American Well Corporation
- Open
- 12.08
- Day high
- 13.16
- Day low
- 12.05
- Prev close
- 12.07
- Volume
- 140K
- Mkt cap
- $218M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.0
- P/S
- 1.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$273K over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions reducing (13F)
American Well Corporation (AMWL) is a Healthcare company listed on NYSE. The stock is up 81% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
American Well Corporation (AMWL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMWL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $-0.86 | $-0.59 | +31.4% | $52M | +4.4% |
| May 5, 2026 | $-0.77 | $-0.78 | -1.3% | $55M | +6.5% |
| Feb 12, 2026 | $-1.59 | $-1.52 | +4.4% | $55M | -4.3% |
| May 1, 2025 | $-3.09 | $-1.73 | +44.0% | $67M | +11.2% |
| Feb 12, 2025 | $-3.04 | $-2.77 | +8.9% | $71M | -4.0% |
| Oct 30, 2024 | $-3.32 | $-2.87 | +13.6% | $61M | -12.2% |
| Jul 31, 2024 | $-3.94 | $-3.36 | +14.7% | $63M | +1.9% |
| May 1, 2024 | $-3.60 | $-5.00 | -38.9% | $60M | -1.6% |
| Feb 14, 2024 | $-3.80 | $-3.40 | +10.5% | $71M | +0.7% |
| Nov 1, 2023 | $-4.00 | $-4.00 | +0.0% | $62M | -1.8% |
| Aug 2, 2023 | $-4.20 | $-4.60 | -9.5% | $62M | -5.4% |
| May 3, 2023 | $-4.00 | $-4.80 | -20.0% | $64M | -1.1% |
AMWL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Zamansky Dmitryofficer: Chief Product & Tech. Officer | Sell | 8,460 | $9.33 |
| Jul 1, 2026 | McNeice Paul Francisofficer: Chief Accounting Officer | Sell | 653 | $9.33 |
| Jul 1, 2026 | HIRSCHHORN MARKofficer: Chief Financial Officer | Sell | 4,299 | $9.33 |
| Jul 1, 2026 | Gotlib Phyllisofficer: President, International | Sell | 6,677 | $9.33 |
| Jun 18, 2026 | Jackson Deborah Cdirector | Grant | 14,501 | — |
| Jun 18, 2026 | Ross Derekdirector | Grant | 14,501 | — |
| Jun 18, 2026 | Schlegel Stephen J.director | Grant | 14,501 | — |
| Jun 18, 2026 | Goldwasser Rivkadirector | Grant | 14,501 | — |
| Jun 18, 2026 | Webb Robert Thomasdirector | Grant | 14,501 | — |
| Jun 18, 2026 | Cosgrove Delos M.director | Grant | 14,501 | — |
| Jun 15, 2026 | Schlegel Stephen J.director | Sell | 9,750 | $8.76 |
| May 11, 2026 | Schoenberg Idodirector, officer: Chairman, co-CEO | Buy | 670 | $7.37 |
| Apr 2, 2026 | Gotlib Phyllisofficer: President, International | Sell | 3,706 | $5.30 |
| Apr 2, 2026 | McNeice Paul Francisofficer: Chief Accounting Officer | Sell | 383 | $5.30 |
| Apr 2, 2026 | Zamansky Dmitryofficer: Chief Product & Tech. Officer | Sell | 5,575 | $5.30 |
Source: AMWL SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full AMWL insider & 13F page →American Well Corporation company profile
Overview
American Well Corporation (NYSE:AMWL) is a telehealth software company founded in 2006 and headquartered in Boston, Massachusetts. The company went public in September 2020 and operates as a digital healthcare infrastructure provider, enabling healthcare organizations to deliver virtual care services. American Well has evolved from a traditional telehealth vendor into a comprehensive digital care enablement platform, serving health systems, payers, and government organizations including a significant contract with the U.S. Military Health System.
Business
American Well operates in the telehealth and digital healthcare infrastructure sector, providing software platforms that enable healthcare organizations to deliver virtual medical services. The healthcare industry has increasingly adopted digital solutions to address provider shortages, reduce costs, and improve patient access to care. The company's core offering is the Converge platform, which serves as digital infrastructure that healthcare organizations use to deliver various forms of virtual care. Telehealth, also known as telemedicine, allows patients to receive medical consultations, diagnoses, and treatment remotely through video calls, phone consultations, or digital messaging rather than visiting a physical healthcare facility. American Well's business operates through several key segments: 1. Subscription Software Revenue (approximately 48% of total revenue): This includes licensing fees for the Converge platform and other software solutions that healthcare organizations pay on a recurring basis to access American Well's telehealth infrastructure. 2. AMG (American Medical Group) Visit Revenue (approximately 40% of total revenue): Revenue generated from facilitating actual telehealth visits between patients and healthcare providers, where American Well earns fees per consultation or visit completed on their platform. 3. Services and Care Points Revenue (approximately 12% of total revenue): Professional services including implementation, customization, and ongoing support for healthcare organizations deploying American Well's solutions, plus revenue from specialized care programs and equipment. The platform enables various types of virtual healthcare services including urgent care consultations, scheduled specialist visits, behavioral health therapy, pediatric care, and specialized programs for conditions like dermatology and musculoskeletal care. American Well also provides physical telemedicine equipment such as medical carts, tablets, and kiosks that healthcare facilities use to conduct virtual consultations.
Revenue model
American Well generates revenue through multiple complementary business models that serve different aspects of the digital healthcare ecosystem. The primary revenue stream comes from subscription software licensing, where healthcare organizations pay recurring fees to access and use the Converge platform. This software-as-a-service model provides predictable revenue and has been growing as a percentage of total revenue, reaching nearly 60% in recent guidance. Customers include health insurance companies (payers), hospital systems and clinics (providers), and government organizations. The second major revenue source is transaction-based visit fees from the AMG business, where American Well earns revenue each time a patient completes a telehealth consultation through their platform. This creates a usage-based revenue model tied directly to patient volume and healthcare utilization patterns. The company also generates revenue from professional services, charging implementation fees, customization services, and ongoing support to help healthcare organizations integrate and optimize their virtual care programs. Additionally, American Well sells complementary telemedicine hardware and equipment. Several factors influence American Well's profitability margins. Positive margin drivers include the shift toward higher-margin subscription revenue, economies of scale as the platform serves more users, and the ability to add third-party clinical programs that generate revenue-sharing opportunities. The company's cost reduction initiatives in research and development, sales and marketing, and general administrative expenses also improve margins. Negative margin pressures come from intense competition in the telehealth space, the need for continued technology investment to maintain platform competitiveness, customer acquisition costs in a crowded market, and the cyclical nature of healthcare utilization that can impact visit volumes. Macroeconomic factors affecting healthcare spending and regulatory changes in telehealth reimbursement policies also influence profitability.
Competitive moat
American Well's competitive moat appears moderately strong but not insurmountable. The company's primary defensive advantages center around its comprehensive platform capabilities and established customer relationships, particularly with large, complex healthcare organizations. The company's strongest moat elements include its integrated platform approach that combines multiple virtual care services in a single infrastructure, which creates switching costs for customers who have integrated the platform into their workflows. American Well's professional services capabilities and experience with large-scale deployments, demonstrated through contracts like the $180 million Defense Health Agency engagement, provide differentiation in serving enterprise customers with complex requirements. Customer stickiness is enhanced by the platform's integration with existing healthcare systems and the operational disruption that would result from switching providers. The company's focus on serving as digital infrastructure rather than just a telehealth vendor creates deeper organizational dependencies. However, American Well faces significant competitive threats that limit the strength of its moat. The telehealth industry has low barriers to entry for basic video consultation services, with numerous competitors including Teladoc, Doxy.me, and technology giants like Amazon and Microsoft entering healthcare. Many healthcare organizations are also developing in-house virtual care capabilities, reducing reliance on third-party platforms. The company's technology differentiation is not proprietary enough to prevent replication, and the rapid commoditization of basic telehealth services puts pressure on pricing power. Large health systems and payers have significant negotiating leverage, and the fragmented nature of healthcare creates challenges in achieving dominant market share. American Well's moat is primarily operational and relationship-based rather than built on unique intellectual property or network effects, making it vulnerable to well-funded competitors with superior technology resources.
Risks & safety
American Well presents a moderate margin of safety from a financial stability perspective, though concerns exist around profitability timeline and cash burn. Liquidity and Solvency: - Strong cash position of $222 million with minimal debt (debt-to-equity ratio of 0.025) - Current ratio of 2.92 indicates solid short-term liquidity - Free cash flow burn of $25 million quarterly suggests approximately 2+ years of runway at current burn rate - No immediate solvency risk given substantial cash reserves Valuation Metrics: - Trading at 0.36x price-to-book ratio, suggesting potential asset value - Graham net-net value of 10.46 indicates trading below liquidation value - EV/EBITDA of 1.01 appears reasonable for a growth company, though EBITDA is negative - Revenue multiple appears modest relative to SaaS peers Other Considerations: - Path to profitability targeted for 2026 but execution risk remains high - Revenue guidance of $250-260 million for 2025 suggests modest growth - Significant cost reduction initiatives underway but may impact growth capabilities - Dependence on large government contract (Military Health System) creates concentration risk
Recent development
Over the past few years, American Well has undergone a significant strategic transformation from a traditional telehealth vendor to a comprehensive digital healthcare infrastructure provider. The centerpiece of this evolution has been the development and deployment of the Converge platform, which now handles approximately 70% of the company's total visit volume, up from just 9% in early 2022. A major strategic milestone was securing the $180 million Defense Health Agency contract through partner Leidos, representing the company's largest government engagement. This Military Health System deployment has progressed through staged launches and is expected to complete enterprise-wide implementation in 2025, demonstrating American Well's capability to handle complex, large-scale virtual care programs. The company has pursued a platform consolidation strategy, successfully migrating major clients including Elevance Health and Highmark to the Converge platform while adding new capabilities like behavioral health programs, musculoskeletal care, and dermatology services. American Well has also expanded its ecosystem through partnerships, including agreements with CVS Health, LG, Hello Heart, and most recently Vida Health to add third-party clinical programs to its portfolio. Organizationally, American Well has implemented significant cost reduction initiatives while streamlining leadership structure. The company divested its Amwell Psychiatric Care business to focus resources on core platform development and hired Dan Zamansky from Amazon as Chief Product and Technology Officer to enhance technical capabilities. Management has targeted over 60% improvement in adjusted EBITDA through operational efficiency measures including reductions in R&D expenses (>10%), sales and marketing costs (>25%), and general administrative expenses (>20%). The strategic focus has shifted toward subscription-heavy revenue growth, with subscription software revenue growing from 12% of total revenue in 2022 to an expected nearly 60% in 2025, reflecting the transition from transaction-based to recurring revenue models that provide more predictable cash flows and higher margins.
AMWL company profile · for informational purposes only — not investment advice.
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