Omada Health

OMDA · NASDAQ

$19.34+$1.28 (+7.09%)TodayMarket closed · Oct 20, 7:38 PM ET

Prev close $18.06

OMDA analyst rating

BuyConsensus of 14 analysts over the last 12 months. 86% rate it a buy.

Strong buy0
Buy12
Hold2
Underperform0
Sell0

12-month price target · 14 analysts

Average $28.84 (+49.1% upside)

Low: $22.22
Now: $19.34
High: $36.75

Upgrades and downgrades

The latest rating actions, newest first

OMDA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Freedom Capital Markets	Oct 14, 2026	Maintains	Buy	$35.00	64%
Freedom Capital Markets	Sep 14, 2026	Maintains	Buy	$35.00	64%
Barclays	Sep 11, 2026	Maintains	Overweight	$25.00 → $27.00	66%
Needham	Sep 11, 2026	Maintains	Buy	$28.00	46%
BTIG	Sep 11, 2026	Maintains	Buy	$35.00	46%
JP Morgan	Aug 14, 2026	Maintains	Overweight	$26.00 → $30.00	54%
Citizens	Aug 14, 2026	Maintains	Market Outperform	$27.00 → $32.00	38%
Baird	Aug 12, 2026	Maintains	Neutral	$15.00 → $25.00	44%
BTIG	Aug 10, 2026	Maintains	Buy	$30.00 → $35.00	46%
Barclays	Aug 3, 2026	Maintains	Overweight	$20.00 → $25.00	66%

The case for and against

Updated Oct 21, 2026

Bull case

Omada Health is well positioned to compound growth because its virtual, B2B2C care model addresses a very large and underpenetrated cardiometabolic market, with roughly 25 million covered lives, about 1.1 million enrolled members, and only around 4.4% average engagement versus as high as 27% at top clients. Its outlook is strengthened by a widening product suite, including GLP-1 prescribing, cholesterol care, and other adjacent conditions, which should raise revenue per member, deepen retention, and expand its total addressable market while leveraging existing PBM and payer channels. Management’s improved long-term targets for 80% gross margin and 30% EBITDA margin, supported by AI-driven efficiency and a shift toward higher-margin multi-product sales, make the business look increasingly scalable and financially attractive.

Bear case

Omada Health is a promising digital health platform, but the bear case centers on structural risks that can compress growth and valuation, including heavy dependence on employers and PBMs, limited pricing power, and a business model where revenue rises only if covered members actually enroll and stay engaged. Its net revenue retention of 128% and 30% expected revenue growth this year are encouraging, yet customer concentration remains a major vulnerability, with Cigna-linked affiliates making up 66% of total revenue and exposing the company to partner loss risk. Competition, regulatory complexity, and the need to prove durable clinical outcomes while controlling operating costs also cloud the path to sustained profitability, even as 1Q:26 showed operating expenses declined by about 5% y/y on a percent of revenue basis.

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