Free cash flow remains highly volatile, swinging from a $128.7 million surplus in 2023Q4 to a $15.7 million deficit in 2025Q1, reflecting inconsistent cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 287.95M | 294.36M | 293.68M | 350.02M | 189.29M | 193.99M | -53.51M | 29.87M | -4.86M | -34.44M | -51.8M | -47.18M | -11.36M | -6.05M |
| Operating CF Margin % | - | 11.63% | 11.43% | 13.45% | 7.86% | 9.54% | -4.89% | 5.4% | -1.16% | -14.76% | -42.06% | -60.97% | -26.1% | -30.41% |
| Operating CF Growth % | -44.88% | 0.23% | -16.1% | 84.91% | -2.42% | 462.52% | -279.15% | 714.59% | 85.89% | 33.51% | -9.78% | -315.36% | -87.66% | - |
| Net Income | -171.15M | -200.32M | -1B | -220.37M | -13.66B | -428.79M | -485.14M | -98.86M | -97.08M | -106.78M | -74.22M | -58.02M | -17.04M | -6.02M |
| Depreciation & Amortization | 370.85M | 363.12M | 382.84M | 348.72M | 270.64M | 219.62M | 78.09M | 44.95M | 35.6M | 19.09M | 8.27M | 4.86M | 2.32M | 754K |
| Stock-Based Compensation | 69.86M | 80.41M | 145.95M | 201.55M | 0 | 0 | 475.53M | 66.7M | 43.77M | 30.6M | 7.72M | 3.08M | 533K | 298K |
| Deferred Taxes | -15.6M | -41.41M | -1.15M | -1.9M | -7.84M | 41.8M | -90.16M | -10.87M | -2.25M | -306K | 510K | 36K | 388K | 94K |
| Other Non-Cash Items | 28.06M | 91.48M | 803.59M | 10.38M | 13.65B | 411.69M | 58.65M | 29.35M | 16.23M | 22.23M | 10.39M | 3.29M | 1.41M | 506K |
| Working Capital Changes | 5.93M | 1.07M | -36.31M | 11.64M | -60.97M | -50.32M | -90.48M | -1.4M | -1.13M | 720K | -4.47M | -427K | 1.02M | -1.69M |
| Change in Receivables | 19.4M | 25.13M | -375K | -10.25M | -61.64M | -17.51M | -21.09M | -15.88M | -10.93M | -3.66M | -2.9M | -6.79M | -5.08M | -928K |
| Change in Inventory | 5.2M | 399K | -9.75M | 24.09M | 14.8M | -19.49M | -24.73M | 0 | 1.71M | -923K | -2.45M | 4.09M | 2.03M | -461K |
| Change in Payables | -8.01M | 11.45M | -10.37M | -4.18M | 1.88M | 1.19M | -88M | 905K | -391K | 1.53M | -813K | -612K | 2.1M | -1.1M |
| Cash from Investing | -179.26M | -266M | -124.05M | -156.35M | -167.74M | -72.98M | -590.98M | 25.01M | -257.5M | -448.38M | 26.15M | -108.2M | -15.58M | -17.76M |
| Capital Expenditures | -36.87M | -8.89M | -10.79M | -156.35M | -172.76M | -63.93M | -26.04M | -3.51M | -8.41M | -5.51M | -3.41M | -7.82M | -1.73M | -1.29M |
| CapEx % of Revenue | 1.47% | 0.35% | 0.42% | 6.01% | 7.18% | 3.15% | 2.38% | 0.63% | 2.01% | 2.36% | 2.77% | 10.1% | 3.98% | 6.5% |
| Acquisitions | -17.3M | -81.9M | 0 | 0 | 0 | -78.66M | -567.43M | -11.19M | -282.44M | -379.36M | -37.01M | -17.77M | -13.84M | -16.46M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -124.34M | -175.95M | -113.26M | 1K | 2.51M | 8.71M | 0 | -7.39M | 5.53M | -66.39M | 65.27M | -84.16M | -665K | -1.09M |
| Cash from Financing | -554.87M | -551.65M | 8.31M | 10.85M | 6.5M | 40.95M | 859.14M | 35.09M | 645.61M | 475.43M | 20.6M | 164.01M | 70.16M | 18.33M |
| Debt Issued (Net) | -550.63M | -550.63M | 0 | 0 | -3.15M | -914K | 761.85M | 0 | 279.16M | 203.96M | 17.82M | 468K | 19.7M | 3M |
| Equity Issued (Net) | 2.2M | 3.08M | 8.31M | 0 | 12.38M | 42.59M | 0 | 0 | 330.84M | 258.55M | 250K | 163.12M | 49.71M | 14.73M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -368K | -71K |
| Other Financing | -6.44M | -4.11M | -2K | 10.85M | -2.74M | -730K | 97.29M | 35.09M | 35.61M | 12.92M | 2.52M | 428K | 747K | 595K |
| Net Change in Cash | -442.59M | -517.24M | 174.65M | 205.49M | 24.7M | 160.16M | 218.97M | 90.36M | 381.17M | -7.2M | -5.05M | 8.63M | 43.22M | -5.48M |
| Free Cash Flow | 251.09M | 285.46M | 282.89M | 193.67M | 172.81M | 185.46M | -79.55M | 18.97M | -13.27M | -39.96M | -55.21M | -55M | -13.09M | -7.35M |
| FCF Margin % | 9.99% | 11.28% | 11.01% | 7.44% | 7.18% | 9.12% | -7.27% | 3.43% | -3.17% | -17.13% | -44.83% | -71.07% | -30.08% | -36.91% |
| FCF Growth % | 21.66% | 0.91% | 46.07% | 12.07% | -6.82% | 333.12% | -519.38% | 242.98% | 66.8% | 27.63% | -0.38% | -320.06% | -78.21% | - |
| FCF per Share | 1.40 | 1.62 | 1.66 | 1.18 | 1.07 | 1.18 | -0.88 | 0.26 | -0.20 | -0.72 | -1.30 | -2.76 | -0.47 | -0.27 |
| FCF Conversion (FCF/Net Income) | -1.47x | -1.47x | -0.29x | -1.59x | -0.01x | -0.45x | 0.11x | -0.30x | 0.05x | 0.32x | 0.70x | 0.81x | 0.67x | 1.01x |
| Interest Paid | 8.66M | 0 | 17.32M | 17.42M | 0 | 0 | 14.89M | 12.22M | 10.3M | 9.45M | 0 | 0 | 0 | 0 |
| Taxes Paid | 5.44M | 0 | 8.95M | 7.24M | 0 | 0 | 1.32M | 1.31M | 441K | 137K | 0 | 0 | 0 | 0 |
Persistent GAAP loss trajectory
As evidenced by the provided financial data, TDOC exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently showing extreme negative values, such as the -3.49 multiple recorded in 2025Q4, highlighting the heavy reliance on non-cash adjustments to reconcile performance.
The consistent gap between GAAP losses and positive operating cash flow suggests that non-cash items, particularly depreciation and amortization, are masking the underlying cash burn of the core business. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting impact of historical acquisition-related intangible amortization.
Based on reported quarterly figures, free cash flow remains highly inconsistent, swinging from a peak of $128.7 million in 2023Q4 to a negative $15.7 million in 2025Q1, which indicates that the company struggles to maintain a stable cash-generative profile amidst its ongoing operational restructuring efforts.
The erratic nature of FCF margins suggests that the company's ability to self-fund operations is highly sensitive to seasonal working capital fluctuations and periodic spikes in capital expenditure. This volatility complicates long-term valuation models and may indicate that the business has yet to reach a sustainable steady-state of cash production.
According to recent cash flow statements, the company's capital intensity, measured by the CapEx/Revenue ratio, has fluctuated significantly, reaching as high as 9.1% in 2024Q3, which suggests that maintaining the digital infrastructure and clinical platform requires ongoing, non-trivial reinvestment despite the current revenue contraction.
The variability in capital spending may imply that management is attempting to balance necessary platform upgrades with the need to preserve liquidity. Analysts should investigate whether these expenditures are primarily maintenance-oriented or if they represent growth-focused investments that have yet to yield a measurable return in the form of top-line expansion.
As reported in financial statements, working capital changes have been a significant source of cash flow volatility, with a notable $51.9 million outflow in 2024Q1, suggesting that the company's cash conversion cycle is susceptible to timing differences in collections and payables management across its diverse service segments.
The frequent swings in working capital indicate that the company's cash position is heavily influenced by the timing of B2B contract renewals and seasonal utilization patterns. This sensitivity warrants further investigation into whether the company is facing increased pressure to offer extended payment terms to enterprise clients to maintain its market position.
Based on the provided data, stock-based compensation remains a material component of the cost structure, with quarterly figures often exceeding $40 million in earlier periods, which effectively obscures the true economic cost of talent acquisition and dilutes the cash-generating potential available to common shareholders.
While SBC is a non-cash expense, its magnitude relative to operating cash flow suggests that the company relies heavily on equity-based incentives to manage its cash burn. Investors should consider the impact of this ongoing dilution on future per-share cash flow metrics, as it represents a significant hidden cost to the equity base.
Quick answers to the most common questions about buying TDOC stock.
Teladoc Health, Inc. (TDOC) generated $294.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Teladoc Health, Inc. (TDOC) generated $285.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Teladoc Health, Inc. (TDOC) spent $8.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.