Latest Ratios: P/E Ratio -103.9x · EV/EBITDA N/A · ROE -8.7%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $1.4B | $922M | — | — | — |
| Enterprise Value | $1.1B | $700M | — | — | — |
| P/E Ratio → | -103.86 | — | — | — | — |
| P/S Ratio | 5.22 | 3.54 | — | — | — |
| P/B Ratio | 5.81 | 4.01 | — | — | — |
| P/FCF | 80.24 | 54.46 | — | — | — |
| P/OCF | 74.42 | 50.52 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 2.69 | — | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — |
| EV / FCF | — | 41.35 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 65.7% | 65.7% | 60.6% | 57.0% | 48.0% |
| Operating Margin | -4.6% | -4.6% | -25.7% | -53.8% | -81.1% |
| Net Profit Margin | -4.9% | -4.9% | -27.8% | -55.0% | -81.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -8.7% | -8.7% | -57.6% | -53.0% | -46.6% |
| ROA | -5.6% | -5.6% | -28.9% | -34.0% | -32.7% |
| ROIC | -68.9% | -68.9% | -202.8% | -307.9% | — |
| ROCE | -7.3% | -7.3% | -38.3% | -41.4% | -38.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.47 | 0.31 | 0.20 |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.97 | -0.71 | -0.86 | -0.88 |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | -13.11 | — | — | — |
| Interest Coverage | -4.04 | -4.04 | -9.46 | -13.35 | -16.26 |
Net cash position: cash ($222M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 3.60 | 3.60 | 2.10 | 3.26 | 5.46 |
| Quick Ratio | 3.54 | 3.54 | 2.03 | 3.18 | 5.36 |
| Cash Ratio | 2.93 | 2.93 | 1.42 | 2.64 | 4.87 |
| Asset Turnover | — | 0.85 | 1.13 | 0.70 | 0.40 |
| Inventory Turnover | 19.90 | 19.90 | 20.30 | 14.61 | 13.11 |
| Days Sales Outstanding | — | 48.51 | 51.42 | 48.87 | 47.75 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | 1.2% | 1.8% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $58M | $56M | $56M | $56M |
GLP-1 drug adoption disruption
According to current market data, Omada Health trades at a price-to-sales multiple of 4.77, which appears to price in significant future expansion relative to peers like Teladoc, suggesting investors are betting on the company's ability to maintain its 53.24% revenue growth trajectory despite ongoing net losses.
The forward P/E of 74.85 implies that the market expects a rapid transition to profitability, likely driven by operating leverage as the platform scales. However, this valuation remains sensitive to the company's ability to prove that its behavioral health model can coexist with the rising prevalence of GLP-1 weight-loss medications.
Based on reported figures, Omada's ROIC has experienced extreme swings, plummeting to -97.5% in 2025Q1 before recovering to -23.9% in 2026Q1, which highlights the difficulty in compounding returns while the company continues to invest heavily in human-in-the-loop clinical infrastructure and software development.
The erratic nature of these returns suggests that the company has not yet reached a steady state of capital deployment. Investors should monitor whether the recent improvement in ROIC is a sustainable trend or merely a byproduct of temporary fluctuations in working capital and deferred revenue recognition.
As reported in financial statements, Omada's cash conversion cycle reached 28 days in 2026Q1, a significant improvement from the 166-day cycle observed in 2025Q1, indicating that management is becoming more effective at managing the timing of client payments and supplier obligations within its service-heavy model.
The reduction in the cash conversion cycle is a positive development, as it reduces the company's reliance on external financing to fund day-to-day operations. However, the volatility in DSO suggests that the company's cash flow remains vulnerable to the payment cycles of large enterprise and health plan partners.
According to recent balance sheet data, Omada has successfully eliminated its debt burden, moving from a D/E ratio of 0.51 in 2025Q1 to a debt-free position by 2026Q1, which provides a substantial buffer against the operational risks inherent in its performance-based revenue model.
This transition to a debt-free balance sheet is a critical milestone that reduces interest rate sensitivity and refinancing risk. The company's ability to operate without leverage suggests a focus on long-term solvency, though it also places the full burden of funding growth on existing cash reserves and equity.
The most commonly misapplied metric for Omada is the pure-play SaaS P/S multiple, which obscures the high variable costs associated with human health coaches and the performance-based nature of revenue, necessitating an adjustment for 'at-risk' revenue components to accurately assess the company's true earning power.
Using standard SaaS valuation multiples ignores the 'human-in-the-loop' cost structure that limits gross margins to the 60-70% range. Analysts should instead focus on contribution margin per member and the stability of 'at-risk' revenue, as these metrics provide a more accurate view of the business's long-term profitability potential.
Includes 30+ ratios · 4 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OMDA stock.
Omada Health's current P/E ratio is -103.9x. This places it at the 50th percentile of its historical range.
Omada Health's return on equity (ROE) is -8.7%. The historical average is -41.5%.
Based on historical data, Omada Health is trading at a P/E of -103.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Omada Health has 65.7% gross margin and -4.6% operating margin.