Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Teladoc Health, Inc. (TDOC)
A forensic read on Teladoc Health, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-16.7
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-12.4%
ROE
$1.5B
Market cap
Teladoc Health, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -16.7, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+103.3%Accruals ratio.Net operating assets grew +103.3% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -124% of net operating assets.
-12%Return on invested capital.Return on invested capital is -12% and rising from -356% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.0%/yrShare-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+3.0%/yr). The count is GROWING — existing holders are being diluted. That's ~3.0% 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 FY2022 has been diluted ~9%.
3% of revStock-based comp load.Stock-based compensation ran 3% of revenue and 28% of free cash flow in FY2025 — about $0.46 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$14.3BGoodwill impairments.Took $14.3B of goodwill writedowns across 3 year(s) (FY2022 ($13.4B), FY2024 ($790M), FY2025 ($72M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-7.9%
Debt / Equity0.03x
Free Cash Flow$285.5M
Latest Revenue$2.53B
Return on Equity-14.5%
Revenue Growth YoY-1.5%
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 Teladoc Health, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TDOC'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