TDOC vs UNH: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. TDOC and UNH share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined TDOC and UNH exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Teladoc Health makes money through two reporting segments. Integrated Care sells virtual-care services (general medical, chronic-condition management for diabetes and hypertension via the former Livongo programs, expert medical opinions, and licensable platform tools) mostly to employers, health plans, and hospitals on a per-member-per-month and visit-fee basis; in 2025 it was the larger and more profitable engine, with Q1 2026 revenue of about ~$395 million and a roughly ~14% adjusted EBITDA margin. BetterHelp is a direct-to-consumer online mental-health and therapy subscription brand whose paying-member count and revenue have been falling; BetterHelp revenue declined about ~9% to roughly ~$950 million in 2025 and its segment adjusted EBITDA fell about ~46% to roughly ~$42 million as marketing costs rose, prompting a pivot toward insurance-reimbursed therapy.

Full TDOC guide

UnitedHealth Group is the largest US health insurer and one of the largest healthcare companies in the world. It runs through two main engines. UnitedHealthcare is the insurance arm, providing employer, individual, Medicare Advantage, and Medicaid health plans to tens of millions of members. Optum is the faster-growing health-services arm: Optum Health (physician groups and care delivery, including value-based care), Optum Insight (healthcare data, analytics, and technology), and Optum Rx (one of the largest pharmacy benefit managers in the country). The combination lets UnitedHealth manage both the financing and the delivery of care, capturing margin across the system and using vast claims data to manage costs. Headquartered in Minnetonka, Minnesota, UnitedHealth is a Dow component and one of the largest companies in the S&P 500 by revenue. Its scale, vertical integration, and Medicare Advantage leadership define its competitive position.

Full UNH guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• TDOC drivers: Integrated Care and chronic-condition management; Free cash flow and balance-sheet discipline.
• UNH drivers: Optum growth engine; Medicare Advantage scale.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Revenue has been roughly flat to declining for several years, and total revenue fell about ~2% in 2025, so the turnaround is about stabilization rather than growth. For UNH, unitedHealth faces a difficult medical-cost environment: rising utilization (especially in Medicare Advantage) can spike the medical loss ratio and compress margins, as the company has experienced.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick TDOC if you believe its drivers more; UNH if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the TDOC and UNH guides.

TDOC. Teladoc is now valued at a fraction of its 2021 peak, reflecting years of flat-to-declining revenue and the Livongo writedowns rather than a growth multiple. With GAAP losses ongoing, investors tend to focus on adjusted EBITDA and free cash flow as the practical yardsticks. All figures are approximate and tied to the asOf date; check the latest filings for current numbers.

UNH. UnitedHealth's revenue is enormous but its insurance margins are thin by design, so earnings hinge on the medical loss ratio and Optum's higher-margin growth. The valuation reflects scale and integration but has been pressured by cost inflation, regulatory uncertainty, and reputational headwinds. The market weighs Optum's durable growth against insurance-cycle and political risk.

Headline figures (approximate, 2026-06): TDOC shows revenue (fy2025) ~$2,530 million, down ~2% from ~$2,570 million in 2024, segment mix Integrated Care ~$1,580 million; BetterHelp ~$950 million (FY2025), adjusted ebitda (fy2025) roughly ~$270 to ~$287 million (within guidance), free cash flow FY2025 outlook ~$170 to ~$185 million; FY2026 guidance ~$130 to ~$170 million; UNH shows revenue (ttm) ~$400 billion, operating margin ~6-8%, net income (ttm) ~$15-22 billion (sensitive to medical costs), medical loss ratio ~85-89%.

TDOC and UNH are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined TDOC and UNH exposure against your real portfolio. It is not an investment adviser.