TDOCTeladoc Health, Inc.

Services-Offices & Clinics Of Doctors Of Medicine

Revenue: $2.5B; 1.5% YoY
Operating margin: -10.4%; 74% YoY
EBITDA: −$263M; 74% YoY
Market cap: $1.6B
Employees: 5,600; $452K revenue each
Net debt / EBITDA: —; −$807M net debt
AI in 10-K: 5.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$452K · 77th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.6 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.0B	$2.4B	$2.6B	$2.6B	$2.5B	1.5%
Operating income	−$266M	−$13.7B	−$249M	−$1.0B	−$263M	74%
Net income	−$429M	−$13.7B	−$220M	−$1.0B	−$200M	80%
Operating cash flow	$194M	$189M	$350M	$294M	$294M	0.2%
Capex	$9M	$16M	$11M	$11M	$9M	18%
Stock-based comp	$303M	$218M	$202M	$146M	$80M	45%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 15, 2021	Kinnevik AB (publ)	SC 13D/A	4.9%	Passive
Mar 16, 2021	General Catalyst Group Management Holdings GP, LLC	SC 13D/A	4.4%	Active
Dec 21, 2020	Kinnevik AB (publ)	SC 13D/A	5.2%	Passive
Nov 20, 2020	General Catalyst Group Management Holdings GP, LLC	SC 13D/A	5.6%	Active
Nov 10, 2020	General Catalyst Group Management Holdings GP, LLC	SC 13D	7.5%	Passive
Nov 9, 2020	Kinnevik AB (publ)	SC 13D	5.2%	Active

Insider trading

Open-market buys, 12 mo: $69K · 1
Open-market sells, 12 mo: $2M · 37
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	4	148
FY2024	—	—	5	129
FY2023	—	—	11	126
FY2022	—	—	12	124
FY2021	—	—	46	126