Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
-16.8
Distress distance
Clean
Earnings quality
5
Forensic signals
-7.2
P / E (ttm)
-14.5%
ROE
$1.3B
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). 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 -16.8, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 is more mixed: reported earnings ran behind operating cash by 124% of net operating assets, diverging from the balance-sheet accrual read.
-12.4%
FY2025
Return on invested capital.Return on invested capital is -12.4% in the latest fiscal year and rising from -356% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+3.0%/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 ~3.0% 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 ~8%.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue and 28% of free cash flow in FY2025 — about $0.46 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 3.0% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
Key fundamentals
Latest Revenue$2.53B
Revenue Growth YoY-1.5%
Revenue CAGR (3yr)+1.7%
Net Margin-7.9%
Free Cash Flow$285.5M
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
Teladoc Health, Inc. (TDOC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
$14.3B
FY2022–FY2025
Goodwill impairments.Took $14.3B of goodwill writedowns across 3 years (FY2022 ($13.4B), FY2024 ($790M), FY2025 ($72M)). Writedowns mean past acquisitions underperformed what was paid for them.