American Well Corporation (AMWL) Stock

American Well Corporation (AMWL) is a Technology stock trading at $11.85 (as of 2026-08-21), with a market capitalization of $200.48M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

American Well Corporation provides telehealth software that supports digital care delivery, including services for urgent care, scheduled visits, and specialty care such as behavioral health, telestroke, pediatrics, and other conditions. It also supplies related telemedicine equipment such as carts, peripherals, tablets, and kiosks for healthcare organizations and settings including home, retail, and schools.

Understand American Well Corporation: how it makes money

American Well (AMWL) provides telehealth software and related telemedicine equipment that lets care teams deliver services such as urgent care, scheduled visits, behavioral health therapy, telestroke, pediatrics, and other specialties, and it makes money from visit-related offerings and technology subscription revenue.

Profitability depends on scaling completed telehealth visits delivered through AMWL offerings (medical group and gateway) while also generating recurring technology subscription revenue, because both visit activity and subscription revenue feed the company while operating losses currently persist.

Revenue by segment (latest quarter)
MedGrp	$0.0B
Gateway	$0.0B
TechSub	$0.0B
CarePoints	$0.0B

Business quality (Weak): The business description is clear, but the segment breakdown is based on provided revenue candidates rather than explicitly confirmed official reportable segments, and only one operating margin datapoint is given for financial context.

Bull case

Utilization is measurable through completed visits: The company reports Visits Completed and also reports high-level provider activity (Active Providers), both tied to delivering care through its telehealth offerings.
A recurring component exists through subscription revenue: Technology Subscription Revenue is called out separately from visit-related revenue, which can support a more repeatable revenue mix versus purely transactional care delivery.

Bear case

The company is not yet profitable on an operating basis: The latest quarter shows an operating margin of -31.7%, indicating operating losses despite generating revenue.
Revenue mix appears dependent on visit activity plus smaller service components: Segment candidates indicate meaningful revenue from medical group and gateway visit-related lines, while Services and Care Points Revenue is smaller, which may leave results sensitive to changes in care delivery volume.

Valuation — source: SEC EDGAR (first-party)
Price	$11.85
Market Cap	$200.48M
Price / Book	0.86
Price / Sales	0.92
FCF Yield	-20.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$249.32M
Net Margin	-38.4%
Revenue Growth (YoY)	-2.0%
EPS Growth (YoY)	-57.1%
FCF Growth (YoY)	-48.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	-7.04 (distress)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	29.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	MORGAN STANLEY ($6.08M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Ido Schoenberg
Employees	877
Country	US
IPO Date	2020-09-17

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Data as of 2026-08-21.

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