American Shared Hospital Services (AMS) Stock

American Shared Hospital Services (AMS) is a Healthcare stock trading at $1.47 (as of 2026-08-25), with a market capitalization of $9.74M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

American Shared Hospital Services leases radiosurgery and radiation therapy equipment to health care providers and supports financing for Leksell Gamma Knife units. The company also operates proton beam radiation therapy systems and provides related planning, installation, and reimbursement support for its customers.

Understand American Shared Hospital Services: how it makes money

American Shared Hospital Services (AMS) leases radiosurgery and radiation therapy equipment (Gamma Knife units, LINAC systems) to hospital networks and treats patients directly with proton beam therapy in Orlando and Long Beach. It earns recurring lease income from equipment placements but is shifting weight toward the direct patient care platform, where per-treatment revenue currently carries a negative operating margin.

Tight liquidity and negative operating margin make revenue from either model insufficient to fund the leaser's own debt load, converting every new lease site into additional cash burn until volumes scale enough to clear covenants.

Revenue by segment (latest quarter)
Medical Equipment Leasing	$0.0B
Direct Patient Services	$0.0B

Business quality (Weak): Weak: gross margin at 17% and operating margin at negative 11% on $0.0B quarterly revenue, with a going-concern qualification on the balance sheet.

Bull case

Patient care platform scaling: Management flagged on the Q4 FY25 call that the direct patient care platform is expanding and now represents most of the company's revenue, signaling a structural shift from low-margin leasing toward per-treatment income. receipt: latest_call.
New sites approved for 2026: Management expects Guatemala (Guadalajara) operations to begin in 2026 and has approved Rhode Island expansion projects, adding geographic and treatment-modality breadth that could diversify away from the Florida and California footprint. receipt: latest_call.

Bear case

Going concern qualification: The Q4 FY25 call disclosed substantial doubt about the company's ability to continue as a going concern if financing issues remain unresolved, the most severe red flag a small-cap issuer can carry. receipt: latest_call.
Margins collapsed during 2025: The same call noted gross margin fell to 12% from 35% and that proton revenue declined 26% while gamma knife revenue dropped 5.5% during 2025, meaning both revenue lines shrunk at the same time per-treatment economics deteriorated. receipt: latest_call.

Valuation — source: SEC EDGAR (first-party)
Price	$1.47
Market Cap	$9.74M
EV / EBITDA	15.6
Price / Book	0.38
Price / Sales	0.33
FCF Yield	27.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$28.08M
Net Margin	-5.5%
Revenue Growth (YoY)	-0.9%
EPS Growth (YoY)	-167.6%
FCF Growth (YoY)	-41.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.49 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.9
Industry P/E (Healthcare Services)	25.4

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($382212.00)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Healthcare Services
CEO	Gary Delanois
Employees	81
Country	US
IPO Date	1984-07-03

Related Companies (Healthcare Services; 8 comparable companies)

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.