Download PDF

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on TDOC

Teladoc Health's recent performance was driven by its Q2 earnings release, which showed a narrower loss than expected, and a decline in expenses. The company's acquisition of Telecare, an Australian virtual care provider, expanded its access to specialist and allied healthcare services. Additionally, Teladoc's innovative platform positions it as a leader in digital healthcare, driving long-term value. According to some analysts, the stock is undervalued, trading at 7x forward free cash flow. The company's efforts to trim costs and improve its virtual care offerings are notable.

1.c. Company Highlights

2. Teladoc Health's Q3 2025 Earnings: A Closer Look at Revenue and Margin Performance

Teladoc Health reported a consolidated revenue of $626 million for Q3 2025, with an adjusted EBITDA of $70 million, translating to an 11.2% margin. The Integrated Care segment saw a 1.5% year-over-year revenue growth to $390 million, driven by a 14% international business growth and solid visit revenue. The BetterHelp segment generated $236.9 million in revenue. The company's actual EPS came out at -$0.21, beating estimates of -$0.26. The revenue and margin performance indicate a stable operational performance, with the company updating its 2025 guidance to expect consolidated revenue between $2.510 billion and $2.539 billion and adjusted EBITDA between $270 million and $287 million.

Publication Date: Nov -29

📋 Highlights
  • Q3 2025 Revenue & EBITDA:: $626 million in revenue, 11.2% adjusted EBITDA margin ($70 million), showing improved profitability.
  • Integrated Care Growth:: 1.5% YoY revenue increase to $390 million, driven by 14% international business growth and higher visit revenue.
  • BetterHelp Performance:: $236.9 million revenue ($4 million from insurance), but average paying users declined 4% YoY, signaling user retention challenges.
  • 2025 Guidance Update:: Projects consolidated revenue of $2.510B–$2.539B and adjusted EBITDA of $270M–$287M, reflecting steady growth expectations.
  • Chronic Care Expansion:: Enrollment rose 4% sequentially to 1.17 million, with cross-selling and bundling from the Catapult acquisition boosting funnel growth.

Segment Performance Analysis

The Integrated Care segment's revenue growth was driven by international business expansion and steady visit revenue. Chronic care program enrollment increased 4% sequentially to 1.17 million, indicating a positive trend. In contrast, the BetterHelp segment saw a 4% year-over-year decline in average paying users, although it reported revenue of $236.9 million. The company's focus on shifting from cash pay to insurance offerings is expected to improve BetterHelp's margins, which were 1.6% in Q3. As Mala Murthy noted, "BetterHelp has added several new payers to its book of business since announcing the UpLift acquisition, resulting in several million incremental lives with insurance."

Guidance and Future Plans

The company is optimistic about its future plans, including new products and services for the 2026 selling season. Teladoc Health expects to see improvements in BetterHelp's margins as it continues to shift towards insurance offerings, with plans to be largely national by the end of 2026. The company's acquisition of Catapult has shown positive results from cross-selling and bundling services. Analysts estimate next year's revenue growth at 1.1%, indicating a relatively stable outlook.

Valuation Metrics

To understand what's priced in, we can look at Teladoc Health's valuation metrics. The company has a P/S Ratio of 0.53 and an EV/EBITDA of -55.66. The negative EV/EBITDA is due to the company's adjusted EBITDA being lower than its net debt. The P/B Ratio is 0.96, indicating that the stock is trading close to its book value. The ROIC is -9.95%, and the ROE is -15.6%, reflecting the company's current profitability challenges.

Operational Highlights and Challenges

The company is focusing on driving value through virtual care, including reducing unnecessary specialist referrals and closing care gaps. Teladoc Health is also working on improving its chronic care enrollment trends, with a rebound seen in Q3. The integration of BetterHelp with its integrated care platform is expected to provide benefits, particularly with the launch of the Wellbound product. However, the company faces challenges, including a supply-demand imbalance in BetterHelp, although it has adequate therapist capacity in launched states.

3. NewsRoom

Card image cap

Teladoc Health, Inc. (TDOC) Presents at Piper Sandler 37th Annual Healthcare Conference Transcript

Dec -02

Source: seekingalpha.com

Card image cap

Teladoc Health to Participate in Upcoming Investor Conference

Nov -26

Source: globenewswire.com

Card image cap

Does Teladoc's Acquisition Strategy Boost Growth and Global Footprint?

Nov -21

Source: zacks.com

Card image cap

TDOC vs. LFMD: Which Telehealth Stock Is Better for Your Portfolio?

Nov -20

Source: zacks.com

Card image cap

Is Telehealth (and Teladoc Health) the New Healthcare?

Nov -20

Source: seeitmarket.com

Card image cap

Is Teladoc Stock a Buy After Oracle Investment Management Upped Its Stake?

Nov -19

Source: fool.com

Card image cap

TDOC Partners With TytoCare to Expand At-Home Exam Capabilities

Nov -19

Source: zacks.com

Card image cap

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

Nov -18

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Teledoc Health Intergrated Care

Expected Growth: 4.0%

Teledoc Health's Integrated Care segment growth is driven by increasing adoption of virtual care, expansion into new markets, and strategic partnerships. The 4.0 growth rate is fueled by rising demand for convenient, cost-effective healthcare solutions, favorable regulatory environments, and the company's ability to leverage its technology and expertise to deliver high-quality patient outcomes.

BetterHelp

Expected Growth: 4.0%

BetterHelp's 4.0 growth driven by increasing demand for mental health services, expansion into new markets, strategic partnerships, and Teladoc Health's established brand reputation. Additionally, the platform's user-friendly interface, affordable pricing, and convenience of online therapy sessions contribute to its rapid growth.

7. Detailed Products

Teladoc

Virtual healthcare services platform that provides 24/7 access to board-certified doctors and pediatricians via phone or video consultations

Livongo

Chronic condition management platform that uses AI-powered technology to provide personalized health insights and coaching

Mental Health Solutions

Virtual mental health services platform that provides access to licensed therapists and psychiatrists via phone or video consultations

Expert Medical Services

Specialist consultation services that provide access to expert medical opinions and second opinions from top medical specialists

Best Doctors

Expert medical opinion services that provide access to top medical specialists for second opinions and treatment plans

Advance Medical

Virtual healthcare services platform that provides access to medical consultations, second opinions, and treatment plans from top medical specialists

8. Teladoc Health, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Teladoc Health, Inc. faces moderate threat from substitutes as patients have limited alternatives for virtual healthcare services. However, the company's strong brand recognition and established partnerships with healthcare providers mitigate this threat.

Bargaining Power Of Customers

Teladoc Health, Inc. has a large customer base, but individual customers have limited bargaining power due to the company's dominant market position and lack of viable alternatives.

Bargaining Power Of Suppliers

Teladoc Health, Inc. has a diverse supplier base, and no single supplier has significant bargaining power. The company's strong financial position and established relationships with suppliers also reduce this threat.

Threat Of New Entrants

The telehealth industry is rapidly growing, and new entrants are attracted to the market. However, Teladoc Health, Inc.'s established brand, strong partnerships, and significant investments in technology and infrastructure create barriers to entry for new competitors.

Intensity Of Rivalry

The telehealth industry is moderately competitive, with several established players. Teladoc Health, Inc. faces competition from companies like American Well and Doctor on Demand, but its strong market position and diversified services help the company maintain its competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 40.64%
Debt Cost 3.95%
Equity Weight 59.36%
Equity Cost 8.78%
WACC 6.81%
Leverage 68.45%

11. Quality Control: Teladoc Health, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Accolade

A-Score: 4.6/10

Value: 8.0

Growth: 5.8

Quality: 3.8

Yield: 0.0

Momentum: 9.5

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Schrödinger

A-Score: 3.4/10

Value: 4.6

Growth: 2.8

Quality: 3.9

Yield: 0.0

Momentum: 7.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Teladoc Health

A-Score: 3.4/10

Value: 6.7

Growth: 5.1

Quality: 3.2

Yield: 0.0

Momentum: 3.5

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
GeneDx

A-Score: 3.4/10

Value: 0.2

Growth: 4.3

Quality: 5.3

Yield: 0.0

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Augmedix

A-Score: 3.2/10

Value: 6.4

Growth: 4.6

Quality: 3.5

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Simulations Plus

A-Score: 3.0/10

Value: 5.6

Growth: 5.7

Quality: 4.2

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.59$

Current Price

7.59$

Potential

-0.00%

Expected Cash-Flows