Teladoc (TDOC) AI Stock Analysis

• Market Cap: $938.37M
• Dividend Yield: N/A
• Average Volume (3M): 6.46M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.51
• Revenue Growth: -2.37%
• EPS Growth: 77.85%
• Country: US
• Employees: 4,620
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.14
• Shares Outstanding: 177,473,400
• 10 Day Avg. Volume: 4,850,151
• 30 Day Avg. Volume: 6,460,818
• PEG Ratio: 0.08
• Price to Book (P/B): 0.89
• Price to Sales (P/S): 0.49
• P/FCF Ratio: 4.32
• Enterprise Value/Market Cap: 1.26
• Enterprise Value/Revenue: 0.47
• Enterprise Value/Gross Profit: 0.67
• Enterprise Value/Ebitda: 122.57
• 1Y Price Target: $7.18
• Price Target Upside: 36.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 19
• EPS Forecast (FY): -0.83
• Revenue Forecast (FY): $2.55B

• Rating: 53 Neutral
• Price Target: $4.50 ▼(-14.45% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is anchored by improving financial durability—strong free cash flow and reduced leverage—partly offset by ongoing GAAP losses and modest/flat revenue trends. Technicals are notably weak (below key moving averages with negative MACD), and the earnings call points to stability rather than reacceleration, with BetterHelp and policy/financing risks limiting upside.

Positive Factors

Consistent positive free cash flow

Sustained positive operating and free cash flow provides durable liquidity and internal financing capacity. This reduces reliance on external capital, enables debt paydown, funds strategic investments (product, AI, insurance scaling), and cushions the business against cyclical reimbursement or demand swings.

Material leverage improvement and stronger balance sheet

Significant debt reduction materially lowers interest and refinancing risk, improving financial flexibility. A healthier leverage profile supports strategic options (partnering, targeted M&A, or shareholder-friendly actions), and reduces the probability that financing constraints will derail multi-year growth initiatives.

Scale and margin strength in Integrated Care

Integrated Care's large membership base (~101.8M) and mid-teens segment margins create a durable core business with predictable recurring revenue and cross-sell potential (chronic care, virtual visits). Scale economics and quality certifications support long-term competitiveness versus smaller telehealth rivals.

Negative Factors

Flat top-line and persistent GAAP losses

Stagnant revenue growth limits operating leverage and the company’s ability to convert healthy gross margins into sustained net profitability. Continued GAAP losses indicate reliance on cost reductions and cash improvements, raising execution requirements to achieve durable earnings power.

BetterHelp revenue and margin deterioration

Sustained declines and compressed margins at BetterHelp point to structural D2C challenges and the risk that investments to pivot to insurance may not offset lost consumer demand. If the segment cannot regain scale or profitable mix, overall company revenue and consolidated margins will remain constrained.

Membership, tariff, and financing uncertainties

Exposure to policy-driven membership shifts (ACA subsidy expirations), rising tariff headwinds, and a maturing 2027 convertible note introduce structural revenue and capital-structure risks. These factors can reduce long-term predictable membership and force costly financing decisions if markets turn unfavourable.

Teladoc Business Overview & Revenue Model

Company Description

Teladoc Health, Inc. provides virtual healthcare services in the United States and internationally. The company offers a portfolio of services and solutions covering non-urgent, episodic, chronic, and complicated medical conditions, including diabetes, hypertension, chronic kidney disease, cancer, congestive heart failure, and mental health conditions. It offers a range of programs and services, including primary and specialty care telehealth solutions, chronic condition management, expert medical services, mental health solutions, and platform and program services. The company serves employers, health plans, hospitals and health systems, and insurance and financial services companies, as well as individual members. It offers its products and services under the Teladoc, Livongo, and BetterHelp brands. The company was formerly known as Teladoc, Inc. and changed its name to Teladoc Health, Inc. in August 2018. The company was incorporated in 2002 and is headquartered in Purchase, New York.

How the Company Makes Money

Teladoc generates revenue primarily through subscription fees and per-visit payments for telehealth services. The company operates under a business model that includes contracts with employers, health plans, and health systems, allowing them to provide telehealth services to their members or employees. Key revenue streams include membership fees from companies that offer Teladoc services as part of their employee benefits package, as well as fees charged for individual consultations. Additionally, Teladoc has formed significant partnerships with various health insurers and healthcare providers, enhancing its service offerings and expanding its market reach, which contributes to its overall earnings.

Teladoc Financial Statement Overview

Summary

Strong and improving cash generation (positive operating cash flow and ~$285M free cash flow in 2025) and a materially improved leverage profile (debt reduction in 2025) support financial stability. Offsetting this, revenue has been largely flat over three years and profitability remains negative (net losses and negative ROE), keeping the score in the mid-range.

Income Statement

Revenue has been essentially flat over the last three years (2023–2025), with 2025 up ~7% after a slight decline in 2024. Gross margin remains strong and stable around ~69–71%, indicating a solid core unit economics profile. However, profitability is still negative: net losses persist (2025 net margin about -8%), and operating profitability remains weak despite a major improvement versus the unusually large 2022 loss and the much deeper 2024 loss. Overall, the business shows improving loss profile and good gross margin, but still lacks consistent earnings power.

Balance Sheet

Leverage has improved meaningfully: total debt fell from ~1.58B (2024) to ~1.03B (2025), and debt relative to equity improved from ~1.06x to ~0.74x. Total assets also declined over time (2023–2025), but equity remains positive at ~1.39B in 2025, providing some balance-sheet support. The key weakness is ongoing negative returns for shareholders driven by continued net losses (return on equity remains negative), meaning the balance sheet is healthier than last year but still pressured by lack of sustained profitability.

Cash Flow

Cash generation is a clear strength: operating cash flow has been consistently positive since 2021 and remained steady around ~294M in 2025, while free cash flow was ~285M in 2025. Free cash flow jumped sharply in 2025 versus 2024, indicating improving cash efficiency. A notable risk is that accounting losses persist while cash flow is positive, suggesting results are benefiting from non-cash items and/or working-capital dynamics; still, the ability to consistently produce positive free cash flow supports liquidity and flexibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.53B	2.57B	2.60B	2.41B	2.03B
Gross Profit	1.76B	1.82B	1.84B	1.66B	1.38B
EBITDA	147.30M	31.72M	43.61M	-7.54M	-31.42M
Net Income	-200.32M	-1.00B	-220.37M	-13.66B	-428.79M
Balance Sheet
Total Assets	2.86B	3.52B	4.39B	4.70B	17.73B
Cash, Cash Equivalents and Short-Term Investments	781.08M	1.30B	1.12B	918.18M	896.02M
Total Debt	1.03B	1.58B	1.59B	1.59B	1.28B
Total Liabilities	1.47B	2.03B	2.07B	2.39B	1.69B
Stockholders Equity	1.39B	1.49B	2.33B	2.31B	16.05B
Cash Flow
Free Cash Flow	285.46M	282.89M	193.67M	172.81M	185.46M
Operating Cash Flow	294.36M	293.68M	350.02M	189.29M	193.99M
Investing Cash Flow	-266.00M	-124.05M	-156.35M	-167.74M	-72.98M
Financing Cash Flow	-551.65M	8.31M	10.85M	6.50M	40.95M

Teladoc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 5.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TDOC, the sentiment is Neutral. The current price of 5.26 is above the 20-day moving average (MA) of 4.87, below the 50-day MA of 6.07, and below the 200-day MA of 7.33, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 49.94 is Neutral, neither overbought nor oversold. The STOCH value of 70.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TDOC.

Teladoc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HSTM	71 Outperform	$629.85M	34.89	5.87%	0.52%	3.68%	5.62%
TDOC	53 Neutral	$938.37M	-4.61	-13.93%	―	-2.37%	77.85%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SOPH	51 Neutral	$305.31M	-4.03	-86.09%	―	13.66%	-2.65%
HCAT	50 Neutral	$114.58M	-1.02	-31.33%	―	4.64%	-17.17%
EVH	46 Neutral	$285.70M	―	-75.47%	―	-16.65%	-71.92%
AMWL	46 Neutral	$94.35M	-0.96	-35.42%	―	4.33%	50.50%

Teladoc Corporate Events

Teladoc Health Adds Michael S. Smith to Board

On February 18, 2026, Teladoc Health appointed Michael S. Smith, an experienced insurance and financial services executive, to its board of directors, expanding the board to ten members before it reverts to nine following the previously announced February 20, 2026 resignation of director Thomas G. McKinley. Smith, deemed an independent director and an audit committee financial expert, will serve on the audit and nominating and corporate governance committees, bringing decades of experience in financial management and enterprise transformation at firms including Voya Financial, Lincoln Financial and Talcott Financial Group, which is expected to bolster Teladoc’s strategic focus and long-term growth agenda as it scales its virtual care business.

The most recent analyst rating on (TDOC) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Teladoc stock, see the TDOC Stock Forecast page.

Teladoc Announces Retirement of Long-Serving Board Director

Teladoc Health, Inc. announced that long-serving board member Thomas G. McKinley, who has been a director since 2009, notified the company on February 8, 2026, of his intention to retire from the board effective February 20, 2026. The company emphasized that McKinley is stepping down for personal reasons and not due to any disagreement with management, signaling a planned transition in board leadership rather than a sign of internal conflict.

The most recent analyst rating on (TDOC) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Teladoc stock, see the TDOC Stock Forecast page.

Teladoc Board Member J. Eric Evans to Retire

On December 11, 2025, J. Eric Evans announced his decision to retire from Teladoc Health’s Board of Directors, effective after the 2026 Annual Meeting of Stockholders. Mr. Evans, who has served since 2023, is stepping down for personal reasons, with no disagreements with the company, marking a leadership transition for Teladoc.

The most recent analyst rating on (TDOC) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Teladoc stock, see the TDOC Stock Forecast page.

Teladoc Amends Incentive Plan to Increase Shares

On December 9, 2025, Teladoc Health, Inc. amended its 2023 Employment Inducement Incentive Award Plan to increase the number of shares reserved for issuance by 1,780,000, bringing the total to 7,280,000 shares. This amendment, made without stockholder approval per NYSE Rule 303A.08, reflects the company’s strategic move to enhance its stock-based incentive offerings, potentially impacting its employee retention and attraction strategies.

The most recent analyst rating on (TDOC) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Teladoc stock, see the TDOC Stock Forecast page.