American Well Corporation AMWL

Health CareHealthcare Providers & ServicesUnited States of America

Last close 12.74 USD on Nov 3, 2026, +159.5% year to date

Quant rating

Quant rating C Rank 236 of 565 in Health Care

Growth B 126 of 565
Valuation D 547 of 565
Quality C 293 of 565
Revisions C 232 of 565
Momentum B 171 of 565

Wall Street consensus Hold (2.89)Average target 12.83 USD +0.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 217M
Enterprise value: 34M
52-week range: 3.73 – 15.04
3-year range: 3.73 – 31.40
Dividend yield: –
Beta (5 years): 1.68
Shares outstanding: 17.0M
Next earnings: Nov 3, 2026

About the company

American Well Corporation operates a hybrid care, delivery enablement platform in the United States and globally, connecting and enabling providers, payers, patients, and innovators to deliver access to more affordable quality care. It offers a single, comprehensive platform to support all digital health needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. The Amwell Converge platform offers data architecture and video capabilities, flexibility and scalability, as well as a user experience focused on the needs of patients, members and providers. For health systems, its enterprise platform enables provider-to-provider virtual care for use cases ranging from stroke to virtual nursing and e-sitting. Its Amwell Carepoint devices enable healthcare providers to leverage proprietary carts and transform existing tablets and TVs into digital access points in clinical settings, helping to address personnel shortages and access limitations.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	249	254	259	277	253	–
Revenue growth	−2.0%	−1.8%	−6.5%	9.7%	3.1%	0.3%
EPS (basic, normalized)	−5.96	−13.88	−47.60	−19.80	−13.80	–
EPS growth	–	–	–	–	–	–
Gross margin	53.8%	39.1%	36.6%	42.1%	41.3%	42.6%
Net margin	−38.4%	−81.8%	−260.6%	−97.6%	−69.8%	−109.6%
ROE	−35.4%	−54.1%	−88.4%	−23.5%	−14.3%	−43.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	196
Current ratio	2.90x
Long-term debt (mil)	0
Net debt (mil)	−183
Total equity (mil)	221
Net debt / equity	−0.83x
Net debt / EBITDA	4.59x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	249	−2.0%	0.1x	−39.9	+71.5%	−0.8x	−5.96	+57.1%	−2.1x
2026	204	−18.3%	0.2x	−7.6	+80.9%	−4.4x	−2.52	+57.8%	−5.1x
2027	212	+3.8%	0.2x	2.3	+130.8%	14.4x	−2.11	+16.0%	−6.0x
2028	223	+5.5%	0.2x	9.7	+311.9%	3.5x	−1.38	+34.7%	−9.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	204	0.0%	0.0%	+0.6%	−2.52	0.0%	+1.6%	+25.0%
2027	212	0.0%	+0.5%	+1.0%	−2.11	0.0%	−7.1%	+15.3%
2028	223	0.0%	+0.9%	+3.0%	−1.38	0.0%	−17.9%	+17.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	59.5	62.8	61.0	71.0	66.8	70.9	56.3	55.3	54.9	52.0
Sales mean (mil)	60.5	61.6	63.3	66.6	60.2	64.0	54.6	52.7	51.5	49.9
Surprise	−1.7%	+1.9%	−3.5%	+6.7%	+11.1%	+10.8%	+3.2%	+5.0%	+6.6%	+4.3%
EPS reported	−5.00	−3.36	−2.87	−2.77	−1.88	−1.24	−2.00	−1.52	−0.66	−0.59
EPS mean	−3.80	−3.98	−3.40	−2.93	−2.68	−1.74	−1.80	−1.78	−1.16	−0.86
Surprise	−31.6%	+15.5%	+15.5%	+5.4%	+29.8%	+28.8%	−11.2%	+14.5%	+43.0%	+31.4%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AMWL American Well Corporation	217M	4.59x	−38.4%	0.97x	−5.1x	−6.0x	−4.4x	14.4x
CVS CVS Health Corporation	116.9B	2.50x	0.4%	1.47x	11.4x	10.7x	8.5x	8.1x
CI The Cigna Group	78.1B	2.49x	2.2%	1.83x	9.7x	8.8x	7.7x	7.2x
BTSG Brightspring Health Services Inc	13.9B	2.41x	0.8%	6.38x	37.4x	29.1x	18.1x	15.4x
HIMS Hims & Hers Health, Inc.	6.0B	1.65x	5.5%	18.50x	−40.9x	50.6x	22.1x	16.1x
LFST LifeStance Health Group, Inc.	5.1B	0.30x	0.7%	3.46x	81.4x	58.1x	22.6x	19.2x
Mean		2.32x	−4.8%	5.43x	15.6x	25.2x	12.4x	13.4x
Median		2.45x	0.8%	2.64x	10.5x	19.9x	13.3x	14.9x

Technical analysis

1M+2.8%
3M+18.4%
1Y+150.3%
3Y−55.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, American Well Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	249	254	259	277	253	245
Cost of revenue	115	155	164	160	148	151
Gross profit	134	99.4	94.8	117	104	94.6
Selling, general & administrative expenses	123	177	206	226	159	220
Research & development	68.1	83.7	106	138	107	84.4
Depreciation/amortization	34.0	33.0	31.5	26.2	16.1	10.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.6	20.9	441	0	0	6.1
Other operating expenses	3.6	2.9	2.7	1.7	2.0	1.4
Operating income	−97.6	−218	−692	−276	−179	−227
Net interest income (expense)	4.8	10.8	19.4	6.1	0.1	1.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−92.8	−207	−673	−270	−179	−226
Provision for taxes	0.4	2.8	3.9	0.1	−5.4	0.6
Minority interest	−0.7	4.5	4.0	1.6	0.4	4.2
Equity in affiliates	−1.7	−3.1	−2.6	−2.3	−3.1	−2.2
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−95.7	−208	−675	−270	−176	−224
Extraordinary items	–	–	–	–	–	–
Net income	−95.7	−208	−675	−270	−176	−224
EBIT, normalized	−94.1	−197	−251	−270	−168	−219
EBITDA, normalized	−60.1	−164	−220	−244	−152	−209
Basic EPS, normalized	−5.96	−13.88	−47.60	−19.80	−13.80	–

Balance sheet in millions of USD, fiscal years

Balance sheet, American Well Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	182	228	372	539	746	1,042
Receivables	49.7	71.9	54.1	58.4	51.4	61.7
Total inventory	1.2	2.9	6.7	8.7	7.5	9.1
Prepaid expenses	10.6	11.0	14.2	18.9	19.5	−3.0
Other current assets	2.9	3.0	2.6	2.0	2.4	3.9
Total current assets	247	317	450	627	827	1,113
Property, plant & equipment	4.2	7.6	11.0	14.5	18.7	10.4
Goodwill	–	–	0	435	443	194
Intangibles	66.1	102	120	135	152	55.5
Long-term investments	0	1.5	1.2	0	0.2	0.8
Note receivable	–	–	–	–	–	–
Other long-term assets	6.9	8.4	7.7	6.2	4.5	2.8
Total assets	324	436	590	1,218	1,446	1,377
Liabilities
Accounts payable	1.6	5.0	4.9	7.2	12.2	5.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	36.8	42.9	30.4	47.5	37.7	38.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	34.8	63.3	58.5	59.3	91.7	76.8
Total current liabilities	73.2	111	93.8	114	142	121
Long-term debt	0	0	0	0	0	0
Minority interest	12.2	11.5	16.0	20.0	21.6	22.1
Other liabilities	2.8	8.5	15.7	19.7	43.3	9.5
Total liabilities	88.2	131	125	154	207	153
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	2.9	2.8	2.6	2.4
Additional paid-in capital	2,309	2,286	2,235	2,160	2,054	1,841
Retained earnings (accumulated deficit)	−2,062	−1,966	−1,758	−1,082	−811	−582
Treasury stock	–	–	–	–	0	−37.6
Other equity	−12.1	−15.8	−15.7	−17.0	−6.4	0.3
Total equity	236	305	464	1,064	1,239	1,224
Total liabilities & shareholders' equity	324	436	590	1,218	1,446	1,377

Cash flow statement in millions of USD, fiscal years

Cash flow statement, American Well Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−95.0	−213	−679	−272	−177	−229
Depreciation, depletion & amortization	34.0	33.0	31.5	26.2	16.1	10.2
Deferred taxes	−1.1	−0.2	−0.2	−2.5	−6.2	0
Non-cash items	23.0	62.6	515	84.2	53.1	124
Changes in working capital	−26.8	−10.0	−15.5	−28.1	−27.7	−18.4
Cash from operations	−66.0	−127	−148	−192	−142	−112
Investing activities
Capital expenditures	0	−15.2	−15.2	−10.4	−0.6	−3.3
Other investing cash flows	17.1	−3.4	−3.9	−1.2	−59.1	−63.4
Cash from investing	17.1	−18.7	−19.2	−11.6	−59.6	−66.8
Financing activities
Financing cash flow items	–	–	0	−11.5	−1.6	−3.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0.8	1.4	2.1	7.9	7.4	986
Cash from financing	0.8	1.4	2.1	−3.6	5.8	983
Foreign exchange effects	2.0	0.9	−1.1	−0.3	−0.1	–
Net change in cash	−46.0	−144	−167	−208	−196	804
Free cash flow	−66.0	−143	−164	−203	−142	−116

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.