Is Talkspace, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Talkspace, Inc. has moved from fair to expensive, indicating a shift towards overvaluation. The company is considered overvalued based on its high P/E ratio of 188, a price-to-book value of 4.85, and an EV to EBITDA ratio of -170.31. In comparison, peers such as Fulgent Genetics, Inc. and Enhabit, Inc. have P/E ratios of -21.28 and 12.80, respectively, highlighting the significant disparity in valuation metrics.
Despite a notable 3-year stock return of 231.13%, which outperformed the S&P 500's return of 81.19% over the same period, recent performance has been lackluster, with a year-to-date return of -10.68% compared to the S&P 500's 13.30%. This combination of high valuation ratios and recent underperformance suggests that Talkspace, Inc. is currently overvalued.