American Well Corporation (AMWL)
NYSE:AMWL
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American Well
(NYSE:AMWL)
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Rating:57Neutral
Price Target:
$10.00
▲(63.40% Upside)
Action:Reiterated
Date:05/29/26
AMWL’s score is primarily held back by weak financial performance—ongoing losses, declining revenue, and negative free cash flow—despite a low-debt balance sheet. The earnings call improved the outlook via tighter adjusted EBITDA guidance and a credible path toward operating cash flow breakeven supported by strong cash reserves, while technicals show strong trend strength but are near overbought levels, increasing pullback risk. Valuation provides limited support given negative earnings and no dividend.
Positive Factors
Improving profitability trajectory
Material year-over-year adjusted EBITDA improvement reflects realized cost reductions and operating discipline. Sustained progress toward EBITDA breakeven supports a durable path to positive operating cash flow, reducing long-term cash burn risk and improving the company's ability to invest in product and sales execution.
Negative Factors
Declining revenue and platform usage
Sustained top-line declines and lower platform visits reduce recurring revenue density and limit gross margin scalability. If the revenue and usage contraction persist, it will slow progress to operating breakeven, constrain unit economics improvements, and require permanent cost or business-model adjustments to restore durable growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability trajectory
Material year-over-year adjusted EBITDA improvement reflects realized cost reductions and operating discipline. Sustained progress toward EBITDA breakeven supports a durable path to positive operating cash flow, reducing long-term cash burn risk and improving the company's ability to invest in product and sales execution.
Read all positive factors
American Well Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business segments, providing insight into which areas are driving growth and where the company might be facing challenges or opportunities for expansion.
Breaks down revenue across different business segments, providing insight into which areas are driving growth and where the company might be facing challenges or opportunities for expansion.
Data provided by:
The Fly
The FlyAmerican Well (AMWL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$158.06M
Dividend YieldN/A
Average Volume (3M)74.17K
Price to Earnings (P/E)―
Beta (1Y)2.01
Revenue Growth-9.29%
EPS Growth46.89%
CountryUS
Employees877
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-5.42
Shares Outstanding15,061,188
10 Day Avg. Volume67,448
30 Day Avg. Volume74,174
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.33
Price to Sales (P/S)0.32
P/FCF Ratio-1.19
Enterprise Value/Market Cap-0.11
Enterprise Value/Revenue-0.07
Enterprise Value/Gross Profit-0.15
Enterprise Value/Ebitda0.32
Forecast
1Y Price Target
$7.00Price Target Upside14.38% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-4.3
Revenue Forecast (FY)$199.54M
American Well Business Overview & Revenue Model
Company Description
American Well Corporation operates as a telehealth software company that enables digital delivery of care for healthcare. The company products offer urgent care; scheduled visits; acute behavioral health; telestroke; pediatrics; retail health, sch...
How the Company Makes Money
Amwell primarily makes money by selling access to its telehealth software platform and related services to organizations. Key revenue streams include: (1) Subscription revenue: recurring fees paid by customers to use Amwell’s telehealth platform a...
American Well Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed balanced but constructive progress: clear operational and cost improvements drove meaningful profitability trajectory (adjusted EBITDA and operating loss improvement), a stronger recurring revenue mix, sizable pipeline expansion, and government/customer validations (Elevance renewal, DHA deployment). Offsetting these positives were continued top-line headwinds—total revenue down ~18%, subscription revenue down ~23%, and total platform visits down ~19%—and the company remains unprofitable on a GAAP basis for 2026. Management's guidance (narrowed adjusted EBITDA loss range), strong cash position, reduced cash burn, and confidence in reaching cash flow breakeven in Q4 2026 tilt the overall tone optimistic despite near-term revenue and usage declines.Positive Updates
Improved Profitability and Operating Performance
Adjusted EBITDA loss improved to -$3.1M in Q1 2026 from -$12.2M in Q1 2025 (a $9.1M improvement). Operating loss improved ~43% year-over-year to -$17.4M from -$30.4M.
Negative Updates
Revenue Decline
Total revenue for Q1 2026 was $54.9M, down ~18% year-over-year, reflecting portfolio changes and previously disclosed churn.
Read all updates
Q1-2026 Updates
Positive
Negative
Improved Profitability and Operating Performance
Adjusted EBITDA loss improved to -$3.1M in Q1 2026 from -$12.2M in Q1 2025 (a $9.1M improvement). Operating loss improved ~43% year-over-year to -$17.4M from -$30.4M.
Read all positive updates
Company Guidance
Amwell's guidance called for Q2 2026 revenue of $48–52 million and an adjusted EBITDA loss of $(4)–$(2) million (citing normal seasonality and step-down in subscription revenue), while the full‑year 2026 outlook was reiterated at $195–205 million of revenue with a narrowed adjusted EBITDA loss of $(16)–$(12) million (previously $(24)–$(18)M); management reiterated a path to positive operating cash flow in Q4. These targets were informed by Q1 results: revenue $54.9M (−18% YoY), subscription revenue $24.9M (−23% YoY), AMG visit revenue $28.9M (+9% YoY) with ~382k AMG paid visits and revenue per visit ≈ $76 (+$5 YoY), total platform visits ≈ 1.0M (−19% YoY), gross profit $28M and gross margin 51% (−180 bps YoY), operating expenses $45.4M (−31% YoY; 82.6% of revenue vs 98.3% prior), adjusted EBITDA loss $(3.1)M (vs $(12.2)M prior), operating loss $(17.4)M (vs $(30.4)M), cash burn ≈ $3.1M this quarter (vs $19M prior), and ending cash & investments of ≈ $179M with zero debt.American Well Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
72
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 237.38M | 249.32M | 254.36M | 259.05M | 277.19M | 252.79M |
| Gross Profit | 118.00M | 132.86M | 98.95M | 94.76M | 116.77M | 104.31M |
| EBITDA | -53.99M | -71.31M | -184.56M | -224.15M | -249.69M | -163.06M |
| Net Income | -87.88M | -95.70M | -208.14M | -675.16M | -270.43M | -176.33M |
Balance Sheet | ||||||
| Total Assets | 325.97M | 323.79M | 435.97M | 589.71M | 1.22B | 1.45B |
| Cash, Cash Equivalents and Short-Term Investments | 179.21M | 182.33M | 228.32M | 372.04M | 538.55M | 746.42M |
| Total Debt | 3.96M | 4.52M | 8.20M | 11.79M | 14.84M | 16.61M |
| Total Liabilities | 85.84M | 76.00M | 119.72M | 109.52M | 133.71M | 184.96M |
| Stockholders Equity | 227.33M | 235.58M | 304.77M | 464.22M | 1.06B | 1.24B |
Cash Flow | ||||||
| Free Cash Flow | -41.84M | -65.97M | -142.56M | -163.59M | -202.77M | -142.10M |
| Operating Cash Flow | -41.83M | -65.95M | -127.34M | -148.34M | -192.32M | -141.54M |
| Investing Cash Flow | -5.07M | 17.10M | -18.65M | -19.17M | -11.63M | -59.63M |
| Financing Cash Flow | 600.00K | 840.00K | 1.38M | 2.15M | -3.61M | 5.75M |
American Well Technical Analysis
Positive
6.12
Price Trends
6.60
Positive
5.84
Positive
5.66
Positive
Market Momentum
0.74
Negative
82.72
Negative
93.30
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMWL, the sentiment is Positive. The current price of 6.12 is below the 20-day moving average (MA) of 7.84, below the 50-day MA of 6.60, and above the 200-day MA of 5.66, indicating a bullish trend. The MACD of 0.74 indicates Negative momentum. The RSI at 82.72 is Negative, neither overbought nor oversold. The STOCH value of 93.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMWL.
American Well Risk Analysis
American Well disclosed 10 risk factors in its most recent earnings report. American Well reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
American Well Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $95.70M | 14.24 | 5.47% | ― | 13.75% | ― | |
57 Neutral | $158.06M | -1.86 | -35.14% | ― | -9.29% | 46.89% | |
54 Neutral | $1.36B | -7.96 | -12.37% | ― | -1.50% | 83.75% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $438.68M | -0.89 | -77.89% | ― | -21.26% | -290.08% | |
49 Neutral | $127.58M | -0.57 | -67.07% | ― | -3.89% | 63.03% | |
47 Neutral | $103.45M | -0.38 | -99.78% | ― | -2.83% | -223.32% |
* Healthcare Sector Average
AMWL
American Well
9.83
3.09
45.85%
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5.19
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EVH
Evolent Health
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TDOC
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7.61
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HCAT
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1.38
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DH
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0.93
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-71.90%
American Well Corporate Events
Executive/Board Changes
American Well Co-Founder and Executive Vice Chairman Departs Board
Neutral
May 12, 2026
On May 6, 2026, American Well Corporation announced that co-founder and Executive Vice Chairman Dr. Roy Schoenberg resigned from its Board of Directors, effective immediately, to pursue a new employment opportunity. The company emphasized that his...
Executive/Board Changes
American Well announces planned board transition for 2026
Neutral
Apr 2, 2026
American Well Corporation announced that Dr. Peter Slavin has notified the company on April 1, 2026, of his intention to resign from its Board of Directors, effective at the company’s next annual meeting of stockholders in 2026. The company ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.