Included Healthcare
+5%
est. 2Y upside i
Rank
#1924
Sector
Healthcare Technology
Est. Liquidity
~2Y
Data Quality
Data: LowThe equity offers modest expected upside (~5%) over 2 years, with a bear case of -53% due to competitive threats and a stale valuation.
Last updated: July 19, 2026
Exit multiple expands to 2.5x on IPO catalyst and category leadership, yielding $3.025B valuation. Upside capped at +100% per stage constraints.
Exit multiple converges to 1.5x, in line with public comps, yielding $1.815B valuation. Company continues steady growth despite competition.
Exit multiple compresses to 0.8x due to competitive pressure and slow growth, yielding $968M valuation. Common stock after preference recovery loses 53%.
Preference Stack Risk
highFunding Intensity
26%Total preferred funding of $344M represents 25.7% of current valuation, creating a significant overhang in downside scenarios.
Dilution Risk
lowCompany is profitable and has not raised since 2020, making additional dilution unlikely in the next 2 years.
Secondary Liquidity
noneNo secondary market activity observed; employees likely hold illiquid common stock.
Questions to Ask at the Interview
Strategic questions based on Included Healthcare's data — designed to show you've done your homework.
- 1
“How does Included Health differentiate from Teladoc and Amazon Clinic in winning employer contracts?”
- 2
“What is the typical contract duration and renewal rate for your PMPM customers?”
- 3
“What is the expected timeline for an IPO or secondary liquidity event for employees?”
Community
Valuation Sentiment
Our model estimates +5% upside. What do you think?
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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.