Omada Health
OMDANASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $15.06 Prior regular-session close from the quote source.
- $15.10–$15.63 Regular-session low and high so far today.
- 1.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $10.28–$25.45 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own OMDA if employers and health plans keep viewing its remote chronic-care programs as ROI-positive enough to expand, while the company proves that growth can turn into GAAP profitability and cash rather than renewed burn.
OMDA price history
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Investment thesis
What must happen next
Employer and health-plan buyers continue to fund Omada because virtual chronic-care management remains a credible way to reduce avoidable medical costs and improve member engagement.StrengtheningMateriality: High
Annual GAAP revenue increased from $122.8 million in FY2023 to $169.8 million in FY2024 and $260.2 million in FY2025. If this holds, Omada can keep compounding from a still-small revenue base; if buyers lose conviction in the ROI, growth can slow before margins fully scale.
Watch: Large health plans or self-insured employers consolidate chronic-care budgets with integrated incumbents such as UnitedHealth/Optum, CVS Health, Teladoc/Livongo, or in-house payer programs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue increased from $122.8 million in FY2023 to $169.8 million in FY2024 and $260.2 million in FY2025.
Open source ↗Omada’s care-delivery model scales because technology, protocols, and remote operations let incremental members be served at better unit economics rather than with proportional clinical labor and device cost.StrengtheningMateriality: High
Annual GAAP gross profit rose from $70.0 million in FY2023 to $102.9 million in FY2024 and $170.9 million in FY2025. Gross-margin expansion is the bridge from attractive demand to a business that can eventually produce durable earnings.
Watch: Payers force more outcomes-based pricing or lower per-member fees, limiting Omada’s ability to capture value from its programs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit rose from $70.0 million in FY2023 to $102.9 million in FY2024 and $170.9 million in FY2025.
Open source ↗Omada can convert growth into profitability because sales, product, and administrative infrastructure do not need to grow as fast as revenue once the platform reaches scale.StrengtheningMateriality: Medium
Annual GAAP operating loss improved from $66.0 million in FY2023 to $43.7 million in FY2024 and $12.0 million in FY2025. The stock needs evidence that Omada is not simply a high-growth but structurally loss-making health-services vendor.
Watch: Customer acquisition becomes more expensive as employers and health plans rationalize point-solution vendors.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating loss improved from $66.0 million in FY2023 to $43.7 million in FY2024 and $12.0 million in FY2025.
Open source ↗Omada has enough liquidity and improving cash conversion to keep investing in growth without being forced into dilutive or distressed financing.StrengtheningMateriality: Medium
Annual GAAP operating cash flow improved from negative $49.7 million in FY2023 to negative $34.2 million in FY2024 and positive $18.3 million in FY2025. If the business can self-fund, more of the operating upside can accrue to shareholders; if cash burn returns, per-share value becomes much more fragile.
Watch: A major customer loss or slower payer payments creates a working-capital reversal before revenue visibly weakens.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating cash flow improved from negative $49.7 million in FY2023 to negative $34.2 million in FY2024 and positive.
Open source ↗Per-share value creation requires Omada’s operating leverage to overcome dilution and remaining GAAP losses, not just produce higher revenue.HoldingMateriality: Medium
Annual GAAP diluted EPS improved from a loss of $9.52 in FY2023 to a loss of $6.11 in FY2024 and a loss of $0.35 in FY2025. Owners benefit only if growth translates into earnings and cash per share; otherwise the business can improve while the stock under-delivers.
Watch: Stock-based compensation or share issuance remains high enough that operating progress does not translate into per-share gains.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP diluted EPS improved from a loss of $9.52 in FY2023 to a loss of $6.11 in FY2024 and.
Open source ↗
Full investment case & evidence
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Original research
Employer and health-plan buyers continue to fund Omada because virtual chronic-care management remains a credible way to reduce avoidable medical costs and improve member engagement. If this holds, Omada can keep compounding from a still-small revenue base; if buyers lose conviction in the ROI, growth can slow before margins fully scale.
Omada’s care-delivery model scales because technology, protocols, and remote operations let incremental members be served at better unit economics rather than with proportional clinical labor and device cost. Gross-margin expansion is the bridge from attractive demand to a business that can eventually produce durable earnings.
Omada can convert growth into profitability because sales, product, and administrative infrastructure do not need to grow as fast as revenue once the platform reaches scale. The stock needs evidence that Omada is not simply a high-growth but structurally loss-making health-services vendor.
Omada has enough liquidity and improving cash conversion to keep investing in growth without being forced into dilutive or distressed financing. If the business can self-fund, more of the operating upside can accrue to shareholders; if cash burn returns, per-share value becomes much more fragile.
Per-share value creation requires Omada’s operating leverage to overcome dilution and remaining GAAP losses, not just produce higher revenue. Owners benefit only if growth translates into earnings and cash per share; otherwise the business can improve while the stock under-delivers.
All standing thesis claims
Original report summary
employers and health plans keep viewing its remote chronic-care programs as ROI-positive enough to expand, while the company proves that growth can turn into GAAP profitability and cash rather than renewed burn.
Bull case and bear case
Bull case and bear case for Omada Health
Where the evidence on Omada Health stands: Holding on the latest evidence (Nov 8, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Employer and health-plan buyers continue to fund Omada because virtual chronic-care management remains a credible way to reduce avoidable medical costs and improve member engagement.
Omada’s care-delivery model scales because technology, protocols, and remote operations let incremental members be served at better unit economics rather than with proportional clinical labor and device cost.
Omada can convert growth into profitability because sales, product, and administrative infrastructure do not need to grow as fast as revenue once the platform reaches scale.
Omada has enough liquidity and improving cash conversion to keep investing in growth without being forced into dilutive or distressed financing.
Per-share value creation requires Omada’s operating leverage to overcome dilution and remaining GAAP losses, not just produce higher revenue.
Bear case: what would count against it
Large health plans or self-insured employers consolidate chronic-care budgets with integrated incumbents such as UnitedHealth/Optum, CVS Health, Teladoc/Livongo, or in-house payer programs.
Payers force more outcomes-based pricing or lower per-member fees, limiting Omada’s ability to capture value from its programs.
Customer acquisition becomes more expensive as employers and health plans rationalize point-solution vendors.
Thesis-Break Engine
Thesis-break watch · Omada Health
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Omada Health filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Omada Health filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Omada Health filed an SEC 8-K on 2026-05-07: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large health plans or self-insured employers consolidate chronic-care budgets with integrated incumbents such as UnitedHealth/Optum, CVS Health, Teladoc/Livongo, or in-house payer programs.
- Payers force more outcomes-based pricing or lower per-member fees, limiting Omada’s ability to capture value from its programs.
- Customer acquisition becomes more expensive as employers and health plans rationalize point-solution vendors.
- A major customer loss or slower payer payments creates a working-capital reversal before revenue visibly weakens.
- Stock-based compensation or share issuance remains high enough that operating progress does not translate into per-share gains.
OMDA news
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Financial statements
OMDA income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.