American Well (AMWL)
NYSE:AMWL
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American Well
(NYSE:AMWL)
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Rating:46Neutral
Price Target:
$4.00
▼(-22.93% Downside)
Action:ReiteratedDate:02/14/26
The score is held down primarily by weak financial performance (persistent losses and negative free cash flow, plus a sharp reported 2025 annual revenue deterioration) and bearish technicals (price below key moving averages with negative MACD). The earnings call adds some support due to improved mix, major cost reductions, strong liquidity/no debt, and a stated path toward breakeven, but near-term revenue contraction and ongoing cash burn keep risk elevated; valuation is also constrained by negative earnings and no dividend.
Positive Factors
Recurring Revenue Mix
A shift to 53% subscription revenue increases durable, recurring cash flows and revenue visibility. Higher SaaS mix raises customer stickiness, supports more predictable gross margins over time, and helps management execute on a path to operational breakeven if retention and renewals hold.
Negative Factors
Persistent Negative Cash Flow
Consistent negative operating and free cash flow means the business consumes capital rather than generates it. Sustained cash burn pressures runway and forces reliance on financing or asset sales, constraining investment in growth initiatives and making execution risk materially higher over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Mix
A shift to 53% subscription revenue increases durable, recurring cash flows and revenue visibility. Higher SaaS mix raises customer stickiness, supports more predictable gross margins over time, and helps management execute on a path to operational breakeven if retention and renewals hold.
Read all positive factors
American Well (AMWL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$85.90M
Dividend YieldN/A
Average Volume (3M)53.67K
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue Growth4.33%
EPS Growth50.50%
CountryUS
Employees877
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-1.52
Shares Outstanding14,904,513
10 Day Avg. Volume34,852
30 Day Avg. Volume53,667
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-1.07
Enterprise Value/Revenue-0.37
Enterprise Value/Gross Profit-0.69
Enterprise Value/Ebitda1.29
Forecast
1Y Price Target
$5.33Price Target Upside2.70% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-4.25
Revenue Forecast (FY)$199.57M
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
American Well generates revenue through several key streams, primarily by charging health systems, insurers, and employers for access to its telehealth platform. The company typically operates on a subscription model, where clients pay for the use...
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 Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The call describes meaningful operational progress: a successful transformation to a platform-focused business, improved revenue quality with subscription mix increasing to 53%, substantial cost reductions (~$100M improvement in losses), strengthened commercial momentum via key renewals, and a healthy cash position with no debt. However, these positives are tempered by notable top-line contraction (Q4 revenue down 22.1%, platform visits down 28.4%), margin pressure (gross margin down 280 bps), ongoing quarterly net losses and cash burn, and a FY2026 revenue guide materially below 2025 levels. Management’s outlook is constructive—targeting Q4 2026 cash flow breakeven—but execution risks remain tied to renewals (notably DHA), converting government pipeline opportunities, and restoring growth after portfolio rationalization. Overall, the call reflects balanced progress on cost and strategy but continued near-term revenue and margin headwinds.Positive Updates
Full-Year Revenue and Subscription Mix
Total revenue for fiscal 2025 was $249.3 million. Subscription revenue grew to represent 53% of total revenue, up from 45% in 2024, reflecting a deliberate shift to higher-quality, recurring SaaS revenue.
Negative Updates
Quarterly Revenue Decline
Fourth-quarter total revenue was $55.3 million, a 22.1% year-over-year decline, reflecting portfolio changes, DHA step-downs, and earlier churn.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue and Subscription Mix
Total revenue for fiscal 2025 was $249.3 million. Subscription revenue grew to represent 53% of total revenue, up from 45% in 2024, reflecting a deliberate shift to higher-quality, recurring SaaS revenue.
Read all positive updates
Company Guidance
The company guided to full-year 2026 revenue of $195.0 million to $205.0 million, AMG visits of 1.32 million to 1.37 million, and an adjusted EBITDA loss of $24.0 million to $18.0 million, with first-quarter 2026 revenue expected at $48.0 million to $53.0 million and Q1 adjusted EBITDA loss pegged at $7.0 million to $5.0 million; management also reiterated expectations for continued subscription stability, visit trends in specialty care and virtual primary care, ongoing cost discipline and AI/automation benefits, and a target of positive cash flow from operations in Q4 2026, while noting the company entered 2026 with roughly $182.0 million of cash and marketable securities, no debt, and Q4 cash burn of about $19.0 million.American Well Financial Statement Overview
Summary
Income Statement
10
Very Negative
Balance Sheet
48
Neutral
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 249.32M | 254.36M | 259.05M | 277.19M | 252.79M |
| Gross Profit | 132.86M | 98.95M | 94.76M | 116.77M | 104.31M |
| EBITDA | -71.31M | -184.56M | -224.15M | -249.69M | -163.06M |
| Net Income | -95.70M | -208.14M | -675.16M | -270.43M | -176.33M |
Balance Sheet | |||||
| Total Assets | 323.79M | 435.97M | 589.71M | 1.22B | 1.45B |
| Cash, Cash Equivalents and Short-Term Investments | 182.33M | 228.32M | 372.04M | 538.55M | 746.42M |
| Total Debt | 4.52M | 8.20M | 11.79M | 14.84M | 16.61M |
| Total Liabilities | 76.00M | 119.72M | 109.52M | 133.71M | 184.96M |
| Stockholders Equity | 235.58M | 304.77M | 464.22M | 1.06B | 1.24B |
Cash Flow | |||||
| Free Cash Flow | -65.97M | -142.56M | -163.59M | -202.77M | -142.10M |
| Operating Cash Flow | -65.95M | -127.34M | -148.34M | -192.32M | -141.54M |
| Investing Cash Flow | 17.10M | -18.65M | -19.17M | -11.63M | -59.63M |
| Financing Cash Flow | 840.00K | 1.38M | 2.15M | -3.61M | 5.75M |
American Well Technical Analysis
Negative
5.19
Price Trends
5.27
Negative
4.89
Positive
5.81
Negative
Market Momentum
<0.01
Positive
44.67
Neutral
46.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMWL, the sentiment is Negative. The current price of 5.19 is below the 20-day moving average (MA) of 5.51, below the 50-day MA of 5.27, and below the 200-day MA of 5.81, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.67 is Neutral, neither overbought nor oversold. The STOCH value of 46.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $115.01M | 44.33 | 4.22% | ― | 24.19% | ― | |
52 Neutral | $909.82M | ― | -14.24% | ― | -2.37% | 77.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $85.90M | -0.82 | -35.88% | ― | 4.33% | 50.50% | |
46 Neutral | $135.17M | -2.20 | -47.69% | ― | -5.30% | 46.01% | |
45 Neutral | $260.12M | -0.85 | -69.22% | ― | -16.65% | -71.92% | |
43 Neutral | $73.31M | -0.94 | -54.67% | ― | 4.64% | -17.17% |
* Healthcare Sector Average
AMWL
American Well
5.19
-1.99
-27.72%
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DH
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American Well Corporate Events
Business Operations and Strategy
American Well Extends Elevance Health Digital Care Partnership
Positive
Jan 8, 2026
On January 5, 2026, American Well Corporation announced it had entered into an Amended and Restated Statement of Work with Elevance Health, effective January 1, 2026, replacing their prior 2023 agreement and extending American Well’s operati...
Business Operations and Strategy
American Well Extends Elevance Health Digital Care Partnership
Positive
Jan 2, 2026
On December 24–25, 2025, American Well Corporation and Elevance Health amended and extended their existing Master Services Agreement and related Statement of Work, with the updated Healthy Impact service offerings and renewed Statement of Wo...
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.