Teladoc Health, Inc. (TDOC) Balance Sheet
TDOC balance sheet, 2025
December 31, 2025 · U.S. dollars$3.10B assets = $1.72B liabilities + $1.39B equity
Both columns are drawn to the same scale: what TDOC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TDOC financial health
Descriptive bands, not a rating. Fiscal 2025.
TDOC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $303.7M2016 | $3.10B2025 | +29.5%/yr | |
| Total liabilities | $72.8M2016 | $1.72B2025 | +42.1%/yr | |
| Shareholders’ equity | $230.9M2016 | $1.39B2025 | +22.0%/yr | |
| Cash & short-term investments | $65.8M2016 | $781.1M2025 | +31.6%/yr | |
| Total debt | $44.4M2016 | $1.04B2025 | +42.0%/yr | |
| Net cash (debt) | $21.4M2016 | −$259.1M2025 | −$280.5M | |
| Working capital | $61.6M2016 | $682.6M2025 | +$620.9M | |
| Book value per share | $5.452016 | $7.862025 | +4.1%/yr | |
| Current ratio | 3.932016 | 2.692025 | −1.24 | |
| Debt / equity | 0.192016 | 0.752025 | +0.56 | |
| Shares outstanding | 42.3M2016 | 176.2M2025 | +17.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TDOC assets
TDOC liabilities and equity
TDOC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TDOC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $781.1M | $1.30B | $1.12B | $918.2M | $896.0M | $786.6M | $517.1M | $478.5M | $122.3M | $65.8M |
| Cash & equivalents | $781.1M | $1.30B | $1.12B | $918.2M | $893.5M | $733.3M | $514.4M | $424.0M | $42.8M | $50.0M |
| Short-term investments | — | — | — | $0 | $2.5M | $53.2M | $2.7M | $54.5M | $79.5M | $15.8M |
| Receivables | $201.7M | $224.0M | $230.1M | $235.6M | $190.1M | $169.3M | $56.9M | $43.6M | $27.1M | $13.8M |
| Inventory | $38.2M | $38.1M | $29.5M | $56.3M | $73.1M | $56.5M | $1 | $0 | $1 | $1 |
| Other current assets | $66.4M | $103.5M | $105.8M | $75.3M | $66.2M | $47.3M | $14.0M | $10.6M | $6.8M | $3.1M |
| Total current assets | $1.09B | $1.66B | $1.49B | $1.29B | $1.23B | $1.06B | $588.0M | $532.7M | $156.2M | $82.7M |
| Property, plant & equipment (net) | $53.1M | $56.6M | $72.1M | $71.5M | $74.0M | $75.2M | $36.7M | $10.1M | $9.0M | $7.5M |
| Goodwill & intangible assets | $1.58B | $1.71B | $2.75B | $2.91B | $16.41B | $16.60B | $971.5M | $984.6M | $658.3M | $213.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $380.1M | $81.5M | $80.3M | $434.1M | $20.7M | $18.4M | $6.5M | $1.4M | $858,000 | $415,000 |
| Total assets | $3.10B | $3.52B | $4.39B | $4.70B | $17.73B | $17.76B | $1.60B | $1.53B | $824.4M | $303.7M |
| Liabilities | ||||||||||
| Accounts payable | $48.0M | $33.1M | $43.6M | $47.7M | $47.3M | $46.0M | $9.1M | $7.8M | $3.9M | $2.2M |
| Short-term debt | $11.0M | $561.1M | $10.8M | $13.6M | $12.7M | $54.0M | $5.1M | $2.6M | $27.7M | $2.0M |
| Deferred revenue | $62.3M | $79.3M | $95.7M | $101.8M | $75.6M | $52.4M | $12.5M | $7.7M | $4.1M | $1.0M |
| Total current liabilities | $404.7M | $941.5M | $420.6M | $399.8M | $331.0M | $332.6M | $90.2M | $62.4M | $40.3M | $21.1M |
| Long-term debt | $994.9M | $991.4M | $1.54B | $1.54B | $1.23B | $1.38B | $440.4M | $414.7M | $207.4M | $42.4M |
| Lease obligations | $45.2M | $42.5M | $53.6M | $38.0M | $41.8M | $43.1M | $30.1M | — | — | — |
| Other long-term liabilities | $315.4M | $92.5M | $107.0M | $458.2M | $132.2M | $159.2M | $58.2M | $38.6M | $17.8M | $9.3M |
| Total liabilities | $1.72B | $2.03B | $2.07B | $2.39B | $1.69B | $1.87B | $588.8M | $515.8M | $265.5M | $72.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $178,000 | $173,000 | $167,000 | $163,000 | $160,000 | $150,000 | $73,000 | $70,000 | $61,000 | $46,000 |
| Retained earnings (deficit) | −$16.43B | −$16.23B | −$15.23B | −$15.01B | −$1.42B | −$992.7M | −$507.5M | −$408.7M | −$311.6M | −$204.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$34.7M | −$38.4M | −$37.0M | −$42.8M | −$6.3M | $18.5M | −$17.2M | −$13.1M | $4.1M | −$1,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.39B | $1.49B | $2.33B | $2.31B | $16.05B | $15.88B | $1.01B | $1.01B | $558.9M | $230.9M |
| Key figures | ||||||||||
| Total debt | $1.04B | $1.58B | $1.59B | $1.59B | $1.28B | $1.48B | $470.5M | $417.3M | $235.1M | $44.4M |
| Net cash (debt) | −$259.1M | −$286.3M | −$468.6M | −$668.7M | −$384.1M | −$690.2M | $46.6M | $61.2M | −$112.8M | $21.4M |
| Working capital | $682.6M | $722.4M | $1.07B | $885.7M | $894.4M | $727.0M | $497.8M | $470.3M | $115.9M | $61.6M |
| Tangible book value | −$194.6M | −$223.5M | −$424.9M | −$602.2M | −$368.7M | −$718.3M | $42.5M | $28.5M | −$99.4M | $17.8M |
| Book value per share | $7.86 | $8.74 | $14.13 | $14.29 | $102.24 | $175.49 | $14.11 | $15.39 | $10.08 | $5.45 |
| Shares outstanding | 176.2M | 170.6M | 164.6M | 161.5M | 156.9M | 90.5M | 71.8M | 65.8M | 55.4M | 42.3M |
| Current ratio | 2.69 | 1.77 | 3.54 | 3.22 | 3.70 | 3.19 | 6.52 | 8.53 | 3.87 | 3.93 |
| Quick ratio | 2.43 | 1.62 | 3.22 | 2.89 | 3.28 | 2.87 | 6.37 | 8.36 | 3.70 | 3.78 |
| Debt / equity | 0.75 | 1.06 | 0.68 | 0.69 | 0.08 | 0.09 | 0.46 | 0.41 | 0.42 | 0.19 |
| Equity / assets | 44.7% | 42.4% | 53.0% | 49.1% | 90.5% | 89.5% | 63.3% | 66.3% | 67.8% | 76.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $774.3M | $750.7M | $781.1M | $726.2M | $679.6M | $1.19B | $1.30B | $1.24B | $1.16B | $1.10B | $1.12B | $1.03B |
| Cash & equivalents | $774.3M | $750.7M | $781.1M | $726.2M | $679.6M | $1.19B | $1.30B | $1.24B | $1.16B | $1.10B | $1.12B | $1.03B |
| Receivables | $230.9M | $222.5M | $201.7M | $219.5M | $234.0M | $243.2M | $224.0M | $223.5M | $230.0M | $227.9M | $230.1M | $218.7M |
| Inventory | $28.8M | $31.6M | $38.2M | $39.9M | $38.2M | $38.0M | $38.1M | $37.0M | $34.9M | $32.3M | $29.5M | $35.9M |
| Other current assets | $114.3M | $127.5M | $66.4M | $107.1M | $121.5M | $127.3M | $103.5M | $104.2M | $84.1M | $94.0M | $105.8M | $101.9M |
| Total current assets | $1.15B | $1.13B | $1.09B | $1.09B | $1.07B | $1.60B | $1.66B | $1.61B | $1.51B | $1.45B | $1.49B | $1.39B |
| Property, plant & equipment (net) | $47.4M | $50.5M | $53.1M | $59.3M | $53.2M | $57.2M | $56.6M | $62.1M | $64.9M | $67.1M | $72.1M | $64.9M |
| Goodwill & intangible assets | $1.46B | $1.52B | $1.58B | $1.62B | $1.67B | $1.68B | $1.71B | $1.78B | $1.83B | $2.69B | $2.75B | $2.80B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $104.0M | $106.0M | $380.1M | $106.7M | $101.1M | $108.8M | $81.5M | $77.9M | $116.8M | $114.2M | $80.3M | $74.5M |
| Total assets | $2.76B | $2.81B | $3.10B | $2.88B | $2.89B | $3.44B | $3.52B | $3.53B | $3.52B | $4.32B | $4.39B | $4.33B |
| Liabilities | ||||||||||||
| Accounts payable | $37.5M | $45.2M | $48.0M | $52.2M | $54.4M | $52.1M | $33.1M | $37.8M | $56.1M | $37.7M | $43.6M | $26.0M |
| Short-term debt | $1.01B | $10.5M | $11.0M | $10.2M | $9.9M | $560.7M | $561.1M | $561.4M | $561.4M | $10.7M | $10.8M | $10.8M |
| Deferred revenue | $60.8M | $65.7M | $62.3M | $70.1M | $74.7M | $73.9M | $79.3M | $88.3M | $95.4M | $101.2M | $95.7M | $99.2M |
| Total current liabilities | $1.38B | $404.9M | $404.7M | $405.1M | $401.8M | $952.4M | $941.5M | $931.4M | $930.7M | $388.8M | $420.6M | $402.6M |
| Long-term debt | $0 | $995.8M | $994.9M | $994.0M | $993.2M | $992.3M | $991.4M | $990.6M | $989.7M | $1.54B | $1.54B | $1.54B |
| Lease obligations | $39.5M | $42.2M | $45.2M | $48.0M | $41.9M | $43.8M | $42.5M | $47.6M | $48.4M | $50.7M | $53.6M | $34.4M |
| Other long-term liabilities | $66.8M | $70.3M | $315.4M | $87.3M | $76.9M | $72.7M | $92.5M | $98.9M | $101.1M | $103.5M | $107.0M | $93.5M |
| Total liabilities | $1.45B | $1.47B | $1.72B | $1.49B | $1.47B | $2.02B | $2.03B | $2.02B | $2.02B | $2.03B | $2.07B | $2.03B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $182,000 | $180,000 | $178,000 | $177,000 | $177,000 | $175,000 | $173,000 | $172,000 | $171,000 | $169,000 | $167,000 | $166,000 |
| Retained earnings (deficit) | −$16.53B | −$16.49B | −$16.43B | −$16.41B | −$16.36B | −$16.32B | −$16.23B | −$16.18B | −$16.15B | −$15.31B | −$15.23B | −$15.20B |
| Accumulated other comprehensive income | −$33.9M | −$35.4M | −$34.7M | −$34.6M | −$35.4M | −$37.2M | −$38.4M | −$37.1M | −$39.0M | −$38.6M | −$37.0M | −$41.5M |
| Total shareholders' equity | $1.31B | $1.34B | $1.39B | $1.39B | $1.42B | $1.43B | $1.49B | $1.51B | $1.50B | $2.29B | $2.33B | $2.29B |
| Key figures | ||||||||||||
| Total debt | $1.04B | $1.04B | $1.04B | $1.04B | $1.04B | $1.59B | $1.58B | $1.59B | $1.59B | $1.59B | $1.59B | $1.58B |
| Net cash (debt) | −$261.9M | −$287.3M | −$259.1M | −$315.8M | −$355.5M | −$393.4M | −$286.3M | −$345.0M | −$426.5M | −$492.3M | −$468.6M | −$552.4M |
| Working capital | −$233.4M | $727.5M | $682.6M | $687.7M | $671.5M | $649.4M | $722.4M | $677.3M | $580.6M | $1.06B | $1.07B | $984.5M |
| Tangible book value | −$148.8M | −$182.1M | −$194.6M | −$227.7M | −$244.4M | −$249.5M | −$223.5M | −$272.2M | −$328.6M | −$398.5M | −$424.9M | −$507.4M |
| Book value per share | $7.28 | $7.46 | $7.86 | $7.92 | $8.08 | $8.19 | $8.63 | $8.79 | $8.82 | $13.65 | $14.01 | $13.89 |
| Shares outstanding | 180.1M | 179.1M | 176.2M | 175.7M | 175.9M | 174.2M | 172.8M | 171.5M | 170.2M | 167.7M | 166.1M | 165.1M |
| Current ratio | 0.83 | 2.80 | 2.69 | 2.70 | 2.67 | 1.68 | 1.77 | 1.73 | 1.62 | 3.73 | 3.54 | 3.44 |
| Quick ratio | 0.73 | 2.40 | 2.43 | 2.33 | 2.27 | 1.51 | 1.62 | 1.58 | 1.50 | 3.41 | 3.22 | 3.10 |
| Debt / equity | 0.79 | 0.78 | 0.75 | 0.75 | 0.73 | 1.11 | 1.06 | 1.05 | 1.06 | 0.69 | 0.68 | 0.69 |
| Equity / assets | 47.5% | 47.6% | 44.7% | 48.4% | 49.1% | 41.4% | 42.4% | 42.7% | 42.6% | 53.0% | 53.0% | 53.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
TDOC financial position
At the end of fiscal 2025 (December 31, 2025), Teladoc Health had total assets of $3.1 billion (down 11.8% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $1.4 billion. It held $781.1 million in cash and short-term investments against $1.0 billion of debt, net debt of $259.1 million. Its current ratio was 2.69. In the latest quarter (ended June 30, 2026) total assets were $2.8 billion and equity $1.3 billion.
Related: TDOC income statement, TDOC cash flow statement, TDOC key metrics. See the TDOC stock overview for the latest quote and news.
TDOC balance sheet FAQ
What are Teladoc Health's total assets?
Teladoc Health reported total assets of $3.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.5 billion a year earlier.
How much debt does Teladoc Health have?
Teladoc Health had $1.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.75.
How much cash does Teladoc Health have?
Teladoc Health held $781.1 million in cash and short-term investments at the end of fiscal 2025; with $1.0 billion of debt that is net debt of $259.1 million.
What is Teladoc Health's book value?
Teladoc Health's shareholders' equity (book value) was $1.4 billion at the end of fiscal 2025, or $7.86 per share.
What is Teladoc Health's current ratio?
Teladoc Health had current assets of $1.1 billion and current liabilities of $404.7 million, a current ratio of 2.69 (it can cover its short-term obligations).
How much goodwill does Teladoc Health have?
Teladoc Health carried $1.6 billion of goodwill and intangible assets, 51.0% of total assets, at the end of fiscal 2025.