WELL Health Technologies Corp (TSE:WELL)
TSX:WELL
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WELL Health Technologies Corp
(TSX:WELL)
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Rating:62Neutral
Price Target:
C$4.50
▲(9.49% Upside)
Action:Reiterated
Date:05/11/26
Overall score reflects steady financial progress led by revenue scale and generally positive cash generation, partially offset by profitability volatility and higher leverage. Earnings-call guidance and operating momentum support the outlook, while technicals are neutral and valuation remains pressured by a negative P/E and no indicated dividend.
Positive Factors
Revenue Growth & Scale
Sustained top-line expansion and reiterated FY2026 guidance signal durable revenue momentum across clinics and software. Growing scale improves bargaining power with payers, supports cross-sell of tech/services, and underpins multi-year growth even excluding one-off deferred items.
Negative Factors
Rising Leverage
Material increase in leverage raises interest, covenant and refinancing risk which can constrain strategic moves. Higher debt makes earnings volatility more impactful on solvency and limits capacity to fund acquisitions or absorb integration setbacks over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Scale
Sustained top-line expansion and reiterated FY2026 guidance signal durable revenue momentum across clinics and software. Growing scale improves bargaining power with payers, supports cross-sell of tech/services, and underpins multi-year growth even excluding one-off deferred items.
Read all positive factors
WELL Health Technologies Corp (WELL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.01B
Dividend YieldN/A
Average Volume (3M)1.37M
Price to Earnings (P/E)―
Beta (1Y)1.39
Revenue Growth50.09%
EPS GrowthN/A
CountryCA
Employees1,507
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.12
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$6.69Price Target Upside62.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.28
Revenue Forecast (FY)C$1.56B
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 (1) patient services revenue from its owned and operated clinics, and (2) technology and services revenue sold to healthcare providers.
1) Patient services (clinic operations): WELL earns revenue when patients r...
WELL Health Technologies Corp 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 presented a strongly positive operational and financial picture driven by robust revenue growth (+25% YoY), meaningful margin expansion (adjusted EBITDA +56%; adjusted gross margin +440 bps), accelerating Canadian clinics scale and productivity gains. Strategic initiatives (WIP, WELL Research, CyberWell, Wellstar spinout) and an enlarged credit facility support growth and value unlocking. Near-term headwinds include elevated capex (+88% YoY), a large decline in adjusted free cash flow, Circle Medical compliance and deferred revenue timing, and ongoing strategic reviews of U.S. assets. Management characterized the investment-driven pressures as temporary and reaffirmed FY2026 guidance, while signalling margin expansion from planned cost optimization and AI deployments in H2. Overall, the positive operating momentum, strong KPIs and validated strategy outweigh the temporary financial and execution risks described.Positive Updates
Strong Top-Line Growth
Q1 revenue of $368.3M, up 25% year-over-year (Q1 2025 $294M to Q1 2026 $368.3M). Company reaffirmed FY2026 revenue guidance of $1.55B–$1.65B (reported growth 11%–18%; normalized growth 16%–22% excluding Circle Medical deferrals).
Negative Updates
Circle Medical Compliance and Deferred Revenue Impact
Circle Medical Q1 revenue $36M (+21% YoY) included ~$12.8M of previously deferred revenue recognized in the quarter. Company noted a YoY decline in Circle patient visits due to compliance focus; expects minimal deferred revenue impact (~$4.8M) in Q2 and no further deferrals thereafter. Historical billing issues with U.S. regulators have a deal in principle but remain a source of uncertainty.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Q1 revenue of $368.3M, up 25% year-over-year (Q1 2025 $294M to Q1 2026 $368.3M). Company reaffirmed FY2026 revenue guidance of $1.55B–$1.65B (reported growth 11%–18%; normalized growth 16%–22% excluding Circle Medical deferrals).
Read all positive updates
Company Guidance
WELL reaffirmed fiscal 2026 guidance of $1.55 billion to $1.65 billion in revenue (reported growth of 11%–18%; normalized growth excluding Circle Medical deferrals of 16%–22%) and adjusted EBITDA of $175 million to $185 million, noting this guidance includes roughly $17.6 million of Circle Medical deferred revenue expected to be recognized in 2026 (which carries nearly 100% EBITDA contribution) and only announced acquisitions to date; management expects minimal remaining Circle deferral (~$4.8 million) in Q2 and no further deferrals, says that excluding Circle impacts the company expects continued >10% annual adjusted EBITDA and free cash flow growth (including acquisitions), is targeting WELL Canada run-rate of ~$800 million revenue and >$100 million adjusted EBITDA within ~12 months, plans a H2 cost‑optimization program to expand margins, and reiterated balance‑sheet metrics supporting the plan (Q1 cash of $134 million; outstanding credit‑line debt ~CAD 444.8 million plus Hall’s $48.5 million; expanded CAD 400 million senior secured facility with a $100 million accordion, maturity Jan 2030).WELL Health Technologies Corp Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
56
Neutral
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.47B | 1.40B | 919.69M | 776.05M | 569.14M | 302.32M |
| Gross Profit | 545.21M | 525.08M | 363.01M | 372.27M | 303.29M | 153.69M |
| EBITDA | 219.34M | 206.79M | 122.52M | 101.88M | 95.07M | 21.27M |
| Net Income | 26.83M | -50.21M | 32.61M | 82.00K | 19.07M | -30.69M |
Balance Sheet | ||||||
| Total Assets | 2.17B | 2.10B | 1.81B | 1.41B | 1.32B | 1.26B |
| Cash, Cash Equivalents and Short-Term Investments | 134.00M | 133.75M | 131.67M | 43.42M | 48.91M | 61.92M |
| Total Debt | 790.99M | 710.96M | 425.09M | 426.28M | 358.42M | 401.94M |
| Total Liabilities | 1.12B | 1.06B | 877.55M | 563.16M | 503.78M | 554.37M |
| Stockholders Equity | 867.78M | 863.51M | 867.61M | 767.67M | 732.34M | 618.24M |
Cash Flow | ||||||
| Free Cash Flow | 79.44M | 87.92M | -6.70M | 37.20M | 70.14M | 19.59M |
| Operating Cash Flow | 112.08M | 115.79M | 9.52M | 66.44M | 76.55M | 22.27M |
| Investing Cash Flow | -98.29M | -111.74M | -60.23M | -106.42M | -37.93M | -499.78M |
| Financing Cash Flow | 19.43M | 941.00K | 133.50M | 10.63M | -52.85M | 452.53M |
WELL Health Technologies Corp Technical Analysis
Negative
4.11
Price Trends
4.06
Negative
4.07
Negative
4.36
Negative
Market Momentum
-0.02
Positive
41.98
Neutral
7.24
Positive
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 4.11 is below the 20-day moving average (MA) of 4.19, above the 50-day MA of 4.06, and below the 200-day MA of 4.36, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 41.98 is Neutral, neither overbought nor oversold. The STOCH value of 7.24 is Positive, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | C$306.25M | 6.82 | 27.57% | 2.35% | -0.15% | -50.57% | |
69 Neutral | C$3.16B | 15.41 | 45.35% | 2.28% | 18.81% | 50.80% | |
64 Neutral | C$218.14M | 50.45 | 27.47% | 1.03% | 2.20% | ― | |
62 Neutral | C$1.01B | -19.76 | 3.15% | ― | 50.09% | ― | |
62 Neutral | C$2.20B | 32.90 | 6.44% | 4.47% | 16.69% | 11.12% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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WELL Health Technologies Corp Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
WELL’s CYBERWELL Unifies Cyber Units and Launches AI-Driven CYDEcore Fusion Platform
Positive
Apr 14, 2026
CYBERWELL, a majority-owned cybersecurity subsidiary of WELL Health Technologies, has unified its previously separate cybersecurity units Cycura, Seekintoo, and Proack into a single organization powered by its proprietary CYDEcore Fusion platform....
Business Operations and StrategyProduct-Related Announcements
WELL Health Taps AliveCor Partnership to Expand AI-Enabled Remote Cardiac Care in Canada
Positive
Apr 2, 2026
WELL Health Technologies has entered a strategic partnership with AliveCor to integrate WELL’s Canadian-registered cardiologists into AliveCor’s AI-powered Kardia platform, offering paid, clinician-reviewed ECG interpretations to Canad...
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...
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.