A Business at a Glance
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Our Mission Our mission is to make behavioral health care available to all and help people everywhere to heal. Talkspace, Inc. together with its consolidated subsidiaries (referred to herein as the “Company”, “we”, “our”, “us” or “Talkspace”) is a leading virtual behavioral health company connecting millions of patients with licensed mental health providers across a wide and growing spectrum of care through virtual psychotherapy and psychiatry. Through our purpose-built platform created to address the vast, unmet and growing demand for behavioral health services, we serve: •Health insurance plans (commercial and government) and employee assistance programs (“Payor”) who offer their members access to our platform at in-network reimbursement rates, •Direct-to-Enterprise (“DTE”) comprised of enterprises who offer their enterprise members access to our platform while their enterprise is under an active contract with Talkspace, and •Individual subscribers (“Consumer”) who subscribe directly
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 215M | 188M | 150M | 120M | 114M | 76M |
| Net Income | 4.2M | 1.1M | -19M | -80M | -63M | -22M |
| EPS | $0.03 | $0.01 | $-0.11 | $-0.47 | $-0.39 | $-1.67 |
| Free Cash Flow | 0 | 12M | -16M | -61M | -66M | -15M |
| ROIC | -0.1% | 1.0% | -16.2% | -62.5% | -32.6% | -52.8% |
| Gross Margin | - | 45.8% | 49.6% | 50.5% | 58.7% | 65.4% |
| Debt/Equity | 0.00 | 0.18 | 0.20 | 0.23 | 0.16 | -0.21 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -108K | -4.5M | -23M | -83M | -94M | -22M |
| Operating Margin | -0.1% | -2.4% | -15.5% | -69.5% | -82.6% | -28.9% |
| ROE | 3.9% | 1.0% | -16.2% | -62.5% | -32.6% | - |
| Shares Outstanding | 166M | 168M | 168M | 169M | 162M | 154M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 76M | 114M | 120M | 150M | 188M | 215M |
| Gross Margin | 65.4% | 58.7% | 50.5% | 49.6% | 45.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -22M | -94M | -83M | -23M | -4.5M | -108K |
| Op. Margin | -28.9% | -82.6% | -69.5% | -15.5% | -2.4% | -0.1% |
| Net Income | -22M | -63M | -80M | -19M | 1.1M | 4.2M |
| Net Margin | -29.4% | -55.2% | -66.6% | -12.8% | 0.6% | 2.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | -52.8% | -32.6% | -62.5% | -16.2% | 1.0% | -0.1% |
| ROE | N/A | -32.6% | -62.5% | -16.2% | 1.0% | 3.9% |
| ROA | -68.0% | -28.1% | -51.0% | -13.5% | 0.8% | 3.3% |
| Cash Flow | ||||||
| Op. Cash Flow | -15M | -66M | -61M | -16M | 12M | 7.2M |
| Free Cash Flow | -15M | -66M | -61M | -16M | 12M | 0 |
| Owner Earnings | -19M | -95M | -75M | -26M | 1.7M | -2.8M |
| CapEx | 126K | 663K | 350K | 0 | 0 | 0 |
| Maint. CapEx | 379K | 2.0M | 1.4M | 1.2M | 859K | 859K |
| Growth CapEx | 0 | 0 | 0 | N/A | N/A | 0 |
| D&A | 379K | 2.0M | 1.4M | 1.2M | 859K | 859K |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 11M | 11M |
| Buyback Yield | N/A | N/A | N/A | N/A | 2.1% | 1.3% |
| Stock-Based Comp | 3.0M | 27M | 12M | 8.4M | 9.2M | 9.2M |
| Debt Repayment | 0 | 6.0M | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | -40M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 40M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | -0.21 | 0.16 | 0.23 | 0.20 | 0.18 | 0.00 |
| Interest Coverage | -60.4 | -3.0 | -22.2 | -5.5 | -0.8 | -0.8 |
| Equity | -99M | 192M | 128M | 119M | 117M | 109M |
| Total Assets | 33M | 224M | 156M | 142M | 139M | 129M |
| Total Liabilities | 20M | 31M | 29M | 24M | 21M | 20M |
| Intangibles | 11M | 9.6M | 5.1M | N/A | N/A | N/A |
| Retained Earnings | -109M | -172M | -251M | -270M | -269M | -269M |
| Working Capital | 188K | 186M | 125M | 118M | 111M | 111M |
| Current Assets | 21M | 213M | 153M | 140M | 130M | 130M |
| Current Liabilities | 20M | 27M | 27M | 22M | 19M | 19M |
| Per Share Data | ||||||
| EPS | -1.67 | -0.39 | -0.47 | -0.11 | 0.01 | 0.03 |
| Owner EPS | -0.12 | -0.59 | -0.44 | -0.15 | 0.01 | -0.02 |
| Book Value | -0.64 | 1.19 | 0.76 | 0.70 | 0.70 | 0.66 |
| Cash Flow/Share | -0.10 | -0.41 | -0.36 | -0.10 | 0.07 | 0.03 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 154.0M | 162.2M | 168.9M | 168.4M | 168.4M | 165.7M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 462.2 | 203.1 |
| P/FCF | N/A | N/A | N/A | N/A | 45.3 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 1.6 | 0.8 | 3.6 | 4.5 | 7.9 |
| Price/Sales | 20.0 | 10.4 | 1.9 | 1.5 | 2.4 | 4.0 |
| FCF Yield | -0.9% | -21.5% | -62.0% | -3.8% | 2.2% | N/A |
| Market Cap | 1.6B | 308M | 99M | 431M | 531M | 858M |
| Avg. Price | 9.89 | 7.30 | 1.34 | 1.34 | 2.64 | 5.18 |
| Year-End Price | 10.57 | 1.90 | 0.59 | 2.56 | 3.15 | 5.18 |
Talkspace, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Talkspace, Inc. trades at 760.0x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 74.5x vs a median of 45.3x. The company's 5-year average gross margin is 54.0%. Total shareholder yield (buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is +45.7%.
Talkspace, Inc. (TALK) has a current P/E ratio of 760.0, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Talkspace, Inc. (TALK) has a 5-year average return on invested capital (ROIC) of -32.6%. This is below average and may indicate limited pricing power.
Talkspace, Inc. (TALK) has a market capitalization of $858M. It is classified as a small-cap stock.
Talkspace, Inc. (TALK) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.28%.
Based on historical P/E analysis, Talkspace, Inc. (TALK) appears expensive. The current P/E of 760.0 is 4967% above its historical median of 15.0.
Talkspace, Inc. (TALK) operates in the Services-Health Services industry, within the Healthcare sector.
Talkspace, Inc. (TALK) reported annual revenue of $188 million in its most recent fiscal year, based on SEC EDGAR filings.
Talkspace, Inc. (TALK) has a net profit margin of 0.6%. This is a modest margin.
Talkspace, Inc. (TALK) generated $12 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Talkspace, Inc. (TALK) has a debt-to-equity ratio of 0.18. This indicates a conservatively financed balance sheet.
Talkspace, Inc. (TALK) reported earnings per share (EPS) of $0.01 in its most recent fiscal year.
Talkspace, Inc. (TALK) has a return on equity (ROE) of 1.0%. This indicates moderate shareholder returns.
Talkspace, Inc. (TALK) has a 5-year average gross margin of 54.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for Talkspace, Inc. (TALK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Talkspace, Inc. (TALK) has a book value per share of $0.70, based on its most recent annual SEC filing.