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Teladoc Health, Inc.
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$1.2B
Market Cap
—
P/E
—
PEG
-13.6%
ROCE
-13.0%
ROE
0.79
D/E
-5.9%
OPM
-10.2%
% from 52W High
83
α RS
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Currency-adjusted total returns for TDOC including FX impact
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📈 Price History
Ratio Health
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About

Teladoc Health, Inc. provides virtual healthcare services worldwide. It operates through Teladoc Health Integrated Care and BetterHelp segments. The Integrated Care segment offers virtual medical services, including general medical, expert medical services, specialty medical, chronic condition management, and mental health services, as well as technologies and enterprise telehealth solutions for hospitals and health systems. Its BetterHelp segment operates a mental health platform that provides online counselling and therapy services through websites, mobile applications, phones, and text-based interactions by its licensed clinicians. The company offers its products and services under the Teladoc and BetterHelp brands. It serves employers, health plans, hospitals and health systems, insurance companies, and financial services companies, as well as individual members. The company was formerly known as Teladoc, Inc. and changed its name to Teladoc Health, Inc. in August 2018. Teladoc Health, Inc. was incorporated in 2002 and is headquartered in New York, New York.

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📈 Growth Pattern
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⭐ Superinvestors Holding TDOC
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 8.09M $44.1M 0.07% Mar 2026
Steve Cohen Point72 Asset Management 7.72M $42.1M 0.05% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Teladoc Health Q1 2026 revenue $614M, EBITDA $58M, BetterHelp insurance scaling.
Revenue & Profitability
Q1 2026 consolidated revenue was $614 million. Adjusted EBITDA was $58 million (9.5% margin). Net loss per share was $0.36, including pre-tax items: amortization $0.50, stock-based compensation $0.08, restructuring $0.07. Free cash flow was a net outflow of $26 million. Cash and equivalents stood at $751 million. Net debt to trailing EBITDA was under 0.9x (3.6x gross).
Outlook
Management noted a market shift from subscription to visit-based arrangements, which is expected to become a net tailwind by exit of 2026. Chronic disease affects over half of U.S. adults, driving demand for comprehensive solutions. Mental health remains an area with significant unmet need (over 60 million adults affected). The company is optimistic about AI as a catalyst. Headwinds include ACA subsidy-related disenrollment and a challenging consumer backdrop for BetterHelp's cash-pay business.
Growth Drivers
Integrated Care growth drivers: enhanced 24/7 care offering, Chronic Care multi-condition bundles (now 70% of new business), international high-single-digit growth (30% from hybrid care models), and new product innovations expected later in 2026. BetterHelp growth drivers: insurance rollout (live in 30 states, 150 million contracted lives, annualized run rate >$75 million, targeting $125 million exit), higher conversion and session volume for insured users, and international expansion (high single-digit non-US growth, one to two new country launches in H2 2026).
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Q1 2026 Integrated Care Adjusted EBITDA margin was 14.2% (up 130 bps YoY), with full-year guidance unchanged at 15.1%-16.1%. BetterHelp margin was 0.9% (down from 3.2% YoY) due to cash-pay weakness and insurance scaling investments. Full-year BetterHelp margin guidance is 3.0%-4.6%. Management expects margin improvement in Integrated Care from cost savings and productivity, partially offset by mix pressure. BetterHelp margins are expected to expand over time as insurance scales.
Key Risks
Key risks flagged include: continued pressure on BetterHelp's U.S. cash-pay business; potential cannibalization of cash-pay users by insurance; therapist capacity constraints; implementation delays in Integrated Care; and membership moderation due to ACA subsidy changes and Medicaid disenrollment. Additionally, the shift from subscription to visit models creates near-term revenue headwinds, although expected to become a tailwind.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
Q2 results met guidance with Integrated Care outperforming and BetterHelp pressured by a rapid shift from cash pay to insurance, outpacing provider capacity. 2026 revenue guidance was lowered due to cash pay declines, but insurance revenue and margin guidance were reaffirmed. Teladoc One was launched as a new care model.
Q1 2026 Q1 2026 2026-04-29
Q1 2026 revenue and Adjusted EBITDA exceeded guidance, driven by Integrated Care growth and BetterHelp's insurance rollout. Guidance for 2026 remains unchanged, with insurance revenue at BetterHelp expected to accelerate and margin expansion anticipated as insurance scales.
Q4 2025 Q4 2025 2026-02-25
Q4 2025 results were slightly above expectations, with revenue at $642 million and adjusted EBITDA at $84 million. 2026 guidance projects flat revenue and modest EBITDA growth, with BetterHelp insurance ramping and integrated care margins improving.
Q3 2025 Q3 2025 2025-10-29
Q3 2025 revenue and adjusted EBITDA exceeded guidance, driven by Integrated Care growth and cost discipline, while BetterHelp faced headwinds but showed progress in insurance rollout. Strategic acquisitions and product innovation support future growth, with strong liquidity and a positive outlook for 2025.
Q2 2025 Q2 2025 2025-07-29
Q2 2025 revenue and adjusted EBITDA were at the high end of guidance, with strong integrated care and international growth offsetting BetterHelp headwinds. 2025 guidance was narrowed, with insurance initiatives and product innovation expected to drive future growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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