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Omada Health, Inc.
(NASDAQ:OMDA)
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Rating:70Outperform
Price Target:
$26.00
▲(26.64% Upside)
Action:Reiterated
Date:06/27/26
OMDA scores solidly on improving fundamentals (strong growth, narrowing losses, positive 2025 operating/free cash flow, and a debt-free balance sheet) and a bullish earnings update with raised guidance. Offsetting factors are a stretched technical setup (overbought indicators) and weak traditional valuation support due to continued GAAP losses and a negative P/E.
Positive Factors
Strong Revenue & Membership Momentum
Omada shows durable demand and scalable contract economics: rapid top-line growth plus guidance lift reflect stronger adoption by employers and health plans. Membership >1M (+51% YoY) supports a growing recurring revenue base that can compound over multiple years through retention and expansion.
Negative Factors
Blended Revenue Per Member Step-Down
Contract design that steps down billings in years 2–3 reduces blended ARPU as cohorts mature. Sustaining revenue growth therefore requires continuous high net adds or higher‑value product upsell, creating ongoing operational pressure even as unit economics per mature member improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue & Membership Momentum
Omada shows durable demand and scalable contract economics: rapid top-line growth plus guidance lift reflect stronger adoption by employers and health plans. Membership >1M (+51% YoY) supports a growing recurring revenue base that can compound over multiple years through retention and expansion.
Read all positive factors
Omada Health, Inc. (OMDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.18B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)―
Beta (1Y)1.81
Revenue Growth49.36%
EPS Growth83.76%
CountryUS
Employees849
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.11
Shares Outstanding59,448,505
10 Day Avg. Volume1,187,912
30 Day Avg. Volume1,136,308
Financial Highlights & Ratios
PEG Ratio0.97
Price to Book (P/B)4.01
Price to Sales (P/S)3.54
P/FCF Ratio54.46
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$25.10Price Target Upside22.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.26
Revenue Forecast (FY)$327.98M
Omada Health, Inc. Business Overview & Revenue Model
Company Description
Omada Health is an American virtual health company that delivers evidence-based digital programs designed to manage common chronic ailments, including cardiometabolic, musculoskeletal, and behavioral health conditions, offering continuous support ...
How the Company Makes Money
Omada Health primarily makes money by selling access to its digital chronic care programs to organizational customers (e.g., employers and health plans) that sponsor the service for eligible members. Revenue is generally generated through contract...
Omada Health, Inc. Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong growth and improving financial health: double-digit revenue growth (42% YoY), a key membership milestone (1.025M members, +51% YoY), margin expansion (GAAP 62%, non-GAAP 64%), positive adjusted EBITDA in Q1 and an upward revision to full-year guidance. Commercial momentum was highlighted by relationships with all three large PBMs and inclusion in Optum Rx and Lilly programs, alongside differentiated clinical evidence for the GLP-1 Care Track. Near-term headwinds are mostly transitional or tactical — cohort composition pressuring blended revenue per member, early-stage nature of some prescribing channels with material revenue expected more in 2027, modest device/shipping cost pressure (~$1M) and competitive multi-vendor PBM environments. Overall, the positives materially outweigh the manageable near-term challenges.Positive Updates
Strong Revenue Growth and Raised Guidance
Revenue of $78 million in Q1 2026, up 42% year-over-year. Company raised full-year revenue guidance to $322M–$330M (from $312M–$322M); midpoint implies ~25% growth year‑over‑year.
Negative Updates
Near-Term Pressure on Blended Revenue per Member
A larger share of members are now in year 2+ of enrollment, which by design places near-term pressure on blended revenue per member (revenue steps down in years 2–3) even though gross margin per member increases as cohorts mature.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth and Raised Guidance
Revenue of $78 million in Q1 2026, up 42% year-over-year. Company raised full-year revenue guidance to $322M–$330M (from $312M–$322M); midpoint implies ~25% growth year‑over‑year.
Read all positive updates
Company Guidance
Omada raised full‑year revenue guidance to $322–$330 million (prior $312–$322M) and adjusted EBITDA to $14–$20 million (prior $7–$15M) — at the midpoints implying ~25% revenue growth year‑over‑year and nearly a 3x improvement in adjusted EBITDA versus 2025, with the low end of the new ranges roughly at the prior high end. The raise follows a strong Q1: revenue $78M (+42% YoY; +6% sequential ex a $2M one‑time Q4 item), GAAP gross profit $49M with GAAP gross margin 62% (64% non‑GAAP), adjusted EBITDA $1M (up $5M YoY), GAAP net loss narrowed to $3M, total members 1.025M (+51% YoY; +139k net adds), cash $212M and no debt. Management attributed the outlook to improved retention and multi‑condition mix, PBM/GLP‑1 commercial momentum, AI‑driven efficiency (and a path to exceed their 70% long‑term gross margin target), while flagging an estimated ~$1M full‑year device shipping cost impact from geopolitical disruptions.Omada Health, Inc. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 283.30M | 260.21M | 169.80M | 122.78M | 89.19M |
| Gross Profit | 187.60M | 170.94M | 102.88M | 69.97M | 42.79M |
| EBITDA | 491.00K | -4.75M | -37.83M | -58.36M | -63.99M |
| Net Income | -6.30M | -12.78M | -47.14M | -67.51M | -72.52M |
Balance Sheet | |||||
| Total Assets | 302.80M | 305.41M | 150.89M | 175.08M | 221.80M |
| Cash, Cash Equivalents and Short-Term Investments | 211.76M | 222.04M | 76.39M | 115.64M | 168.12M |
| Total Debt | 0.00 | 0.00 | 30.19M | 30.58M | 30.81M |
| Total Liabilities | 68.68M | 75.73M | 86.26M | 76.16M | 66.19M |
| Stockholders Equity | 234.12M | 229.68M | 64.63M | 98.92M | 155.60M |
Cash Flow | |||||
| Free Cash Flow | 19.02M | 16.93M | -38.04M | -52.66M | -71.70M |
| Operating Cash Flow | 22.54M | 18.25M | -34.18M | -49.74M | -68.98M |
| Investing Cash Flow | -6.14M | -5.83M | -3.86M | -2.92M | -2.72M |
| Financing Cash Flow | 135.97M | 133.22M | -1.21M | 179.00K | 16.32M |
Omada Health, Inc. Technical Analysis
Positive
20.53
Price Trends
23.38
Positive
Market Momentum
0.94
Negative
72.91
Negative
91.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OMDA, the sentiment is Positive. The current price of 20.53 is below the 20-day moving average (MA) of 24.43, below the 50-day MA of 23.38, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 0.94 indicates Negative momentum. The RSI at 72.91 is Negative, neither overbought nor oversold. The STOCH value of 91.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OMDA.
Omada Health, Inc. Risk Analysis
Omada Health, Inc. disclosed 82 risk factors in its most recent earnings report. Omada Health, Inc. reported the most risks in the "Ability to Sell" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We have a history of net losses, and we may not be able to consistently achieve or maintain profitability in the future. Q1, 2026
2.
We have a limited operating history and have grown significantly in a short period of time. If we fail to manage our growth effectively, our business could be materially and adversely affected. Q1, 2026
3.
We operate in a very competitive industry, and if we fail to compete successfully against our existing or potential competitors, some of whom may have greater resources than us, our business, financial condition, results of operations, and prospects could be materially and adversely affected. Q1, 2026
Omada Health, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.78B | -11.35 | -138.70% | ― | 49.78% | -477.12% | |
70 Outperform | $1.18B | -172.97 | -2.81% | ― | 49.36% | 83.76% | |
67 Neutral | $1.04B | 52.39 | 3.31% | ― | -1.19% | -21.87% | |
59 Neutral | $2.98B | 133.80 | 3.02% | ― | 24.72% | 35.79% | |
56 Neutral | $179.62M | -1.98 | -35.14% | ― | -9.29% | 46.89% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | $1.22B | -6.78 | -13.08% | ― | -2.08% | 16.88% |
* General Sector Average
OMDA
Omada Health, Inc.
19.84
2.00
11.21%
TDOC
Teladoc
6.71
-0.26
-3.73%
AMWL
American Well
10.75
3.71
52.70%
GDRX
GoodRx Holdings
3.07
-1.43
-31.78%
PRVA
Privia Health Group
23.67
4.20
21.57%
HNGE
Hinge Health, Inc. Class A
74.71
26.49
54.94%
Omada Health, Inc. Corporate Events
Executive/Board ChangesShareholder Meetings
Omada Health Shareholders Back Board and Auditor at Meeting
Positive
Jun 16, 2026
On June 16, 2026, Omada Health, Inc. held its 2026 Annual Meeting of Stockholders, where shareholders voted on the election of Class I directors and the ratification of the company’s independent auditor for the 2026 fiscal year. Stockholders...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.