AMWL NYSE Services-Business Services, Nec Financials FY2018βFY2025
American Well Corp had $249M of revenue in fiscal 2025, down 2.0% on the year before. Over five years, revenue changed +0.3% a year on average.
Last close Β· Oct 23, 2026
$13.57
4.4%Hi! I read American Well Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β2.0%
No. Sales fell 2.0% last year.
Does it make a profit?
β38.4%
No. It lost money last year.
Does profit turn into cash?
β26.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· American Well Corp had $249M of revenue in fiscal 2025, down 2.0% on the year before. Over five years, revenue changed +0.3% a year on average. Its operating margin was β42.2%, up 43.3Β pts: of every 100 in sales, about β42 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· American Well Corp lost $95.7M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$66.0M in fiscal 2025, β26.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.0M and sold $1.1M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$1.1M
6 insiders
Of sales under plans
9%
$0.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Paul Francis McNeiceChief Accounting Officer | Sold | 653 | $13.00 | $0.0M | Form 4 |
| Oct 1, 2026 | Phyllis GotlibPresident, International | Sold | 6,677 | $13.00 | $0.1M | Form 4 |
| Oct 1, 2026 | Mark HirschhornChief Financial Officer | Sold | 4,282 | $13.00 | $0.1M | Form 4 |
| Oct 1, 2026 | Dmitry ZamanskyChief Product & Tech. Officer | Sold | 8,442 | $13.00 | $0.1M | Form 4 |
| Sep 1, 2026 | Mark HirschhornChief Financial Officer | Sold | 10,751 | $11.80 | $0.1M | Form 4 |
| Sep 1, 2026 | Paul Francis McNeiceChief Accounting Officer | Sold | 112 | $11.80 | $0.0M | Form 4 |
| Sep 1, 2026 | Phyllis GotlibPresident, International | Sold | 3,573 | $11.80 | $0.0M | Form 4 |
| Jul 1, 2026 | Mark HirschhornChief Financial Officer | Sold | 4,299 | $9.33 | $0.0M | Form 4 |
| Jul 1, 2026 | Dmitry ZamanskyChief Product & Tech. Officer | Sold | 8,460 | $9.33 | $0.1M | Form 4 |
| Jul 1, 2026 | Phyllis GotlibPresident, International | Sold | 6,677 | $9.33 | $0.1M | Form 4 |
| Jul 1, 2026 | Paul Francis McNeiceChief Accounting Officer | Sold | 653 | $9.33 | $0.0M | Form 4 |
| Jun 11, 2026 | Stephen J. SchlegelDirector | Sold plan | 9,750 | $8.76 | $0.1M | Form 4 |
| Jun 1, 2026 | Mark HirschhornChief Financial Officer | Sold | 10,761 | $9.74 | $0.1M | Form 4 |
| Jun 1, 2026 | Phyllis GotlibPresident, International | Sold | 3,573 | $9.74 | $0.0M | Form 4 |
| Jun 1, 2026 | Paul Francis McNeiceChief Accounting Officer | Sold | 112 | $9.74 | $0.0M | Form 4 |
| May 7, 2026 | Ido SchoenbergChairman, co-CEO, Director | Bought | 670 | $7.37 | $0.0M | Form 4 |
| Apr 1, 2026 | Phyllis GotlibPresident, International | Sold | 3,706 | $5.30 | $0.0M | Form 4 |
| Apr 1, 2026 | Paul Francis McNeiceChief Accounting Officer | Sold | 383 | $5.30 | $0.0M | Form 4 |
| Apr 1, 2026 | Dmitry ZamanskyChief Product & Tech. Officer | Sold | 5,575 | $5.30 | $0.0M | Form 4 |
| Mar 2, 2026 | Paul Francis McNeiceChief Accounting Officer | Sold | 130 | $5.24 | $0.0M | Form 4 |
| Mar 2, 2026 | Phyllis GotlibPresident, International | Sold | 3,573 | $5.24 | $0.0M | Form 4 |
| Mar 2, 2026 | Mark HirschhornChief Financial Officer | Sold | 10,796 | $5.24 | $0.1M | Form 4 |
| Mar 2, 2026 | Dmitry ZamanskyChief Product & Tech. Officer | Sold plan | 2,472 | $5.45 | $0.0M | Form 4 |
| Jan 2, 2026 | Phyllis GotlibPresident, International | Sold | 3,707 | $4.85 | $0.0M | Form 4 |
| Jan 2, 2026 | Paul Francis McNeiceChief Accounting Officer | Sold | 384 | $4.85 | $0.0M | Form 4 |
| Jan 2, 2026 | Dmitry ZamanskyChief Product & Tech. Officer | Sold | 6,243 | $4.85 | $0.0M | Form 4 |
| Dec 18, 2025 | Deborah C JacksonDirector | Sold | 612 | $4.71 | $0.0M | Form 4 |
| Dec 1, 2025 | Phyllis GotlibPresident, International | Sold | 3,574 | $4.06 | $0.0M | Form 4 |
| Dec 1, 2025 | Paul Francis McNeiceChief Accounting Officer | Sold | 113 | $4.06 | $0.0M | Form 4 |
| Oct 1, 2025 | Phyllis GotlibPresident, International | Sold | 4,959 | $6.11 | $0.0M | Form 4 |
| Oct 1, 2025 | Paul Francis McNeiceChief Accounting Officer | Sold | 332 | $6.11 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably American Well Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $746M | $539M | $372M | $228M | $182M |
| Current ratio | 5.8x | 5.5x | 4.8x | 2.8x | 3.4x |
| Quick ratio | 5.8x | 5.4x | 4.7x | 2.8x | 3.4x |
| Total assets | $1.4B | $1.2B | $590M | $436M | $324M |
| Total liabilities | $185M | $134M | $110M | $120M | $76.0M |
| Shareholders' equity | $1.2B | $1.1B | $464M | $305M | $236M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· American Well Corp passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 3 / 7 | 2 / 7 | 3 / 7 | 2 / 7 | 3 / 7 | 4 / 7 |
| Accruals ratio | β | β1.1% | β11.9% | β2.5% | β5.9% | β58.3% | β15.8% | β7.8% |
| Altman Z'' | β | β4.65 | 12.09 | 7.48 | 6.70 | β9.20 | β12.29 | β16.17 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $114M | $149M | $245M | $253M | $277M | $259M | $254M | $249M |
| Net interest income | β | β | β | β | $5.0M | $9.3M | $11.8M | $5.2M |
| Research and development | $36.3M | $53.9M | $84.4M | $107M | $138M | $106M | $86.1M | $72.9M |
| Operating income | β$55.1M | β$94.7M | β$227M | β$179M | β$276M | β$692M | β$218M | β$105M |
| Pretax income | β$52.3M | β$89.2M | β$226M | β$179M | β$270M | β$675M | β$210M | β$94.5M |
| Income tax | $0.0M | β$0.8M | $0.6M | β$5.4M | $0.1M | $3.9M | $2.8M | $0.4M |
| Net income | β$52.7M | β$87.2M | β$224M | β$176M | β$270M | β$675M | β$208M | β$95.7M |
| Diluted EPS | β$1.30 | β$2.12 | β$2.27 | β$0.69 | β$19.72 | β$47.50 | β$13.88 | β$5.96 |
| Diluted shares | 0.04B | 0.04B | 0.10B | 0.25B | 0.01B | 0.01B | 0.01B | 0.02B |
| Cash flow | ||||||||
| Cash from operations | β$74.0M | β$81.9M | β$112M | β$142M | β$192M | β$148M | β$127M | β$66.0M |
| Capital expenditure | $1.9M | $1.3M | $3.3M | $0.6M | $0.3M | $0.2M | $0.1M | $0.0M |
| Free cash flow | β$75.9M | β$83.2M | β$116M | β$142M | β$193M | β$149M | β$127M | β$66.0M |
| Depreciation and amortization | $5.3M | $7.8M | $10.2M | $16.1M | $26.2M | $31.5M | $33.0M | $34.0M |
| Stock-based compensation | $7.7M | $12.1M | $118M | $43.8M | $67.7M | $72.2M | $47.5M | $22.0M |
| Acquisitions | $64.4M | $45.8M | β | $157M | β | β | β | β |
| Balance sheet | ||||||||
| Cash and short-term investments | $48.0M | $178M | $1.0B | $746M | $539M | $372M | $228M | $182M |
| Current assets | β | $224M | $1.1B | $827M | $627M | $450M | $317M | $247M |
| Current liabilities | β | $107M | $121M | $142M | $114M | $93.8M | $111M | $73.2M |
| Inventory | β | $3.1M | $9.1M | $7.5M | $8.7M | $6.7M | $2.9M | $1.2M |
| Property and equipment, net | β | $2.7M | $3.8M | $2.2M | $1.0M | $0.6M | $0.4M | $0.2M |
| Goodwill | $127M | $194M | $194M | $443M | $435M | $0.0M | $0.0M | β |
| Intangible assets | β | $63.5M | $55.5M | $152M | $135M | $120M | $102M | $66.1M |
| Total assets | β | $500M | $1.4B | $1.4B | $1.2B | $590M | $436M | $324M |
| Total liabilities | β | $125M | $130M | $185M | $134M | $110M | $120M | $76.0M |
| Shareholders' equity | β$204M | β$307M | $1.2B | $1.2B | $1.1B | $464M | $305M | $236M |
| Margins | ||||||||
| Operating margin | β48.4% | β63.6% | β92.7% | β70.9% | β99.5% | β267.2% | β85.5% | β42.2% |
| EBITDA margin | β43.7% | β58.4% | β88.6% | β64.5% | β90.1% | β255.0% | β72.6% | β28.6% |
| Net margin | β46.2% | β58.6% | β91.5% | β69.8% | β97.6% | β260.6% | β81.8% | β38.4% |
| FCF margin | β66.6% | β55.9% | β47.2% | β56.2% | β69.5% | β57.3% | β50.1% | β26.5% |
| Net interest share of revenue | β | β | β | β | 1.8% | 3.6% | 4.6% | 2.1% |
| Returns | ||||||||
| Return on capital employed | β | β24.1% | β18.1% | β13.7% | β25.0% | β139.6% | β67.0% | β42.0% |
| Return on equity | β | β | β48.9% | β14.3% | β23.5% | β88.4% | β54.1% | β35.4% |
| Return on assets | β | β17.4% | β23.9% | β12.5% | β20.3% | β74.7% | β40.6% | β25.2% |
| Return on tangible equity | β | β | β23.0% | β27.4% | β54.8% | β196.3% | β102.4% | β56.5% |
| Growth | ||||||||
| Revenue growth | β | 30.6% | 64.8% | 3.1% | 9.7% | β6.5% | β1.8% | β2.0% |
| Share count change | β | 1.4% | 140.8% | 156.5% | β94.6% | 3.6% | 5.5% | 7.0% |
| Financial health | ||||||||
| Current ratio | β | 2.1x | 9.2x | 5.8x | 5.5x | 4.8x | 2.8x | 3.4x |
| Quick ratio | β | 2.1x | 9.1x | 5.8x | 5.4x | 4.7x | 2.8x | 3.4x |
| Capital allocation | ||||||||
| Capex / revenue | 1.7% | 0.9% | 1.4% | 0.2% | 0.1% | 0.1% | 0.0% | 0.0% |
| Stock comp / revenue | 6.7% | 8.2% | 48.3% | 17.3% | 24.4% | 27.9% | 18.7% | 8.8% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | 3.0 | 2.0 | 3.0 | 2.0 | 3.0 | 4.0 |
| Altman Z'' | β | β4.7 | 12.1 | 7.5 | 6.7 | β9.2 | β12.3 | β16.2 |
| Accruals ratio | β | β1.1% | β11.9% | β2.5% | β5.9% | β58.3% | β15.8% | β7.8% |
Source: SEC EDGAR XBRL filings (CIK 0001393584). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
