Is the business good?
How good a business is TDOC?
Teladoc Health, Inc. earns −28% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−28%
Return on invested capital · cost of capital 9.0% · 37 points below what the capital costs: growth destroys value
- Operating margin
- −8.1%
Operating margin · Health Information Services median 2.3% · 12 months to Q1 2026
- Share count, year on year
- +2.9%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 11%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −46% |
| FY2021 | −13% |
| FY2022 | −567% |
| FY2023 | −9.6% |
| FY2024 | −40% |
| FY2025 | −10% |
Details›
- Gross margin12 months to Q1 2026
- 69%
- Operating margin12 months to Q1 2026
- −8.1%
- Net margin12 months to Q1 2026
- −6.8%
- Free cash flow margin
- 11%
- R&D as % of revenue
- 11%
- Revenue, trailing twelve months
- $2.51B
- Free cash flow, trailing twelve months
- $280M
- Net income, trailing twelve months
- −$171M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −28%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Health Information Services
Ranks #5 of 14 by Smart Score