American Well Corp.

Amwell lost $13.88 a share in 2024 on $254M of revenue.

If you own AMWL, this is the part that matters.

amwl

technology · software small cap updated jan 23, 2026
$4.96
market cap ~$93M · 52-week range $4–$9
xvary composite: 42 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
Amwell sells software and devices that let hospitals run virtual and in-person care.
how it gets paid
Last year American Well made $249M in revenue.
why growth slowed
Revenue fell 2.0% last year. EPS was -$4.44, which means the business still lost money on every share even after the revenue surge.
what just happened
Revenue hit $194M, but EPS was still -$4.44.
At a glance
C++ balance sheet — some cracks in the foundation
55/100 earnings predictability — expect surprises
-$13.88 fy2024 eps est
$254M fy2024 rev est
42.2% operating margin
xvary composite: 42/100 — below average
What they do
Amwell sells software and devices that let hospitals run virtual and in-person care.
Amwell sells workflow glue, not just video visits. Its Converge platform plugs into providers, payers, and other vendors. That makes leaving painful, because your team has to replace the software and retrain people. The company had 877 employees doing that job.
software small-cap health-tech telehealth saas
How they make money
$249M annual revenue · revenue declined -2.0% last year
total revenue
$249M
2.0%
The products that matter
virtual care platform
converge platform
core product · market cap ~$93M
this is the operating backbone of the story. the market values the entire company at roughly $93M, which tells you investors want proof that the platform can produce durable revenue, not just technical capability.
core platform
recurring revenue line
subscription services
+29.4% from last year
this is the line growing fast enough to matter. the problem is that total revenue still fell 2.0%, so subscription gains are filling holes elsewhere, not overpowering them.
growth story
operating milestone
break-even plan
goal: nine months
management says cash flow break-even from operations is the near-term target. if they get there, the story changes. if they miss it, the turnaround starts looking longer and more expensive.
the number to watch
Key numbers
$249M
annual revenue
That is the size of the business. It is also small enough that one bad contract can still matter.
42.2%
operating margin
This says the company loses money before interest and taxes on every $100 of sales.
$2M
long-term debt
That is a tiny debt load, so the balance sheet is not the headline danger.
1.6
beta
The stock moves about 60% more than the market, so your patience gets tested.
Financial health
C++
strength
  • balance sheet grade C++ — below average — limited financial resources
  • risk rank 3 — safer than 50% of stocks
  • price stability 5 / 100
  • long-term debt $2M (2% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market

Return history isn't available for AMWL right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $194M, but EPS was still -$4.44.
Revenue jumped 245% vs. prior year, and gross margin reached 53%. The good news is scale. The bad news is the company still burned through earnings.
$194M
revenue
-$4.44
eps
53.0%
gross margin
the number that mattered
EPS was -$4.44, which means the business still lost money on every share even after the revenue surge.
source: company earnings report, 2026

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What could go wrong

AMWL's biggest risks are not abstract healthcare-tech risks. They are a shrinking top line, a live break-even deadline, thin visibility on contract durability, and a stock price that already tells you trust is scarce.

∘
med
the revenue mix is improving faster than the business is.
subscription revenue grew 29.4%, but total revenue still fell 2.0%. if legacy declines keep outrunning subscription gains, the transition story loses credibility fast.
subscription revenue grew 29.4%, but total revenue still fell 2.0%. if legacy declines keep outrunning subscription gains, the transition story loses credibility fast.
∘
med
low debt does not mean financial comfort.
long-term debt is only $2M, but the balance-sheet grade is still C++. in human-speak: leverage is not the issue. limited resources are.
long-term debt is only $2M, but the balance-sheet grade is still C++. in human-speak: leverage is not the issue. limited resources are.
∘
med
the break-even deadline is now part of the thesis.
management's target is cash flow break-even from operations in nine months. miss that, and investors will start asking what bridge gets the company from here to there.
management's target is cash flow break-even from operations in nine months. miss that, and investors will start asking what bridge gets the company from here to there.
∘
med
thin disclosure leaves more room for unpleasant surprises.
the page flags a government partnership renewal as important but does not give enough detail to model the exposure. that uncertainty matters more when the company is already this small.
the page flags a government partnership renewal as important but does not give enough detail to model the exposure. that uncertainty matters more when the company is already this small.
If revenue keeps falling 2.0% and operating margin stays at -42.2%, you own a repair job, not a winner.
source: institutional data · regulatory filings · risk analysis
Pay attention to
kill switch
cash flow break-even from operations
management put a nine-month clock on this. if AMWL misses it, the market is likely to question both the cost structure and the turnaround timeline.
core metric
the gap between +29.4% subscription growth and -2.0% total revenue
you want that gap narrowing. until it does, the best part of the business is still not large enough to drag the rest of the company forward.
next report
august 2026 earnings
this is where management has to show progress, not just describe it. the next update needs to tighten the spread between the good revenue line and the bad one.
contract signal
government partnership renewal language
the page is thin on detail, which is exactly why every update around this renewal matters. small companies do not get many chances to hide contract setbacks.
Analyst rankings
earnings predictability
55 / 100
earnings can be harder to predict. in human-speak: expect surprises, and not always the friendly kind.
risk rank
3
safer than 50% of stocks. middle of the pack on risk, which sounds calmer than a 5 / 100 stability score feels in real life.
price stability
5 / 100
this stock is volatile. if you own it, you are signing up for swings while the business tries to prove the turnaround.
xvary composite
42 / 100
below average overall. the score is being dragged down by weak stability and a business model still stuck between platform promise and revenue decline.
source: institutional data
Institutional activity

institutional ownership data for AMWL is being compiled.

source: institutional data
source: institutional data
Price targets
3-5 year target range
n/a n/a
$5 current price
n/a target midpoint · n/a from current
target data not available

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