Latest Ratios: P/E Ratio -8.0x · EV/EBITDA 19.0x · ROE -13.9%. (2013–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.2B | $1.6B | $3.5B | $3.8B | $14.4B | $18.1B | $6.0B | $3.3B | $1.9B | $698M |
| Enterprise Value | $1.9B | $1.5B | $1.8B | $4.0B | $4.5B | $14.8B | $18.8B | $6.0B | $3.3B | $2.1B | $693M |
| P/E Ratio → | -7.98 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.65 | 0.49 | 0.60 | 1.36 | 1.59 | 7.09 | 16.54 | 10.87 | 7.81 | 8.28 | 5.67 |
| P/B Ratio | 1.16 | 0.89 | 1.04 | 1.52 | 1.65 | 0.90 | 1.14 | 5.93 | 3.22 | 3.46 | 3.03 |
| P/FCF | 5.75 | 4.32 | 5.48 | 18.31 | 22.10 | 77.70 | — | 317.09 | — | — | — |
| P/OCF | 5.58 | 4.19 | 5.28 | 10.13 | 20.17 | 74.28 | — | 201.37 | — | — | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.59 | 0.71 | 1.54 | 1.86 | 7.28 | 17.22 | 10.79 | 7.79 | 8.99 | 5.63 |
| EV / EBITDA | 18.98 | 14.90 | — | 722.04 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 5.23 | 6.49 | 20.73 | 25.97 | 79.79 | — | 314.77 | — | — | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5% | 69.5% | 70.8% | 70.8% | 69.1% | 68.0% | 64.3% | 66.7% | 69.2% | 73.6% | 74.0% |
| Operating Margin | -10.4% | -10.4% | -39.7% | -9.6% | -567.3% | -13.1% | -46.3% | -14.5% | -17.0% | -32.3% | -50.9% |
| Net Profit Margin | -7.9% | -7.9% | -39.0% | -8.5% | -567.5% | -21.1% | -44.3% | -17.9% | -23.2% | -45.8% | -60.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -13.9% | -13.9% | -52.5% | -9.5% | -148.8% | -2.7% | -5.7% | -9.8% | -12.4% | -27.0% | -36.3% |
| ROA | -6.1% | -6.1% | -25.3% | -4.8% | -121.8% | -2.4% | -5.0% | -6.3% | -8.3% | -18.9% | -27.8% |
| ROIC | -11.5% | -11.5% | -33.5% | -6.5% | -105.5% | -1.2% | -4.3% | -6.1% | -6.2% | -11.9% | -25.0% |
| ROCE | -10.0% | -10.0% | -31.2% | -6.0% | -125.8% | -1.5% | -5.3% | -5.4% | -6.3% | -14.1% | -25.4% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.75 | 0.75 | 1.06 | 0.68 | 0.69 | 0.08 | 0.09 | 0.46 | 0.41 | 0.37 | 0.19 |
| Debt / EBITDA | 10.38 | 10.38 | — | 286.33 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.19 | 0.19 | 0.20 | 0.29 | 0.02 | 0.05 | -0.04 | -0.01 | 0.29 | -0.02 |
| Net Debt / EBITDA | 2.59 | 2.59 | — | 84.27 | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.91 | 1.01 | 2.42 | 3.87 | 2.08 | — | -2.31 | — | — | — |
| Interest Coverage | -10.95 | -10.95 | -8.77 | -9.45 | -9.91 | -2.95 | -6.98 | -2.51 | -2.53 | -3.56 | -20.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.69 | 2.69 | 1.77 | 3.54 | 3.22 | 3.70 | 3.19 | 6.52 | 8.53 | 3.87 | 3.93 |
| Quick Ratio | 2.59 | 2.59 | 1.73 | 3.47 | 3.07 | 3.48 | 3.02 | 6.52 | 8.53 | 3.87 | 3.93 |
| Cash Ratio | 1.93 | 1.93 | 1.38 | 2.67 | 2.30 | 2.71 | 2.36 | 5.73 | 7.66 | 3.03 | 3.12 |
| Asset Turnover | — | 0.82 | 0.73 | 0.59 | 0.51 | 0.11 | 0.06 | 0.35 | 0.27 | 0.28 | 0.41 |
| Inventory Turnover | 20.20 | 20.20 | 19.70 | 25.75 | 13.20 | 8.90 | 6.92 | — | — | — | — |
| Days Sales Outstanding | — | 29.09 | 31.81 | 32.27 | 35.74 | 34.14 | 56.48 | 37.57 | 38.05 | 42.39 | 40.92 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 17.4% | 23.1% | 18.2% | 5.5% | 4.5% | 1.3% | — | 0.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $176M | $171M | $165M | $161M | $157M | $91M | $72M | $66M | $55M | $42M |
Market saturation and churn
According to current market data, TDOC trades at a P/S ratio of 0.60, a significant discount to historical averages that suggests investors have largely abandoned the growth-oriented valuation multiples previously assigned to the company's telehealth platform during its earlier expansion phase.
The current valuation appears to price in a permanent deceleration of the core business, as the lack of a forward P/E multiple underscores the market's skepticism regarding the company's ability to achieve GAAP profitability in the near term. This multiple compression warrants caution, as it implies that the market no longer views the company as a high-growth technology asset but rather as a legacy service provider struggling to defend its market share.
Based on reported figures, the company's ROIC has trended into negative territory, reaching -2.2% in 2026Q1, which indicates that the capital deployed into the business is currently failing to generate economic value for shareholders compared to historical performance.
The persistent negative ROIC suggests that the company's investments in clinical infrastructure and platform development are not yielding the expected returns, likely due to the high costs of customer acquisition and clinician labor. Investors should monitor whether management can improve capital efficiency, as the current trend suggests a structural inability to compound returns effectively in the current competitive landscape.
As reported in recent financial statements, the company's cash conversion cycle has fluctuated around 27 days in 2026Q1, reflecting a stable but unoptimized approach to managing its working capital relative to the broader healthcare information services sector.
While the DSO of 30 days appears relatively consistent, the inability to meaningfully compress the cash conversion cycle suggests limited leverage over both customers and suppliers. This lack of efficiency may indicate that the company is forced to maintain higher levels of working capital to support its complex B2B and D2C service models, which may further constrain liquidity.
Based on the latest quarterly data, the company's debt-to-EBITDA ratio of 22.61 in 2026Q1 highlights a highly leveraged capital structure that appears increasingly vulnerable given the company's ongoing struggle to generate consistent positive operating cash flows.
The negative interest coverage ratio of -9.08 suggests that the company's current operating income is insufficient to cover its debt service obligations, necessitating a reliance on existing cash reserves. This leverage profile warrants close investigation, as it limits the company's financial flexibility and increases the risk of potential refinancing challenges if market conditions tighten.
As noted in industry analysis, the Price-to-Sales ratio is frequently misapplied to this business model because it fails to account for the high variable costs associated with clinician labor and aggressive marketing spend required to maintain the company's revenue base.
Investors should instead focus on the contribution margin per member or the lifetime value to customer acquisition cost ratio, as these metrics better capture the underlying profitability of the service delivery model. Relying solely on P/S obscures the reality that not all revenue is equally profitable, particularly when the company's D2C segment requires significant reinvestment to offset high churn rates.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying TDOC stock.
Teladoc Health, Inc.'s current P/E ratio is -8.0x. This places it at the 50th percentile of its historical range.
Teladoc Health, Inc.'s current EV/EBITDA is 19.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
Teladoc Health, Inc.'s return on equity (ROE) is -13.9%. The historical average is -34.4%.
Based on historical data, Teladoc Health, Inc. is trading at a P/E of -8.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Teladoc Health, Inc. has 69.5% gross margin and -10.4% operating margin.
Teladoc Health, Inc.'s Debt/EBITDA ratio is 10.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.