One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
American Well Corporation
AMWL · NYQ · Healthcare · Health Information Services
Current price
$13.87
52-week range
$3.71 - $14.19
Market cap
$235.91M
Balance sheet
Healthy
-27.68x Concerning
Net cash $192.97M. Interest coverage shows how many times profit covers the interest bill.
What stands out
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1 Risk
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View details ↓What this company does
American Well Corporation
American Well, also known as Amwell, provides the technology platform that powers telehealth, which are doctor visits held over video. The company makes money primarily by selling subscriptions for its software to large organizations like hospital systems and insurance companies. This matters because their goal is to become the essential digital plumbing for the healthcare industry as it increasingly moves online, creating a steady, predictable income stream from these long-term contracts.
How the company got here
Founded in 2006 by brothers and doctors Ido and Roy Schoenberg, Amwell was built on the idea of making healthcare more accessible through technology. The company, originally named American Well, focused on connecting patients and doctors remotely. A major turning point was the COVID-19 pandemic, which dramatically increased the need and demand for telehealth services, leading to significant growth for the company. In 2020, the company rebranded to Amwell and became a publicly traded company. Over the years, Amwell has grown by acquiring other companies to expand its services, particularly in acute care and telepsychiatry.
What it actually does
Amwell provides the technology that allows hospitals, doctor's offices, and health insurance plans to offer virtual medical care to their patients and members. Think of it as the behind-the-scenes platform that powers the video chats you might have with a doctor on your phone or computer. This allows patients to get medical advice, prescriptions, and ongoing care for various conditions without having to travel to a clinic. The company serves a wide range of clients, from large health systems and insurance companies to government agencies.
Subscription Services
This is a significant and growing part of Amwell's business, making up more than half of its revenue. Health systems and health insurance companies pay Amwell a recurring fee to use its technology platform. This is similar to how you might pay a monthly subscription for a streaming service. The fee is often based on the number of patients or members who have access to the telehealth services. This provides Amwell with a steady stream of income.
Amwell Medical Group (AMG) Visit Revenue
Amwell also makes money from the virtual doctor visits themselves. The company has its own network of doctors and specialists, called the Amwell Medical Group, who provide care to patients through the platform. For each of these virtual visits, Amwell earns a fee. This part of the business is like a pay-per-visit model, where revenue depends on the number of consultations that take place.
What management is betting on now
Amwell's leadership is focused on becoming the go-to technology platform for what they call "hybrid care," which combines virtual and in-person healthcare. They are investing in their all-in-one platform, called Converge, to provide a single, comprehensive solution for all of their clients' digital health needs. A key priority is reaching profitability, and the company has been working to reduce costs with the goal of having positive cash flow (bringing in more cash than it spends) by the end of 2026. Management also sees a big opportunity in integrating artificial intelligence (AI) to improve care and is focused on large-scale contracts, such as their work with the Department of Veterans Affairs, to drive future growth.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-32.37M
FY2024 Q4
$-13.44M
FY2025 Q1
$-25.12M
FY2025 Q2
$-4.72M
FY2025 Q3
$-18.77M
FY2025 Q4
$-17.37M
FY2026 Q1
$-988.00K
FY2026 Q2
$10.71M
Revenue
$52.05M
Net income
$-9.93M
Diluted EPS
-0.59
Operating cash flow
$10.72M
Free cash flow
$10.71M
Fetching…
Sources
Revenue
$54.88M
Net income
$-10.89M
Diluted EPS
-0.66
Operating cash flow
$-983.00K
Free cash flow
$-988.00K
Fetching…
Sources
Revenue
$55.31M
Net income
$-24.92M
Diluted EPS
-1.53
Operating cash flow
$-17.36M
Free cash flow
$-17.37M
Fetching…
Sources
Revenue
$56.29M
Net income
$-32.38M
Diluted EPS
-2.00
Operating cash flow
$-18.77M
Free cash flow
$-18.77M
Fetching…
Sources
Revenue
$70.90M
Net income
$-19.70M
Diluted EPS
-1.24
Operating cash flow
$-4.72M
Free cash flow
$-4.72M
Fetching…
Sources
Revenue
$66.83M
Net income
$-18.70M
Diluted EPS
-1.19
Operating cash flow
$-25.11M
Free cash flow
$-25.12M
Fetching…
Sources
Revenue
$71.01M
Net income
$-42.65M
Diluted EPS
-7.40
Operating cash flow
$-13.44M
Free cash flow
$-13.44M
Fetching…
Sources
Revenue
$61.05M
Net income
$-43.46M
Diluted EPS
-2.87
Operating cash flow
$-32.35M
Free cash flow
$-32.37M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $13.87
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $193.0M - more cash than debt. Interest coverage -27.7x.
Net debt
$-192.97M
Interest coverage
-27.68x
American Well Corporation's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
AMWL
BASELINE
American Well Corporation
Total debt $2.98M Interest coverage -27.68x This is the baseline the peer rows are being compared against.
Total debt $1.04B Interest coverage -8.29x Neither company has much profit cushion over interest right now.
Total debt $538.95M Interest coverage 2.05x This peer still has a real interest-payment cushion, while AMWL does not.
What you should know
The case for and against AMWL
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -29.1% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-8.78x
P/B
1.06x
P/S
1.08x
EV/EBITDA
-1.41x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
52.6%
Operating margin
-19.6%
Net margin
-35.7%
ROE
-29.1%
ROA
-12.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.01x
Current ratio
2.90x
Quick ratio
2.72x
Total debt
$2.98M
Total cash
$195.95M
Growth
How the business has been compounding
Revenue TTM
$218.53M
Revenue 5Y CAGR
-0.3%
EPS TTM
-4.78
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-26.39M
Free CF TTM
$-65.97M
FCF margin
-30.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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