WELL Health Technologies Corp (TSE:WELL)
TSX:WELL
Top Page
WELL Health Technologies Corp
(TSX:WELL)
Select Model
Select Model
Rating:54Neutral
Price Target:
C$4.00
▲(6.38% Upside)
Action:ReiteratedDate:03/23/26
The score is primarily held back by uneven financial profitability alongside rising debt, and weak technical trends with negative momentum. These are partially offset by a generally positive earnings-call outlook featuring strong revenue/adjusted EBITDA growth and margin improvement, while valuation remains constrained by a negative P/E and no dividend data.
Positive Factors
Strong multi-year revenue growth
Sustained high single-digit to double-digit top-line expansion and strong quarterly growth indicate durable market demand and successful scale-up of clinic and tech channels. Larger revenue base supports operating leverage, cross-sell opportunities and deeper network effects over the next 2–6 months.
Negative Factors
Rising leverage increases financial risk
Material debt growth meaningfully raises interest and refinancing exposure and reduces strategic flexibility. If profitability or cash conversion weakens, elevated leverage can constrain capital allocation and increase downside risk over the medium term as servicing costs and covenant sensitivity grow.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue growth
Sustained high single-digit to double-digit top-line expansion and strong quarterly growth indicate durable market demand and successful scale-up of clinic and tech channels. Larger revenue base supports operating leverage, cross-sell opportunities and deeper network effects over the next 2–6 months.
Read all positive factors
WELL Health Technologies Corp (WELL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$960.55M
Dividend YieldN/A
Average Volume (3M)1.37M
Price to Earnings (P/E)6.6
Beta (1Y)1.46
Revenue Growth26.20%
EPS Growth-156.86%
CountryCA
Employees1,507
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.20
Shares Outstanding255,464,810
10 Day Avg. Volume1,712,971
30 Day Avg. Volume1,366,290
Financial Highlights & Ratios
PEG Ratio1.08
Price to Book (P/B)7.73
Price to Sales (P/S)4.77
P/FCF Ratio75.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.00Price Target Upside86.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.3
Revenue Forecast (FY)C$1.57B
WELL Health Technologies Corp Business Overview & Revenue Model
Company Description
WELL Health Technologies Corp. operates as a practitioner focused digital health company in Canada, the United States, and internationally. It offers end-to-end omni-channel patient services, including primary care; physiotherapy, occupational the...
How the Company Makes Money
WELL primarily makes money through a mix of (1) patient-care services and (2) recurring software and services sold to healthcare providers.
1) Patient services (clinic operations): WELL earns revenue from delivering medical services through its n...
WELL Health Technologies Corp Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue and EBITDA growth, particularly in Canadian clinics and WELLSTAR. However, challenges in Circle Medical's performance and a decrease in free cash flow were noted. Overall, the sentiment is positive due to significant achievements outweighing the challenges.Positive Updates
Record Revenue Growth
WELL Health Technologies achieved approximately $365 million in revenues for Q3 2025, up by 56% year-over-year, surpassing $1 billion in revenue for the first 9 months of the year.
Negative Updates
Circle Medical Challenges
Circle Medical's revenues declined year-over-year excluding deferred revenue, with ongoing regulatory compliance focus.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Revenue Growth
WELL Health Technologies achieved approximately $365 million in revenues for Q3 2025, up by 56% year-over-year, surpassing $1 billion in revenue for the first 9 months of the year.
Read all positive updates
Company Guidance
During the third quarter of 2025, WELL Health Technologies Corp. provided strong financial guidance, highlighting a remarkable year-over-year revenue increase of 56%, reaching approximately $365 million. The company surpassed $1 billion in revenue and achieved $137 million in adjusted EBITDA in the first nine months of the year. WELL Health projected its 2025 annual revenues to be between $1.4 billion and $1.45 billion, indicating an annual growth of 52% to 58% compared to 2024. The guidance for annual adjusted EBITDA was reaffirmed to be in the upper half of the previously provided range of $190 million to $210 million. Excluding Circle Medical deferred revenues, annual revenue guidance would be between $1.36 billion and $1.41 billion, with adjusted EBITDA ranging from $150 million to $170 million. The company also reported improvements in gross margins, which rose by 510 basis points to 45.5%, and operating adjusted EBITDA margins improved by 990 basis points year-over-year. Free cash flow attributable to shareholders for the quarter was $30.2 million, and patient visits across Canadian clinics surpassed 1 million for the quarter, marking a 38% year-over-year increase.WELL Health Technologies Corp Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.40B | 919.69M | 776.05M | 569.14M | 302.32M |
| Gross Profit | 525.08M | 363.01M | 372.27M | 303.29M | 153.69M |
| EBITDA | 206.79M | 122.52M | 101.88M | 95.07M | 21.27M |
| Net Income | -50.21M | 32.61M | 82.00K | 19.07M | -30.69M |
Balance Sheet | |||||
| Total Assets | 2.10B | 1.81B | 1.41B | 1.32B | 1.26B |
| Cash, Cash Equivalents and Short-Term Investments | 133.75M | 131.67M | 43.42M | 48.91M | 61.92M |
| Total Debt | 710.96M | 425.09M | 426.28M | 358.42M | 401.94M |
| Total Liabilities | 1.06B | 877.55M | 563.16M | 503.78M | 554.37M |
| Stockholders Equity | 863.51M | 867.61M | 767.67M | 732.34M | 618.24M |
Cash Flow | |||||
| Free Cash Flow | 87.92M | -6.70M | 37.20M | 70.14M | 19.59M |
| Operating Cash Flow | 115.79M | 9.52M | 66.44M | 76.55M | 22.27M |
| Investing Cash Flow | -111.74M | -60.23M | -106.42M | -37.93M | -499.78M |
| Financing Cash Flow | 941.00K | 133.50M | 10.63M | -52.85M | 452.53M |
WELL Health Technologies Corp Technical Analysis
Negative
3.76
Price Trends
4.07
Negative
4.06
Negative
4.41
Negative
Market Momentum
-0.09
Positive
37.62
Neutral
21.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WELL, the sentiment is Negative. The current price of 3.76 is below the 20-day moving average (MA) of 4.12, below the 50-day MA of 4.07, and below the 200-day MA of 4.41, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 37.62 is Neutral, neither overbought nor oversold. The STOCH value of 21.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:WELL.
WELL Health Technologies Corp Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$2.47B | 18.86 | 47.65% | 2.28% | 11.59% | 41.99% | |
67 Neutral | C$291.95M | 10.68 | 89.16% | 2.35% | -40.05% | 558.77% | |
66 Neutral | C$240.31M | 9.17 | 28.24% | 1.03% | 0.19% | ― | |
63 Neutral | C$2.15B | 42.05 | 6.93% | 4.47% | 11.47% | 6.45% | |
54 Neutral | C$960.55M | 6.58 | -5.11% | ― | 26.20% | -156.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TSE:WELL
WELL Health Technologies Corp
3.76
-0.38
-9.18%
TSE:CRRX
CareRx
3.82
1.17
44.37%
TSE:EXE
Extendicare
26.19
13.65
108.92%
TSE:SIA
Sienna Senior Living
21.64
5.77
36.32%
TSE:DR
Medical Facilities
16.54
0.03
0.18%
WELL Health Technologies Corp Corporate Events
Business Operations and Strategy
WELL Health Positions WELLSTAR for Pivotal Role in Ontario’s New Primary Care Medical Record System
Positive
Mar 20, 2026
WELL Health Technologies, through its majority-owned subsidiary WELLSTAR, is a leading EMR provider in Ontario, supporting about 8,165 physicians and 1,669 clinics with certified platforms such as OSCAR Pro, Juno EMR, and AwareMD. Its broader digi...
Business Operations and StrategyFinancial Disclosures
WELL Health Posts Record 2025 Results and Sets Ambitious 2026 Growth Targets
Positive
Mar 19, 2026
WELL Health Technologies reported record 2025 results, with revenue surging 52% to $1.40 billion and Adjusted EBITDA climbing to $203.7 million, supported by acquisitions, organic growth and the consolidation of HEALWELL. Canadian Patient Services...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
WELL Health’s WELLSTAR Unit Expands National Billing Footprint with Ontario and Québec Deals
Positive
Mar 17, 2026
WELL Health’s subsidiary WELLSTAR has acquired Ontario-based PatientSERV, a leading uninsured and third-party medical billing platform, and Québec’s Lambert Médico Factures, one of the province’s most established billin...
Financial Disclosures
WELL Health Sets March 19 Date to Report Q4 and Full-Year 2025 Results
Neutral
Mar 6, 2026
WELL Health Technologies Corp., a digital healthcare company that provides practice management software and digital platforms to more than 43,000 providers in Canada and the U.S., plans and operates over 250 Canadian clinics across primary, specia...
Business Operations and StrategyFinancial Disclosures
WELL Health Sets Record Canadian Patient Visits as Clinic Network and Provider Base Expand
Positive
Feb 24, 2026
WELL Health Technologies Corp.’s Canadian patient services business recorded 4.3 million patient visits in 2025, a 37% year-over-year increase driven by 10% organic growth and acquisitions. Its primary care network achieved an average Net Pr...
Business Operations and StrategyFinancial Disclosures
WELL Health Sets Record Canadian Visits as Clinic Network and Patient Satisfaction Surge
Positive
Feb 24, 2026
WELL Health Technologies’ Canadian patient services unit reported 4.3 million patient visits in 2025, a 37% increase year over year, driven by both organic growth and acquisitions. The company’s clinic network expanded to 252 locations...
Business Operations and StrategyProduct-Related Announcements
WELL Health and HEALWELL AI Launch WELLTRUST to Drive Ethical, AI-Powered Clinical Trial Recruitment
Positive
Feb 19, 2026
WELL Health Technologies and HEALWELL AI have jointly launched WELLTRUST, a consent-first data governance and patient-identification platform designed to securely mobilize data across WELL-operated clinics in Canada. The system gives patients clea...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
WELL Health Boosts Capital Firepower and Clinic Network With Alberta E‑Consult Acquisition
Positive
Feb 4, 2026
WELL Health Technologies has expanded its Canadian footprint with the strategic acquisition of E-Consult Canada LP, a technology-enabled e-consult healthcare services platform, and eight primary care clinics in Alberta, primarily around Calgary. T...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
WELL Health Doubles Credit Capacity and Buys Alberta E-Consult Platform to Accelerate Clinic Expansion
Positive
Feb 4, 2026
WELL Health announced a major expansion of its Canadian Clinics business through the acquisition of a leading technology-enabled e-consult platform in Alberta and eight primary care clinics around Calgary, a deal expected to add approximately $45 ...
Business Operations and Strategy
WELL Health CEO Sets Out 2026 Strategic Priorities in Shareholder Letter
Positive
Jan 21, 2026
WELL Health Technologies has released a letter from founder, chairman and CEO Hamed Shahbazi to shareholders outlining the company’s strategic priorities and guiding principles for growth in 2026. The letter, available on the company’s...
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.