Teladoc Health, Inc. — Earnings Quality Grade F
TDOC · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 28 days, change -3 days YoY
AR growth -10.0% vs revenue growth -1.5%
Revenue -1.5%, CFFO 0.2%. Cash follows revenue
Expense Quality
Inventory 0.2% vs COGS 2.7%. Normal
CapEx growth 26.6% is >2x revenue growth -1.5%
SG&A/Gross Profit = 72.8%, exceeds 70%
Gross margin 69.5%, change -1.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -0.69
Accruals ratio = -17.3%. Low accruals
Cash $0.8B covers 75% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $1.6B = 114% of equity. Over 50%
Debt/EBITDA = 6.5x (>4x). Interest coverage = -8.3x (<2x). Financial stress
Other assets grew 29.8% vs revenue -1.5%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -8% YoY. Normal
Manipulation Score
M-Score = -3.27 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25