%
Operating margin −6.6% 29.9% −18.5% 21.9% 4.6% 9.5% −12.5%
Operating margin, 3-year average −18.8% 26.5% −49.5% 19.1% 0.8% 5.6% −18.8%
Net margin −6.3% 29.3% −12.5% 10.7% 3.1% 2.1% −12.5%
Cash from operations / revenue 10.9% 48.2% −7.2% 24.9% 14.6% 25.7% 9.7%
Free-cash-flow margin 10.6% 47.4% −9.1% 20.9% 11.4% 25.1% 9.2%
Free-cash-flow margin, 3-year average 11.5% 43.3% −21.2% 19.4% 12.0% 21.7% 8.2%
Stock pay / revenue 2.1% 14.3% 13.3% 4.9% 3.6% 9.7% 9.5%
Change in share count 2.9% −0.1% — 9.7% −1.5% −9.8% 2.9%

Median of all 23 companies we cover in health care technology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 health care technology companies
Measure Company Peer median Rank
Revenue growth Growth -2.4% 8.8% 18 of 23
Change in growth rate Growth -0.3pp -0.3pp 12 of 23
Operating margin Profitability -6.6% -6.6% 11 of 22
Net margin Profitability -6.3% -12.5% 11 of 23
Free-cash-flow margin Cash generation 10.6% 10.6% 11 of 22
Stock pay as % of revenue Cash generation 2.1% 9.7% 3 of 22
Change in share count Balance sheet 2.9% 2.6% 11 of 19
Days sales outstanding Balance sheet 34 days 58 days 3 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Access Fees Revenue $2.1B 82.7% ▼ 5.6%
Other $438M 17.3% ▲ 23.6%
Geography
Region Revenue Share YoY
United States $2.1B 81.9% ▼ 4.1%
Outside the US $458M 18.1% ▲ 11.9%

From Teladoc Health, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.3B
Institutions reporting
344
Shares held vs prior quarter
▲ 7.0%
Positions opened / closed
56 / 38

Top buyers and sellers, Q2 2026: 160 institutions bought and 128 sold ; the biggest buyer was Voss Capital, LP (+3.8M shares) and the biggest seller Man Group PLC (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $138M 16.2M 10.6% ▲ 11.0%
Vanguard Portfolio Management LLC $108M 12.7M 8.3% ▲ 3.2%
Point72 Asset Management, L.P. $69.9M 8.2M 5.4% ▲ 6.7%
Renaissance Technologies LLC $68.5M 8.1M 5.3% ▼ 0.2%
Voss Capital, LP $68.2M 8.0M 5.3% ▲ 91.6%
Vanguard Capital Management LLC $67.5M 8.0M 5.2% ▲ 1.2%
Dimensional Fund Advisors LP $62.5M 7.4M 4.8% ▲ 17.0%
State Street Corp $42.1M 5.0M 3.3% ▲ 13.8%
American Century Companies Inc $41.5M 4.9M 3.2% ▲ 41.6%
Allianz Asset Management Gmbh $39.6M 4.7M 3.1% ▼ 2.6%
Geode Capital Management, LLC $39.5M 4.7M 3.1% ▲ 11.3%
Goldman Sachs Group Inc $32.4M 3.8M 2.5% ▲ 41.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Teladoc Health, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $69,400 1 trade by 1 insider, last 12 months Insider sales History → $2.4M 37 trades by 6 insiders · 21% under pre-set plans
Net ▼ $2.3M net selling
Insider Date Trade Shares Price Value
Catapano Joseph Ronald Chief Accounting Officer October 2, 2026 Sell 655 $5.65 $3,703
Divita Charles Iii CHIEF EXECUTIVE OFFICER September 11, 2026 Sell 17,805 $6.10 $108,610
Rodrigues Fernando M. President of BetterHelp September 3, 2026 Sell pre-set plan 9,812 $6.51 $63,876
Rodrigues Fernando M. President of BetterHelp September 2, 2026 Sell pre-set plan 5,439 $6.30 $34,266
Divita Charles Iii CHIEF EXECUTIVE OFFICER September 2, 2026 Sell 18,327 $6.30 $115,460
Catapano Joseph Ronald Chief Accounting Officer September 2, 2026 Sell 274 $6.30 $1,726
Bliss Kelly President, U.S. Group Health September 2, 2026 Sell 7,357 $6.30 $46,349
Vandervoort Adam C CHIEF LEGAL OFFICER, SECRETARY September 2, 2026 Sell 7,573 $6.30 $47,710
Nueno Carlos President, International September 2, 2026 Sell 6,200 $6.30 $39,060
Bliss Kelly President, U.S. Group Health July 6, 2026 Sell pre-set plan 2,500 $9.50 $23,750
Catapano Joseph Ronald Chief Accounting Officer July 2, 2026 Sell 653 $9.10 $5,942
Bliss Kelly President, U.S. Group Health July 1, 2026 Sell pre-set plan 2,500 $9.00 $22,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 26 trades and filings

No trades in Teladoc Health, Inc. disclosed in the last 12 months; 26 earlier trades on record.

  • Donald S. Beyer, Jr.(D-VA 8):Sale (full), $1,001 - $15,000, traded November 26, 2021, filed December 2, 2021
  • Donald S. Beyer, Jr.(D-VA 8):Sale (full), $1,001 - $15,000, traded August 18, 2021, filed September 2, 2021
  • Donald S. Beyer, Jr.(D-VA 8):Sale (full), $1,001 - $15,000, traded June 21, 2021, filed July 4, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 25, 2026
  • October 29, 2025
  • October 23, 2025

Recent SEC filings

Data status

When each part of this page on Teladoc Health, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Teladoc Health, Inc. in brief

What does Teladoc Health, Inc. do?
Teladoc Health, Inc. is a US-listed company in the health care technology industry. Its financial year ends in December.
What is Teladoc Health, Inc.'s stock ticker?
Teladoc Health, Inc. trades under the ticker TDOC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Teladoc Health, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Teladoc Health, Inc. reported revenue of $2.5B, 2.4% lower than a year earlier, according to its SEC filings.
What is Teladoc Health, Inc.'s free cash flow?
Teladoc Health, Inc.'s free-cash-flow margin is 10.6% of revenue over the trailing twelve months, ranking 11 of the 22 health care technology companies we cover.
What is Teladoc Health, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Teladoc Health, Inc.'s free cash flow after stock-based pay gives ~$17 per share in the base case, and ~$12–$22 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Teladoc Health, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Point72 Asset Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Teladoc Health, Inc.'s market cap?
On November 2, 2026, Teladoc Health, Inc.'s market capitalisation was about $1.6B and net debt of $148M. Market figures come from third-party market data and may be delayed.
Who are Teladoc Health, Inc.'s competitors?
In our Health Care Technology peer group, the companies closest to Teladoc Health, Inc. are Veeva Systems Inc, Tempus AI, Inc., Waystar Holding Corp., Omnicell, Inc. and Goodrx Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Teladoc Health, Inc.'s.
Are insiders buying or selling Teladoc Health, Inc. stock?
Over the last 12 months, Teladoc Health, Inc.'s directors and officers reported 1 open-market purchases and 37 sales on Form 4. The insider trading page charts every trade.
When is Teladoc Health, Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Teladoc Health, Inc. announces its own schedule.