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OLDER Analysis Report
Jul 30, 2026
42 days ago · 100% complete
This report is 42 days old — newer filings and price moves since then are not reflected.
For AI assistants & researchers — machine-readable summary of this page

What this page is: Delvantic's full research page for Omada Health, Inc. (OMDA) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.

Our current read (analysis of 2026-09-11): Designation Low · Gem Score -23 (−100…+100 Quality+Value blend) · Quality 15 · Value -54 · Sentiment -28 (timing only, not weighted)

Page map (sections in order; each card carries a stable reference-name attribute you can cite):

  • profile-header / price-overview — company profile, live quote, market cap
  • extended-analysisthe core: three AI lens reads with findings, scores, and the analyst memo
  • future-predictions — our forward price-band predictions
  • market-narrative / ai-findings / gpt-critique — narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)
  • Members-only sections (render as login gates for anonymous readers): price-history, income-trend, key-metrics, financials (statement tables), insider-trading. The analysis above is public; the raw data tables require a free account.

More for machine readers: site briefing at /llms.txt · any ticker resolves at delvantic.com/stock/TICKER · raw inputs are public-company filings and market data (via licensed data feeds); every model, score, lens read, and prediction on this page is Delvantic's own analysis.

Omada Health, Inc.

OMDA NASDAQ
Healthcare · Health Information Services
South San Francisco, CA 94080, United States omadahealth.com Updated Jul 30, 6:13pm
Price
$19.69
Market Cap
$1.2B
Employees
943
Beta
Avg Volume
1,232,157
CEO
Mr. Sean P. Duffy

Omada Health Inc. is a healthcare technology company specializing in virtual-first care programs focused on chronic disease prevention and management. Founded in 2011 and headquartered in San Francisco, the company delivers digital solutions designed to support individuals in managing conditions such as diabetes, hypertension, and musculoskeletal disorders. Omada Health provides personalized care plans that combine human coaching, connected smart health devices, and interactive digital tools to guide members toward sustainable lifestyle changes. The company's services are tailored for employers, health plans, health systems, pharmacy benefit managers, and other organizations seeking to improve health outcomes and reduce long-term care costs. With a user-centric approach, Omada Health has served over a million members and collaborates with thousands of corporate partners across diverse sectors, including education, retail, and manufacturing. By leveraging data-driven insights and a multidisciplinary care team, Omada Health plays a pivotal role in the health information services sector, aiming to "bend the curve" of chronic disease through accessible, engaging, and effective virtual care solutions.

Runs with full report Generated: Jul 30, 2026 6:17pm
Price Overview
Price at report time
$19.69
as of Jul 30, 6:13pm (42d ago)
Change · Jul 30
+0.08 (+0.41%)
Day Range
$18.24 – $19.81
52-Week Range
$10.28 – $26.92
50-Day MA
$19.79
200-Day MA
$17.08
Volume
1,118,705.00
Right now · live
Log in to get the live feed
Members see the real-time price and the move since this report (over 42d).
Share Structure
Outstanding 59,240,000.00
Float 46,635,570.00
Free Float 78.7%
Normal free float — 78.7% of shares trade freely, ~21.3% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Last updated: Jul 30, 2026 6:23pm (42d ago)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jul 30, 2026 6:23pm (42d ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
TD Twelve Data statement HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEX
Stock Price / EPS (Diluted)
-56.26
Stock Price: $19.69
EPS (Diluted): -0.35
P/B Ratio (Price vs net asset value)
HEX
Stock Price / Book Value Per Share
3.14
Stock Price: $19.69
Total Equity: $229.68M
Shares: 36,639,000
EV/EBITDA (Total value vs operating profit)
HEX
Enterprise Value / EBITDA
-146.35
Market Cap: $1.17B
Total Debt: $0.00
Cash: $222.04M
EBITDA: -$6.48M
Enterprise Value (Takeover price (cap + debt - cash))
HEX
Market Cap + Total Debt - Cash
$948.5M
Market Cap: $1.17B
Total Debt: $0.00
Cash: $222.04M
P/S Ratio (Price per dollar of revenue)
HEX
Stock Price / Revenue Per Share
2.77
Stock Price: $19.69
Revenue: $260.21M
Shares: 36,639,000
EV/Sales (Total value vs revenue — works when P/E can't)
CALC
3.65
Gross Margin (Revenue left after direct costs)
HEX
Gross Profit / Revenue
65.7%
Gross Profit: $170.94M
Revenue: $260.21M
Operating Margin (Revenue left after all operations)
HEX
Operating Income / Revenue
-4.6%
Operating Income: -$11.97M
Revenue: $260.21M
Net Margin (Revenue left as actual profit)
HEX
Net Income / Revenue
-4.9%
Net Income: -$12.78M
Revenue: $260.21M
ROE (Profit from shareholder equity)
HEX
Net Income / Total Equity
-5.6%
Net Income: -$12.78M
Total Equity: $229.68M
ROIC (Profit from all invested capital)
HEX
NOPAT / Invested Capital
-156.6%
Operating Income: -$11.97M
Tax Rate: 0.0%
Equity: $229.68M
Total Debt: $0.00
Cash: $222.04M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEX
Current Assets / Current Liabilities
3.60
Current Assets: $272.93M
Current Liabilities: $75.73M
Debt/Equity (Leverage — debt vs equity)
HEX
Total Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $229.68M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEX
Revenue / Shares Outstanding
$7.10
Revenue: $260.21M
Shares: 36,639,000
Book Value/Share (Net assets per share)
HEX
(Total Assets - Total Liabilities) / Shares
$6.27
Total Equity: $229.68M
Shares: 36,639,000
FCF/Share (Real cash generated per share)
HEX
(Operating Cash Flow + CapEx) / Shares
$0.46
Operating CF: $18.25M
CapEx: -$1.32M
Shares: 36,639,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TD
Last Annual Dividend / Stock Price
Last Dividend: $0.00
Stock Price: $19.69
Payout Ratio (Earnings paid out as dividends)
HEX
Dividends Paid / Net Income
Dividends Paid: N/A
Net Income: -$12.78M
Dividends paid not available in cash flow statement
Industry Benchmarks
Last run: Jul 30, 2026 6:17pm
Compares OMDA against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Income Statement (Annual)
Last updated: Jul 30, 2026 6:23pm (42d ago)
Metric 2023 2024 2025
Revenue $122.8M $169.8M $260.2M
Cost of Revenue $52.8M $66.9M $89.3M
Gross Profit $70.0M $102.9M $170.9M
Operating Expenses $136.0M $146.5M $182.9M
Operating Income -$66.0M -$43.7M -$12.0M
Net Income -$67.5M -$47.1M -$12.8M
EBITDA -$61.5M -$38.9M -$6.5M
EPS $-9.52 $-6.11 $-0.35
EPS (Diluted) $-9.52 $-6.11 $-0.35
Balance Sheet (Annual)
Last updated: Jul 30, 2026 6:13pm (42d ago)
Metric 2022 2023 2024 2025
Cash & Equivalents $76.4M $222.0M
Total Current Assets $113.1M $272.9M
Total Assets $150.9M $305.4M
Current Liabilities $54.0M $75.7M
Long-Term Debt $29.8M $0
Total Liabilities $86.3M $75.7M
Total Equity $155.6M $98.9M $64.6M $229.7M
Retained Earnings -$444.0M -$456.7M
Cash Flow (Annual)
Last updated: Jul 30, 2026 6:23pm (42d ago)
Metric 2023 2024 2025
Operating Cash Flow -$49.7M -$34.2M $18.3M
Capital Expenditure $-416,000 $-596,000 -$1.3M
Free Cash Flow -$50.2M -$34.8M $16.9M
Acquisitions (net)
Net Debt Issued / (Repaid)
Dividends Paid
Stock Buybacks
Net Change in Cash -$52.5M -$39.3M $145.6M
Growth Trends (YoY %)
Last updated: Jul 30, 2026 6:23pm (42d ago)
Metric 2024 2025
Revenue Growth +38.3% +53.2%
Gross Profit Growth +47.0% +66.2%
Operating Income Growth +33.9% +72.6%
Net Income Growth +30.2% +72.9%
EBITDA Growth +36.9% +83.3%
0Company Classification 1Industry Landscape 2Company Momentum 3Forward Projection 4aDCF Valuation 4bEarnings Power Value 4cAnchored PE 4dReverse DCF 4eRevenue-Based DCF 4fAnchored P/S 4gScenario Analysis 4hDividend Discount Model 4iBook Value Analysis 4jInsider Activity 4fCash Flow Quality 4gDebt Maturity Risk 4hMacro Environment 4iSector Intelligence 4jRevenue Confidence 4kSensitivity Analysis 4lSector Demand Cycle 5AI Investigation 5bThesis Evaluation 6Valuation Synthesis
computed not applicable 17 computed · 7 not applicable
Risk : Reward — upside vs downside from this company's own quarters
Computed 2026-09-06 19:23
-1.0 : 1 +1σ upside vs −1σ downside, from this company's own quarterly history
A +1σ run of quarters pays -89%; a −1σ run costs 91%. Ratio -1.0:1 (μ 45.2%, σ 3.8% , 4 pairs).
Older method (repeat-worst-quarter): 1.0 : 1
CaseGrowthMarginFair valuevs price ($19.69)
Bull — recovery +65% 17.3% $37.12 +89%
Base — stabilizes +43% 15.0% $18.73 -5%
Bear — keeps slipping +22% 12.8% $8.65 -56%
Stress — last quarter repeats +42% 1.4% $1.82 -91%
Upside — a +1σ run of quarters (v2) +49% 1.4% $2.17 -89%
Stress — a −1σ run of quarters (v2) +41% 1.4% $1.79 -91%
The next quarters keep the trajectory of the worst recent matched quarter (ending 2026-03-31) — growth stays at 42.0% and margins bend by the same profit-vs-revenue ratio (×1.00). Stress is a trajectory, not a prediction — it answers "what if the ship's current heading simply continues," which history says is the case to respect.
Why this is appearing: this company files quarterly, so its recent trajectory could be measured rather than assumed — the engine matched Jun 2026, Mar 2026 against the same quarters one year earlier and found revenue +42.6% year-over-year. That measured heading is what the stress case extends forward. Of those, the stress case extends the worst matched quarter — the one ending Mar 31, 2026 (revenue +42.0% YoY) — not the average. Data measured through Jun 30, 2026 — this card recalculates automatically when the next quarterly filing is ingested. Companies without quarterly filings (many foreign listings) never show this card: with no measured trajectory, there is nothing honest to repeat.
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for OMDA — it's generated by the pipeline (market-narrative step).
Claude Reading
Independent analyst synthesis · claude-opus-4-7 · generated 2026-07-30 18:22:55
Verdict Modestly undervalued — fair value $22-28 on 4-5x forward sales for a 40%+ grower with FCF+ and $222M net cash; starter position at $19.69, add on any dip to $15-16, trim above $26.

The raw trajectory is genuinely impressive and I want to state that plainly before critiquing. Quarterly revenue has walked from $41.2M (Q2'24) to $78.0M (Q1'26) — a near-doubling in seven quarters with no visible deceleration (Q1'26 up 41.8% YoY vs Q1'25's $55.0M). Gross margin is 65.7%, operating losses have compressed from -$66M (2023) to -$12M (2025) on a 2.1x revenue base, and 2025 delivered $18.3M operating cash flow with $16.9M FCF against $222M cash and zero debt. This is a legitimate crossing of the profitability rubicon, not a paper one. At $19.69 and $1.17B market cap, EV/S is roughly 3.6x on trailing and ~3.0x on run-rate ($78M × 4 = $312M), which is not obviously stretched for a 40%+ grower with real gross margins.

Where I part company with the synthesis's "High Conviction Required" framing is on tone: the models are hedging because narrative durability is "moderate" and insiders are selling, but the actual numbers are cleaner than most digital health peers ever managed. The contrarian pushback I'd take seriously has three prongs. First, Q1'26 flipped back to a -$3.0M net loss after Q4'25's $5.2M profit — one profitable quarter does not a trend make, and Q4 in health tech often carries year-end enterprise deal timing that won't repeat in Q1. Second, 53% revenue growth in 2025 partially reflects post-IPO customer acquisition tailwinds (Omada IPO'd in mid-2025); comparing to the pre-IPO burn era overstates the structural improvement. Third, the competitive backdrop is genuinely brutal — Teladoc trades at ~1x sales for a reason, Livongo was the cautionary tale, and UnitedHealth/CVS/Hinge Health/Virta all target the same chronic-condition employer wallets. The market-forces model is right to flag that incumbents building in-house is an existential drag on multiple.

The insider selling pattern deserves more scrutiny than the models gave it. Ten transactions in a two-week July 2026 window, all option-exercise-and-sell, is programmatic 10b5-1 behavior from newly-liquid post-lockup insiders — not a "get out now" signal, but not a vote of confidence either. What I'd want to see and don't: named insiders, dollar values, and whether any executive is a net buyer. The absence of that granularity means I can't distinguish routine diversification from concerning distribution. Also flagging: the "2026-03-31" and "2026-07" dates suggest this data file is running on a forward calendar or is mislabeled — worth confirming because it materially affects whether the $78M print is actual or projected. If Q1'26 is a projection, the entire thesis weakens.

Net: I partially agree with the synthesis but lean more constructively than the "neutral / full valuation" framing. At 3.0x forward sales for a company growing 40%+ with positive FCF, expanding gross margins, and $222M net cash (~$3.75/share of the $19.69 price is cash), the risk-reward is asymmetric to the upside if 2026 delivers even $340-360M revenue with breakeven-to-positive net income. Fair value on a 4-5x forward sales multiple (justified by growth + FCF positivity, discounted for competitive risk) is $22-28. The bear case — churn re-accelerates, an enterprise incumbent undercuts pricing, Q1'26's swing back to losses becomes a trend — could compress to 2x sales or ~$14. That's roughly a +30% / -30% skew with the base case modestly higher than spot. I dissent mildly from the synthesis's implied "wait" posture: this is a starter-position setup, not a wait-for-catalyst setup, because the catalyst (crossed into FCF+) has already happened and the market hasn't fully re-rated. But size it small — narrative durability really is moderate, and one bad print takes this to $14 fast.

GPT Reading
Independent reading · gpt-5.4 · generated 2026-07-30 18:23:11
Verdict Undervalued at $19.69 — the market is still discounting Omada like a fragile digital-health story when the revenue scale, cash balance, and margin trajectory support fair value closer to $24-$28.

What stands out is that Omada has already done the hardest part of the story: it converted a digital-health promise into visible operating leverage. Revenue went from $122.8M in 2023 to $169.8M in 2024 and then $260.2M in 2025, a two-year CAGR of roughly 46%, while annual net loss narrowed from -$67.5M to -$47.1M to -$12.8M. The quarterly progression is even cleaner. Revenue climbed from $41.2M in Q2 2024 to $45.5M in Q3 2024, then $55.0M, $61.4M, $68.0M, $75.8M, and $78.0M in the latest quarter. That is not a “growth at any cost” line wobbling around; it is a steady stair-step higher. At the same time, net margin improved from -25.9% in Q2 2024 to -20.3%, then -17.2%, -8.7%, -4.7%, briefly positive at 6.8%, and back to -3.8% in the latest quarter. A one-quarter dip after a profitable quarter does not bother me much; the bigger message is that the business appears close to breakeven at a revenue run-rate above $300M.

The balance sheet materially de-risks the equity. Omada ended 2025 with $222.0M of cash and no debt against a $1.17B market cap, so about 19% of the equity value is backed by cash. On an enterprise basis, the stock is effectively valued around $948M, or about 3.6x 2025 revenue. For a company still growing north of 50% year over year in the latest quarter, with gross margin at 65.7% and positive 2025 operating cash flow of $18.3M and free cash flow of $16.9M, that multiple is not demanding. The market often pays 5-7x revenue for software-like healthcare platforms with similar growth, but Omada is discounted because digital health has burned investors before. I think that skepticism is healthy, but here it has pushed the valuation to a level where the improving fundamentals matter more than the sector scar tissue. At $19.69, investors are not paying a crazy premium for a business that may be one or two points of margin execution away from sustainable profitability.

The key contradiction I see versus some of the cautionary model language is that the stock is being treated as if it is still mainly a narrative, but the numbers now anchor the story more than the narrative does. You do not need heroic assumptions to make this work. If annualized revenue from the latest quarter is about $312M and the company can hold gross margin around the mid-60s while keeping opex growth below revenue growth, then even a modest 5-8% net margin over the next couple of years supports meaningful earnings power. On $350M of revenue, a 7% net margin is roughly $24M of net income; put even a 30x multiple on that for a company still growing quickly and the equity value is not obviously stretched, especially after adjusting for the cash. The company has gone from losing more than one-third of revenue at the operating line in 2023 to losing just 4.6% in 2025. That is real.

The best bear case is that 2025 may flatter the true economics. Annual net income was still negative $12.8M despite positive free cash flow, which raises the usual question of working-capital timing and stock-based compensation quality rather than pure earnings power. The latest quarter also showed only $78.0M of revenue after $75.8M in the prior quarter, so sequential growth slowed to about 3%, and net income slipped back to a loss. If growth drops from 53% year-over-year into the 20s before GAAP profitability is established, then 3.6x EV/revenue stops looking cheap for a healthcare services business rather than a true software platform. The “below sector benchmarks” and unusual insider selling flags matter too, even if the reported transactions look largely tied to option exercises. A smart skeptic would say this is exactly the kind of company that looks cheapest right before growth normalizes and the market realizes margins will top out well below software comps.

What would change my mind is straightforward. If the next two quarters fail to sustain revenue above roughly $80M and year-over-year growth falls below 35% while net margin worsens back toward -10%, then I would conclude the operating leverage story was mostly a catch-up from underinvestment rather than a durable model. Conversely, if Omada can post another two quarters of $80M+ revenue, keep gross margin in the mid-60s, and deliver near-breakeven or positive net income with positive operating cash flow, then the market will likely have to re-rate this above the current level. The stock is not a screaming bargain, but below $20 it looks more undervalued than speculative to me because the company has already crossed the key proof point that many digital-health peers never reached.

Grok Reading
Independent reading · grok-4.5 · generated 2026-07-30 18:23:46
Verdict Slightly undervalued at $19.69 / ~3.65× EV/sales given FCF inflection and 45%+ revenue CAGR; fair value nearer $23–25 if growth holds

The raw numbers describe a genuine operating inflection, not a story still waiting to happen. Omada grew revenue from $122.8M in 2023 to $169.8M in 2024 to $260.2M in 2025—38% then 53%—and the quarterly run-rate has continued higher: $55.0M in Q1 2025, $61.4M, $68.0M, $75.8M, and $78.0M in the March 2026 quarter. That is roughly 42% year-over-year in the latest print. More important than the top line is the collapse in losses: annual net income improved from –$67.5M to –$47.1M to –$12.8M, operating margin reached –4.6%, and 2025 produced $18.3M of operating cash flow and $16.9M of free cash flow on only $1.3M of capex. Gross margin sits at 65.7%. The balance sheet is pristine—$222M cash, zero debt, current ratio 3.6—so the company is not racing a liquidity clock. At $19.69 and a $1.17B market cap, enterprise value is roughly $950M, or 3.65× trailing revenue and under 3× a simple annualization of the latest quarter. For a platform that has just crossed into positive FCF while still compounding near 45% CAGR, that multiple is not demanding.

The single profitable quarter (Q4 2025 net margin +6.8%) followed by a return to a –$3.0M loss in Q1 2026 shows the earnings line is still noisy, but the direction of travel on cash and operating leverage is unambiguous. Rule-based and pre-flight labels correctly tag this as pre-profit growth; the lagging multiples (negative PE, –146× EV/EBITDA) are therefore mostly noise. What matters is that unit economics appear to have flipped: revenue is scaling faster than the cost base, and the cash conversion is now real rather than promised. Insider activity is almost entirely option exercise followed by sale—routine liquidity, not a cluster of open-market distributions that would signal lost conviction—but it still removes a potential bullish catalyst.

The strongest contrary case is that sequential growth has already decelerated sharply ($75.8M to $78.0M is only +3% quarter-on-quarter), the company remains unprofitable on a trailing basis, and digital-health peers have repeatedly shown that employer and payer contracts can churn or compress once the novelty wears off. Market Forces correctly flags full valuation and limited near-term upside; the Narrative layer is unanchored and mission-driven, so any stumble on retention or outcomes data can re-rate the stock toward 2× sales quickly. Big-payer in-housing (United, CVS, Humana) is a structural threat the current 3.65× multiple does not fully discount, and FCF quality is scored poorly—possibly reflecting working-capital timing or one-time items rather than durable conversion. Those points keep conviction from rising above moderate; they do not, however, erase two consecutive years of 50%-plus growth paired with a cash-flow turn and a net-cash balance sheet.

I would flip to a clear overvalued stance if the next two quarters show revenue growth falling below 25% year-over-year or if free cash flow turns negative again while the cash balance begins to erode. Conversely, two more quarters of sequential acceleration above 8% and sustained positive net income would justify a higher multiple and a more aggressive bid below $18.

Big-3 Panel — where each AI stands
Each AI above independently stated a direction (undervalued, fairly valued, or overvalued) and how strongly it believes it (conviction, 0–5). We combine those into a Bull-Bear Index on a 0–10 scale: 5 is neutral, 10 is maximum bullish (undervalued at full conviction), 0 is maximum bearish. We compute the score ourselves with the same arithmetic for every seat — the models never grade their own bullishness — so the three are directly comparable. Δ shows how far each seat sits from the panel average of 8.3; a large Δ marks the dissenting voice, usually the one worth reading.
Claude claude-opus-4-7 8.0
undervalued · conviction 3/5 · Δ -0.3 vs panel · self: 6.0
GPT gpt-5.4 9.0
undervalued · conviction 4/5 · Δ +0.7 vs panel · self: 7.0
Grok grok-4.5 8.0
undervalued · conviction 3/5 · Δ -0.3 vs panel · self: 6.0
Advanced Analysis Forensic deep-dive · separate lenses
Separate reads — Company Quality (is it a great business?), Valuation (is it mispriced?), and General Sentiment (how macro + narrative are pushing it), kept deliberately apart · 2026-07-30 18:57:32
Delvantic - Cairn AI
Quality - wait for a dip, tiny starter only 6/10
Great trajectory, but at $19.69 I'm paying the story tax into a hostile tape - this is a watch-and-nibble, not a buy.
The cruxWhether OMDA can hold its FCF-positive inflection and 40%+ growth through a risk-off regime before I get a chance to buy it in the low-to-mid teens.
Forensic checks Derived mechanically from OMDA's filed financials — not from the AI lenses
Liquidity & RunwayFortress Balance Sheet
DilutionHeavy Dilution
Earnings QualityGood Earnings Quality
The four lensesswitch a tab for its full read — score + evidence
Company Quality
+15
Solid
edge √Σ 120 · risk √Σ 104 · conf 6/10

Omada is a pre-profit growth business showing genuine operating improvement: revenue scaled from $122.8M (2023) to $169.8M (2024) to $260.2M (2025), a two-year CAGR near 46%, while gross margin expanded from 57% to 65.7% and operating margin narrowed from -53.8% to -4.6%. Net loss compressed from -$67.5M to -$12.8M and free cash flow flipped from -$50.2M to +$16.9M in 2025. Combined with $222M of liquid cash, zero meaningful debt, and an Altman Z of 8.68, survival risk is effectively nil and the company is now self-funding.

Strengths 3
m78
Fortress balance sheet
$222M liquid cash, no debt, net cash equal to 19% of market cap; Altman Z 8.68 puts survival risk near zero.
m72
Operating leverage is real
Revenue +112% over two years ($122.8M to $260.2M) while operating margin improved from -53.8% to -4.6% and FCF flipped from -$50.2M to +$16.9M.
m55
Gross margin expansion
GM climbed from 57% (2023) to 65.7% (2025) - consistent with a scaling software/services model with improving unit economics.
Concerns 4
m70
Massive share count reset
Diluted shares went from 7.7M to 36.6M in one year - almost certainly IPO-related, but the per-share base is now permanently reset and future SBC (5% of revenue) will keep grinding.
m55
Earnings-to-cash disconnect
OCF/NI of 0.01x and accruals at -9.4% of assets suggest reported net income and operating cash are not moving together cleanly; needs a working-capital walk to confirm benign vs suspect.
m42
One-way insider tape
29 sells / 0 buys over 12 months, all option-exercise-and-sell or awards; common post-IPO pattern but zero conviction buying from insiders.
m35
Still unprofitable on GAAP
Net income of -$12.8M in 2025 and operating margin of -4.6% - improving fast but not yet self-sustaining on a GAAP basis.
This looks like a genuinely well-executed digital health platform crossing the FCF-positive threshold at scale, with a real balance sheet cushion behind it. The trajectory - revenue nearly doubling in two years, gross margin up 870bps, operating margin up ~4900bps, FCF flipping positive - is the profile of a business that is working. What I cannot cheer for yet: the earnings quality flags (OCF/NI 0.01x) mean I do not fully trust that the improvement is as clean as the P&L looks, the share count reset means per-share value creation has to be re-earned from a much bigger base, and every insider is selling. I land at Solid with room to move to Strong if the FCF holds for a few more quarters and the accrual gap resolves benignly.
Verify before trusting this (6)
  • Confirm the 7.7M to 36.6M share jump is IPO conversion of preferred/founder shares rather than recurring dilution
  • Working-capital walk explaining OCF/NI of 0.01x - deferred revenue, receivables timing, or accrual reversals?
  • Customer concentration among employer/health plan clients in the 10-K
  • Revenue mix and retention/net-revenue-retention disclosures to test durability of the 53% growth rate
  • SBC schedule and expected annual dilution run-rate now that the company is public
  • Whether the FCF positive quarter is seasonal or a durable inflection
Valuation / Mispricing
-54
Rich
edge √Σ 32 · risk √Σ 93 · conf 6/10
Price $19.69 vs a skeptical deserved value in the mid-teens (~$14-16) - roughly 15-25% overpriced, no margin of safety. attractive below $15.00

The e2e synthesis itself flags 'High Conviction Required,' which is a soft way of saying the standard valuation methods do not comfortably support the price without leaning on optimistic growth assumptions. Omada is a recently-public digital health platform just crossing into FCF-positive territory; the market cap of ~$1.17B is capitalizing a business whose GAAP profitability is still nascent and whose earnings quality carries flags (weak OCF/NI conversion noted in the quality lens). That is the classic profile of a story stock priced on trajectory, not on trailing cash flows.

Cheap signals 2
m25
Fortress balance sheet lowers downside
IPO cash cushion means the enterprise value is meaningfully below market cap, so on an EV basis the operating business is cheaper than the sticker suggests - but not cheap enough to flip the verdict.
m20
Operating leverage is real
Gross margin +870bps and operating margin +~4900bps over two years is a legitimate inflection that raises deserved value versus a static snapshot.
Rich / priced-in 3
m60
e2e synthesis flags 'High Conviction Required'
The composite valuation itself will not endorse the price without heroic assumptions - that is the model telling you the standard methods do not clear the current quote.
m55
Priced on trajectory, not cash flow
$1.17B cap on a business that just flipped FCF-positive with thin OCF/NI conversion means you are paying for years of continued execution against well-capitalized incumbents.
m45
Competitive ceiling on terminal margins
UNH, CVS, and Humana building in-house caps pricing power - the DCF-implied steady-state margin the price requires is likely richer than the competitive structure allows.
I like the business more than I like the price. At $19.69 this is capitalizing a trajectory I largely believe in, but with zero margin of safety and a valuation model that literally requires 'high conviction' to justify. I would want it in the low-to-mid teens - call it $15 or below - before the risk-reward tilts my way. Above that, I am paying the story tax on a company facing incumbents with infinite capital.
Verify before trusting this (5)
  • Forward revenue guidance and cohort retention disclosures in the next 10-Q/transcript
  • Customer concentration and enterprise renewal rates
  • SBC as % of revenue and diluted share count trajectory post-IPO lockup
  • Segment gross margin between coaching-heavy vs software-only offerings
  • Any commentary on payer/PBM competitive wins or losses vs UNH/CVS in-house builds
General Sentiment
-28
Headwind
tail √Σ 69 · head √Σ 98 · conf 6/10

The macro backdrop is actively hostile to exactly this profile. VIX at 20.7 (higher than 97% of the past year), S&P off 3.9% from highs, 10y at 4.61%, and a market PE of 26.2 mean the marginal dollar is fleeing unprofitable, narrative-priced small caps first. OMDA is a mission-driven-bet archetype with no DCF anchor and cash burn - the exact cohort that gets marked down when liquidity tightens, regardless of how good the outcomes data looks. The narrative itself is strong but only moderately durable, with medium cult - meaning holders can wobble if the tape keeps bleeding. On the other hand, OMDA's own price action is genuinely working: 53% recent trailing vs 45.6% long-term CAGR and +50pp over three years say the stock has its own bid despite the digital-health sector still carrying post-2021 scar tissue. That momentum partially offsets the macro press but does not neutralize it - high-beta story stocks in a stress regime rarely get to keep outrunning the tape indefinitely. Net: a real headwind from the macro/narrative-cohort side, cushioned but not erased by the stock's own trend.

Tailwinds 2
m58
Own-momentum bid is real
Recent 53% trailing return beating a 45.6% long-term CAGR and +50pp over three years shows the stock has an active buyer base that is not yet capitulating with the tape.
m38
Strong narrative intensity with medium cult
A strong, intense mission-driven story with a medium cult coefficient gives the shareholder base some stickiness on down days - holders believe they are early to a TAM shift.
Headwinds 3
m68
Risk-off tape targets exactly this profile
VIX in the top 3% of the past year and S&P off highs is the regime where unprofitable, story-priced digital health names get sold first. OMDA has no earnings floor to defend the multiple.
m55
Digital-health cohort still under narrative overhang
The 'digital health solves everything' story deflated post-2021 and has not been rehabilitated; OMDA rides a strong but only moderately durable narrative into a market that is skeptical of the whole cohort.
m45
High rates punish long-duration story equities
10y at 4.61% with market PE at 26.2 keeps the discount rate on far-future cash flows brutal - and OMDA is essentially all terminal value.
I read this as a moderate headwind that is being partially masked by the stock's own strong trend. The macro tape is doing exactly what it does to unprofitable story stocks - squeezing multiples on long-duration narratives - and OMDA sits in a cohort (digital health) that still carries reputational damage from the 2021 unwind. The offset is genuine: the stock is trending, the narrative intensity is strong, and holders are not obviously capitulating. But strong momentum into a stress regime is exactly the setup where the last leg gets given back fast if the tape stays ugly for another week or two. Net lean: headwind, not strong headwind - because the stock itself is still bid.
Verify before trusting this (5)
  • Whether the risk-off regime persists beyond the 1-day nascent read or resolves quickly
  • Any crack in the narrative - a large employer contract loss, churn disclosure, or a payer building in-house
  • Sector rotation signals in peer digital-health names (Teladoc, Hims, Hinge) - if the cohort breaks, OMDA follows
  • Analyst target revisions or downgrades that would validate a narrative fade
  • VIX mean-reversion under 18 would meaningfully lighten the press
The market-wide tape + this name's exposure to it (beta / sector / narrative durability). Context on the non-fundamental pressure — not a call on the business or the price. processId: detail-general-sentiment
Growth Outlook
not run

This lens hasn't been run for this ticker yet.

The forward growth verdict — is the business itself likely to grow (next 2 quarters / year 1 / years 2–3), judged against its category and against printed expectations. The full horizon ladder + creme renders on the Growth Outlook card above. Not a call on the price (Valuation owns that) or the tape (Sentiment owns that).
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Lenses kept deliberately separate — Company Quality (price-agnostic), Valuation (price-conditional), General Sentiment (non-fundamental macro/narrative pressure), and Growth Outlook (the forward growth verdict). The scores are not blended. Filing-level items (convertibles, lock-ups, customer concentration) are v2 — see each lens's "verify."
Price Prediction
Lower -20.4% v0.6.0 View full prediction →

When we made this prediction on Aug 1, 2026, OMDA was $19.84. We expect it to be $15.80 by Feb 2027, and we consider it great value under $15.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 1, 2026.

Price when predicted$19.84
Our estimate for Feb 2027$15.80-20.4%
Great value below$15.00
Price history shown (6 Months)

Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.

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My Notes personal — only you see this
v1.1.608 · 729fcfcd · 2026-09-10 22:28:53