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TDOC

Teladoc Health, Inc.

TDOC

Teladoc Health, Inc. • NYSE
$7.59 ▲ 1.88% (+0.14)
Market Cap $1.35 B
52w High $15.21
52w Low $6.35
Dividend Yield 0%
P/E -6.02
Volume 2.22M
Outstanding Shares 177.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $626.439M ▼ $491.222M ▼ $-49.507M ▼ -7.903% ▼ $-0.28 ▼ $-35.182M ▼
Q2-2025 $631.9M ▲ $495.748M ▼ $-32.66M ▲ -5.169% ▲ $-0.19 ▲ $2.675M ▲
Q1-2025 $629.369M ▼ $553.151M ▲ $-93.012M ▼ -14.779% ▼ $-0.53 ▼ $-8.963M ▼
Q4-2024 $640.491M ▼ $499.778M ▼ $-48.409M ▼ -7.558% ▼ $-0.28 ▼ $11.779M ▼
Q3-2024 $640.508M $505.164M $-33.276M -5.195% $-0.2 $13.391M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $726.249M ▲ $2.879B ▼ $1.486B ▲ $1.392B ▼
Q2-2025 $679.621M ▼ $2.894B ▼ $1.472B ▼ $1.422B ▼
Q1-2025 $1.193B ▼ $3.444B ▼ $2.017B ▼ $1.427B ▼
Q4-2024 $1.298B ▲ $3.517B ▼ $2.025B ▲ $1.491B ▼
Q3-2024 $1.244B $3.529B $2.021B $1.508B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-49.507M ▼ $99.264M ▲ $-48.72M ▲ $-3.592M ▲ $46.628M ▲ $67.946M ▼
Q2-2025 $-32.66M ▲ $91.432M ▲ $-59.696M ▲ $-549.933M ▼ $-513.711M ▼ $90.164M ▲
Q1-2025 $-93.012M ▼ $15.919M ▼ $-123.268M ▼ $769K ▼ $-104.995M ▼ $-15.666M ▼
Q4-2024 $-48.409M ▼ $85.902M ▼ $-29.644M ▲ $2.058M ▲ $54.461M ▼ $56.258M ▼
Q3-2024 $-33.276M $110.175M $-31.148M $698K $81.483M $79.027M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Other
Other
 $90.00M ▲$100.00M ▲$110.00M ▲$110.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Teladoc has moved from a rapid growth story to a slow‑to‑flat growth story while still losing money. Revenue has risen meaningfully versus early 2020 levels, but in the last couple of years it has been more or less flat, suggesting the easy growth phase is over. The big swing loss in 2022 was largely driven by non‑cash write‑downs tied to past acquisitions rather than day‑to‑day operations. Since then, losses have narrowed, and the core business looks closer to breakeven on an operating cash basis, even though it still reports accounting losses. Gross profit remains healthy, which means the basic unit economics of delivering virtual care are solid. The main issue is the weight of overhead, integration costs, and prior deal-related charges. Overall, Teladoc is still in “profitability transition” mode: no longer a pure cash-burning startup, but not yet consistently profitable on the income statement.

Balance Sheet

Balance Sheet The balance sheet tells the story of a company that grew aggressively through acquisitions and then reset expectations. Total reported assets and equity fell sharply after 2021, largely because of goodwill and intangible write‑downs rather than an outright collapse in the underlying business. Debt levels have been fairly steady for several years, and cash on hand is meaningful relative to the size of the company. Equity remains positive, which provides a cushion, though it is much smaller than at the height of the acquisition wave. In simple terms, Teladoc looks reasonably funded with a manageable debt load, but it no longer has the same balance‑sheet “excess” created by high acquisition valuations. The financial profile is more modest and grounded, which fits its current focus on discipline over hypergrowth.

Cash Flow

Cash Flow Cash flow is one of the brighter spots. Operating cash flow has been consistently positive in recent years and has generally improved over time. Free cash flow has also turned and stayed positive, helped by relatively light spending on capital projects. This means that, despite reporting accounting losses, the business is not heavily dependent on new financing just to keep the lights on. It is able to fund its operations and some investment from its own cash generation. That said, free cash flow is not yet at a level that would support very aggressive expansion or major new initiatives without trade‑offs. Teladoc looks like a business that has moved from “cash drain” to “self‑sustaining,” but not yet to “cash rich.”

Competitive Edge

Competitive Edge Teladoc still holds a leading position in virtual care, with strong brand recognition, large membership access through employers and health plans, and one of the broadest offerings in the market. Its key edge is breadth: urgent care, primary care, chronic disease programs, and mental health are all offered through one integrated platform. The acquisitions of Livongo and BetterHelp created a comprehensive ecosystem that competitors with narrow, point solutions can find hard to match. The large network of clinicians and long operating history add credibility and make it easier to win enterprise contracts. However, competitive pressure is intense. Traditional health systems, insurers, tech giants, and focused mental‑health apps are all pushing into telehealth. BetterHelp in particular is facing slower growth and more competition. Pricing pressure, marketing intensity, and the risk of telehealth services becoming more commoditized are ongoing concerns. Teladoc’s challenge is to prove that its integrated model consistently delivers better outcomes and value than cheaper, narrower alternatives.

Innovation and R&D

Innovation and R&D Teladoc has invested heavily in technology and data capabilities, positioning itself as more than just a “video visit” company. Its chronic care programs use connected devices and data analytics to coach patients and prompt behavioral changes, especially in diabetes and cardiometabolic conditions. AI is a central theme: Teladoc uses machine learning to personalize outreach to patients and is working with Microsoft to automate clinical documentation and streamline workflows for clinicians. This can reduce friction for both patients and providers and potentially improve margins over time. On the product side, offerings like Primary360, Chronic Care Complete, BetterHelp, and newer initiatives like Wellbound and the UpLift integration show an active pipeline focused on full‑spectrum virtual care and better integration with insurers. The main execution risks are: turning around BetterHelp, gaining broad in‑network insurance coverage, and ensuring AI tools are safe, compliant, and truly differentiated rather than generic. Overall, the innovation engine appears active and strategically aligned with where virtual care is heading.

Summary

Teladoc today looks like a maturing virtual‑care leader trying to convert an early‑mover, acquisition‑heavy strategy into a sustainable, profitable business. On the plus side, it has strong brand recognition, deep payer and employer relationships, and a broad, integrated platform that spans physical and mental health. Cash flows have improved to the point where the business is largely self‑funding, and AI‑driven solutions and integrated care programs give it a credible technology story. On the risk side, revenue growth has cooled, accounting losses remain, and the balance sheet has already absorbed major write‑downs from past deals. BetterHelp’s slowdown, intensifying competition, and the possibility of telehealth becoming more of a commodity all weigh on the long‑term growth narrative. The key watchpoints going forward are: whether Teladoc can reignite sustainable growth without sacrificing margin progress, successfully reposition BetterHelp and expand insurance coverage, and prove that its integrated, data‑driven care model delivers enough added value to stand out in a crowded digital health landscape.

NEWS

November 26, 2025 · 4:05 PM UTC

Teladoc Health to Participate in Upcoming Investor Conference

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November 18, 2025 · 9:00 AM UTC

TytoCare Integrates With Teladoc Health to Augment Virtual Primary and Urgent Care

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November 6, 2025 · 4:30 PM UTC

Teladoc Health Announces Employee Inducement Award under NYSE Rule 303A.08

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October 29, 2025 · 4:05 PM UTC

Teladoc Health Reports Third Quarter 2025 Results

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October 23, 2025 · 4:05 PM UTC

Teladoc Health Announces Chief Financial Officer Transition

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