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ZYBERNO

Stock Report

Updated Aug 31, 2026

TELADOC HEALTH, INC. (TDOC)

Healthcare • NYSE

$6.50

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

26.0/100

POOR BUSINESS

TELADOC HEALTH, INC. (TDOC) scores 26/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full TDOC quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+38.8%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-2.3%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

3.8%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full TDOC valuation analysis · → View full TDOC Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-13.1%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.04x)

Operating Margin (Operational Efficiency):CRITICAL (-7.5%)

Return on Capital (Capital Efficiency):CRITICAL (-23.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

TELADOC HEALTH, INC. (TDOC) stock report — Zyberno Score 26/100 (POOR BUSINESS), Margin of Safety +38.8%, -2% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, TELADOC HEALTH, INC. (TDOC) trades at $6.50 against an estimated intrinsic value per share of $10.61 — a +38.8% Margin of Safety based on Owner Earnings of $280.13M TTM, projected at -11.5% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -2.3% annually.

Over the trailing twelve months, TDOC generated $280.13M in Owner Earnings. Capital was deployed as follows: $7.83M invested in capital expenditures. Reinvestment rate: 185.5%. Owner Earnings have declined at 11.5% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:6.50

Market Cap:$1.18B

Valuation Multiples (3)

P/B Ratio:0.90x

P/S Ratio:0.47x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$464.16M

Ev Ebitda Ratio:2.74x

Pfcf Ratio:4.20x

Price Action & Momentum (3)

12-1 Momentum:

+23.6% (34th pctile)

📈 Click to view full TDOC Momentum analysis →

Momentum Percentile:34 / 100

% of 52-Week High:65.7%

B. Profitability Assessment

Return Metrics (5)

ROE:

-13.1%

📊 Click to view full TDOC ROE analysis →

ROA:-6.3%

Roic:

-23.4%

📊 Click to view full TDOC ROIC analysis →

Reinvestment Rate:185.5%

Fundamental Growth Rate (g):-43.5%

Margin Analysis (3)

Operating Margin Ttm:-7.5%

Net Margin Ttm:-7.1%

Ebitda Margin:6.8%

TTM Performance (2)

Operating Margin Ttm:-7.5%

Net Margin Ttm:-7.1%

Yield Metrics (3)

Earnings Yield:-$15.23

Owner Earnings Yield:$23.81

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.09

📊 Click to view full TDOC Earnings Surprise analysis →

EPS Surprise vs Expected:-115.2%

Latest Earnings Filed:2026-07-30

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-0.1%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-11.4%

Operating Cash Flow Growth Rate (Linear):-11.1%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.83x

Quick Ratio:0.81x

Cash Ratio:0.56x

Leverage Analysis (3)

Debt To Equity Ttm:0.04x

Debt-to-Equity Ratio:0.04x

Debt To Ebitda:0.37x

Coverage Ratios (2)

Interest Coverage Ratio:-13.18x

Times Interest Earned:-13.18

Capital Structure (4)

Working Capital:-233,369,000.00

Cash And Cash Equivalents:774,348,000.00

Long Term Debt:$29.54M

Net Debt:-$712.51M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $2.49B

Linear Growth: -5.0%

📊 Click to view full TDOC Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00-$186.82M

Bottom Line Performance (3)

-$177.40M

Income Before Tax:-$182.59M

Ebitda Ttm:169,245,000.00

Operating Expenses (5)

Operating Expenses:2,676,299,000.00

R And D Expense:269,906,000.00

Sga Expense:417,125,000.00

Income Tax Expense:-$5.20M

Interest Expense:19,953,000.00

Expense Ratios (3)

R And D To Revenue Percentage:44.5%

Sga To Revenue Percentage:68.7%

Ebitda Margin:6.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.76B

Current Assets:$1.15B

Ppe Net:24,690,000.00

Goodwill:283,190,000.00

Intangible Assets:$1.18B

Liability Structure (4)

Total Liabilities:1,448,517,000.00

Current Liabilities:1,381,730,000.00

Long Term Debt:$29.54M

Short Term Debt:$32.30M

Equity & Capital (3)

Equity:$1.31B

Retained Earnings:-$16.53B

Common Stock:300,000,000.00

Working Capital Items (3)

Accounts Receivable:221,015,000.00

Inventory:28,823,000.00

Accounts Payable:37,496,000.00

Special Items (2)

Contract Liabilities:70,481,000.00

Stock Based Compensation:9,301,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $287.95M

Linear Growth: -11.1%

Free cash flow TTM: $280.13M

Linear Growth: -11.4%

📊 Click to view full TDOC Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$36.52M

Capital Expenditures Ttm:7,827,000.00

Financing Activities (3)

Financing Cash Flow:-$2.45M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:356,064,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.99

-$0.99

Earnings Per Share Ttm:-$0.98

Revenue & Cash Per Share (3)

Sales Per Share Ttm:13.75

Operating Cash Flow Per Share:$1.63

Fcf Per Share Ttm:1.55

Book Value & Capital (2)

Book Value Per Share:$7.24

Cash Per Share:4.28

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.88x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:11.26x

Days Sales Outstanding Ttm:32.40

Inventory Management (2)

Inventory Turnover Ttm:86.37x

Days Inventory Outstanding Ttm:4.23

Payables & Cash Cycle (2)

Days Payable Outstanding:5.50

Cash Conversion Cycle:31.13

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:45.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $280.13M

Linear Growth: -11.5%

📊 Click to view full TDOC Owner Earnings analysis & methodology →

Owner Earnings Per Share:$1.55

Owner Earnings Yield:$23.81

Growth Assessment (1)

Owner Earnings Growth Rate:-$11.45

Damodaran Growth Analysis (2)

Reinvestment Rate:185.5%

Fundamental Growth Rate (g):-43.5%

Intrinsic Value Models (1)

Intrinsic Value:

$1.92B

📊 Click to view full TDOC DCF valuation →

Margin of Safety (1)

Margin Of Safety:

38.8%

📊 Click to view full TDOC valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

-2.3%

📊 Click to view full TDOC expected return analysis →

Forward Expected Return (Yield + Growth):

3.8%

📊 Click to view full TDOC expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-0.1%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-11.4%

Operating Cash Flow Growth Rate (Linear):-11.1%

Other Growth Rates (2)

Book Value Growth Rate (Linear):-33.3%

Owner Earnings Growth Rate:-$11.45

C. Company Profile & Context

Corporate Information (6)

Symbol:TDOC

Company Name:TELADOC HEALTH, INC.

Sector:Healthcare

Industry:Services-Offices & Clinics of Doctors of Medicine

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:181.03M

Shares Outstanding Basic:181.03M

Shares Outstanding Diluted:181.03M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 21:23:39 UTC

Data Timestamp:2026-08-31T21:23:39.967940