American Well Corp Financials
American Well Corp (AMWL) reported $249.3M in revenue for fiscal year 2025, down 2.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
American Well's visible operating mechanic is a multi-year cost reset, keeping revenue near $250M while cash burn falls sharply.
The extreme FY2023 loss looks more like a balance-sheet reset than a collapse in cash economics: goodwill fell from$435M to$0 as that year's reported loss ballooned. That matters because operating cash flow was already improving by FY2025 at-$66.0M , down markedly from FY2023's-$148.3M , so accounting damage and cash damage were not moving in lockstep.
With revenue still around
The balance sheet is smaller, but not yet cornered: cash ended FY2025 at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of American Well Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
American Well Corp has an operating margin of -42.2%, meaning the company loses $42 on every $100 of revenue. This results in a profitability score of 19/100. This is up from -85.5% the prior year.
American Well Corp's revenue declined 2.0% year-over-year, from $254.4M to $249.3M. This contraction results in a growth score of 25/100.
American Well Corp carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.37, American Well Corp holds $3.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 81/100.
American Well Corp's operations used $66.0M of cash, and capex of $21K added to the outflow, for a free cash flow shortfall of $66.0M. This results in a cash flow score of 10/100.
American Well Corp posts a -40.6% return on equity (ROE), meaning it loses $41 for every $100 of shareholders' equity. This results in a returns score of 17/100. This is up from -68.3% the prior year.
American Well Corp scores -6.98, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($202.4M) relative to total liabilities ($76.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
American Well Corp passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
American Well Corp reported a net loss of $95.7M while operations used $66.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
American Well Corp reported an operating loss of $105.3M against $5.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
American Well Corp generated $249.3M in revenue in fiscal year 2025. This represents a decrease of 2.0% from the prior year.
American Well Corp's EBITDA was -$71.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 61.4% from the prior year.
American Well Corp reported -$95.7M in net income in fiscal year 2025. This represents an increase of 54.0% from the prior year.
American Well Corp earned -$5.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.1% from the prior year.
Cash & Balance Sheet
American Well Corp recorded an outflow of $66.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 48.2% from the prior year.
American Well Corp held $182.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
American Well Corp's gross margin was 53.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 14.4 percentage points from the prior year.
American Well Corp's operating margin was -42.2% in fiscal year 2025, reflecting core business profitability. This is up 43.3 percentage points from the prior year.
American Well Corp's net profit margin was -38.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 43.5 percentage points from the prior year.
American Well Corp's ROE was -40.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.7 percentage points from the prior year.
Capital Allocation
American Well Corp invested $72.9M in research and development in fiscal year 2025. This represents a decrease of 15.3% from the prior year.
American Well Corp spent $4K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 33.3% from the prior year.
American Well Corp invested $21K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 82.4% from the prior year.
AMWL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $218.5M | $249.3M-2.0% | $254.4M-1.8% | $259.0M-6.5% | $277.2M+9.7% | $252.8M+3.1% | $245.3M+64.8% | $148.9M+30.6% | $114.0M |
| Cost of Revenue | $105.2M | $116.5M-25.1% | $155.4M-5.4% | $164.3M+2.4% | $160.4M+8.0% | $148.5M-5.3% | $156.8M+96.0% | $80.0M+36.4% | $58.6M |
| Gross Profit | $113.4M | $132.9M+34.3% | $99.0M+4.4% | $94.8M-18.8% | $116.8M+11.9% | $104.3M+17.9% | $88.5M+28.4% | $68.9M+24.5% | $55.3M |
| R&D Expenses | $55.3M | $72.9M-15.3% | $86.1M-18.7% | $105.8M-23.6% | $138.5M+29.9% | $106.6M+26.3% | $84.4M+56.5% | $53.9M+48.7% | $36.3M |
| SG&A Expenses | $75.3M | $88.0M-27.3% | $121.2M-4.3% | $126.6M-13.5% | $146.4M+54.7% | $94.6M-43.1% | $166.2M+206.7% | $54.2M+45.7% | $37.2M |
| Operating Income | -$81.5M | -$105.3M+51.6% | -$217.5M+68.6% | -$692.1M-150.9% | -$275.9M-54.0% | -$179.1M+21.2% | -$227.4M-140.1% | -$94.7M-71.9% | -$55.1M |
| Interest Expense | $4.2M | $5.2M-56.1% | $11.8M+26.5% | $9.3M+87.7% | $5.0M | N/A | N/A | N/A | N/A |
| Income Tax | $260K | $434K-84.2% | $2.8M-28.7% | $3.9M+5931.3% | $64K+101.2% | -$5.4M-941.3% | $639K+179.6% | -$803K | $0 |
| Net Income | -$78.1M | -$95.7M+54.0% | -$208.1M+69.2% | -$675.2M-149.7% | -$270.4M-53.4% | -$176.3M+21.4% | -$224.4M-157.4% | -$87.2M-65.5% | -$52.7M |
| EPS (Diluted) | — | -$5.96+57.1% | -$13.88 | -$47.50-140.9% | -$19.72 | -$0.69 | -$2.27 | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AMWL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $323.8M-25.7% | $436.0M-26.1% | $589.7M-51.6% | $1.2B-15.8% | $1.4B+5.0% | $1.4B+175.4% | $499.9M | N/A |
| Current Assets | $246.7M-22.2% | $317.0M-29.5% | $449.6M-28.3% | $626.6M-24.3% | $827.3M-25.7% | $1.1B+398.1% | $223.5M | N/A |
| Cash & Equivalents | $182.3M-20.1% | $228.3M-38.6% | $372.0M-30.9% | $538.5M-27.8% | $746.4M-20.7% | $941.6M+584.0% | $137.7M+187.0% | $48.0M |
| Inventory | $1.2M-58.5% | $2.9M-57.0% | $6.7M-23.9% | $8.7M+16.0% | $7.5M-17.5% | $9.1M+194.1% | $3.1M | N/A |
| Accounts Receivable | $49.7M-30.9% | $71.9M+32.8% | $54.1M-7.2% | $58.4M+13.6% | $51.4M+13.4% | $45.3M+38.4% | $32.7M | N/A |
| Goodwill | N/A | $0 | $0-100.0% | $435.3M-1.7% | $442.8M+128.4% | $193.9M0.0% | $193.9M+52.3% | $127.3M |
| Total Liabilities | $76.0M-36.5% | $119.7M+9.3% | $109.5M-18.1% | $133.7M-27.7% | $185.0M+41.8% | $130.4M-83.8% | $807.0M | N/A |
| Current Liabilities | $73.2M-34.2% | $111.3M+18.6% | $93.8M-17.8% | $114.1M-19.5% | $141.6M+17.1% | $121.0M+13.5% | $106.6M | N/A |
| Total Equity | $235.6M-22.7% | $304.8M-34.3% | $464.2M-56.4% | $1.1B-14.2% | $1.2B+1.2% | $1.2B+498.6% | -$307.1M-50.2% | -$204.4M |
| Retained Earnings | -$2.1B-4.9% | -$2.0B-11.8% | -$1.8B-62.5% | -$1.1B-33.4% | -$811.3M-39.3% | -$582.4M-62.7% | -$357.9M | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
AMWL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$26.4M | -$66.0M+48.2% | -$127.3M+14.2% | -$148.3M+22.9% | -$192.3M-35.9% | -$141.5M-25.9% | -$112.5M-37.3% | -$81.9M-10.7% | -$74.0M |
| Capital Expenditures | $25K | $21K-82.4% | $119K-38.0% | $192K-34.2% | $292K-47.8% | $559K-83.2% | $3.3M+148.0% | $1.3M-30.0% | $1.9M |
| Free Cash Flow | -$26.4M | -$66.0M+48.2% | -$127.5M+14.2% | -$148.5M+22.9% | -$192.6M-35.6% | -$142.1M-22.7% | -$115.8M-39.1% | -$83.2M-9.6% | -$75.9M |
| Investing Cash Flow | -$903K | $17.1M+191.7% | -$18.7M+2.7% | -$19.2M-64.8% | -$11.6M+80.5% | -$59.6M+10.7% | -$66.8M-155.6% | $120.0M+148.8% | -$245.9M |
| Financing Cash Flow | $601K | $840K-39.2% | $1.4M-35.7% | $2.1M+159.4% | -$3.6M-162.8% | $5.8M-99.4% | $983.1M+2007.9% | $46.6M-83.2% | $278.2M |
| Share Buybacks | $2K | $4K+33.3% | $3K-99.5% | $586K+62.8% | $360K-97.6% | $15.0M-60.0% | $37.6M+23677.2% | $158K | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AMWL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.3%+14.4pp | 38.9%+2.3pp | 36.6%-5.5pp | 42.1%+0.9pp | 41.3%+5.2pp | 36.1%-10.2pp | 46.3%-2.3pp | 48.6% |
| Operating Margin | -42.2%+43.3pp | -85.5% | -267.2% | -99.5%-28.6pp | -70.9%+21.9pp | -92.7%-29.1pp | -63.6%-15.3pp | -48.4% |
| Net Margin | -38.4%+43.5pp | -81.8% | -260.6% | -97.6%-27.8pp | -69.8%+21.8pp | -91.5%-32.9pp | -58.6%-12.3pp | -46.2% |
| Return on Equity | -40.6%+27.7pp | -68.3%+77.1pp | -145.4%-120.0pp | -25.4%-11.2pp | -14.2%+4.1pp | -18.3% | N/A | N/A |
| Return on Assets | -29.6%+18.2pp | -47.7%+66.8pp | -114.5%-92.3pp | -22.2%-10.0pp | -12.2%+4.1pp | -16.3%+1.1pp | -17.4% | N/A |
| Current Ratio | 3.37+0.5x | 2.85-1.9x | 4.79-0.7x | 5.49-0.3x | 5.84-3.4x | 9.20+7.1x | 2.10 | N/A |
| Debt-to-Equity | 0.32-0.1x | 0.39+0.2x | 0.24+0.1x | 0.130.0x | 0.150.0x | 0.11 | N/A | N/A |
| FCF Margin | -26.5%+23.6pp | -50.1%+7.2pp | -57.3%+12.1pp | -69.5%-13.3pp | -56.2%-9.0pp | -47.2%+8.7pp | -55.9%+10.7pp | -66.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Where American Well Corp Ranks
Frequently Asked Questions
What is American Well Corp's annual revenue?
American Well Corp (AMWL) reported $249.3M in total revenue for fiscal year 2025. This represents a -2.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is American Well Corp's revenue growing?
American Well Corp (AMWL) revenue declined by 2.0% year-over-year, from $254.4M to $249.3M in fiscal year 2025.
Is American Well Corp profitable?
No, American Well Corp (AMWL) reported a net income of -$95.7M in fiscal year 2025, with a net profit margin of -38.4%.
What is American Well Corp's EBITDA?
American Well Corp (AMWL) had EBITDA of -$71.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is American Well Corp's gross margin?
American Well Corp (AMWL) had a gross margin of 53.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is American Well Corp's operating margin?
American Well Corp (AMWL) had an operating margin of -42.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is American Well Corp's net profit margin?
American Well Corp (AMWL) had a net profit margin of -38.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is American Well Corp's return on equity (ROE)?
American Well Corp (AMWL) has a return on equity of -40.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is American Well Corp's free cash flow?
American Well Corp (AMWL) recorded an outflow of $66.0M in free cash flow during fiscal year 2025. This represents a 48.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is American Well Corp's operating cash flow?
American Well Corp (AMWL) recorded an outflow of $66.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are American Well Corp's total assets?
American Well Corp (AMWL) had $323.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are American Well Corp's capital expenditures?
American Well Corp (AMWL) invested $21K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does American Well Corp spend on research and development?
American Well Corp (AMWL) invested $72.9M in research and development during fiscal year 2025.
What is American Well Corp's current ratio?
American Well Corp (AMWL) had a current ratio of 3.37 as of fiscal year 2025, which is generally considered healthy.
What is American Well Corp's debt-to-equity ratio?
American Well Corp (AMWL) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is American Well Corp's return on assets (ROA)?
American Well Corp (AMWL) had a return on assets of -29.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is American Well Corp's cash runway?
Based on fiscal year 2025 data, American Well Corp (AMWL) had $182.3M in cash against an annual operating cash burn of $66.0M. This gives an estimated cash runway of approximately 33 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is American Well Corp's Altman Z-Score?
American Well Corp (AMWL) has an Altman Z-Score of -6.98, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is American Well Corp's Piotroski F-Score?
American Well Corp (AMWL) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are American Well Corp's earnings high quality?
American Well Corp (AMWL) reported a net loss of $95.7M while operations used $66.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can American Well Corp cover its interest payments?
American Well Corp (AMWL) reported an operating loss of $105.3M against $5.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is American Well Corp?
American Well Corp (AMWL) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.