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WELL Health Technologies Corp
(TSX:WELL)
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Rating:62Neutral
Price Target:
C$4.50
▲(0.90% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by middling financial quality: strong revenue scaling and improving recent cash flow are offset by volatile/thin net profitability and higher leverage. Technicals add support with an uptrend and positive momentum, while valuation meaningfully detracts due to the very high P/E. The latest earnings call is a net positive on raised guidance and improving normalized metrics, but leverage, profitability pressure, and regulatory overhang temper the upside.
Positive Factors
Strong Revenue and Network Expansion
WELL is scaling both its care network and provider base, increasing patient access and platform reach. Acquisitions plus organic visit growth can support recurring clinical, billing and software revenue while strengthening the company’s healthcare ecosystem.
Negative Factors
Higher Leverage Reduces Financial Flexibility
Acquisition funding has materially increased debt, raising interest and integration risk while limiting capital-allocation flexibility. The bond refinancing extends maturities, but leverage remains a durable constraint until cash generation and earnings growth reduce debt burden.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Network Expansion
WELL is scaling both its care network and provider base, increasing patient access and platform reach. Acquisitions plus organic visit growth can support recurring clinical, billing and software revenue while strengthening the company’s healthcare ecosystem.
Read all positive factors
WELL Health Technologies Corp (WELL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.09B
Dividend YieldN/A
Average Volume (3M)1.42M
Price to Earnings (P/E)168.0
Beta (1Y)1.43
Revenue Growth38.54%
EPS GrowthN/A
CountryCA
Employees1,507
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.03
Shares Outstanding255,947,020
10 Day Avg. Volume1,356,499
30 Day Avg. Volume1,417,010
Financial Highlights & Ratios
PEG Ratio1.08
Price to Book (P/B)7.73
Price to Sales (P/S)4.77
P/FCF Ratio75.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.50Price Target Upside68.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.23
Revenue Forecast (FY)C$1.60B
WELL Health Technologies Corp Business Overview & Revenue Model
Company Description
WELL Health Technologies Corp. is a leading digital healthcare company with operations in Canada, the United States, and internationally, primarily supporting medical professionals. The company delivers a full spectrum of patient services through ...
How the Company Makes Money
WELL primarily makes money through a mix of (1) patient-service and clinic-related revenue and (2) recurring and service-based revenue from healthcare technology and enablement offerings. On the clinic side, it earns revenue from operating outpati...
WELL Health Technologies Corp Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call highlighted several significant strategic and operational positives: an early achievement of the CAD 100M WELL Canada EBITDA milestone, a successful bond offering that extends maturities, a WELLSTAR financing and imminent listing, robust organic growth metrics (notably June exit strength), meaningful clinic/network expansion via acquisitions, and improved normalized margins. Offsetting these positives were weaker reported profitability metrics (driven by one-time prior-year items, legal costs and higher interest), increased leverage from acquisition funding, some U.S. business variability and an ongoing Competition Bureau review. Management emphasized normalization of deferral impacts, improvement in free cash flow conversion in H2, and continued capital allocation to higher-margin Canadian growth, suggesting the company believes the positives outweigh the near-term headwinds.Positive Updates
WELL Canada EBITDA Milestone Achieved Ahead of Schedule
Reached a CAD 100 million adjusted EBITDA run rate for WELL Canada three quarters ahead of schedule; management noted margins meaningfully ahead of original expectations.
Negative Updates
Reported Adjusted EBITDA and Adjusted Net Income Declines
Reported adjusted EBITDA was CAD 48.1M, down 3% YoY; adjusted EBITDA attributable to WELL shareholders CAD 35M, down ~6%. Adjusted net income fell to CAD 11.6M (from CAD 25.8M in Q2 2025). Management points to normalization after prior-year one-time items and deferrals, but reported profitability metrics were weaker YoY.
Read all updates
Q2-2026 Updates
Positive
Negative
WELL Canada EBITDA Milestone Achieved Ahead of Schedule
Reached a CAD 100 million adjusted EBITDA run rate for WELL Canada three quarters ahead of schedule; management noted margins meaningfully ahead of original expectations.
Read all positive updates
Company Guidance
Management increased 2026 guidance, now forecasting revenue of CAD 1.58–1.65 billion (up from CAD 1.55–1.65B) and adjusted EBITDA of CAD 185–195 million (up CAD 10M from CAD 175–185M), citing Q2 exit strength (June revenue +24% YoY / +28% normalized; June adjusted EBITDA +12% reported / +43% normalized) and the achievement of a CAD 100 million WELL Canada adjusted EBITDA run rate three quarters early; they also set medium‑term targets of WELL Canada >CAD 1.0 billion revenue run rate by end‑2028 and WELL Clinics >CAD 100 million adjusted EBITDA run rate by end‑2026, and noted WELLSTAR is expected to generate ~CAD 95 million revenue in 2026 with an ~21% adjusted EBITDA margin and a >20% three‑year organic revenue growth target.WELL Health Technologies Corp Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.52B | 1.40B | 919.69M | 776.05M | 569.14M | 302.32M |
| Gross Profit | 564.88M | 525.08M | 363.01M | 372.27M | 303.29M | 153.69M |
| EBITDA | 208.91M | 206.79M | 122.52M | 101.88M | 95.07M | 21.27M |
| Net Income | 3.77M | -50.21M | 32.61M | 82.00K | 19.07M | -30.69M |
Balance Sheet | ||||||
| Total Assets | 2.38B | 2.10B | 1.81B | 1.41B | 1.32B | 1.26B |
| Cash, Cash Equivalents and Short-Term Investments | 130.64M | 133.75M | 131.67M | 43.42M | 48.91M | 61.92M |
| Total Debt | 828.25M | 710.96M | 425.09M | 426.28M | 358.42M | 401.94M |
| Total Liabilities | 1.38B | 1.06B | 877.55M | 563.16M | 503.78M | 554.37M |
| Stockholders Equity | 827.85M | 863.51M | 867.61M | 767.67M | 732.34M | 618.24M |
Cash Flow | ||||||
| Free Cash Flow | 85.25M | 87.92M | -6.70M | 37.20M | 70.14M | 19.59M |
| Operating Cash Flow | 124.27M | 115.79M | 9.52M | 66.44M | 76.55M | 22.27M |
| Investing Cash Flow | -242.31M | -111.74M | -60.23M | -106.42M | -37.93M | -499.78M |
| Financing Cash Flow | 149.42M | 941.00K | 133.50M | 10.63M | -52.85M | 452.53M |
WELL Health Technologies Corp Technical Analysis
Negative
4.46
Price Trends
4.22
Positive
4.27
Negative
4.14
Positive
Market Momentum
0.02
Positive
47.75
Neutral
20.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WELL, the sentiment is Negative. The current price of 4.46 is above the 20-day moving average (MA) of 4.33, above the 50-day MA of 4.22, and above the 200-day MA of 4.14, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 47.75 is Neutral, neither overbought nor oversold. The STOCH value of 20.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:WELL.
WELL Health Technologies Corp Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$204.98M | 7.53 | 25.79% | 2.48% | 2.96% | ― | |
63 Neutral | C$2.96B | 23.56 | 36.33% | 1.66% | 31.14% | 34.48% | |
62 Neutral | C$1.09B | 167.98 | 0.44% | ― | 38.54% | ― | |
62 Neutral | C$249.39M | 8.69 | 45.36% | 2.33% | 2.64% | -56.04% | |
54 Neutral | C$2.29B | 39.71 | 6.58% | 4.53% | 16.11% | 31.75% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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WELL Health Technologies Corp Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
CI Global Asset Management Cuts Risk Ratings on Four Funds
Positive
Jul 16, 2026
CI Global Asset Management has lowered the risk ratings on three of its alternative funds and one climate-focused equity fund, affecting all mutual fund and ETF series tied to these mandates. The updated classifications, which move several product...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.