Teladoc Health, Inc. TDOC
Teladoc Health is the global leader in virtual care. More than 20 years ago, we were founded on a simple, yet revolutionary idea: that everyone should have access to the best healthcare, anywhere in the world on their terms. Our mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience. Today, we are transforming virtual care into a catalyst for how better health happens around the world. We connect patients, care providers, healthcare platforms and partners to provide more complete and personalized care. Through our unique technology, breadth of services and depth of clinical expertise, we are delivering and orchestrating care in order to improve health outcomes and reduce healthcare costs around the world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.53B | $2.57B | $2.60B | $2.41B | $2.03B | $1.09B | $553.3M | $417.9M | $233.3M | $123.2M |
| Cost of revenue | — | — | — | $744.0M | $650.3M | $390.8M | $184.5M | $128.7M | $61.6M | $32.0M |
| Gross profit | — | — | — | $1.66B | $1.38B | $703.1M | $368.8M | $289.2M | $171.7M | $91.2M |
| R&D | $277.9M | $307.3M | $348.5M | $333.6M | $311.9M | $164.9M | $64.6M | $54.4M | $34.5M | $21.8M |
| SG&A | $431.9M | $435.5M | $464.7M | $449.9M | $438.0M | $506.7M | $164.5M | $116.9M | $79.8M | $48.6M |
| Total operating expenses | $2.79B | $3.59B | $2.85B | $16.06B | $2.30B | $1.60B | $633.7M | $488.8M | $308.7M | — |
| Operating income | -$263.0M | -$1.02B | -$248.6M | -$13.65B | -$265.6M | -$506.4M | -$80.4M | -$70.9M | -$75.4M | -$62.7M |
| Interest expense | $19.7M | $23.8M | $22.3M | $21.9M | $81.1M | $60.0M | $29.4M | $26.1M | $17.5M | $2.6M |
| Pre-tax income | -$235.5M | -$993.7M | -$219.6M | -$13.66B | -$384.7M | -$576.0M | -$109.5M | -$97.0M | -$107.0M | -$73.7M |
| Income tax | $35.2M | $7.6M | $760.0K | $3.8M | $44.1M | $90.9M | $10.6M | $118.0K | $225.0K | $510.0K |
| Net income | -$200.3M | -$1.00B | -$220.4M | -$13.66B | -$428.8M | -$485.1M | -$98.9M | -$97.1M | -$106.8M | -$74.2M |
| EPS, basic | -1.14 | -5.87 | -1.34 | -84.60 | -2.73 | -5.36 | -1.38 | — | — | — |
| EPS, diluted | -1.14 | -5.87 | -1.34 | -84.60 | -2.73 | -5.36 | -1.38 | -1.47 | -1.93 | -1.75 |
| Shares, diluted (wtd. avg.) | $176.2M | $170.6M | $164.6M | $161.5M | $156.9M | $90.5M | $71.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $781.1M | $1.30B | $1.12B | $918.2M | $893.5M | $733.3M | $514.4M | $424.0M | $42.8M | $50.0M |
| Short-term investments | — | — | — | $0 | $2.5M | $53.2M | $2.7M | $54.5M | — | — |
| Receivables | $192.8M | $214.1M | $217.4M | $210.6M | $169.0M | $169.3M | $56.9M | $43.6M | $27.1M | $13.8M |
| Inventory | $38.2M | $38.1M | $29.5M | $56.3M | $73.1M | $56.5M | $0 | — | — | — |
| Total current assets | $1.12B | $1.66B | $1.49B | $1.32B | $1.23B | $1.06B | $588.0M | $532.7M | $156.2M | $82.7M |
| Property, plant and equipment | $27.0M | $29.5M | $32.0M | $29.6M | $27.2M | $28.6M | $10.3M | $10.1M | $9.0M | $7.5M |
| Goodwill | $283.2M | $283.2M | $1.07B | $1.07B | $14.50B | $14.58B | $746.1M | $737.2M | $498.5M | $188.2M |
| Other intangibles | $1.30B | $1.43B | $1.68B | $1.84B | $1.91B | $2.02B | $225.5M | $247.4M | $159.8M | $24.9M |
| Total assets | $2.86B | $3.52B | $4.39B | $4.35B | $17.73B | $17.76B | $1.60B | $1.53B | $824.4M | $303.7M |
| Accounts payable | $48.0M | $33.1M | $43.6M | $47.7M | $47.3M | $46.0M | $9.1M | $7.8M | $3.9M | $2.2M |
| Short-term debt | — | — | — | — | $0 | $42.6M | $0 | — | — | $2.0M |
| Total current liabilities | $404.7M | $941.5M | $420.6M | $399.8M | $331.0M | $332.6M | $90.2M | $62.4M | $40.3M | $21.1M |
| Long-term debt | — | — | — | — | — | — | — | — | — | $42.4M |
| Total liabilities | $1.47B | $2.03B | $2.07B | — | — | — | — | — | — | — |
| Retained earnings | -$16.43B | -$16.23B | -$15.23B | -$15.01B | -$1.42B | -$992.7M | -$507.5M | -$408.7M | -$311.6M | -$204.7M |
| Total equity | $1.39B | $1.49B | $2.33B | $2.31B | $16.05B | $15.88B | $1.01B | $1.01B | $558.9M | $230.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $294.4M | $293.7M | $350.0M | $189.3M | $194.0M | -$53.5M | $29.9M | -$4.9M | -$34.4M | -$51.9M |
| Depreciation and amortisation | — | — | — | $256.0M | $204.2M | $69.5M | $39.0M | $35.6M | $19.1M | $8.3M |
| Stock-based compensation | $80.4M | $146.0M | $201.6M | $217.9M | $302.6M | $475.5M | $66.7M | $43.8M | $30.6M | $7.7M |
| Capital expenditure | $8.9M | $10.8M | $11.5M | $16.5M | $8.5M | $4.0M | $3.5M | $4.0M | $2.6M | $2.1M |
| Investing cash flow | -$266.0M | -$124.1M | -$156.3M | -$167.7M | -$73.0M | -$591.0M | $25.0M | -$257.5M | -$448.4M | $26.1M |
| Financing cash flow | -$551.7M | $8.3M | $10.9M | $6.5M | $40.9M | $859.1M | $35.1M | $645.6M | $475.4M | $20.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001477449-26-000020.
Others in SIC 8011
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| SBC | SBC Medical Group Holdings Inc | $423.7M | 8.2x | -15.5% |
| AIRS | Airsculpt Technologies, Inc. | $201.5M | — | -15.8% |
| LFMD | LifeMD, Inc. | $148.5M | 12.3x | 25.3% |
| CCM | Concord Medical Services Holdings Ltd | — | — | 26.6% |
| BMGL | Basel Medical Group Ltd | — | — | — |