Latest Ratios: P/E Ratio -5.4x · EV/EBITDA 13.6x · 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 | $1.1B | $1.2B | $1.6B | $3.5B | $3.8B | $14.4B | $18.1B | $6.0B | $3.3B | $1.9B | $698M |
| Enterprise Value | $1.4B | $1.5B | $1.8B | $4.0B | $4.5B | $14.8B | $18.8B | $6.0B | $3.3B | $2.1B | $693M |
| P/E Ratio → | -5.38 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.44 | 0.49 | 0.60 | 1.36 | 1.59 | 7.09 | 16.54 | 10.87 | 7.81 | 8.28 | 5.67 |
| P/B Ratio | 0.78 | 0.89 | 1.04 | 1.52 | 1.65 | 0.90 | 1.14 | 5.93 | 3.22 | 3.46 | 3.03 |
| P/FCF | 3.88 | 4.32 | 5.48 | 18.31 | 22.10 | 77.70 | — | 317.09 | — | — | — |
| P/OCF | 3.76 | 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 | 13.63 | 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 | 25.8% | 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 |
Includes 30+ ratios · 13 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TDOC stock.
Teladoc Health, Inc.'s current P/E ratio is -5.4x. This places it at the 50th percentile of its historical range.
Teladoc Health, Inc.'s current EV/EBITDA is 13.6x. 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 -5.4x. 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.
Key Metrics
Top Statement Risk
Unsustainable cash burn despite cost cuts
Metrics are mathematically derived from official filings.
Valuation Reflects Deep Structural Concerns
Teladoc trades at a P/S of 0.46 and an EV/EBITDA of 14.28, levels that appear to price in significant growth concerns and operational risks, especially when compared to profitable peers like Doximity.
The low price-to-sales multiple of 0.46 suggests the market assigns minimal value to Teladoc's revenue stream, reflecting skepticism about its quality and sustainability given the company's prolonged revenue contraction. The negative P/E ratio, with a trailing twelve-month loss, means traditional earnings-based metrics are meaningless, and the forward EV/EBITDA of 4.39 implies the market expects either a dramatic EBITDA recovery or views the company's current asset base as at risk of further impairment.
Destruction of Capital Value Persists
Teladoc's return on invested capital has been negative for ten straight quarters, hitting -1.7% in 2026Q2, indicating that its business model continues to destroy rather than create value for investors.
The consistently negative ROIC trend, including a severe trough of -26.8% in 2024Q2, underscores a fundamental issue where the company's operating profits are insufficient to cover its cost of capital. This persistent capital destruction suggests that the company's strategic investments, including acquisitions reflected in its substantial goodwill, have not yet translated into sustainable economic returns.
Working Capital Anomalies Dominate Cash Flow
The cash conversion cycle swung wildly to 100 days in 2026Q2, driven by a dramatic negative inventory and payable cycle, indicating non-operational working capital movements are masking underlying business performance.
The extreme swings in days inventory outstanding and days payable outstanding, particularly the -181 DIO and -248 DPO in 2026Q2, point to significant non-recurring adjustments or accounting reclassifications that distort a true picture of operational efficiency. This volatility makes the CCC unreliable as a gauge of core working capital management, requiring analysts to focus on more stable metrics like asset turnover, which has improved slightly to 0.22 but remains very low.
Liquidity Position Deteriorates Sharply
As reported in financial statements, Teladoc's current ratio plummeted to 0.83 in 2026Q2 from 3.73 in 2024Q1, signaling that current liabilities now exceed current assets, a critical shift for a company with a massive accumulated deficit.
This sharp deterioration in the liquidity position, especially the move below 1.0, raises questions about short-term financial flexibility, even though the company held $774.3 million in cash as of the latest quarter. The quick ratio mirrors the current ratio at 0.81, confirming that the company lacks sufficient liquid assets to cover near-term obligations without relying on ongoing operations or potential asset sales.
The Misleading Current Ratio in a Digital Model
For a digital health company like Teladoc, the current ratio is often misapplied as a pure liquidity metric, as it can be heavily distorted by large deferred revenue balances and other non-cash working capital items.
Teladoc's sharp current ratio decline to 0.83 could be misinterpreted as an imminent liquidity crisis, but for subscription-based models, deferred revenue (a current liability) represents pre-paid services and not a near-term cash outflow. A more appropriate metric for assessing underlying operational liquidity would be the ratio of unrestricted cash to monthly cash burn, or analyzing the free cash flow trend, which has recently been positive and is a more direct measure of the company's ability to fund its operations without external financing.