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American Well
(NYSE:AMWL)
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Rating:55Neutral
Price Target:
$10.50
▼(-2.87% Downside)
Action:Reiterated
Date:08/05/26
AMWL scores in the mid-range primarily because financial performance remains weak (declining revenue, losses, and negative free cash flow) despite a strong low-debt balance sheet. The latest earnings call improves the outlook via better adjusted EBITDA guidance and a clearer path toward breakeven, while technicals are moderately supportive. Valuation remains constrained by ongoing losses and no dividend.
Positive Factors
Balance Sheet Strength
A large cash balance and negligible debt provide durable financial flexibility to fund operations, invest in product and integrations, and absorb execution risk while pursuing profitability. This reduces refinancing risk and supports multi-month efforts to reach operating cash‑flow breakeven.
Negative Factors
Declining Revenue and Usage
Material year‑over‑year declines in revenue and visits reflect client churn, portfolio changes, and lost one‑time items, weakening the top‑line base. Persistently lower usage can compress unit economics, slow SaaS upsell, and lengthen the time needed to return to sustained growth even after cost cuts.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A large cash balance and negligible debt provide durable financial flexibility to fund operations, invest in product and integrations, and absorb execution risk while pursuing profitability. This reduces refinancing risk and supports multi-month efforts to reach operating cash‑flow breakeven.
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
$179.62M
Dividend YieldN/A
Average Volume (3M)94.74K
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth-9.29%
EPS Growth46.89%
CountryUS
Employees562
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-4.77
Shares Outstanding15,061,188
10 Day Avg. Volume80,702
30 Day Avg. Volume94,738
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>-0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$13.00Price Target Upside20.26% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-3.19
Revenue Forecast (FY)$202.28M
American Well Business Overview & Revenue Model
Company Description
American Well Corporation, an enterprise platform and software company, delivers digitally enabling hybrid care in the United States and internationally. The company offers Amwell Platform, a cloud-based enablement platform, digitally enables a sc...
How the Company Makes Money
Amwell primarily makes money by selling telehealth technology and related services to healthcare organizations rather than by operating as a consumer-facing subscription service. Its revenue model includes: (1) Subscription/SaaS and platform fees:...
American Well Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
Mixed-but-cautiously-optimistic. The company shows meaningful operational progress: large cash reserves with no debt, substantial cost reductions, improved adjusted EBITDA (near breakeven), a healthier subscription mix (now >50% of revenue and up sequentially), and an independently validated clinical program. Strategic wins and credibility (DHA intent to award, Nature-published SilverCloud results) support upside. However, material year-over-year revenue and visit declines (total revenue −26.6%, subscription −36.5%, platform visits −28.4%) and timing uncertainty around DHA contract realization and near-term Q3 cost impacts keep the situation balanced. Management tightened guidance and raised full-year adjusted EBITDA expectations, but topline recovery in 2027 remains contingent on converting pipeline opportunities into signed contracts.Positive Updates
Defense Health Agency (DHA) Intent to Award
DHA issued an intent to award a sole-source contract directly to Amwell, deepening the company's role in the Military Health System and MHS GENESIS. Management describes this as a multi-year (3–5 year) strategic win that validates Amwell as core federal health IT infrastructure and should boost credibility across other government and commercial prospects.
Negative Updates
Total revenue decline year-over-year
Total Q2 revenue declined to $52M, down approximately 26.6% year-over-year, reflecting previously disclosed churn and a one-time subscription benefit recognized in the prior-year quarter tied to DHA deployment.
Read all updates
Q2-2026 Updates
Positive
Negative
Defense Health Agency (DHA) Intent to Award
DHA issued an intent to award a sole-source contract directly to Amwell, deepening the company's role in the Military Health System and MHS GENESIS. Management describes this as a multi-year (3–5 year) strategic win that validates Amwell as core federal health IT infrastructure and should boost credibility across other government and commercial prospects.
Read all positive updates
Company Guidance
Amwell guided Q3 2026 revenue of $46–48M with an adjusted EBITDA loss of $(5)M to $(3)M, and narrowed full‑year 2026 revenue to $200–205M while raising full‑year adjusted EBITDA guidance to a $(9)M to $(7)M loss (up from a prior $(16)M–$(12)M range); management reiterated the goal of positive adjusted EBITDA and positive operating cash flow in Q4 2026. These outlooks follow Q2 results of $52M total revenue (down ~26.6% YoY), $25.7M subscription revenue (now >50% of total; down ~36.5% YoY but up ~3.2% sequentially), AMG visit revenue of $24.4M with ~315K paid AMG visits (~$77 per visit, +6% YoY), total platform visits of ~835K, gross profit $27.6M (53% margin), adjusted EBITDA loss of ~$1.15M, operating loss $9.6M, operating expenses $37.1M, and a balance sheet with ~$196M cash and zero debt.American Well Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
74
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 218.53M | 249.32M | 254.36M | 259.05M | 277.19M | 252.79M |
| Gross Profit | 105.81M | 132.86M | 98.95M | 94.76M | 116.77M | 104.31M |
| EBITDA | -44.13M | -60.57M | -176.91M | -224.15M | -245.84M | -166.07M |
| Net Income | -78.11M | -95.70M | -208.14M | -675.16M | -270.43M | -176.33M |
Balance Sheet | ||||||
| Total Assets | 327.18M | 323.79M | 435.97M | 589.71M | 1.22B | 1.45B |
| Cash, Cash Equivalents and Short-Term Investments | 195.95M | 182.33M | 228.32M | 372.04M | 538.55M | 746.42M |
| Total Debt | 2.98M | 4.52M | 8.20M | 11.79M | 14.84M | 16.61M |
| Total Liabilities | 92.87M | 76.00M | 119.72M | 109.52M | 133.71M | 184.96M |
| Stockholders Equity | 221.22M | 235.58M | 304.77M | 464.22M | 1.06B | 1.24B |
Cash Flow | ||||||
| Free Cash Flow | -26.41M | -65.97M | -142.56M | -163.59M | -202.77M | -142.10M |
| Operating Cash Flow | -26.39M | -65.95M | -127.34M | -148.34M | -192.32M | -141.54M |
| Investing Cash Flow | -903.00K | 17.10M | -18.65M | -19.17M | -11.63M | -59.63M |
| Financing Cash Flow | 601.00K | 840.00K | 1.38M | 2.15M | -3.61M | 5.75M |
American Well Technical Analysis
Neutral
10.81
Price Trends
9.66
Positive
7.96
Positive
6.37
Positive
Market Momentum
0.36
Positive
49.57
Neutral
16.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMWL, the sentiment is Neutral. The current price of 10.81 is below the 20-day moving average (MA) of 10.94, above the 50-day MA of 9.66, and above the 200-day MA of 6.37, indicating a neutral trend. The MACD of 0.36 indicates Positive momentum. The RSI at 49.57 is Neutral, neither overbought nor oversold. The STOCH value of 16.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.76B | 20.11 | 19.36% | ― | 13.05% | -12.34% | |
67 Neutral | $1.04B | 52.39 | 3.31% | ― | -1.19% | -21.87% | |
66 Neutral | $663.24M | 70.50 | 2.79% | ― | 14.05% | ― | |
55 Neutral | $179.62M | -1.98 | -33.27% | ― | -9.29% | 46.89% | |
52 Neutral | $1.22B | -6.78 | -13.08% | ― | -2.08% | 16.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
39 Underperform | $4.38M | -0.15 | -9999.00% | ― | 18.05% | 86.68% |
* Healthcare Sector Average
AMWL
American Well
10.42
2.56
32.57%
TDOC
Teladoc
6.71
-0.28
-4.01%
PHR
Phreesia
11.44
-15.67
-57.80%
GDRX
GoodRx Holdings
3.34
-1.00
-23.04%
DOCS
Doximity
21.89
-36.24
-62.34%
VSEE
VSee Health
0.08
-1.26
-93.73%
American Well Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
American Well Rebalances Board Structure With Director Shift
Neutral
Jul 15, 2026
On July 11, 2026, American Well Corporation’s board re-appointed Stephen Schlegel as a Class III director for a term ending at the 2029 annual meeting, following his July 8, 2026 resignation as a Class II director. The move was made solely t...
Executive/Board ChangesShareholder Meetings
American Well Shareholders Back Board, Auditor and Pay
Positive
Jun 22, 2026
American Well Corporation held its 2026 annual meeting of stockholders on June 16, 2026, where shareholders elected Class III director Dr. Ido Schoenberg to serve on the board until the 2029 annual meeting, following the previously disclosed decis...
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...
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.