TDOC NYSE Services-Offices & Clinics Of Doctors Of Medicine Financials FY2016βFY2025
Teladoc Health, Inc. had $2.5B of revenue in fiscal 2025, down 1.5% on the year before. Over five years, revenue changed +18.3% a year on average.
Last close Β· Oct 23, 2026
$6.34
0.3%Hi! I read Teladoc Health, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β1.5%
No. Sales fell 1.5% last year.
Does it make a profit?
β7.9%
No. It lost money last year.
Does profit turn into cash?
11.3%
Yes. 11.3% of sales ends up as free cash.
How healthy are the accounts?
5 / 7
Mixed. It passes 5 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Teladoc Health, Inc. had $2.5B of revenue in fiscal 2025, down 1.5% on the year before. Over five years, revenue changed +18.3% a year on average. Its operating margin was β10.4%, up 29.3Β pts: of every 100 in sales, about β10 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Teladoc Health, Inc. lost $200M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $285M in fiscal 2025, 11.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.1M and sold $2.4M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$2.4M
6 insiders
Of sales under plans
21%
$0.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 2, 2026 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 655 | $5.65 | $0.0M | Form 4 |
| Sep 11, 2026 | Charles Divita IIIChief Executive Officer, Director | Sold | 17,805 | $6.10 | $0.1M | Form 4 |
| Sep 3, 2026 | Fernando M. RodriguesPresident of BetterHelp | Sold plan | 9,812 | $6.51 | $0.1M | Form 4 |
| Sep 2, 2026 | Kelly BlissPresident, U.S. Group Health | Sold | 7,357 | $6.30 | $0.0M | Form 4 |
| Sep 2, 2026 | Fernando M. RodriguesPresident of BetterHelp | Sold plan | 5,439 | $6.30 | $0.0M | Form 4 |
| Sep 2, 2026 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 274 | $6.30 | $0.0M | Form 4 |
| Sep 2, 2026 | Charles Divita IIIChief Executive Officer, Director | Sold | 18,327 | $6.30 | $0.1M | Form 4 |
| Sep 2, 2026 | Carlos NuenoPresident, International | Sold | 6,200 | $6.30 | $0.0M | Form 4 |
| Sep 2, 2026 | Adam C VandervoortChief Legal Officer, Secretary | Sold | 7,573 | $6.30 | $0.0M | Form 4 |
| Jul 6, 2026 | Kelly BlissPresident, U.S. Group Health | Sold plan | 2,500 | $9.50 | $0.0M | Form 4 |
| Jul 2, 2026 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 653 | $9.10 | $0.0M | Form 4 |
| Jul 1, 2026 | Kelly BlissPresident, U.S. Group Health | Sold plan | 2,500 | $9.00 | $0.0M | Form 4 |
| Jun 29, 2026 | Kelly BlissPresident, U.S. Group Health | Sold plan | 2,500 | $8.50 | $0.0M | Form 4 |
| Jun 11, 2026 | Charles Divita IIIChief Executive Officer, Director | Sold | 18,074 | $6.94 | $0.1M | Form 4 |
| Jun 3, 2026 | Fernando M. RodriguesPresident of BetterHelp | Sold plan | 9,572 | $7.40 | $0.1M | Form 4 |
| Jun 2, 2026 | Carlos NuenoPresident, International | Sold | 6,196 | $7.63 | $0.0M | Form 4 |
| Jun 2, 2026 | Charles Divita IIIChief Executive Officer, Director | Sold | 19,132 | $7.63 | $0.1M | Form 4 |
| Jun 2, 2026 | Fernando M. RodriguesPresident of BetterHelp | Sold | 5,677 | $7.63 | $0.0M | Form 4 |
| Jun 2, 2026 | Adam C VandervoortChief Legal Officer, Secretary | Sold | 7,906 | $7.63 | $0.1M | Form 4 |
| Jun 2, 2026 | Kelly BlissPresident, U.S. Group Health | Sold | 7,679 | $7.63 | $0.1M | Form 4 |
| Jun 2, 2026 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 284 | $7.63 | $0.0M | Form 4 |
| Apr 2, 2026 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 675 | $5.11 | $0.0M | Form 4 |
| Mar 11, 2026 | Charles Divita IIIChief Executive Officer, Director | Sold | 27,731 | $5.49 | $0.2M | Form 4 |
| Mar 3, 2026 | Fernando M. RodriguesPresident of BetterHelp | Sold plan | 25,086 | $4.98 | $0.1M | Form 4 |
| Mar 2, 2026 | Kelly BlissPresident, U.S. Group Health | Sold | 26,647 | $5.12 | $0.1M | Form 4 |
| Mar 2, 2026 | Adam C VandervoortChief Legal Officer, Secretary | Sold | 27,083 | $5.12 | $0.1M | Form 4 |
| Mar 2, 2026 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 1,333 | $5.12 | $0.0M | Form 4 |
| Mar 2, 2026 | Fernando M. RodriguesPresident of BetterHelp | Sold plan | 16,314 | $5.12 | $0.1M | Form 4 |
| Mar 2, 2026 | Charles Divita IIIChief Executive Officer, Director | Sold | 50,145 | $5.12 | $0.3M | Form 4 |
| Mar 2, 2026 | Carlos NuenoPresident, International | Sold | 20,165 | $5.12 | $0.1M | Form 4 |
| Jan 5, 2026 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 758 | $7.15 | $0.0M | Form 4 |
| Dec 11, 2025 | Charles Divita IIIChief Executive Officer, Director | Sold | 17,138 | $7.63 | $0.1M | Form 4 |
| Dec 3, 2025 | Fernando M. RodriguesPresident of BetterHelp | Sold plan | 4,209 | $7.48 | $0.0M | Form 4 |
| Dec 2, 2025 | Kelly BlissPresident, U.S. Group Health | Sold | 4,582 | $7.49 | $0.0M | Form 4 |
| Dec 2, 2025 | Fernando M. RodriguesPresident of BetterHelp | Sold plan | 2,324 | $7.49 | $0.0M | Form 4 |
| Dec 2, 2025 | Carlos NuenoPresident, International | Sold | 3,897 | $7.49 | $0.0M | Form 4 |
| Dec 2, 2025 | Adam C VandervoortChief Legal Officer, Secretary | Sold | 5,720 | $7.49 | $0.0M | Form 4 |
| Nov 14, 2025 | Kenneth H PaulusDirector | Bought plan | 10,000 | $6.94 | $0.1M | Form 4 |
| Oct 2, 2025 | Joseph Ronald CatapanoChief Accounting Officer | Sold | 2,972 | $7.89 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Teladoc Health, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $896M | $918M | $1.1B | $1.3B | $781M |
| Debt incl. finance leases | $0.0M | β | β | β | β |
| Debt / equity | 0.0x | β | β | β | β |
| Interest coverage | β3.3x | β622.2x | β11.2x | β42.9x | β13.3x |
| Current ratio | 3.7x | 3.3x | 3.5x | 1.8x | 2.8x |
| Quick ratio | 3.5x | 3.1x | 3.5x | 1.7x | 2.7x |
| Total assets | $17.7B | $4.3B | $4.4B | $3.5B | $2.9B |
| Total liabilities | $1.7B | $2.0B | $2.1B | $2.0B | $1.5B |
| Shareholders' equity | $16.0B | $2.3B | $2.3B | $1.5B | $1.4B |
| Net debt (β = net cash) | β$896M | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Teladoc Health, Inc. passes 5 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 8 | 3 / 8 | 4 / 8 | 2 / 9 | 7 / 9 | 4 / 8 | 5 / 7 | 3 / 7 | 5 / 7 |
| Accruals ratio | β7.4% | β12.8% | β7.8% | β8.2% | β4.5% | β3.5% | β125.4% | β13.1% | β32.7% | β15.5% |
| Altman Z'' | 1.08 | 1.29 | 2.90 | 2.48 | 8.81 | 9.94 | β29.80 | β8.91 | β14.88 | β16.73 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $123M | $233M | $418M | $553M | $1.1B | $2.0B | $2.4B | $2.6B | $2.6B | $2.5B |
| Net interest income | β$2.6M | β$17.5M | β$26.1M | β$29.4M | β$60.0M | β$80.4M | β$9.3M | β | β | β |
| Gross profit | $91.2M | $172M | $289M | $369M | $703M | $1.4B | $1.7B | β | β | β |
| Research and development | $21.8M | $34.5M | $54.4M | $64.6M | $165M | $312M | $334M | $349M | $307M | $278M |
| Operating income | β$62.7M | β$75.4M | β$70.9M | β$80.4M | β$506M | β$266M | β$13.7B | β$249M | β$1.0B | β$263M |
| Interest expense | β | β | β | β | β | $81.1M | $21.9M | $22.3M | $23.8M | $19.7M |
| Pretax income | β$73.7M | β$107M | β$97.0M | β$109M | β$576M | β$385M | β$13.7B | β$220M | β$994M | β$236M |
| Income tax | $0.5M | β$0.2M | $0.1M | β$10.6M | β$90.9M | $44.1M | β$3.8M | $0.8M | $7.6M | β$35.2M |
| Net income | β$74.2M | β$107M | β$97.1M | β$98.9M | β$485M | β$429M | β$13.7B | β$220M | β$1.0B | β$200M |
| Net income to common | β$74.2M | β | β | β | β | β | β | β | β | β |
| Diluted EPS | β$1.75 | β$1.93 | β$1.47 | β$1.38 | β$5.36 | β$2.73 | β$84.60 | β$1.34 | β$5.87 | β$1.14 |
| Diluted shares | 0.04B | 0.06B | 0.07B | 0.07B | 0.09B | 0.16B | 0.16B | 0.16B | 0.17B | 0.18B |
| Cash flow | ||||||||||
| Cash from operations | β$51.9M | β$34.4M | β$4.9M | $29.9M | β$53.5M | $194M | $189M | $350M | $294M | $294M |
| Capital expenditure | $2.1M | $2.6M | $4.0M | $3.5M | $4.0M | $8.5M | $16.5M | $11.5M | $10.8M | $8.9M |
| Free cash flow | β$54.0M | β$37.1M | β$8.9M | $26.4M | β$57.5M | $185M | $173M | $339M | $283M | $285M |
| Depreciation and amortization | $8.3M | $19.1M | $35.6M | $39.0M | $69.5M | $204M | $256M | β | β | β |
| Stock-based compensation | $7.7M | $30.6M | $43.8M | $66.7M | $476M | $303M | $218M | $202M | $146M | $80.4M |
| Acquisitions | $37.0M | $379M | $282M | $11.2M | $567M | $78.7M | $0.0M | $0.0M | $0.0M | $81.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $50.0M | $42.8M | $479M | $517M | $787M | $896M | $918M | $1.1B | $1.3B | $781M |
| Total debt | $44.4M | β | β | $0.0M | $42.6M | $0.0M | β | β | β | β |
| Current assets | $82.7M | $156M | $533M | $588M | $1.1B | $1.2B | $1.3B | $1.5B | $1.7B | $1.1B |
| Current liabilities | $21.1M | $40.3M | $62.4M | $90.2M | $333M | $331M | $400M | $421M | $942M | $405M |
| Inventory | β | β | β | $0.0M | $56.5M | $73.1M | $56.3M | $29.5M | $38.1M | $38.2M |
| Property and equipment, net | $7.5M | $9.0M | $10.1M | $10.3M | $28.6M | $27.2M | $29.6M | $32.0M | $29.5M | $27.0M |
| Goodwill | $188M | $499M | $737M | $746M | $14.6B | $14.5B | $1.1B | $1.1B | $283M | $283M |
| Intangible assets | $24.9M | $160M | $247M | $225M | $2.0B | $1.9B | $1.8B | $1.7B | $1.4B | $1.3B |
| Total assets | $304M | $824M | $1.5B | $1.6B | $17.8B | $17.7B | $4.3B | $4.4B | $3.5B | $2.9B |
| Total liabilities | $72.8M | $265M | $516M | $589M | $1.9B | $1.7B | $2.0B | $2.1B | $2.0B | $1.5B |
| Shareholders' equity | $231M | $559M | $1.0B | $1.0B | $15.9B | $16.0B | $2.3B | $2.3B | $1.5B | $1.4B |
| Margins | ||||||||||
| Gross margin | 74.0% | 73.6% | 69.2% | 66.7% | 64.3% | 68.0% | 69.1% | β | β | β |
| Operating margin | β50.9% | β32.3% | β17.0% | β14.5% | β46.3% | β13.1% | β567.3% | β9.6% | β39.7% | β10.4% |
| EBITDA margin | β44.2% | β24.1% | β8.4% | β7.5% | β39.9% | β3.0% | β556.6% | β | β | β |
| Net margin | β60.3% | β45.8% | β23.2% | β17.9% | β44.3% | β21.1% | β567.5% | β8.5% | β39.0% | β7.9% |
| FCF margin | β43.8% | β15.9% | β2.1% | 4.8% | β5.3% | 9.1% | 7.2% | 13.0% | 11.0% | 11.3% |
| Net interest share of revenue | β2.1% | β7.5% | β6.2% | β5.3% | β5.5% | β4.0% | β0.4% | β | β | β |
| Returns | ||||||||||
| Return on capital | β22.0% | β | β | β12.8% | β2.6% | β1.4% | β | β | β | β |
| Return on capital employed | β22.2% | β9.6% | β4.8% | β5.3% | β2.9% | β1.5% | β346.0% | β6.3% | β39.6% | β10.7% |
| Return on equity | β32.1% | β27.0% | β12.4% | β9.8% | β5.7% | β2.7% | β148.8% | β9.5% | β52.5% | β13.9% |
| Return on assets | β24.4% | β18.9% | β8.3% | β6.3% | β5.0% | β2.4% | β123.7% | β5.0% | β25.3% | β6.3% |
| Return on tangible equity | β416.7% | β | β340.3% | β232.7% | β | β | β | β | β | β |
| Growth | ||||||||||
| Revenue growth | β | 89.4% | 79.1% | 32.4% | 97.7% | 85.8% | 18.4% | 8.1% | β1.3% | β1.5% |
| FCF growth | β | β | β | β | β318.3% | β | β6.8% | 95.9% | β16.4% | 0.9% |
| Share count change | β | 30.9% | 18.8% | 9.1% | 26.0% | 73.4% | 2.9% | 1.9% | 3.6% | 3.3% |
| Financial health | ||||||||||
| Debt / equity | 0.2x | β | β | 0.0x | 0.0x | 0.0x | β | β | β | β |
| Interest coverage | β | β | β | β | β | β3.3x | β622.2x | β11.2x | β42.9x | β13.3x |
| Current ratio | 3.9x | 3.9x | 8.5x | 6.5x | 3.2x | 3.7x | 3.3x | 3.5x | 1.8x | 2.8x |
| Quick ratio | 3.9x | 3.9x | 8.5x | 6.5x | 3.0x | 3.5x | 3.1x | 3.5x | 1.7x | 2.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.7% | 1.1% | 1.0% | 0.6% | 0.4% | 0.4% | 0.7% | 0.4% | 0.4% | 0.4% |
| Stock comp / revenue | 6.3% | 13.1% | 10.5% | 12.1% | 43.5% | 14.9% | 9.1% | 7.7% | 5.7% | 3.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 3.0 | 4.0 | 2.0 | 7.0 | 4.0 | 5.0 | 3.0 | 5.0 |
| Altman Z'' | 1.1 | 1.3 | 2.9 | 2.5 | 8.8 | 9.9 | β29.8 | β8.9 | β14.9 | β16.7 |
| Accruals ratio | β7.4% | β12.8% | β7.8% | β8.2% | β4.5% | β3.5% | β125.4% | β13.1% | β32.7% | β15.5% |
Source: SEC EDGAR XBRL filings (CIK 0001477449). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
