Teladoc Valuation
| TDOC Stock | USD 5.75 0.05 0.88% |
Below Model Estimate
Today
From a risk standpoint, Teladoc's price movement is currently Low. The intrinsic value model for Teladoc currently uses a 3 months horizon. With a net margin at -8.31%, the market is pricing in profitability risk that the model's cash-flow projections may not fully capture. Increasing the horizon tends to sharpen the value estimate.
Value Estimates Divergence
Market pricing at $5.75 versus a model-derived intrinsic value estimate near $15.42 per share indicates Teladoc is reading as below model estimate. The gap reflects the market pricing in profitability risk that the model's normalized cash-flow assumptions may underweight. The valuation for Teladoc draws on a operating margin of -11%, shares outstanding of 180.43M, and a return on equity of -15%, with context from risk profile.| Historical | Market 5.75 | Intrinsic 15.42 | Target 7.09 | Sentiment 5.76 | Naive 6.2 | DCF 24.98 |
Estimating the intrinsic value of Teladoc starts with Teladoc's forward earnings trajectory and the discount rate that reflects its risk profile. Since Teladoc is exchange-traded, market price reflects real-time supply and demand — intrinsic value reflects the underlying economics. Assessing the intrinsic value estimate means looking beyond short-term price movements to long-term earnings power. Common methods to calculate Teladoc's intrinsic value include discounted cash flow and comparable company multiples.
Accurately estimating the upside and downside potential of Teladoc is critical for allocation decisions. The spread between upside and downside reflects the degree of uncertainty the market is pricing into Teladoc's earnings trajectory. Scenario-based ranges are more useful than point estimates because they expose the assumptions behind the valuation. The upside and downside estimates are model-dependent and should be treated as scenario boundaries, not price targets.
For Teladoc, intrinsic valuation discounts forecasted free cash flows at the weighted average cost of capital. Discounted cash flow, comparable company multiples, and asset-based valuation each capture different dimensions. The reliability of any Teladoc valuation depends on the quality of its inputs and assumptions. Using multiple methods, adjusting for market conditions, and benchmarking against peers produces the best estimate.
Main Profitability Drivers
Teladoc's net margin stands at -8.31%, with operating margin at -11.00%. With the net margin at or above the operating margin, Teladoc benefits from non-operating income or favorable tax treatment. On 2.53 Billion of revenue, Teladoc earned 1.76 Billion in gross profit and -200.32 Million on the bottom line. With ROE at -15.00% and ROA at -6.78%, these return measures help contextualize Teladoc's profitability relative to its balance sheet. The trend direction in Teladoc's profitability metrics skews negative, pointing to potential earnings risk ahead. View Teladoc's full profitability analysis for additional context.
Price Book 0.7422 | Gross Profit | Price Sales 0.4065 | Profit Margin | Enterprise Value Revenue 0.5089 |
Teladoc Cash | 582.49 Million |
Cash stood at 781.08 Million as of December 31, 2025.
As a medical equipment provider generating revenue through device sales, innovation, and healthcare demand, Teladoc's financial profile reflects the economics of that model. As a turnaround stock in Health Care Technology, negative margins indicate the investment case rests on restoring operational profitability. The analysis below connects enterprise value. profitability, and capital structure to explain what the market is pricing today.
Total Value Analysis
From a capital-structure perspective, Teladoc is being framed with enterprise value of 1.29 B, market capitalization of 1.03 B, debt obligations near 1.04 B, and cash-equivalent resources of 883.7 M as of latest reporting. In practice, enterprise value isolates the operating business from capital-structure noise, but only holds if the underlying debt and cash figures are stable.| Takeover Price | Market Cap | Debt Obligations | Cash & Equivalents |
1.29 B | 1.03 B | 1.04 B | 883.7 M |
Investor Information
About 77.0% of the company shares are owned by institutional investors. The company has price-to-book ratio of 0.74. Typically companies with comparable Price to Book (P/B) are able to outperform the market in the long run. Teladoc recorded a loss per share of 34.2. The company had not issued any dividends in recent years. Teladoc financial strength assessment points to pressured financial positioning. The earnings picture reflects near-term margin compression relative to deployed assets.Asset Utilization
The asset utilization indicator refers to the revenue earned for every dollar of assets a company currently reports. Teladoc has an asset utilization ratio of 81.59 percent. This indicates that the Company is making $0.82 for each dollar of assets. An increasing asset utilization means that Teladoc is more efficient with each dollar of assets it utilizes for everyday operations.Macro event markers
Discounted Cash Flow Analysis
Teladoc screens below its custom levered DCF estimate, with implied equity value per share of 24.98 against a market price of 5.75. That leaves the shares trading about 334.4% below this model output. The model discounts levered cash flows at 8.70% and assumes terminal growth of 2.0%, while forward free cash flow is near 352.26 Million. Even with about 1.20 Billion of discounted forecast cash flow in the model, nearly 74.3% of enterprise value comes from the terminal value. When the model-to-market gap is this wide, the result should be treated as a scenario rather than a price target. Terminal value accounts for 74.3% of the total, meaning the output hinges on assumptions about conditions well beyond the explicit forecast window.Model Value / Share
24.98
Equity value per share from the current custom levered DCF summary row.
Market Price
5.75
Current market price used by the same scenario.
Model Upside
334.4%
Market price sits below the model output.
WACC / LT Growth
8.70% / 2.0%
Forecast horizon: 2021 to 2030Terminal value share of EV: 74.3%
Teladoc Market Price vs. Intrinsic Value
This chart compares observed market pricing with the model-derived equity value per share across forecast periods. It also illustrates the relative premium or discount, expressed as a percentage difference between market valuation and modeled intrinsic value.
Projected Revenue and Levered Free Cash Flow
Revenue and levered free cash flow projections are presented in billions, outlining the expected financial trajectory over the modeled horizon.
Key Model Assumptions
The inputs below reflect the core assumptions applied in the valuation model, including growth expectations, discount rates, and capital structure considerations.
| Input | Current Value |
|---|---|
| Weighted Average Cost of Capital | 8.70% |
| Long-Term Growth Rate | 2.0% |
| Cost of Equity | 13.73% |
| After-Tax Cost of Debt | 3.33% |
| Debt Weighting | 50.65% |
| Equity Weighting | 49.35% |
| Net Debt | 259.08 Million |
| Enterprise Value | 4.66 Billion |
| Present Terminal Value | 3.46 Billion |
| Terminal Value Share of EV | 74.3% |
Forecast Detail and Valuation Progression
This table presents the underlying forecast data used in the valuation, including revenue, cash flow generation, discounting effects, and the resulting per-share value across each projected period.
| Year | Revenue | Revenue Growth | Free Cash Flow | PV of LFCF | Equity Value / Share |
|---|---|---|---|---|---|
| 2021 | 2.03 Billion | 0.00% | 185.46 Million | 0.0 | 24.92 |
| 2022 | 2.41 Billion | 18.41% | 172.81 Million | 0.0 | 24.92 |
| 2023 | 2.6 Billion | 8.13% | 193.67 Million | 0.0 | 24.92 |
| 2024 | 2.57 Billion | -1.26% | 282.89 Million | 0.0 | 24.92 |
| 2025 | 2.53 Billion | -1.54% | 285.46 Million | 0.0 | 25.19 |
| 2026 | 2.51 Billion | -0.61% | 272 Million | 250.22 Million | 24.98 |
| 2027 | 2.51 Billion | -0.24% | 290.22 Million | 245.61 Million | 24.98 |
| 2028 | 2.51 Billion | -0.09% | 308.63 Million | 240.28 Million | 24.98 |
| 2029 | 2.51 Billion | -0.04% | 327.04 Million | 234.23 Million | 24.98 |
| 2030 | 2.5 Billion | -0.01% | 345.36 Million | 227.54 Million | 24.98 |
Profitability Analysis
Examining Teladoc's profitability and operating efficiency indicators, Teladoc is currently operating at a loss, with net income of -200.32 Million. The net profit margin is -8.31% and operating margin is -11.0%, with return on equity at -15.0%. Profitability is deteriorating broadly, with margin and return metrics declining across multiple levels of the income statement.Net Loss | First Reported 2013-12-31 | Previous Quarter -49.5 M | Current Value -25.1 M | Quarterly Volatility 1.2 B |
Macro event markers
| Current Value | Last Year | Change From Last Year | 10 Year Trend | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Gross Profit Margin | 0.78 | 0.695 |
|
|
For Teladoc, profitability analysis measures the relationship between revenue, cost structure, and bottom-line earnings. Both net and operating margins are negative (-8.31% and -11.0% respectively), indicating the business is consuming more capital than it generates at current revenue levels. The ratios below show whether current profitability is durable, improving, or under pressure. Teladoc reports return on equity of -15.0%, reflecting negative returns on shareholder capital.
Earnings per Share Projection vs Actual
Analyst EPS forecasts for Teladoc distill multiple research perspectives into a consensus earnings outlook. Net profit margin of -8.31% shows how much of Teladoc's top line converts to bottom-line earnings. For Teladoc, EPS context improves when viewed through the lens of return on equity and payout ratio. Analyst EPS estimates for Teladoc are forward-looking and can change as coverage updates; actual results may differ materially. The EPS consensus for Teladoc reflects normalized analyst expectations. Comparing this estimate against the current net margin profile (-8.31%), guidance revisions, and prior forecast error reveals whether the market is pricing in improvement, stability, or deterioration. Teladoc reported estimated earnings of -0.3867 in earnings per share on 31st of March 2026. When actual results deviate from this estimate, the gap typically signals whether earnings momentum is accelerating or fading.Macro event markers
Ownership Allocation
The majority of Teladoc's outstanding shares are owned by institutional investors. These positions are typically held by large asset managers, pension funds, and index funds that manage capital on behalf of millions of clients. Institutions of this scale are required to disclose their holdings through 13F filings with the SEC, providing visibility into ownership changes each quarter.Revenue and Profit Overview
The company reported previous year's revenue of 2.53 B. Net Loss for the year was -200.32 M with profit before overhead, payroll, taxes, and interest of 1.76 B.What This Indicates
With margins currently negative, Teladoc is consuming more capital than it generates. For technology hardware and services companies built on its hardware and enterprise technology model, this directly limits how much weight traditional valuation multiples can carry. Conservative leverage at 0.26 gives Teladoc significant balance-sheet flexibility to support future investment or weather economic stress.
Combined Signal Overview
The financial profile frames Teladoc as a business currently operating below profitability breakeven, where operating costs tied to the underlying business model outpace revenue in the Health Care Technology sector. With margins below zero, the core issue is that Teladoc's cost structure exceeds its revenue generation. Until that reverses, earnings-based metrics like P/E carry limited analytical weight, and the valuation case hinges on whether operating economics can be restored. At current levels, Teladoc's valuation reflects an earnings profile that has not yet stabilized. For the market to reprice this business more constructively, revenue growth, margin trajectory, and product cycle dynamics would need to demonstrate sustained improvement.
These valuation inputs for Teladoc should be revisited as new filings and market data become available. With margins currently negative, the critical question is whether the path to profitability is supported by revenue trends and cost discipline.
Valuation Framework, Methodology & Assumptions
Teladoc is a small-cap equity in Health Care Technology, Health Care Equipment & Services, Health Care categories. Profitability trends drive pricing sustainability. On a relative-multiples basis, Teladoc is priced at enterprise value of 1.29 B, P/B of 0.74.
Reported values for Teladoc are derived from periodic company reporting and market reference feeds and standardized for analysis. Valuation outputs are model-derived and depend on published assumptions and reference inputs.
The analysis above is generated by quantitative models and is provided for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an endorsement to buy or sell any security. All investing involves risk, including the possible loss of principal. Consult a qualified financial advisor before making investment decisions. See our Terms of Use for full details.
Financial data referenced in this analysis is derived from publicly available SEC filings, audited financial statements, and third-party market data providers. The intrinsic value estimate is generated by Macroaxis quantitative models that incorporate fundamental analysis, technical indicators, and risk metrics.
The methodology combines multiple analytical inputs:
- Fundamental analysis - financial statements, profitability ratios, debt structure, and cash flow metrics sourced from SEC filings and public financial reports
- Technical indicators - historical price patterns, momentum signals, and volatility measures
- Risk assessment - probability of bankruptcy models, market risk metrics, and downside scenario analysis
- Peer comparison - relative valuation against industry peers using standardized multiples
Model outputs are refreshed periodically as new financial data becomes available. Past model performance is not indicative of future results. The intrinsic value estimate reflects a point-in-time calculation and should be considered alongside other research and professional advice.
Data sourced from SEC filings (EDGAR), public financial statements, and market data providers.
Editorial review and methodology oversight provided by: Michael Smolkin, Member of Macroaxis Board of Directors
Growth Indicators
A growth framework around Teladoc should test whether the business is actually regaining operating strength instead of assuming the market is pricing in a classic high-growth trajectory. In this context, the key question is whether current momentum can rebuild durable earnings power rather than simply produce a short-lived rebound.
| Common Stock Shares Outstanding | 176.2 M | |
| Forward Price Earnings | 303.0303 |
Teladoc Current Valuation Indicators
Evaluating Teladoc's value means testing whether the share price matches the economics of the actual business. Current market capitalization is about 1.03 Billion, enterprise value is near 1.29 Billion, and annual revenue is around 2.53 Billion. Reported values are derived from company filings, audited financial statements, and market data, and are standardized within Macroaxis quantitative models for consistency. Model outputs reflect a point-in-time estimate based on available data and assumptions and should be interpreted alongside changes in operating performance, market conditions, and forward expectations.