olivLaw · US equity research
American Well Corporation AMWL
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
American Well (Amwell) provides an enterprise platform and software-as-a-service offering that lets health providers and payers deliver hybrid care combining in-person, virtual and automated modalities. The company remains loss-making but reported a better margin trajectory in the second half of 2026, with quarterly revenue of 52.0 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, American Well Corporation (AMWL) stock was 12.11 USD (−1.94% on the day), with market capitalisation 207.5 m USD, beta 1.27, 52-week range 3.78–14.98 USD. Latest reported quarter (Q3 2026): revenue of 49.0 m USD (−13.0% YoY), net income of -11.4 m USD, diluted EPS -0.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.9
- weak (30–45)
- Bollinger (20, 2)
- 11.27 – 14.68
- in the lower half of the band · %B 0.25 · band width 26.3%
- SMA 50 / 200
- 12.96 / 9.08
- mixed trend
- MACD (12, 26, 9)
- -0.03 / 0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.3% | −1.1% | −0.2 pp | — |
| 3 months | −6.3% | −0.5% | −5.9 pp | — |
| 6 months | +56.3% | +4.4% | +51.9 pp | — |
| Year to date | +146.6% | +12.3% | +134.3 pp | — |
| 1 year | +139.8% | +13.5% | +126.3 pp | −3.5% |
| 3 years | −50.4% | +76.4% | −126.8 pp | −3.2% |
| 5 years | −93.5% | +63.7% | −157.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 71.0 m | 66.8 m | 70.9 m | 56.3 m | 55.3 m | 54.9 m | 52.0 m | 49.0 m |
| Cost of revenue | 36.6 m | 31.6 m | 31.1 m | 26.8 m | 27.0 m | 26.9 m | 24.5 m | 23.0 m |
| Research & development | 18.8 m | 22.1 m | 18.2 m | 18.6 m | 13.9 m | 12.4 m | 10.4 m | 9.6 m |
| Operating income | -42.8 m | -30.4 m | -20.4 m | -29.3 m | -25.2 m | -17.4 m | -9.6 m | -11.7 m |
| Depreciation & amortisation | 8.2 m | 7.8 m | 8.2 m | 9.4 m | 8.5 m | 7.6 m | 7.0 m | 5.2 m |
| Pre-tax income | -45.4 m | -17.0 m | -19.5 m | -30.7 m | -27.3 m | -10.1 m | -10.2 m | -10.2 m |
| Income tax | 1.5 m | 568.0 k | -725.0 k | 1.2 m | -626.0 k | 217.0 k | -548.0 k | 769.0 k |
| Net income | -42.7 m | -18.7 m | -19.7 m | -32.4 m | -24.9 m | -10.9 m | -9.9 m | -11.4 m |
| Diluted EPS | -2.77 ≈ | -1.19 | -1.24 | -2.00 | -1.52 ≈ | -0.66 | -0.59 | -0.67 |
| Operating cash flow | -13.4 m | -25.1 m | -4.7 m ≈ | -18.8 m ≈ | -17.4 m | -983.0 k | 10.7 m ≈ | -11.7 m ≈ |
| Capex | 3.0 k | 9.0 k | 0 ≈ | 0 ≈ | 12.0 k | 5.0 k | 8.0 k ≈ | 10.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 114.0 m | 148.9 m | 245.3 m | 252.8 m | 277.2 m | 259.0 m | 254.4 m | 249.3 m |
| Revenue YoY | unavailable | +30.6% | +64.8% | +3.1% | +9.7% | −6.5% | −1.8% | −2.0% |
| Net income | -52.7 m | -87.2 m | -224.4 m | -176.3 m | -270.4 m | -675.2 m | -208.1 m | -95.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -2.27 | -0.69 | -19.72 | -47.50 | -13.88 | -5.96 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -46.2% | -58.6% | -91.5% | -69.8% | -97.6% | -260.6% | -81.8% | -38.4% |
| Free cash flow | -75.9 m | -83.2 m | -115.8 m | -142.1 m | -192.6 m | -148.5 m | -127.5 m | -66.0 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 182.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 247.8 m USD
- Total assets
- 323.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.37x
- ROE
- -33.9%
- ROA
- -25.2%
- FCF margin
- -26.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 245.3 m | 252.8 m | 277.2 m | 259.0 m | 254.4 m | 249.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 156.8 m | 148.5 m | 160.4 m | 164.3 m | 155.4 m | 116.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 88.5 m ≈ | 104.3 m ≈ | 116.8 m ≈ | 94.8 m ≈ | 99.0 m ≈ | 132.9 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Research & development | 84.4 m | 106.6 m | 138.5 m | 105.8 m | 86.1 m | 72.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | -227.4 m | -179.1 m | -275.9 m | -692.1 m | -217.5 m | -105.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 10.2 m | 16.1 m | 26.2 m | 31.5 m | 33.0 m | 34.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | -217.3 m ≈ | -163.1 m ≈ | -249.7 m ≈ | -660.6 m ≈ | -184.6 m ≈ | -71.3 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Pre-tax income | -225.8 m | -179.0 m | -269.7 m | -675.3 m | -209.9 m | -94.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 639.0 k | -5.4 m | 64.0 k | 3.9 m | 2.8 m | 434.0 k | SEC (XBRL)· 12 Feb 2026verified |
| Net income | -224.4 m | -176.3 m | -270.4 m | -675.2 m | -208.1 m | -95.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | -2.27 | -0.69 | -19.72 | -47.50 | -13.88 | -5.96 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 99.0 m | 254.1 m | 13.7 m | 14.2 m | 15.0 m | 16.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 941.6 m | 746.4 m | 538.5 m | 372.0 m | 228.3 m | 182.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 45.3 m | 51.4 m | 58.4 m | 54.1 m | 71.9 m | 49.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 9.1 m | 7.5 m | 8.7 m | 6.7 m | 2.9 m | 1.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 1.1 bn | 827.3 m | 626.6 m | 449.6 m | 317.0 m | 246.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 3.8 m | 2.2 m | 1.0 m | 572.0 k | 376.0 k | 225.0 k | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 193.9 m | 442.8 m | 435.3 m | 0 | 0 | — | SEC (XBRL)· 12 Feb 2025verified |
| Intangibles (excl. goodwill) | 55.5 m | 152.4 m | 135.0 m | 120.2 m | 101.5 m | 66.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 1.4 bn | 1.4 bn | 1.2 bn | 589.7 m | 436.0 m | 323.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 5.8 m | 12.2 m | 7.2 m | 4.9 m | 5.0 m | 1.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 121.0 m | 141.6 m | 114.1 m | 93.8 m | 111.3 m | 73.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 130.4 m | 185.0 m | 133.7 m | 109.5 m | 119.7 m | 76.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 1.2 bn | 1.3 bn | 1.1 bn | 480.2 m | 316.2 m | 247.8 m | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -112.5 m | -141.5 m | -192.3 m | -148.3 m | -127.3 m | -66.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 3.3 m | 559.0 k | 292.0 k | 192.0 k | 119.0 k | 21.0 k | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | -115.8 m ≈ | -142.1 m ≈ | -192.6 m ≈ | -148.5 m ≈ | -127.5 m ≈ | -66.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -66.8 m | -59.6 m | -11.6 m | -19.2 m | -18.7 m | 17.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 983.1 m | 5.8 m | -3.6 m | 2.1 m | 1.4 m | 840.0 k | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 207.5 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -27.0% | 8 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -3.5% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -9.3% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
American Well Corporation (AMWL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 249.3 m USD in 2025; YoY growth -2.0%; net margin -27.0%; ROE -24.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.0x
What contradicts it
- Net margin: -27.0%
- Revenue CAGR 3Y: -3.5%
- FCF yield: -9.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PDDPDD Holdings Inc. | 478.0 bn | 35.6 | 27.4% | 22.7% | +14.5% | −28% / −43% |
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CSGPCoStar Group, Inc. | 12.9 bn | 73.1 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 11.2 bn | 28.0 | 8.9% | 9.5% | +5.4% | −13% / −33% |
| MMSMaximus, Inc. | 3.6 bn | 10.2 | 21.1% | 7.1% | +2.4% | −20% / −17% |
| FOURShift4 Payments, Inc. | 3.4 bn | 32.1 | 6.6% | 2.2% | +25.5% | −42% / −35% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.2 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| LQDTLiquidity Services, Inc | 1.4 bn | 43.8 | 15.0% | 6.8% | +31.2% | +49% / +133% |
| NUTXNutex Health Inc. | 1.3 bn | 7.6 | 57.2% | 21.2% | +82.4% | +68% / +579% |
| RDWRRadware Ltd. | 1.3 bn | 67.1 | 6.1% | 6.7% | +9.8% | +32% / +98% |
| PRTHPriority Technology Holdings, Inc. | 648.8 m | 11.5 | — | 5.6% | +8.3% | +35% / +162% |
| RMNIRimini Street, Inc. | 482.0 m | 44.2 | — | 2.5% | −1.7% | +36% / +66% |
| ADVAdvantage Solutions Inc. | 410.7 m | — | -59.0% | -8.9% | −0.7% | +35% / −53% |
1- and 3-year price returns: for AMWL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
American Well (Amwell) provides an enterprise platform and software-as-a-service offering that lets health providers and payers deliver hybrid care combining in-person, virtual and automated modalities. The company remains loss-making but reported a better margin trajectory in the second half of 2026, with quarterly revenue of 52.0 million USD.
SWOT
Strengths
- The platform is built for hybrid care and integrates with clients' existing systems, which lowers the risk of full replacement 1. The client-branded model is an advantage over competitors that promote their own brands 1.
- The company has a client base among health systems and payers, and its clinical coverage through the affiliated AMG network completes the offering 1. In its second-quarter 2026 release the company reported no debt 3.
- The ability to combine synchronous, asynchronous and automated care gives clients a flexible tool for varied clinical pathways 1.
Weaknesses
- The company has incurred losses in every period since inception and cannot assure it will achieve sustained profitability 1.
- Reliance on a small number of large clients means that losing one important client could have a significant effect on revenue 1.
- Subscription revenue declined in 2025 and in the first half of 2026, pointing to difficulty retaining clients 12.
Opportunities
- If the Defense Health Agency extends the solution across its entire enterprise, the company could win a major contract and a prime contractor role 3.
- Expansion of the international behavioral health market through SilverCloud could open new revenue sources 1.
- Growing investment in AI and new modules could deepen sales to existing clients 1.
Threats
- Competition from large technology platforms and EHR vendors could push down prices and erode market share 1.
- Regulatory changes or cybersecurity incidents could create significant financial liability 1.
- The loss of certain major clients, especially around contract renewal dates, could seriously affect revenue 12.
Risks
- Client concentrationhigh
A single client accounted for a majority share of revenue and the top ten clients a large part of the total, so losing one could seriously affect results 1.
- Continuing losseshigh
The company has not reached profitability and carries a large accumulated deficit, which could limit long-term financing options 1.
- Need for additional capitalmedium
If cash flows do not improve as planned, the company could need equity or debt financing, with possible dilution for shareholders 1.
- Competition and pricing pressuremedium
Competitors with greater resources could offer solutions at lower prices, which could limit growth 1.
- Privacy and cybersecuritymedium
A security incident could lead to legal liability and loss of client trust, particularly in healthcare 1.
Investment thesis
What would need to be true (bull case)
- If the target of positive operating cash flow in the fourth quarter of 2026 is confirmed, the company could show that its subscription model is becoming sustainable 3.
- An extended contract with a major government client could provide an important anchor for growth and credibility in the public sector 3.
- If the hybrid care market grows as management expects, the platform could benefit from expanding demand 1.
What would break the thesis
- If subscription revenue keeps declining, the company could struggle to sustain its investments in AI and new products 23.
- Client concentration and high churn could keep revenue volatile even if the market grows 1.
- If larger competitors expand their hybrid offerings, the company could lose market share or be forced to cut prices 1.
What to watch
- Achievement of the 2026 revenue guidance and any later revisionsQ4 2026
- Whether management reaches positive operating cash flow, as targetedQ4 2026
- Defense Health Agency decision on deploying the solution across its entire enterpriseQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Amwell describes itself as a leading enterprise platform and software-as-a-service company, founded in 2006, enabling hybrid care. The Amwell Platform lets clients build digital care programs under their own brands, with components for virtual visits, automated care and digital mental health 1. As of December 31, 2025 it powered programs for about 50 health plans covering more than 90 million lives and about 80 of the largest U.S. health systems 1.
The business model rests mainly on platform subscriptions, supplemented by fee-for-service professional services, Carepoint devices and access to Amwell Medical Group, its affiliated clinical network 1. Contracts are typically three years long, and subscription revenue represented a growing share of total revenue in 2026 23.
In 2025 the company divested its telepsychiatry business and its APC business to focus on the Amwell Platform, strategic clients and a path to profitability 1. Second-quarter 2026 results were reported under the NYSE ticker AMWL 3.
Segments
Market context
The company estimates the total addressable market for its solutions at about 94 billion USD in the U.S., of which roughly 31 billion USD is capturable through technology for its hybrid platform 1. Management estimates this could grow to about 50 billion USD over the next four years as digital care expands 1.
Trends
- Health system consolidationheadwind
Consolidation among providers reduces the number of potential clients but increases the bargaining power of those that remain and can push prices down 1.
- Adoption of hybrid caretailwind
Growing adoption of digital and hybrid care by health systems and payers could support demand for the Amwell Platform over the long term 1.
- Artificial intelligence in healthcaremixed
The company presents AI investment as a growth priority while focusing in the short term on reducing losses 13.
- Regulation and privacymixed
Healthcare legislation and data privacy rules could raise compliance costs, but they may also create requirements that favor digital solutions 1.
Competitive position
Competitors named include telehealth provider Teladoc, horizontal technology players such as Microsoft, Amazon and Zoom, and EHR vendors such as Epic and Oracle Health 1. The company notes that many competitors are also partners, so rivalry could turn into collaboration 1.
The company's stated advantages include the breadth of its client base, its position with both payers and providers, its integration with existing systems and its client-branded model 1. Larger competitors may however have greater resources and name recognition 1.
- Teladoc HealthTDOC
Telehealth platform provider the company names as a direct competitor in digital care delivery 1.
- MicrosoftMSFT
Horizontal technology company moving into healthcare through video communication tools, named in the filing 1.
- AmazonAMZN
Technology company active in digital healthcare, named as a potential competitor 1.
- Epic Systems
Private EHR vendor named both as a competitor and as a possible integration partner 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Amazon's top health exec is stepping down, will be replaced by Amwell co-founderCNBC World · 27 May 2026 · EN
The latest news item in our archive is from 27 May 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 Jul 2026Item 4.01 · Financial statements and exhibits
- Current report14 Jul 2026Departure or appointment of officers
- Current report22 Jun 2026Shareholder vote
- Current report12 May 2026Departure or appointment of officers
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / American Well Corporation · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / American Well Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / American Well Corporation · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.