Teladoc Health, Inc. (TDOC) Stock Price & How to Invest

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.

Teladoc's history explains much of the stock's trajectory. It went public in 2015 and became the dominant US telehealth name, then in October 2020 acquired chronic-care company Livongo in a deal valued at roughly ~$18.5 billion at the peak of the pandemic-era digital-health boom. As telehealth demand normalized and Livongo enrollment underwhelmed, Teladoc wrote down the acquisition with non-cash goodwill impairment charges totaling about ~$13.4 billion in 2022, driving a historic net loss of roughly ~$13.7 billion that year. The shares fell more than 90% from their 2021 highs, and the company has since refocused on cost discipline, segment profitability, and free cash flow.

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. BetterHelp faces intense competition for therapy customers and rising acquisition costs that have compressed its profitability, and the insurance pivot is unproven at scale. Teladoc still reports GAAP net losses (a net loss of roughly ~$64 million in Q1 2026) and carries debt, so the equity depends on cash flow and margin execution. Telehealth is crowded, with enterprise rivals, consumer-subscription players, and health plans building their own virtual care.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Teladoc Health, Inc.'s investor relations page or your broker.

• 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
• Q1 2026 results: revenue ~$613.8 million (down ~2%); net loss ~$63.8 million; adjusted EBITDA ~$58.2 million
• Market cap: roughly ~$1.4 billion at a share price near ~$8 (52-week range ~$4.40 to ~$9.77)

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.

There are three common ways to get TDOC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so TDOC sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where TDOC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

Teladoc today is a roughly $2.5 billion-revenue virtual-care company run for cash generation, not hypergrowth: full-year 2025 revenue was about ~$2,530 million (down ~2%), split between a slowly growing Integrated Care segment and a shrinking BetterHelp consumer therapy business. If you believe the telehealth category is durable and that Teladoc's enterprise relationships plus a shift of BetterHelp toward insurance-reimbursed care can stabilize revenue and grow free cash flow, the question becomes sizing and overlap with healthcare exposure you already hold, not timing. The risk is that revenue keeps drifting sideways while BetterHelp's customer-acquisition costs stay high and the company does not reach consistent GAAP profitability.

Whether TDOC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TDOC a buy?, and where the stock could go from here in the TDOC stock forecast.

For income investors, whether TDOC pays a dividend and how the payout looks is covered in does TDOC pay a dividend?