Buy TDOC by May 13, 2026.

I went through TDOC’s SEC filings and something doesn’t quite add up. The company is basically two businesses stapled together: * **Integrated Care (B2B):** roughly **\~$1.5B revenue run-rate**, **\~17% segment EBITDA margin**, **\~102M US members**, low-single-digit growth. * **BetterHelp (DTC):** shrinking high-single digits YoY, thin margins, users down. At **\~$7/share**, **market cap is \~$1.3B** and **enterprise value is \~$1.6B**. The company also **retired \~$550M of convertible notes in 2025 using cash** and reported **\~$170M FCF in 2024**. On the surface, …