olivLaw · US equity research
Teladoc Health, Inc. TDOC
Services-Offices & Clinics of Doctors of Medicine · SIC 8011 · Vertical: Services-Offices & Clinics of Doctors of Medicine (SIC 8011)
Teladoc Health is the global leader in virtual care, serving employers, insurers and hospitals through its Integrated Care segment and consumers through the BetterHelp therapy platform. As BetterHelp revenue declined in 2026, attention is turning to whether the company can balance growth and profitability.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Teladoc Health, Inc. (TDOC) stock was 9.70 USD (+9.11% on the day), with market capitalisation 1.8 bn USD, beta 1.38, 52-week range 4.47–9.72 USD. Latest reported quarter (Q3 2026): revenue of 605.1 m USD (−3.4% YoY), net income of -26.9 m USD, diluted EPS -0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 83.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 4.23 – 9.33
- above the upper band · %B 1.07 · band width 75.1%
- SMA 50 / 200
- 6.40 / 6.50
- mixed trend
- MACD (12, 26, 9)
- 0.75 / 0.38
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +67.5% | −1.1% | +68.6 pp | — |
| 3 months | +40.0% | −0.5% | +40.4 pp | — |
| 6 months | +42.6% | +4.4% | +38.3 pp | — |
| Year to date | +38.6% | +12.3% | +26.3 pp | — |
| 1 year | +21.6% | +13.5% | +8.0 pp | −18.7% |
| 3 years | −44.2% | +76.4% | −120.6 pp | −57.3% |
| 5 years | −93.4% | +63.7% | −157.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 640.5 m | 629.4 m | 631.9 m | 626.4 m | 642.3 m | 613.8 m | 606.9 m | 605.1 m |
| Cost of revenue | 188.9 m | 196.8 m | 190.5 m | 187.2 m | 197.0 m | 197.5 m | 190.8 m | 190.3 m |
| Research & development | 76.8 m | 70.0 m | 68.8 m | 67.6 m | 71.6 m | 67.9 m | 62.9 m | 65.5 m |
| Operating income | -48.2 m | -120.6 m | -54.4 m | -52.0 m | -36.0 m | -61.8 m | -37.1 m | -28.1 m |
| Interest expense | 6.8 m | 5.8 m | 4.5 m | 4.5 m | 5.0 m | 5.4 m | 5.1 m | 4.9 m |
| Pre-tax income | -48.2 m | -111.3 m | -40.4 m | -50.2 m | -33.6 m | -60.8 m | -37.9 m | -26.3 m |
| Income tax | 238.0 k | -18.3 m | -7.8 m | -715.0 k | -8.5 m | 3.0 m | 997.0 k | 655.0 k |
| Net income | -48.4 m | -93.0 m | -32.7 m | -49.5 m | -25.1 m | -63.8 m | -38.9 m | -26.9 m |
| Diluted EPS | -0.28 ≈ | -0.53 | -0.19 | -0.28 | -0.14 ≈ | -0.36 | -0.21 | -0.15 |
| Operating cash flow | 85.9 m | 15.9 m | 91.4 m ≈ | 99.3 m ≈ | 87.7 m | 9.5 m | 64.7 m ≈ | 106.5 m ≈ |
| Capex | 6.1 m | 2.7 m | 1.3 m ≈ | 2.3 m ≈ | 2.6 m | 1.7 m | 928.0 k ≈ | 1.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 417.9 m | 553.3 m | 1.1 bn | 2.0 bn | 2.4 bn | 2.6 bn | 2.6 bn | 2.5 bn |
| Revenue YoY | +79.1% | +32.4% | — | +85.8% | +18.4% | +8.1% | −1.3% | −1.5% |
| Net income | -97.1 m | -98.9 m | -485.1 m | -428.8 m | -13.7 bn | -220.4 m | -1.0 bn | -200.3 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -1.38 | -5.36 | -2.73 | -84.60 | -1.34 | -5.87 | -1.14 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -23.2% | -17.9% | -44.3% | -21.1% | -567.5% | -8.5% | -39.0% | -7.9% |
| Free cash flow | -8.9 m | 26.4 m | -57.5 m | 185.5 m | 172.8 m | 338.6 m | 282.9 m | 285.5 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 781.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.4 bn USD
- Total assets
- 2.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.77x
- ROE
- -13.9%
- ROA
- -6.3%
- FCF margin
- 11.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 2.0 bn | 2.4 bn | 2.6 bn | 2.6 bn | 2.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 390.8 m | 650.3 m | 744.0 m | 760.0 m | 751.3 m | 771.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 703.1 m ≈ | 1.4 bn ≈ | 1.7 bn ≈ | 1.8 bn ≈ | 1.8 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 164.9 m | 311.9 m | 333.6 m | 348.5 m | 307.3 m | 277.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -506.4 m | -265.6 m | -13.7 bn | -248.6 m | -1.0 bn | -263.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 69.5 m | 204.2 m | 256.0 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| EBITDA | -436.9 m ≈ | -61.4 m ≈ | -13.4 bn ≈ | — | — | — | SEC (XBRL)· 01 Mar 2023derived |
| Interest expense | — | 81.1 m | 21.9 m | 22.3 m | 23.8 m | 19.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -576.0 m | -384.7 m | -13.7 bn | -219.6 m | -993.7 m | -235.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -90.9 m | 44.1 m | -3.8 m | 760.0 k | 7.6 m | -35.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -485.1 m | -428.8 m | -13.7 bn | -220.4 m | -1.0 bn | -200.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -5.36 | -2.73 | -84.60 | -1.34 | -5.87 | -1.14 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 90.5 m | 156.9 m | 161.5 m | 164.6 m | 170.6 m | 176.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 733.3 m | 893.5 m | 918.2 m | 1.1 bn | 1.3 bn | 781.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 169.3 m | 169.0 m | 210.6 m | 217.4 m | 214.1 m | 192.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 56.5 m | 73.1 m | 56.3 m | 29.5 m | 38.1 m | 38.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.1 bn | 1.2 bn | 1.3 bn | 1.5 bn | 1.7 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 28.6 m | 27.2 m | 29.6 m | 32.0 m | 29.5 m | 27.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 14.6 bn | 14.5 bn | 1.1 bn | 1.1 bn | 283.2 m | 283.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.0 bn | 1.9 bn | 1.8 bn | 1.7 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 17.8 bn | 17.7 bn | 4.3 bn | 4.4 bn | 3.5 bn | 2.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 46.0 m | 47.3 m | 47.7 m | 43.6 m | 33.1 m | 48.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 42.6 m | 0 | — | — | — | — | SEC (XBRL)· 28 Feb 2022verified |
| Current liabilities | 332.6 m | 331.0 m | 399.8 m | 420.6 m | 941.5 m | 404.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | — | — | — | 2.1 bn | 2.0 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 15.9 bn † | 16.0 bn † | 2.3 bn † | 2.3 bn † | 1.5 bn † | 1.4 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -53.5 m | 194.0 m | 189.3 m | 350.0 m | 293.7 m | 294.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 4.0 m | 8.5 m | 16.5 m | 11.5 m | 10.8 m | 8.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -57.5 m ≈ | 185.5 m ≈ | 172.8 m ≈ | 338.6 m ≈ | 282.9 m ≈ | 285.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -591.0 m | -73.0 m | -167.7 m | -156.3 m | -124.1 m | -266.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 859.1 m | 40.9 m | 6.5 m | 10.9 m | 8.3 m | -551.7 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.3% | 38 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.7% | 14 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.0x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.9x | 6 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.8% | 100 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet2/100 · 2/3 factors with a value
- Growth· partial14/100 · 1/2 factors with a value
- Quality· partial38/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TELADOC HEALTH, INC. (TDOC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth -1.5%; net margin -6.3%; ROE -11.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 14.8%
What contradicts it
- Revenue CAGR 3Y: 1.7%
- Interest coverage: -8.0x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Offices & Clinics of Doctors of Medicine (SIC 8011) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TDOCTeladoc Health, Inc. | 1.8 bn | — | -11.5% | -6.3% | −1.5% | +22% / −44% |
| STLNStarling Oncology, Inc. | 707.3 m | — | — | -6.2% | +27.8% | +121% / +306% |
| SBCSBC Medical Group Holdings Incorporated | 547.1 m | 11.4 | 19.3% | 28.0% | −15.5% | +49% / −51% |
| CCMConcord Medical Services Holdings Ltd | 481.9 m | — | — | -20.2% | +25.2% | −4% / −63% |
| AIRSAirSculpt Technologies, Inc. | 122.6 m | — | -12.0% | -7.8% | −15.8% | −52% / −66% |
| LFMDLifeMD, Inc. | 118.1 m | — | 6.5% | 0.1% | +25.3% | −36% / −68% |
| BMGLBasel Medical Group Ltd | 8.2 m | — | -169.7% | -94.0% | unavailable | −64% / unavailable |
| AUNAAuna S.A. | — | — | 7.5% | 2.5% | +13.2% | 0% / unavailable |
| HIMSHims & Hers Health, Inc. | 0 | — | -32.0% | -5.5% | +59.0% | −33% / +200% |
1- and 3-year price returns: for TDOC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Teladoc Health is the global leader in virtual care, serving employers, insurers and hospitals through its Integrated Care segment and consumers through the BetterHelp therapy platform. As BetterHelp revenue declined in 2026, attention is turning to whether the company can balance growth and profitability 13.
SWOT
Strengths
- The company presents itself as the global leader in virtual care, with a platform built over more than two decades and a large network of medical providers 1.
- The BetterHelp brand is described as the most recognized virtual mental health brand among U.S. consumers 1.
- Much of the revenue is recurring and based on access fees, which provides some revenue predictability 1.
Weaknesses
- The company has a history of net losses and a large accumulated deficit, and sustained profitability is not assured 1.
- Reliance on a limited number of large clients is a vulnerability, since losing one could significantly affect revenue 1.
- The BetterHelp segment reported revenue declines in 2026 and a lowered outlook, pointing to operating pressure 3.
Opportunities
- Scaling insurance coverage in online therapy could open access to greater demand and help stabilize segment revenue 3.
- Connected care models for hospitals and health systems could generate additional revenue from equipment and services 13.
- Using AI for data analysis and risk stratification could improve clinical outcomes and cost control 1.
Threats
- Reductions in U.S. public healthcare payments could weaken demand and affordability for the company's services 1.
- Health plans developing competing solutions could reduce the company's membership in Integrated Care 1.
- Trade tariffs and component cost inflation could affect the company's margins, according to its own assessment 2.
Risks
- Loss of large clientshigh
A small number of clients generate a significant share of revenue, and the loss or non-renewal of some of them could have a material effect 1.
- Goodwill impairmenthigh
The company recorded goodwill impairments in 2025, and a sustained decline in market capitalization could trigger further testing and impairments 1.
- BetterHelp volatilityhigh
Declining cash pay users and provider capacity limits could continue to weigh on segment revenue and margins 3.
- Healthcare regulation and reformmedium
Legislative changes to healthcare payments could reduce funding and demand for the company's services 1.
- Data securitymedium
Sensitive member and client data makes the company vulnerable to cybersecurity incidents, with legal and reputational consequences 1.
Investment thesis
What would need to be true (bull case)
- If the insurance expansion in BetterHelp scales effectively, it could stabilize segment revenue and help restore margins 3.
- Integrated Care shows modest revenue growth and an improving adjusted EBITDA margin, which could support a steadier financial profile 3.
- The company's leading position in virtual care and its long-built platform could give it an edge in hospital and health system contracts 1.
What would break the thesis
- The decline in cash pay revenue at BetterHelp could persist longer than the company expects if insurance does not compensate quickly 3.
- The company has recurring net losses and a large accumulated deficit, and durable profitability could remain a challenge 1.
- Dependence on large clients and competition from health plans could erode the membership base in Integrated Care 1.
What to watch
- Third quarter results and BetterHelp revenue against the revised outlookQ3 2026
- Development of U.S. Integrated Care membership against the 2026 outlook rangeQ3 2026
- Pace of the BetterHelp insurance rollout and available provider capacity2026
- Any further goodwill impairments disclosed in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Teladoc Health describes its business as the global leader in virtual care, completing 17.1 million telehealth visits in 2025 through its business-to-business and direct-to-consumer channels 1. The company runs two reportable segments, Integrated Care and BetterHelp, and says its services span preventive and primary care, urgent care, mental healthcare and chronic care management 1. Its revenue model is largely recurring, as 83% of consolidated revenue in 2025 came from access fees 1.
Segments
Integrated Care
The Integrated Care segment delivers virtual care to employers, insurers and hospitals, with revenue generated mainly through per-member access fees. Segment revenue was 394.3 million USD in the second quarter of 2026, up 1% year-over-year 3. The company recently launched Teladoc One, a connected care model for the U.S. market 3.
BetterHelp
BetterHelp provides online counseling and therapy through its network of licensed clinicians, paid out of pocket or through insurance. Segment revenue fell 12% in the second quarter of 2026 to 212.6 million USD 3. The company lowered its segment revenue outlook, citing cash pay pressure and an accelerated insurance rollout 3.
Market context
The company describes the virtual care market as still developing and volatile, with adoption depending on employers and health plans continuing to see value in these services 1. U.S. healthcare reform and reductions in Medicare payments could affect client demand and affordability for its solutions 1.
Trends
- Demand shifting toward insurance-covered therapymixed
BetterHelp users show growing preference for insurance-covered services, and demand has outpaced available provider capacity, limiting conversion into sessions 3. If the insurance rollout scales effectively, it could support segment revenue over a longer period 3.
- Pressure on cash pay revenueheadwind
Revenue from direct out-of-pocket BetterHelp users declined faster in late May and June 2026 than the company had assumed 3. This could continue if insurance-based growth does not offset the decline.
- Connected care and AI innovationtailwind
The company is investing in AI-enabled platforms and connected devices, and its Teladoc One launch targets the U.S. market 13. Success in these initiatives could strengthen its position with hospital contracts.
- Tariffs and supply chain costsheadwind
Tariffs on components imported from Canada, Mexico and China could raise costs for devices and kits, and the eventual impact remains uncertain 2.
Competitive position
The company notes that some health plans that originally promoted its services to employers have developed their own solutions or offer competing services at discounted prices 1. This competitive pressure could lead to a loss of clients or members, particularly in Integrated Care 1.
- Health plans building in-house virtual care
Health plans that promoted the company's services to employers have developed solutions that can replicate them or offer them at lower prices 1.
- Other virtual care providers
The company operates in a competitive market where other providers of virtual care may offer similar services 1.
- Other online therapy platforms
The BetterHelp segment competes with other online counseling platforms for the same paying users 1.
- Local and international providers
In international markets the company competes with local operators, so competitive risks differ by region 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- STAT+: The EPIC investigation, and a Teladoc surpriseSTAT News · 29 Oct 2026 · EN
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report25 Sept 2026Departure or appointment of officers
- Current report31 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report13 Aug 2026Departure or appointment of officers
- Current report03 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Teladoc Health, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Teladoc Health, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Teladoc Health, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.