Why is Doctolib valued lower precisely when its business model appears stronger?

A few months after announcing that it had reached profitability, Doctolib reportedly accepted, according to Bloomberg, an implied valuation of €3.6 billion as part of a secondary share sale. Four years earlier, at the peak of post-Covid euphoria, the company had been valued at €5.8 billion.

Between these two points, however, operational performance remains solid, with a recurring revenue base exceeding €400 million, a rapid reduction in losses, a move upmarket in the product offering, and structured expansion across Europe, particularly in Germany.

2022/2026: a regime shift more than a trajectory correction
In 2022, Doctolib’s valuation was embedded in a specific momentum, marked by abundant capital, near-zero interest rates, and a pandemic that abruptly accelerated the adoption of digital health tools. Doctolib was then perceived as far more than a scheduling tool. It became a near-universal entry point into the healthcare system, a de facto standard for managing patient flows, and, during the vaccination campaign, a critical national infrastructure.

The €5.8 billion valuation reflected this projection: that of a player capable of capturing a significant share of the healthcare value chain.

By 2026, the analytical framework has shifted. The cost of capital has been reassessed, valuation models have become more conservative, and investors now demand credible paths to profitability. Growth remains relevant, but it is no longer sufficient on its own.

Multiple compression: a more structuring dynamic than growth
While Doctolib significantly increased its revenues between 2022 and 2026, valuation multiples for SaaS and HealthTech companies declined over the same period. Where private markets once accepted revenue multiples above 20x, they are now converging toward levels closer to public market standards, often below 10x.

A liquidity price, not a conquest price
The €3.6 billion valuation from the 2026 transaction should be interpreted for what it is: a secondary market price. Unlike a primary round, where the company issues new shares in a competitive investor process, the secondary market is an over-the-counter environment. It matches sellers (early employees, business angels, etc.) with buyers seeking to enter the cap table without creating dilution.

In such transactions, pricing is driven by immediate liquidity constraints. Sellers accept a discount to access cash, while buyers demand one to compensate for limited liquidity, lack of control, and restricted information. The resulting price reflects a transactional equilibrium and says little about the company’s optimal strategic value.

The end of the “pandemic premium” and a return to more readable growth
The 2022 valuation also embedded an exceptional factor: the pandemic. During that period, Doctolib experienced massive adoption driven by necessity. Teleconsultation surged, healthcare professionals rapidly transitioned to digital tools, and governments integrated these platforms into their operational response.

This moment created a halo effect on market expectations. While some scenarios projected a rapid and lasting transformation of healthcare delivery, with a significant share of interactions shifting online, the 2026 reality is more measured. Teleconsultation has taken hold, but as an extension rather than a replacement. Healthcare remains predominantly in-person, with digital usage embedded in a hybrid model.

Strategic pivot: from access platform to production infrastructure
Paradoxically, it is precisely as this premium fades that Doctolib becomes structurally more compelling. The company has undertaken a deep transformation of its product, moving beyond access to healthcare into its production layer.

By integrating administrative management tools, patient flow coordination, and now AI-driven features capable of assisting consultations, Doctolib aims to become a productivity tool for healthcare professionals. The introduction of consultation assistants, able to automatically structure exchanges between doctor and patient, reflects this shift. The objective is no longer simply to generate traffic, but to reduce administrative time, increase patient throughput, and improve overall practice efficiency.

This repositioning also reshapes the revenue model, shifting from subscription-for-visibility toward subscription-for-performance.

A more demanding but more defensible economic equation
This shift has direct implications for the business model. It enables pricing power but requires significant investment, particularly in R&D and artificial intelligence. Doctolib allocates a substantial share of its revenues to these developments, and in a capital-constrained environment, this strategy is demanding.

This is where the transition toward a now-central logic for mature SaaS companies takes place: combining growth with profitability.

A changing nature of capital
The 2026 secondary transaction also highlights a transformation in the investor base.

The entry of players such as ATHOS, A.P. Moller Holding, and Generation Investment Management marks a break from previous funding cycles. These investors are not positioned for rapid exits; their logic aligns with long-term structural assets.

This shift is consistent with Doctolib’s own transformation. As the company moves closer to an infrastructure role, it attracts capital more akin to utilities or industrial platforms than traditional venture capital.