Buy WELL Health for 140% upside, this analyst says

Beacon Securities analyst Gabriel Leung has maintained his “Buy” rating and $9.00 price target on WELL Health Technologies (WELL Health Technologies Stock Quote, Chart, News, Analysts, Financials TSX:WELL), citing continued strength in its Canadian operations and potential value unlock from planned U.S. asset divestitures.

In a March 23 report, Leung said WELL remains a differentiated healthcare platform spanning care delivery, digital workflows, AI and cybersecurity.

“While there are many moving parts, we believe WELL’s Canadian assets continue to track positively and the eventual divestiture of its U.S. assets should help to further simplify the story,” he said.

WELL reported Q4 2025 revenue of $385-million and Adjusted EBITDA of $66.5-million, ahead of Leung’s $384-million and $61.5-million estimates. For full-year 2025, the company generated revenue of $1.4-billion and EBITDA of $204-million, in line with guidance.

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Results included approximately $55-million in deferred revenue related to Circle Medical and CRH. On a normalized basis, 2025 revenue was $1.35-billion, up 34% year-over-year, while EBITDA was $149-million, up 17%.

Looking ahead, WELL guided to 2026 revenue of $1.55-billion to $1.65-billion and Adjusted EBITDA of $175-million to $185-million, including the remaining impact of deferred revenue. The company is targeting at least 10% annual growth in normalized EBITDA.

Leung highlighted strong segment performance, with Canadian Patient Services generating $444-million in revenue, up 39% year-over-year, while U.S. Patient and Provider Services reached $674-million, up 43%. WELLSTAR contributed $68.1-million and HEALWELL added $113-million in 2025.

He said WELL’s Canadian platform, which includes clinics, WELLSTAR and CyberWELL, generated approximately $521-million in revenue and $81-million in EBITDA in 2025, with a target to reach $800-million in revenue and more than $100-million in EBITDA within 18 months through organic growth and acquisitions.

The company continues to pursue divestitures of its U.S. assets, including WISP, Circle Medical and CRH, with Leung noting increased buyer interest into early 2026. He added that a recent agreement in principle with the U.S. Department of Justice regarding Circle Medical could help accelerate the process.

WELL remains active on the M&A front, having acquired approximately $113-million in clinic revenue in 2025 across 19 transactions, with a pipeline of roughly $260-million in advanced-stage opportunities and up to $455-million including earlier-stage targets.

Leung estimates WELL will generate adjusted EBITDA of $176.6-million on revenue of $1.55-billion in fiscal 2026, followed by $173.1-million on revenue of $1.60-billion in 2027.

Disclosure: Nick Waddell owns shares of WELL Health and the company is an annual sponsor of Cantech Letter

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