1Life Healthcare, Inc. (ONEM)

1Life Healthcare, Inc. (ONEM) — VMCI valuation read

Headline read on ONEM: VMCI of 35/100 versus a Healthcare sector median of 50. The 15-point below-median position is what makes 1Life Healthcare, Inc. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ONEM: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on ONEM: value (ONEM trades at 27.0x earnings, 50% above the Healthcare median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Healthcare median (10.0%)), and risk (net debt to EBITDA of -1.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Healthcare 12.0x baseline.

ONEM fell 4.0% over the trailing 7 days, with a -22.0% read on a 30-day basis.