Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Omada Health, Inc. (OMDA)
A forensic read on Omada Health, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.3
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-2.8%
ROE
$1.2B
Market cap
Omada Health, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-124%Return on invested capital.Return on invested capital is -124% and rising from -168% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+208.3%/yrShare-count dilution.Diluted share count changed +417% over the last 2 years to FY2025 (+208.3%/yr). The count is GROWING — existing holders are being diluted. That's ~208.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~417%.
5% of revStock-based comp load.Stock-based compensation ran 5% of revenue and 77% of free cash flow in FY2025 — about $0.35 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-4.9%
Debt / Equity0.00x
Free Cash Flow$16.9M
Latest Revenue$260.2M
Return on Equity-5.6%
Revenue Growth YoY+53.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Omada Health, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about OMDA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown