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Teladoc
(NYSE:TDOC)
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Rating:52Neutral
Price Target:
$6.50
▼(-25.88% Downside)
Action:Reiterated
Date:08/04/26
TDOC scores in the low-50s primarily due to improving but still unprofitable financials (despite strong free cash flow) and notably weak technical momentum with the stock trading well below key moving averages. The earnings call adds some support from Integrated Care margin progress and maintained free cash flow guidance, but this is tempered by lowered revenue guidance and BetterHelp’s ongoing transition risks. Valuation remains difficult to justify on earnings given the negative P/E and no dividend.
Positive Factors
Strong free cash flow
Consistent positive operating and free cash flow provides durable financial flexibility to fund product investment, provider recruitment, and transition costs without heavy external financing. This cash generation reduces refinancing risk and supports multi-quarter operational initiatives.
Negative Factors
BetterHelp revenue decline
A pronounced decline in BetterHelp cash-pay revenue and a materially reduced segment outlook represent a structural headwind while the business shifts to insurance. Persistent revenue erosion in the mental-health consumer channel weakens consolidated top-line durability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Consistent positive operating and free cash flow provides durable financial flexibility to fund product investment, provider recruitment, and transition costs without heavy external financing. This cash generation reduces refinancing risk and supports multi-quarter operational initiatives.
Read all positive factors
Teladoc Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales by region (U.S. versus international), showing where revenue is concentrated and where growth opportunities or regulatory and currency risks exist. A heavy U.S. mix can imply steadier reimbursement while international growth offers upside—or added complexity.
Breaks down sales by region (U.S. versus international), showing where revenue is concentrated and where growth opportunities or regulatory and currency risks exist. A heavy U.S. mix can imply steadier reimbursement while international growth offers upside—or added complexity.
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The Fly
The FlyTeladoc (TDOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.22B
Dividend YieldN/A
Average Volume (3M)4.25M
Price to Earnings (P/E)―
Beta (1Y)1.60
Revenue Growth-2.08%
EPS Growth16.88%
CountryUS
Employees5,600
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.99
Shares Outstanding181,684,020
10 Day Avg. Volume4,263,428
30 Day Avg. Volume4,248,250
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.89
Price to Sales (P/S)0.49
P/FCF Ratio4.32
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
$7.57Price Target Upside-13.67% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering18
EPS Forecast (FY)-0.87
Revenue Forecast (FY)$2.43B
Teladoc Business Overview & Revenue Model
Company Description
Teladoc Health, Inc. offers remote medical services to individuals both domestically in the United States and internationally. Their extensive range of solutions covers a wide array of health needs, from routine and acute conditions to complex and...
How the Company Makes Money
Teladoc primarily generates revenue by selling access to and utilization of its virtual-care products through business-to-business arrangements and, to a lesser extent, direct patient use. A core component is subscription- and access-based fees pa...
Teladoc Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but balanced picture: clear strength and margin expansion in Integrated Care, meaningful product and AI-driven innovation (Teladoc 1 and Pulse), strong liquidity and disciplined cost actions. Offsetting these positives were material near-term challenges in BetterHelp as the business transitions from cash-pay to an insurance/in-network model — accelerated declines in cash-pay users, provider capacity constraints that limited insurance conversion, and a downward revision to consolidated revenue guidance. Management has taken decisive actions (national insurance rollout, provider recruitment/activation initiatives, lower ad spend) to address the issues, but execution risk and timing remain. Overall, the results show operational progress in core businesses and constructive steps to fix the BetterHelp transition, balanced by meaningful short-term revenue pressure and uncertainty in that segment.Positive Updates
Consolidated financial performance
Q2 consolidated revenue $607M with adjusted EBITDA $66M (10.8% margin). Free cash flow $36M for the quarter and $774M cash on the balance sheet. Full-year adjusted EBITDA guidance raised slightly at the midpoint to $271M–$303M and free cash flow guidance unchanged at $130M–$170M.
Negative Updates
BetterHelp revenue decline and revised outlook
BetterHelp Q2 revenue $213M, down 11.6% YoY and down 2.6% sequentially. Management revised full-year BetterHelp revenue guidance to $770M–$830M, reflecting faster-than-anticipated declines in U.S. cash-pay revenue and a 2026 segment revenue decline guidance of -19.0% to -12.7% versus 2025.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated financial performance
Q2 consolidated revenue $607M with adjusted EBITDA $66M (10.8% margin). Free cash flow $36M for the quarter and $774M cash on the balance sheet. Full-year adjusted EBITDA guidance raised slightly at the midpoint to $271M–$303M and free cash flow guidance unchanged at $130M–$170M.
Read all positive updates
Company Guidance
Teladoc provided 2026 consolidated guidance of $2.36B–$2.45B revenue and $271M–$303M adjusted EBITDA, with free cash flow unchanged at $130M–$170M; full‑year stock‑based compensation is now expected below $50M (down >35% vs 2025 and ~75% vs 2023) and net loss per share of $1.00–$0.75. Q3 consolidated guidance is $569M–$609M revenue and $62M–$74M adjusted EBITDA. By segment, Integrated Care is expected to grow 0.8%–2.4% in 2026 (international: high single‑digit organic constant‑currency growth) with an adjusted EBITDA margin of 15.6%–16.4% (Q3 margin guide 15.7%–17.2%); Integrated Care finished Q2 with 100.3M U.S. members and chronic care enrollment of 1.27M. BetterHelp’s 2026 revenue outlook was revised to $770M–$830M (a ~12.7%–19.0% decline vs 2025) while reaffirming insurance revenue of $90M–$105M and a segment adjusted EBITDA margin of 3.0%–4.6%; advertising spend is expected to decline in the mid‑to‑high‑20% range. For Q3 BetterHelp revenue is guided down 24.2% to 12.3% YoY, insurance revenue $25M–$31M (midpoint ~+29% sequentially) and Q3 BH EBITDA margin 0.5%–2.5%; management noted insurance sessions exceeded 20,000 last week (implying an annualized revenue run‑rate of >$110M, up from >$75M at the Q1 call). As context, Q2 consolidated results were $607M revenue and $66M adjusted EBITDA (10.8% margin), free cash flow $36M, cash $774M, and net debt to trailing adjusted EBITDA ~0.8x.Teladoc Financial Statement Overview
Summary
Income Statement
33
Negative
Balance Sheet
52
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.49B | 2.53B | 2.57B | 2.60B | 2.41B | 2.03B |
| Gross Profit | 1.83B | 1.76B | 1.82B | 1.84B | 1.66B | 1.38B |
| EBITDA | -69.89M | 147.30M | 31.72M | 43.61M | -7.54M | -31.42M |
| Net Income | -177.40M | -200.32M | -1.00B | -220.37M | -13.66B | -428.79M |
Balance Sheet | ||||||
| Total Assets | 2.76B | 3.10B | 3.52B | 4.39B | 4.70B | 17.73B |
| Cash, Cash Equivalents and Short-Term Investments | 774.35M | 781.08M | 1.30B | 1.12B | 918.18M | 896.02M |
| Total Debt | 1.03B | 1.04B | 1.58B | 1.59B | 1.59B | 1.28B |
| Total Liabilities | 1.45B | 1.72B | 2.03B | 2.07B | 2.39B | 1.69B |
| Stockholders Equity | 1.31B | 1.39B | 1.49B | 2.33B | 2.31B | 16.05B |
Cash Flow | ||||||
| Free Cash Flow | 224.66M | 285.46M | 282.89M | 193.67M | 172.81M | 185.46M |
| Operating Cash Flow | 261.18M | 294.36M | 293.68M | 350.02M | 189.29M | 193.99M |
| Investing Cash Flow | -161.15M | -266.00M | -124.05M | -156.35M | -167.74M | -72.98M |
| Financing Cash Flow | -4.06M | -551.65M | 8.31M | 10.85M | 6.50M | 40.95M |
Teladoc Technical Analysis
Negative
8.77
Price Trends
8.13
Negative
7.00
Negative
6.87
Negative
Market Momentum
-0.35
Positive
32.74
Neutral
10.43
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TDOC, the sentiment is Negative. The current price of 8.77 is above the 20-day moving average (MA) of 8.75, above the 50-day MA of 8.13, and above the 200-day MA of 6.87, indicating a bearish trend. The MACD of -0.35 indicates Positive momentum. The RSI at 32.74 is Neutral, neither overbought nor oversold. The STOCH value of 10.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TDOC.
Teladoc Risk Analysis
Teladoc disclosed 58 risk factors in its most recent earnings report. Teladoc reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Teladoc Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.76B | 20.11 | 19.36% | ― | 13.05% | -12.34% | |
71 Outperform | $5.78B | -11.35 | 30.25% | ― | 49.78% | -477.12% | |
70 Outperform | $1.18B | -172.97 | -2.81% | ― | 49.36% | 83.76% | |
55 Neutral | $179.62M | -1.98 | -33.27% | ― | -9.29% | 46.89% | |
52 Neutral | $1.22B | -6.78 | -13.08% | ― | -2.08% | 16.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
38 Underperform | $4.38M | -0.15 | -9999.00% | ― | 18.05% | 86.68% |
* Healthcare Sector Average
TDOC
Teladoc
6.93
-0.06
-0.86%
AMWL
American Well
13.02
5.16
65.65%
DOCS
Doximity
21.63
-36.50
-62.79%
VSEE
VSee Health
0.05
-1.29
-96.27%
HNGE
Hinge Health, Inc. Class A
80.79
20.24
33.43%
OMDA
Omada Health, Inc.
19.11
-0.33
-1.70%
Teladoc Corporate Events
Business Operations and StrategyExecutive/Board Changes
Teladoc Health Adds Independent Financial Expert to Board
Positive
Aug 3, 2026
On August 3, 2026, Teladoc Health expanded its board of directors to ten members and appointed veteran financial executive Mark V. Anquillare, the former president and chief operating officer of Verisk Analytics, to the board and to its audit and ...
Executive/Board ChangesShareholder Meetings
Teladoc Shareholders Approve Board, Pay and Auditor
Positive
May 21, 2026
At its 2026 Annual Meeting of Stockholders, held on May 21, 2026, Teladoc Health shareholders elected all nine director nominees to serve until the 2027 Annual Meeting, including Charles Divita III, Sandra L. Fenwick and Mark Douglas Smith. The vo...
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.