# Teladoc Health, Inc. (TDOC)

> Source: Nexqual · https://nexqual.com/TDOC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Teladoc Health, Inc. (TDOC), nexqual.com/TDOC" · informational, not investment advice.

**Price:** USD 6.32 (+0.32% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.3 · day 6.29–6.41 · 52w 4.4–9.89 · market cap $1.15B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.49B, net income -$177M (-7.1% margin), free cash flow $254M (SEC filings).
- Insider open-market sales, last ~7 months: 20 Form 4 filings, $1.1M; 15 not under a Rule 10b5-1 plan ($852K); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.70 on a 1–5 scale) (23 analysts), mean target USD 7.47 (range 5.5–10.5).
- Total return with dividends: 1Y -26.5% vs S&P 500 +14.9%; 5Y -95.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD -0.19, revenue estimate $590M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.03B | $2.41B | $2.60B | $2.57B | $2.53B | $2.49B |
| Gross profit | $1.38B | $1.66B | — | — | — | — |
| Operating income | -$266M | -$13.7B | -$249M | -$1.02B | -$263M | -$187M |
| Net income | -$429M | -$13.7B | -$220M | -$1.00B | -$200M | -$177M |
| EPS (diluted) | -$2.73 | -$84.60 | -$1.34 | -$5.87 | -$1.14 | — |
| Free cash flow | $185M | $173M | $339M | $283M | $285M | $254M |
| Gross margin | 68.0% | 69.1% | — | — | — | — |
| Operating margin | -13.1% | -567.3% | -9.6% | -39.7% | -10.4% | -7.5% |
| Net margin | -21.1% | -567.5% | -8.5% | -39.0% | -7.9% | -7.1% |
| Revenue growth | +85.8% | +18.4% | +8.1% | -1.3% | -1.5% | — |
| Cash + short-term investments | $896M | $918M | — | — | $781M | — |
| Total debt | $1.23B | $1.54B | $1.54B | $991M | $995M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · EV/Sales 0.1x · P/FCF 4.5x · P/B 0.9x · FCF yield 22.09% · Earnings yield -15.45% · Net cash $774M · EV $374M

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 20 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Catapano Joseph Ronald | Chief Accounting Officer | 655 | $4K | 4.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-11 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | 17,805 | $109K | 3.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02…2026-09-03 | Rodrigues Fernando M. | President of BetterHelp | 15,251 | $98K | 100% | Yes (adopted November 3, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Nueno Carlos | President, International | 6,200 | $39K | 8.7% | No | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Vandervoort Adam C | CHIEF LEGAL OFFICER, SECRETARY | 7,573 | $48K | 6% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-02 | Bliss Kelly | President, U.S. Group Health | 7,357 | $46K | 7.3% | No | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Catapano Joseph Ronald | Chief Accounting Officer | 274 | $2K | 2.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | 18,327 | $115K | 4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-06 | Bliss Kelly | President, U.S. Group Health | 2,500 | $24K | 2.9% | Yes (adopted August 14, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Catapano Joseph Ronald | Chief Accounting Officer | 653 | $6K | 5.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Bliss Kelly | President, U.S. Group Health | 2,500 | $23K | 2.8% | Yes (adopted August 14, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-29 | Bliss Kelly | President, U.S. Group Health | 2,500 | $21K | 2.7% | Yes (adopted August 14, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-11 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | 18,074 | $125K | 4.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-03 | Rodrigues Fernando M. | President of BetterHelp | 9,572 | $71K | 100% | Yes (adopted November 3, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Rodrigues Fernando M. | President of BetterHelp | 5,677 | $43K | 37.2% | No | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Vandervoort Adam C | CHIEF LEGAL OFFICER, SECRETARY | 7,906 | $60K | 6.7% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-02 | Nueno Carlos | President, International | 6,196 | $47K | 9.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Divita Charles Iii | CHIEF EXECUTIVE OFFICER | 19,132 | $146K | 4.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Catapano Joseph Ronald | Chief Accounting Officer | 284 | $2K | 2.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Bliss Kelly | President, U.S. Group Health | 7,679 | $59K | 7.7% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.70 on a 1–5 scale), 23 analysts; mean target USD 7.47 (low 5.5, high 10.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | Citigroup | Target lowered | Neutral | $11 → $7.5 |
| 2026-07-30 | Canaccord Genuity | Target lowered | Buy | $11 → $10 |
| 2026-07-30 | Evercore ISI Group | Target lowered | In-Line | $10 → $7.5 |
| 2026-07-21 | Canaccord Genuity | Target raised | Buy | $10 → $11 |
| 2026-07-07 | B of A Securities | Target raised | Buy | $9 → $10.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -26.5% | -95.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -26.6% | -45.9% |
| Volatility (annualized) | 63.0% | 65.7% |
| Max drawdown | -52.8% (Oct 2025→Feb 2026) | -96.9% (Oct 2021→Feb 2026) |

## Peers (Health Information Services)
OMDA (Omada Health, Inc.) USD 18.98 -3.46% · GDRX (GoodRx Holdings, Inc.) USD 3.62 +1.40% · HSTM (HealthStream, Inc.) USD 34.59 +3.22% · CERT (Certara, Inc.) USD 10.09 -0.88% · OMCL (Omnicell, Inc.) USD 37.1 +2.09% · SDGR (Schrodinger, Inc.) USD 22.6 -5.44%

## More
Full page: https://nexqual.com/TDOC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TDOC in their own reports (relationship from TDOC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Hinge Health, Inc. (HNGE) | 10-K 2026-03-03 | "As of December 31, 2025, we had over 60 partners, consisting of health plans, PBMs, TPAs, and other ecosystem partners, including Accolade, Inc., Carrum Health, Inc., Castlight Health, Inc., Employer …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Integrated Care | $394.3M | 65.0% | +0.7% |
| BetterHelp | $212.6M | 35.0% | -11.6% |
| Total revenue | $606.9M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Access Fees | $474.2M | 78.1% | -9.4% |
| Other | $132.7M | 21.9% | +22.7% |
| Total revenue | $606.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $487.4M | 80.3% | -6.2% |
| International | $119.6M | 19.7% | +6.6% |
| Total revenue | $606.9M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "For the full year of 2026, we expect: Full Year 2026 Outlook Range Revenue $2,362 - $2,447 million Adjusted EBITDA $271 - $303 million Net loss per share ($1.00) - ($0.75) Free Cash Flow $130 - $170 million U.S."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.19 | $-0.15 | +24.4% | $590.5M | 3 |
| Next quarter (ends 2026-12-31) | $-0.09 | $-0.11 | -21.2% | $600.1M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.79 | $-0.79 | -0.1% | $2.42B | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.72 | $-0.65 | +11.7% | $2.40B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±13.0%; last 8 reports averaged ±12%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 107.5% | ±13.0% |
| 2026-11-06 | 14 | 90.2% | ±14.9% |
| 2026-11-13 | 21 | 74.6% | ±14.9% |
| 2026-11-20 | 28 | 72.8% | ±16.6% |
| 2026-11-27 | 35 | 72.7% | ±18.5% |
| 2026-12-04 | 42 | 72.5% | ±20.1% |
| 2026-12-18 | 56 | 68.3% | ±21.5% |
| 2027-01-15 | 84 | 67.6% | ±25.7% |