OBJECTIVE:To evaluate the cost-effectiveness of a Web-based guided intervention compared with care as usual for employees with depressive symptoms. METHODS:A total of 231 employees with depressive symptoms were randomized. Data were collected at baseline, 8 weeks, 6 months, and 12 months. Analyses were conducted from the societal and employerʼs perspective. RESULTS:At 12 months, a significant intervention effect on depressive symptoms was found. At a willingness to pay of 0 ( /unit of effect), the interventionʼs probabilities of cost-effectiveness were 0.62 (societal perspective) and 0.55 (employerʼs perspective). There was a 0.63 probability that the intervention resulted in a positive financial return for the employer. CONCLUSIONS:The interventionʼs cost-effectiveness with regard to depressive symptoms depends on the willingness to pay of societal and company decision makers as well as the probability of cost-effectiveness that they consider acceptable. The intervention is not cost-saving to the employer.