Teladoc Health, Inc. (TDOC) intrinsic value & 10-year financials
Teladoc Health, Inc. (TDOC) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 39.9% a year to $2.5B, with an average return on invested capital of -46.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $5.67
- Market cap
- $999.2M
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 39.9%
- ROIC (10-yr avg)
- -46.7%
- Free cash flow (FY2025)
- $285.5M
TDOC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | -$200.3M | -$1.14 | $285.5M | -10.4% | -51.8% |
| FY2024 | $2.6B | -$1.0B | -$5.87 | $282.9M | -39.7% | -138.9% |
| FY2023 | $2.6B | -$220.4M | -$1.34 | $338.6M | -9.6% | -18.6% |
| FY2022 | $2.4B | -$13.7B | -$84.60 | $172.8M | -567.3% | -164.2% |
| FY2021 | $2.0B | -$428.8M | -$2.73 | $185.5M | -13.1% | -1.7% |
| FY2020 | $1.1B | -$485.1M | -$5.36 | -$57.5M | -46.3% | -5.4% |
| FY2019 | $553.3M | -$98.9M | -$1.38 | $26.4M | -14.5% | -13.0% |
| FY2018 | $417.9M | -$97.1M | — | -$8.9M | -17.0% | -12.0% |
| FY2017 | $233.3M | -$106.8M | — | -$37.1M | -32.3% | -33.4% |
| FY2016 | $123.2M | -$74.2M | — | -$54.0M | -50.9% | -27.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Teladoc Health, Inc. is a consistent compounder, expanding top-line revenue at 39.9% annually over the past decade.
Teladoc Health, Inc. has historically struggled to out-earn its cost of capital, averaging just -30.4% ROIC.
Teladoc Health, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Teladoc Health, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-37.87 per share.