Latest Ratios: P/E Ratio 130.0x · EV/EBITDA 138.3x · ROE 6.6%. (2019–2025 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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $871M | $631M | $545M | $419M | $96M | $304M | $1.8B | — |
| Enterprise Value | $834M | $593M | $469M | $295M | $-42297928 | $105M | $1.9B | — |
| P/E Ratio → | 130.00 | 90.75 | 475.38 | — | — | — | — | — |
| P/S Ratio | 3.81 | 2.76 | 2.91 | 2.79 | 0.80 | 2.67 | 23.44 | — |
| P/B Ratio | 7.72 | 5.39 | 4.65 | 3.53 | 0.75 | 1.58 | — | — |
| P/FCF | — | — | 87.11 | — | — | — | — | — |
| P/OCF | 102.07 | 73.91 | 46.60 | — | — | — | — | — |
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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.59 | 2.50 | 1.97 | -0.35 | 0.93 | 24.72 | — |
| EV / EBITDA | 138.33 | 98.45 | — | — | — | — | — | — |
| EV / EBIT | 264.50 | 70.92 | 377.36 | — | — | — | — | — |
| EV / FCF | — | — | 74.86 | — | — | — | — | — |
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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.0% | 43.0% | 45.8% | 49.6% | 50.5% | 58.7% | 65.4% | 52.7% |
| Operating Margin | 1.4% | 1.4% | -2.4% | -15.5% | -64.4% | -82.6% | -28.9% | -77.1% |
| Net Profit Margin | 3.4% | 3.4% | 0.6% | -12.8% | -66.6% | -55.2% | -29.4% | -76.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | 1.0% | -15.6% | -49.8% | -134.4% | — | — |
| ROA | 5.7% | 5.7% | 0.8% | -12.9% | -41.9% | -48.9% | -59.8% | -69.4% |
| ROIC | 3.9% | 3.9% | -19.0% | — | — | — | — | — |
| ROCE | 2.7% | 2.7% | -3.7% | -18.6% | -47.3% | -90.0% | -99.8% | -92.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.32 | -0.65 | -1.04 | -1.08 | -1.03 | — | — |
| Net Debt / EBITDA | -6.20 | -6.20 | — | — | — | — | — | — |
| Debt / FCF | — | — | -12.25 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -60.39 | — |
Net cash position: cash ($37M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.38 | 6.38 | 6.84 | 6.46 | 5.58 | 7.85 | 1.01 | 4.04 |
| Quick Ratio | 6.38 | 6.38 | 6.84 | 6.46 | 5.58 | 7.85 | 1.01 | 4.04 |
| Cash Ratio | 5.32 | 5.32 | 6.19 | 5.72 | 5.07 | 7.29 | 0.65 | 3.87 |
| Asset Turnover | — | 1.70 | 1.35 | 1.06 | 0.77 | 0.51 | 2.32 | 0.91 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 25.61 | 18.76 | 24.75 | 29.43 | 17.70 | 28.33 | 8.58 |
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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 1.1% | 0.2% | — | — | — | — | — |
| FCF Yield | — | — | 1.1% | — | — | — | — | — |
| Buyback Yield | 2.0% | 2.7% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 2.0% | 2.7% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $174M | $176M | $165M | $157M | $154M | $165M | $134M |
Telehealth regulatory parity shifts
According to current market data, Talkspace trades at a P/S multiple of 3.82, which appears elevated relative to its inconsistent earnings history and suggests investors are pricing in significant future margin expansion rather than current operational realities as reported in recent financial filings.
The forward P/E of 40.37 implies that the market expects a rapid transition to sustained profitability, a high bar given the company's recent return to negative operating margins. This valuation premium warrants caution, as it assumes the B2B pivot will yield operating leverage that has yet to be consistently demonstrated in the quarterly data.
Based on reported figures, Talkspace's ROIC has fluctuated from a positive 3.8% in 2025Q4 to a negative 6.6% in 2026Q1, indicating that the company is currently struggling to generate consistent returns on its invested capital as it scales its clinical infrastructure.
The inability to maintain positive returns on capital suggests that the costs associated with network expansion and therapist recruitment are currently outpacing the incremental revenue generated. Investors should monitor whether this volatility is a structural feature of the B2B model or a temporary byproduct of the ongoing strategic transition.
As reported in quarterly financial statements, the asset turnover ratio has remained stagnant between 0.30 and 0.48 over the last ten quarters, suggesting that the company's asset base is not yet being utilized with the efficiency required to drive meaningful margin expansion.
The relatively low asset turnover reflects the capital-intensive nature of building out a virtual clinical network. While DSO has remained relatively stable, the lack of improvement in overall asset utilization suggests that the company's growth is currently dependent on continued investment rather than operational scaling.
Based on an analysis of the business model, the most commonly misapplied metric is the P/S ratio, which obscures the fact that Talkspace functions more like a clinical services provider than a pure-play software company, as noted in recent institutional research.
Applying SaaS-like revenue multiples to Talkspace ignores the high variable costs of therapist compensation, which act as a structural ceiling on gross margins. Analysts should instead focus on contribution margin per session or PMPM unit economics to better understand the true earning power of the platform.
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Quick answers to the most common questions about buying TALK stock.
Talkspace, Inc.'s current P/E ratio is 130.0x. The historical average is 90.8x. This places it at the 100th percentile of its historical range.
Talkspace, Inc.'s current EV/EBITDA is 138.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 98.5x.
Talkspace, Inc.'s return on equity (ROE) is 6.6%. The historical average is -38.4%.
Based on historical data, Talkspace, Inc. is trading at a P/E of 130.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Talkspace, Inc. has 43.0% gross margin and 1.4% operating margin.