Teladoc Health trades near multi-year lows, with the market pricing in deep distress despite meaningful free cash flow and manageable debt. BetterHelp's rapid decline drags on TDOC, but Integrated Care's improving margins and growing revenue per member offer stabilization. TDOC's valuation is extremely depressed, trading at just 7–8x expected free cash flow, with fair value estimates suggesting significant upside even under conservative scenarios.
