Included Healthcare

includedhealth.com →

-10%

est. 2Y upside i

HealthcareSeries D+

Rank

#3556

Sector

Digital Health / Healthcare Technology

Est. Liquidity

~2Y

Data Quality

Data: Medium

Included Health operates in a massive, growing digital health market with a strong revenue base (~$345M) and profitability.

Last updated: March 10, 2026

Bull (15%)+100%

Included Health successfully leverages its AI-powered personal health assistant and integrated care model to capture significant market share from fragmented solutions, driving revenue to over $700M by 2028. A strong IPO materializes at a 6x revenue multiple, pushing valuation to $2.26B, a 2x return from the current assumed valuation.

Base (45%)+30%

Included Health maintains its growth trajectory, expanding its employer and health plan client base through its comprehensive platform. Revenue grows steadily to approximately $550M by 2028. An IPO or acquisition occurs at a modest 2.6x revenue multiple, valuing the company at $1.47B, a 30% upside from the current assumed valuation.

Bear (40%)-40%

Intensified competition from well-funded incumbents like Teladoc and payer-owned solutions, coupled with negative impact from ongoing data breach investigations, stifles growth and erodes pricing power. Revenue growth slows significantly, and a challenging market leads to a down round or acquisition at $678M, resulting in a 40% loss from the current assumed valuation, severely impacting common stock value due to liquidation preferences.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Investors hold $344M in liquidation preferences, representing 30.4% of the assumed $1.13B valuation. This means common stock holders would see significantly reduced returns, or potentially nothing, in an exit at or below this valuation.

Dilution Risk

moderate

While the company is profitable and no new funding rounds have been announced since 2020, a prolonged delay in IPO could necessitate future rounds, leading to further dilution.

Secondary Liquidity

limited

Secondary market activity is low, with reports of no active buyers or sellers, making it challenging for employees to sell shares before an IPO or acquisition.

View all 6 open roles at Included Healthcare →

Last updated: February 18, 2026

Questions to Ask at the Interview

Strategic questions based on Included Healthcare's data — designed to show you've done your homework.

  • 1

    “Given the high incumbent threat from large payers and tech giants entering the virtual care and navigation space, how does Included Health plan to maintain and expand its competitive moat beyond its current integrated model and AI capabilities?”

  • 2

    “With a revenue of ~$345M and profitability, what are the key strategic initiatives and growth levers the company is focusing on to accelerate revenue growth and achieve a successful liquidity event within the next 2-3 years, especially considering the pulled IPO plans in 2022?”

  • 3

    “Considering the significant amount of capital raised and the current market conditions for digital health, how does the company view the path to liquidity for common stock holders, and what are the plans, if any, for managing the preference stack to ensure meaningful employee returns?”

Community

Valuation Sentiment

Our model estimates -10% 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.