Omada Health (OMDA)
Market Price (1/25/2026): $16.57 | Market Cap: $955.4 MilSector: Health Care | Industry: Health Care Technology
Omada Health (OMDA)
Market Price (1/25/2026): $16.57Market Cap: $955.4 MilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% | Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -104% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -22 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.6% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.5% | |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more. | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.8% | ||
| Key risksOMDA key risks include [1] a significant revenue concentration with a few key customers and [2] ongoing operating and net losses. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -104% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -22 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.6% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.5% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.8% |
| Key risksOMDA key risks include [1] a significant revenue concentration with a few key customers and [2] ongoing operating and net losses. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
1. Investor concerns following Q3 2025 earnings contributed to a notable stock decline. On November 6, 2025, Omada Health's stock fell by 6.14% in aftermarket trading, closing at $23.3, after its third-quarter earnings report. This drop was attributed to investor concerns regarding future earnings projections and overall market conditions, even though the company reported a significant 49% year-over-year revenue increase and its first quarter of positive adjusted EBITDA.
2. The expiration of the IPO lockup period appears to have caused significant selling pressure. The stock experienced selling pressure that drove its price down, largely influenced by the expiration of the Initial Public Offering (IPO) lockup, a common event for recently public companies. Omada Health went public roughly five months prior to January 2026, placing its IPO around August 2025. The company's 52-week low, at $14.14, suggests the impact of this selling pressure.
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Stock Movement Drivers
Fundamental Drivers
The -25.3% change in OMDA stock from 9/30/2025 to 1/24/2026 was primarily driven by a -31.4% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 1242026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.11 | 16.52 | -25.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 142 | 154 | 8.9% |
| P/S Multiple | 7.4 | 5.1 | -31.4% |
| Shares Outstanding (Mil) | 48 | 48 | 0.0% |
| Cumulative Contribution | -25.3% |
Market Drivers
9/30/2025 to 1/24/2026| Return | Correlation | |
|---|---|---|
| OMDA | -25.3% | |
| Market (SPY) | 3.5% | 25.7% |
| Sector (XLV) | 13.2% | 11.1% |
Fundamental Drivers
The -9.7% change in OMDA stock from 6/30/2025 to 1/24/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302025 | 1242026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.30 | 16.52 | -9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 154 | 0.0% |
| P/S Multiple | � | 5.1 | 0.0% |
| Shares Outstanding (Mil) | 48 | 48 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2025 to 1/24/2026| Return | Correlation | |
|---|---|---|
| OMDA | -9.7% | |
| Market (SPY) | 11.9% | 21.1% |
| Sector (XLV) | 17.4% | 10.9% |
Fundamental Drivers
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Market Drivers
12/31/2024 to 1/24/2026| Return | Correlation | |
|---|---|---|
| OMDA | ||
| Market (SPY) | 18.6% | 16.7% |
| Sector (XLV) | 16.0% | 9.8% |
Fundamental Drivers
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Market Drivers
12/31/2022 to 1/24/2026| Return | Correlation | |
|---|---|---|
| OMDA | ||
| Market (SPY) | 86.9% | 16.7% |
| Sector (XLV) | 21.3% | 9.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OMDA Return | - | - | - | - | -31% | 2% | -30% |
| Peers Return | -51% | -54% | 7% | 2% | -16% | -5% | -80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| OMDA Win Rate | - | - | - | - | 29% | 100% | |
| Peers Win Rate | 27% | 38% | 50% | 40% | 35% | 25% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| OMDA Max Drawdown | - | - | - | - | -37% | -6% | |
| Peers Max Drawdown | -56% | -68% | -29% | -49% | -30% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDOC, HIMS, GDRX, AMWL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/23/2026 (YTD)
How Low Can It Go
OMDA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to TDOC, HIMS, GDRX, AMWL
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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AI Analysis | Feedback
Here are 1-3 brief analogies to describe Omada Health (OMDA):
- Livongo Health (pre-Teladoc acquisition) for a broader array of chronic conditions (like diabetes, hypertension, and musculoskeletal issues).
- A B2B version of Noom, but for managing a wider range of chronic conditions beyond just weight loss.
- Weight Watchers, but for various chronic conditions like diabetes and hypertension, delivered digitally and often through employers and health plans.
AI Analysis | Feedback
- Diabetes Prevention: A digital program designed to help individuals at risk prevent the onset of type 2 diabetes through lifestyle changes.
- Type 2 Diabetes Management: A digital program offering support and tools for managing existing type 2 diabetes.
- Hypertension Management: A digital program focused on helping individuals manage and lower high blood pressure.
- Musculoskeletal Care: A digital program providing personalized guidance and exercises for chronic back, joint, and other musculoskeletal pain.
- Mental Health Support: A digital program offering resources and support for managing symptoms of anxiety and depression.
AI Analysis | Feedback
Please note that Omada Health is not a public company with the symbol OMDA. Omada Health was acquired by Teladoc Health (NYSE: TDOC) in 2020 and operates as a subsidiary within Teladoc Health's portfolio. Therefore, OMDA is not a valid public stock symbol for Omada Health.
Despite not being a standalone public company, Omada Health continues to operate as a business unit primarily serving customers in a business-to-business (B2B) capacity. They sell their digital care programs for chronic conditions (such as diabetes, hypertension, and behavioral health) to other organizations, which then offer these programs to their respective employees or members. Due to the nature of their business and typical confidentiality agreements, Omada Health generally does not publicly disclose the names of individual "major" customer companies. However, their customer base can be categorized into the following types of organizations:
- Employers: Omada Health partners with a wide range of employers, particularly large, self-insured companies. These employers provide Omada's programs as a benefit to their employees to improve health outcomes and manage healthcare costs.
- Health Plans (Insurance Companies): Omada Health integrates its programs into the offerings of various national, regional, and local health insurance plans. Members of these health plans can then access Omada's digital health solutions as part of their health benefits. Examples of major health plans in the U.S. market that typically partner with digital health providers like Omada include Aetna (part of CVS Health, NYSE: CVS), Cigna (NYSE: CI), and Humana (NYSE: HUM).
- Health Systems: In some instances, Omada Health collaborates with health systems and hospitals to offer their digital care programs to patient populations within those systems, often as part of population health management initiatives.
AI Analysis | Feedback
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AI Analysis | Feedback
Omada Health (NASDAQ: OMDA) has a management team with diverse backgrounds and extensive experience in healthcare and technology. Sean Duffy, Co-Founder & CEO Sean Duffy co-founded Omada Health in 2011 with the goal of transforming chronic disease management through digital health solutions. Prior to Omada, he founded Excel Everest, an interactive Microsoft Excel training tool, and worked as a writer and editor for Medgadget, a medical technology blog. He also gained experience at Google and IDEO. Duffy pursued dual advanced degrees at Harvard, attending Harvard Medical School as an MD candidate and Harvard Business School as an MBA candidate, and holds a Bachelor of Science in Neuroscience from Columbia University. Steve Cook, Chief Financial Officer Steve Cook joined Omada Health as CFO in the summer of 2021. Before his role at Omada, he served as the Vice President and Head of Strategic Finance at One Medical, where he played a key role in guiding the company through a $350 million growth equity round led by The Carlyle Group, as well as a successful initial public offering (IPO) and the acquisition of Iora Health. Cook also previously worked on the Strategic Finance team at Salesforce. Wei-Li Shao, President Wei-Li Shao became President of Omada Health in 2019. He brings over two decades of global executive experience, having built and led biopharmaceutical and diagnostic imaging businesses across the United States, New Zealand, China, and Taiwan. Before joining Omada, Shao had an 18-year career as an executive at the global pharmaceutical company Eli Lilly and Company. He holds dual Bachelor of Science degrees in biochemistry and molecular biology from the University of Wisconsin-Madison and a Master of Business Administration from the Kelley School of Business, Indiana University. Shao is also a published children's book author and was the architect behind one of the earliest diabetes connected care programs developed in partnership with Tencent. Sunil Kayiti, Chief Technology Officer Sunil Kayiti serves as the Chief Technology Officer at Omada Health. In this role, he oversees the company's technology strategy and development. Nancy Vitale, Chief People Officer Nancy Vitale is the Chief People Officer at Omada Health. She is responsible for the company's human resources and people operations.AI Analysis | Feedback
The key risks to Omada Health's business include a significant concentration of revenue with a few customers, ongoing operating and net losses, and intense competitive pressure within the digital health sector.
- Customer Concentration and Channel Risk: A substantial portion of Omada Health's revenue is derived from a limited number of large customers, particularly within the employer-sponsored healthcare market. For instance, two Cigna entities alone accounted for 61% of the company's revenue in Q1 2025, and five plan/PBM resellers represented 69% of Omada's revenue. This high level of customer concentration exposes Omada Health to significant risk, as changes in contracts, policies, or relationships with these key partners could severely impact its financial performance and year-over-year growth.
- Operating and Net Losses: Despite experiencing robust revenue growth, Omada Health has a history of operating and net losses, with no guarantee of achieving profitability in the future. The company reported operating losses of $2.5 million and a net loss of $3.2 million for the three months ended September 30, 2025. These losses are primarily attributed to high operating expenses, particularly in areas such as research and development, sales, and marketing.
- Competitive Pressure: The digital health sector in which Omada Health operates is highly competitive and rapidly evolving. The company faces the threat of numerous existing and emerging competitors that offer similar or potentially more advanced virtual care solutions. To maintain its market position, Omada Health must continuously innovate and enhance its platform while ensuring cost-effectiveness and the delivery of high-quality care.
AI Analysis | Feedback
The increasing trend among large health payers and employers to develop or acquire their own comprehensive, integrated digital health platforms and chronic disease management solutions internally, rather than relying on third-party point solutions like Omada Health. This shift aims to consolidate vendors, improve data integration, and gain greater control over member engagement and cost, directly reducing the market for external digital health providers.
AI Analysis | Feedback
Omada Health (symbol: OMDA), a public company specializing in virtual care for chronic conditions, addresses several significant addressable markets within the United States.
- Digital Diabetes Management: The addressable market size for digital diabetes management in the U.S. was valued at approximately $3.92 billion in 2024. This market is projected to grow to about $17.23 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 17.89% from 2025 to 2033.
- Digital Musculoskeletal (MSK) Care: For digital musculoskeletal care, the U.S. market generated an estimated revenue of $1,303.5 million (or approximately $1.30 billion) in 2024. This market is expected to reach $3,088.1 million (or approximately $3.09 billion) by 2030, with a CAGR of 15.5% from 2025 to 2030.
- Digital Hypertension Management: While a specific U.S. digital hypertension management market size is not distinctly segmented, the global digital blood pressure monitors market, which is a key component of digital hypertension management, was valued at approximately $1.64 billion in 2025. The United States is recognized as a leader in the adoption of advanced treatment and monitoring solutions for hypertension.
- Digital Weight Management and Prediabetes (under Digital Therapeutics): Omada Health's offerings in weight health, prediabetes, and support for anti-obesity medications including GLP-1s, fall within the broader digital therapeutics market. The U.S. digital therapeutics market size is estimated at $3.72 billion in 2025 and is forecasted to grow to approximately $20.98 billion by 2034, accelerating at a CAGR of 21.38% from 2025 to 2034.
AI Analysis | Feedback
Omada Health (OMDA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of GLP-1 Offerings and Medication Management: Omada Health has introduced a care track for GLP-1 drugs and plans to launch new prescribing capabilities that combine its behavior change programs with medication management for anti-obesity medications, including GLP-1s. This expansion aims to support employers in offering weight loss and obesity management medications to employees and is a crucial focus for 2026.
- Growth in Members and Increased Adoption of Multi-Condition Programs: The company is actively working to broaden its customer base beyond traditional employer and health plan partners. Omada has seen significant year-over-year increases in its total membership, and a key driver of revenue growth is more customers utilizing multiple chronic condition programs offered by Omada.
- Advancements in AI and GPT Technologies: Omada Health is leveraging AI-driven tools, such as OmadaSpark and Meal Map, to enhance member engagement, provide nutrition education, and improve the efficiency and effectiveness of its care teams. The company plans to continue advancing AI and GPT technologies in 2026 to deliver sustainable outcomes for members and cost savings for customers.
- Expansion into New Markets: Omada Health is actively pursuing initiatives to broaden its market reach, including venturing into new markets such as Medicare Advantage and government programs. This expansion strategy is designed to increase the number of individuals benefiting from Omada's digital health programs.
AI Analysis | Feedback
Omada Health (NASDAQ: OMDA) recently became a public company in June 2025. Prior to its initial public offering (IPO), Omada Health operated as a private entity. As such, detailed capital allocation decisions for the majority of the last 3-5 years are not publicly available.Share Issuance
- Omada Health completed its initial public offering on June 6, 2025, selling 7.9 million shares of common stock at $19 per share, raising $150 million.
- Underwriters were granted a 30-day option to purchase up to an additional 1.185 million shares of common stock at the IPO price.
Inbound Investments
- The company has raised over $500 million in total funding.
- Omada Health secured $192 million in a Series E funding round in February 2022, achieving unicorn status.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Omada Health Earnings Notes | 12/16/2025 | |
| Is Omada Health Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Wealth Management
Peer Comparisons for Omada Health
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.33 |
| Mkt Cap | 1.0 |
| Rev LTM | 801 |
| Op Inc LTM | -22 |
| FCF LTM | 105 |
| FCF 3Y Avg | 98 |
| CFO LTM | 180 |
| CFO 3Y Avg | 174 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.3% |
| Rev Chg 3Y Avg | 3.0% |
| Rev Chg Q | 0.4% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Mgn LTM | -7.1% |
| Op Mgn 3Y Avg | -7.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 11.6% |
| CFO/Rev 3Y Avg | 11.8% |
| FCF/Rev LTM | 5.4% |
| FCF/Rev 3Y Avg | 6.5% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | -7.1% | -5.0% | -28.4% |
| 8/7/2025 | -2.3% | 4.9% | 23.5% |
| SUMMARY STATS | |||
| # Positive | 0 | 1 | 1 |
| # Negative | 2 | 1 | 1 |
| Median Positive | 4.9% | 23.5% | |
| Median Negative | -4.7% | -5.0% | -28.4% |
| Max Positive | 4.9% | 23.5% | |
| Max Negative | -7.1% | -5.0% | -28.4% |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shao, Wei-Li | President | Direct | Sell | 12302025 | 16.13 | 5,618 | 90,646 | 1,114,583 | Form |
| 2 | Cook, Steven L | Chief Financial Officer | Direct | Sell | 12122025 | 15.37 | 4,211 | 64,705 | 884,542 | Form |
| 3 | Duffy, Sean P | Chief Executive Officer | Direct | Sell | 12122025 | 15.37 | 9,266 | 142,379 | 1,945,974 | Form |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
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