Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-16.9
Distress distance
Clean
Earnings quality
5
Forensic signals
-6.4
P / E (ttm)
-14.5%
ROE
$1.1B
Market cap
0.00%
Dividend yield
-1.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Teladoc Health, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -16.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+103.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +103.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 124% of net operating assets, against an accruals ratio of 103.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-12.4%
FY2025
Return on invested capital.Return on invested capital is -12.4% in the latest fiscal year, against -6.9% in FY2023, having run between -63.2% and -6.9% across FY2023–FY2025 with no direction held. After-tax operating profit was ($196M) in FY2023 and ($208M) in FY2025, with operating income at -9.6% of revenue in FY2023, -39.7% in FY2024 and -10.4% in FY2025. The capital base behind it came down -41% across FY2023–FY2025, from $2.8B to $1.7B, so this is a return struck on a smaller base rather than a record of money put to work. FY2025's operating profit carried a $72M goodwill write-off and a $19M restructuring charge that alone took about 4.3 points off that year's return, so about 4.3 of the 5.5-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $790M goodwill write-off and a $20M restructuring charge that alone took about 50.1 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+3.5%/yr
FY2023–FY2025
Share-count dilution.
Key fundamentals
Latest Revenue$2.53B
Revenue Growth YoY-1.5%
Revenue CAGR (2yr)-1.4%
Net Margin-7.9%
Free Cash Flow$166.9M
Return on Equity-14.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Teladoc Health, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Teladoc Health, Inc. (TDOC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Diluted share count changed +7% over the last 2 years to FY2025 (+3.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.5% 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 ~7%.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue and 48% of free cash flow in FY2025 — about $0.46 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.5% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$862M
FY2024–FY2025
Goodwill impairments.Took $862M of goodwill writedowns across 2 years (FY2024 ($790M), FY2025 ($72M)). Writedowns mean past acquisitions underperformed what was paid for them.