Omada Health, Inc.

OMDA

Omada Health, Inc., together with its subsidiary, Physera, Inc., provides a range of virtual care programs in the United States. The company offers cardiometabolic programs for prediabetes, diabetes, and hypertension; a physical therapy program to address musculoskeletal conditions; other support programs for members taking glucagon-like peptide-1 agonists in its cardiometabolic program; and weight management programs, as well as various behavioral health support programs. It also delivers virtual care.

About the company

Country: United StatesPrice: $14.33Market Cap: $889.0M

Investment snapshot

6%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 12

NEUTRAL / FAIL

Median fair value

$8.57

-40.2% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	NEUTRAL	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A		N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	-109.2%	N/A	N/A	N/A	-39.3%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-06-01–2026-11-01 Latest source filing: 2026-03-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-06 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-06-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-06-01–2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Buffett and Marks object
LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $197.2M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.00, IC: -4.9x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0
✓Lynch< 0.33
Cash - Long-term Debt$222.0M
✓LynchPositive preferred
LT Debt / Total Assets Change19.73% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities4.18
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-4.9x, D/EBITDA=0.0x (no debt)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
✓AsnessTop 30% of eligible cross-section

Where It Falls Short

Profitability0% pass✓ 5✗ 30▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)0/4 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)0/4 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-5.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-8.6M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE5.1%
✗Lynch> 15%
EBIT / Enterprise Value-1.8%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.8%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-4.18%
✗PiotroskiROA > 0
ROA Change YoY-31.24% -> -4.18% (delta: +27.05%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.98%, ROA=-4.18%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY60.6% -> 65.7%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue4.2%
✗Dreman>= 8%
Net Income / Shareholders' Equity5.1%
✗Dreman> 12%
Margin of SafetyP/B=3.7x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-5.6% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/3 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue2.1%
✗Ackman>= 15%
Net Income / Shareholders Equity5.1%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-53.8% (2023) -> -4.6% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 57.0% -> 65.7%, operating margin -53.8% -> -4.6%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+1.58%; #2832/6340 (top 44.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+67.55%; #368/3702 (top 9.9%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+5.14%; #2440/5226 (top 46.7%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation0% pass✗ 28▾
All 13 investors flag OMDA's valuation
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio3.7x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-1.8%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.8%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)46.3x
✗Dreman< 8x
Price / Book Value per Share3.7x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-1.0%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=1.9%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=3.7x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share49.9x
✗Ackman<= 25
Price vs. Trailing Low126% of trailing low ($11.41)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+1.58%; #2832/6340 (top 44.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.3073; #3671/6449 (top 56.9%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share3.95x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.3746; #3003/5247 (top 57.2%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+3.17%; #2009/4519 (top 44.5%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+25.59%; #1151/6202 (top 18.6%)
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 36.1% vs Rev: 53.2%
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency0/3 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth45.8%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 57.0% -> 65.7%, operating margin -53.8% -> -4.6%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Valuation models0% pass✗ 2▾
OMDA overvalued: all 2 models price fair value below $14.33 (median $8.57)
Munger fair value$6.85
✗Munger-109.2% margin vs $14.33
Ackman fair value$10.29
✗Ackman-39.3% margin vs $14.33
Verdicts8% pass✓ 1✗ 12▾
Split decision: 12 FAIL · 3 NEUTRAL · 1 PASS
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (4/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag OMDA's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio4.18
✓Graham>= 2.0
ROIC (3-5 yr avg)-123.7%
✗Buffett> 10%
ROIC - WACC-133.7%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY2.10 -> 3.60
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY1.13x -> 0.85x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities4.18
✓Dreman> 1.5
Return on Invested Capital-4.1%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=-4.1%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/1 years above 12% (latest -4.1%)
✗SleepROIC > 12% in a majority of years
Cash Flow30% pass✓ 4✗ 8▾
7 of 10 flag OMDA's cash flow — Buffett, Dreman, Pabrai +4 more
Free Cash Flow Proxy$-8.6M
✗BuffettPositive and growing
FCF Positive and Growing$16.9M
✓LynchPositive and growing
Operating Cash Flow$18.3M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.98%, ROA=-4.18%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)46.3x
✗Dreman< 8x
P/E or FCF YieldFCF Yield=1.9%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive1/3 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap3.3%
✗Ackman>= 4%
Price / FCF per Share49.9x
✗Ackman<= 25
Positive Operating Cash Flow frequency1/3 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$28.2M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+3.17%; #2009/4519 (top 44.5%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Healthcare

SIC Sector: Health Services

Size: Small Cap($889.0M)

Revenue: $260.2M+53.2% YoY

Net Income: $12.8M+72.9% YoY

Financial Snapshot

Operating Margin-4.6%

Return on Equity-5.6%

Debt / Equity0.00

Current Ratio3.60

EPS (Diluted)$-0.35

Similar Companies

HCAHCA Healthcare, Inc.

$104.2B

THCTENET HEALTHCARE CORP

$22.8B

GHGuardant Health, Inc.

$20.5B

EXASEXACT SCIENCES CORP

$20.0B

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-03-06 10-Q · 2026-05-08 10-Q · 2026-08-07 10-Q · 2026-11-06 Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-06 Derived from cumulative filings: operating cash flow, depreciation amortization, capex.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-07 Derived from cumulative filings: operating cash flow, depreciation amortization, capex.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-08	FY 2025 Sources 10-K · 2026-03-06	FY 2024 Sources 10-K · 2026-03-06	FY 2023 Sources 10-K · 2026-03-06	FY 2022 Sources 10-K · 2026-03-06
Market Cap	$889.0Mcurrent	--	--	--	$880.9Mest.	$149.3Mest.	--	--
Revenue	$333.0M	$91.3M↑34%	$87.8M↑43%	$78.0M	$260.2M↑53%	$169.8M↑38%	$122.8M	--
Operating Income	$6.9M	$4.8M↑292%	$3.5M↑182%	-$4.8M	-$12.0M↑73%	-$43.7M↑34%	-$66.0M	--
Net Income	$14.0M	$6.6M↑306%	$5.3M↑200%	-$3.0M	-$12.8M↑73%	-$47.1M↑30%	-$67.5M	--
EPS (Diluted)	--	$0.10↑267%	$0.08↑133%	$-0.05	$-0.35↑94%	$-6.11↑36%	$-9.52	--
Gross Margin	70.7%	75.9%↑15%	72.6%↑11%	62.4%	65.7%↑8%	60.6%↑6%	57.0%	—
Operating Margin	2.1%	5.3%↑243%	4.0%↑157%	-6.1%	-4.6%↑82%	-25.7%↑52%	-53.8%	—
ROE	5.1%	—	—	—	-5.6%↓145%	12.3%↓36%	19.3%	—
Total Debt	--	--	--	--	$0↓100%	$29.8M	--	--
Shareholders' Equity	$273.2M	$273.2M↑26%	$252.7M↑18%	$234.1M	$229.7M↑160%	-$384.4M↓10%	-$350.1M↓19%	-$293.2M
Current Ratio	4.18	4.18↑15%	3.91↓16%	3.92	3.60↑72%	2.10	—	—
Debt / Equity	—	—	—	—	0.00↑100%	-0.08	—	—
Operating Cash Flow	$28.7M	$15.1M↑49%	$4.0M	-$11.8M	$18.3M↑153%	-$34.2M↑31%	-$49.7M	--
Free Cash Flow	$28.2M	$15.0M↑57%	$3.9M	-$11.9M	$16.9M↑149%	-$34.8M↑31%	-$50.2M	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Healthcare

OMDA vs Peers — Financial Grading

Revenue$260.2MBottom 25%

Net Income$12.8MBottom 25%

ROE-5.6%Median

D/E0.00Median

Op. Margin-4.6%Bottom 25%

Curr. Ratio3.60Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
HCA Healthcare, Inc.HCA	$104.2B	$499.05	$75.6B	$6.8B	-112.6%	-7.71	13.0%	0.97	1/9	5/9	3/7	1/3	F-Score 6	4/11
TENET HEALTHCARE CORPTHC	$22.8B	$286.03	$21.3B	$2.4B	56.1%	3.12	16.5%	1.76	1/9	4/9	3/7	3/3	F-Score 6	5/11
Guardant Health, Inc.GH	$20.5B	$151.70	$982.0M	$416.3M	419.2%	-15.14	-44.5%	4.84	2/9	1/9	1/7	0/3	F-Score 5	2/11
EXACT SCIENCES CORPEXAS	$20.0B	$104.91	$3.2B	$207.9M	-8.7%	0.00	-6.4%	2.43	2/9	1/9	3/7	0/3	F-Score 7	3/11
Fresenius Medical Care AGFMS	$11.4B	$22.03	$23.1B	$1.1B	7.4%	0.81	9.3%	1.26	5/9	2/9	1/7	0/3	F-Score 8	5/11
UNIVERSAL HEALTH SERVICES INCUHS	$11.2B	$194.07	$17.4B	$1.5B	20.5%	0.65	11.5%	1.05	4/9	6/9	5/7	1/3	F-Score 7	6/11
DAVITA INC.DVA	$11.0B	$174.56	$13.6B	$746.8M	-114.7%	-15.78	15.0%	1.29	1/9	4/9	2/7	1/3	F-Score 7	3/11
CHEMED CORPCHE	$7.1B	$548.20	$2.5B	$265.2M	27.1%	—	13.4%	1.05	4/9	7/9	3/7	1/3	F-Score 6	6/11