American Well Corporation

NYSE:AMWL Stock Report

Market Cap: US$185.3m

American Well Future Growth

Future criteria checks 0/6

American Well's revenue is forecast to decline at 0.3% per annum while its annual earnings are expected to grow at 44.1% per year. EPS is expected to grow by 47.8% per annum. Return on equity is forecast to be -20.2% in 3 years.

Key information

44.1%

Earnings growth rate

47.79%

EPS growth rate

Healthcare Services earnings growth20.5%
Revenue growth rate-0.3%
Future return on equity-20.24%
Analyst coverage

Good

Last updated17 Jul 2026

Recent future growth updates

Recent updates

Analysis Article • Jul 28

We Think American Well (NYSE:AMWL) Can Afford To Drive Business Growth

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...
Narrative Update • Jul 22

AMWL: Direct DHA Relationship Will Support Future Re Rating Potential

The analyst price target for American Well has increased from $9.00 to $16.00, with analysts citing reduced renewal risk, a direct Defense Health Agency relationship, and validation of the platform as key factors behind the reassessment. Analyst Commentary Bullish analysts view American Well as being in a stronger position after the recent Defense Health Agency development, which they see as easing renewal concerns and supporting higher valuation assumptions.
Narrative Update • Jul 08

AMWL: Slower Profit Progress Will Limit Benefits From Recent Partnership Expansion

Analysts have raised their fair value estimate for American Well from $5.00 to $6.50, citing updated assumptions on revenue declines, profit margins, discount rate, and future P/E that support a higher long-term price target. What’s in the News for American Well DarioHealth Corp.
Narrative Update • Jun 23

AMWL: Weaker Revenue Outlook Will Drive Lower Forward Earnings Multiple

Analysts have increased their price target for American Well by $3, citing updated assumptions around discount rates, revenue growth, profit margins, and a slightly higher future P/E multiple as the key drivers of the change. What’s in the News for American Well No recent American Well specific news or key developments were identified in the provided sources.
Narrative Update • Jun 05

AMWL: Higher Required Returns Will Pressure 2026 Earnings Multiple

Analysts have raised their price target on American Well by $3. This change reflects updated assumptions about discount rates, margin trajectory, and future P/E expectations highlighted in recent Street research.
Narrative Update • May 22

AMWL: Updated Telehealth Margins And Revenue Trends Will Shape Balanced 2026 Outlook

Analysts have lifted their price target on American Well to $7.50 from $6.25, citing updated assumptions around fair value, discount rate, revenue trends, profit margins, and future P/E multiples reflected in recent Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher US$7.50 price target as better aligning with updated fair value assumptions, suggesting that prior models may have been too conservative on how the business is valued.
Narrative Update • May 02

AMWL: Updated Profitability Assumptions And Telehealth Execution Will Shape Balanced 2026 Outlook

Analysts have trimmed their price targets on American Well by $1 to $2, citing updated assumptions around profitability and a revised future P/E outlook as key reasons for the change. Analyst Commentary Recent price target revisions on American Well reflect analysts recalibrating their expectations on profitability and future P/E assumptions, rather than a fundamental shift in how they view the business model.
Narrative Update • Apr 18

AMWL: Refined Discount And P E Assumptions Will Support Future Re Rating Potential

Analysts have trimmed their price targets on American Well by $1 to $2, citing updated assumptions around discount rates, revenue growth expectations, profit margins, and future P/E. These changes keep fair value estimates broadly in line with prior views.
Narrative Update • Apr 04

AMWL: Rebased Assumptions Will Support Future Earnings Re Rating Potential

Analysts have reduced their price targets on American Well by $1 to $2, citing revised assumptions on discount rates, revenue trends, profit margins and future P/E as the main drivers behind the change. Analyst Commentary Recent research updates point to more cautious assumptions on discount rates, revenue trends, profit margins and future P/E multiples for American Well.
Narrative Update • Mar 20

AMWL: Extended Elevance Agreement Will Support Future Earnings Re Rating Potential

Analysts have trimmed their price targets on American Well after recent cuts of $2 and $1. These changes have contributed to a reset in expectations as analysts factor in softer revenue growth assumptions, a slightly higher discount rate, and a higher future P/E multiple in their models.
Narrative Update • Mar 06

AMWL: Slower Profit Progress And Contract Risks Will Pressure Future Margin Upside

Analysts have trimmed their price target on American Well from $6.00 to $5.00, reflecting updated views on fair value, discount rate, revenue trends, profit expectations, and future P/E multiples after recent research updates from the Street. Analyst Commentary Recent Street research has highlighted a more cautious tone around American Well, with multiple bearish analysts trimming their price targets.
Narrative Update • Feb 20

AMWL: Cost Discipline And Extended Elevance Agreement Will Shape Balanced 2026 Outlook

The analyst price target for American Well has been reduced by $1.88, from $8.13 to $6.25. Analysts cite softer revenue growth assumptions, slightly lower profit margin expectations, and a modestly lower future P/E multiple, as reflected in recent target cuts at firms including TD Cowen and Stifel.
Narrative Update • Feb 06

AMWL: Extended Elevance Health Partnership Will Support Cash Flow Breakeven Upside Potential

Analysts have maintained their price target for American Well at $9.00, citing only minor adjustments to assumptions around discount rate, revenue growth, profit margin and future P/E that do not materially change their overall view. What's in the News On December 24, 2025, American Well extended its Master Services Agreement with Elevance Health, with a new term starting January 1, 2026 and running through January 1, 2029, followed by automatic one-year renewals unless either party ends the deal under the contract terms (Key Developments).
Narrative Update • Jan 22

AMWL: 2026 Cash Flow Breakeven Goal Will Support Future Margin Upside

Analysts have trimmed their price target on American Well to US$7 from US$10, citing the recent 3Q adjusted EBITDA beat, guidance raise, and reiterated 2026 cash flow breakeven goal as key reasons for the updated view. Analyst Commentary Bearish analysts trimming the price target to US$7 from US$10 are sending a clear message that, even with the 3Q adjusted EBITDA beat and guidance update, they still see a balance of risks that caps near term upside.
Narrative Update • Jan 08

AMWL: Cost Controls And 2026 Cash Flow Breakeven Will Support Upside Potential

Narrative Update on American Well Analysts have trimmed their fair value estimate for American Well from US$12.00 to US$9.00, aligning price targets with a higher discount rate, more cautious revenue growth and margin assumptions, and recent Street research that highlights both cost reduction progress and a revised US$7 price target from US$10. Analyst Commentary Bullish analysts are highlighting that, despite a lower headline price target, the revised US$7 level is still above the current fair value estimate of US$9.00.
Analysis Article • Jan 06

American Well Corporation (NYSE:AMWL) Shares Fly 30% But Investors Aren't Buying For Growth

American Well Corporation ( NYSE:AMWL ) shareholders are no doubt pleased to see that the share price has bounced 30...
Narrative Update • Dec 25

AMWL: Cash Flow Breakeven Progress Will Underpin Future Margin Expansion

Analysts have trimmed their price target on American Well, cutting it by $3 to $7, as they factor in slightly weaker growth and margin assumptions despite acknowledging progress toward the company's 2026 cash flow breakeven goals. Analyst Commentary Bearish analysts are tempering enthusiasm around American Well, arguing that the recent adjustment to a $7 price target more accurately reflects a slower growth trajectory and lingering questions about the pace of margin expansion.
Narrative Update • Dec 11

AMWL: Cost Discipline And 2026 Cash Flow Breakeven Will Drive Future Upside

Analysts have trimmed their price target on American Well, cutting it by $3 to $7 per share, as they balance the positive surprise in Q3 adjusted EBITDA and reaffirmed 2026 cash flow breakeven goals against slightly more conservative assumptions for the discount rate, revenue growth, and future valuation multiples. Analyst Commentary Bullish Takeaways Bullish analysts highlight the Q3 adjusted EBITDA beat as evidence that cost reduction initiatives are gaining traction faster than previously modeled, supporting a path to improved profitability.
Narrative Update • Nov 26

AMWL: Cost Reduction Progress And Cash Flow Breakeven Will Support Future Upside

Narrative Update on American Well Analysts have lowered their price target for American Well from $10 to $7. They cited ongoing cost reduction efforts and progress toward cash flow breakeven as positive factors, even as expectations for revenue growth and margins have softened.
Narrative Update • Nov 10

AMWL: Cost Reduction Initiatives And 2026 Cash Flow Goals Will Drive Upside

Analysts have revised their price target for American Well from $10.00 to $7.00. They cite ongoing cost reduction efforts and a maintained outlook for 2026 cash flow breakeven as factors influencing the updated assessment.
Analysis Article • Nov 06

Investors Don't See Light At End Of American Well Corporation's (NYSE:AMWL) Tunnel And Push Stock Down 27%

To the annoyance of some shareholders, American Well Corporation ( NYSE:AMWL ) shares are down a considerable 27% in...
Analysis Article • Nov 06

Lacklustre Performance Is Driving American Well Corporation's (NYSE:AMWL) 27% Price Drop

To the annoyance of some shareholders, American Well Corporation ( NYSE:AMWL ) shares are down a considerable 27% in...
Seeking Alpha • Oct 08

American Well: Trading At Half Of Net Cash, It Has Optionality

Summary American Well Corporation offers telehealth SaaS and provider services. It remains deeply unprofitable, losing over 90% of its value since IPO. AWML trades at roughly half its net cash, providing downside protection and speculative upside, though profitability remains unlikely without significant changes. Despite guiding for adjusted EBITDA breakeven in 2026, AWML continues to burn cash and shows little evidence of scalable revenue growth or margin improvement. I initiate with a Hold rating: AWML is unattractive for long-term investment but may appeal to speculators due to its net cash position and optionality. Read the full article on Seeking Alpha
Narrative Update • Aug 08

Digital Platforms And AI Will Reshape Future Healthcare

American Well’s valuation has weakened as its Future P/E increased and Net Profit Margin declined, justifying a stagnant analyst price target at $9.50. What's in the News Amwell, as part of a Leidos-led partnership, was awarded an extension of its Digital First contract to support the Military Health System (MHS), serving about 9.6 million beneficiaries.
Analysis Article • Jun 27

Revenues Working Against American Well Corporation's (NYSE:AMWL) Share Price

With a price-to-sales (or "P/S") ratio of 0.5x American Well Corporation ( NYSE:AMWL ) may be sending very bullish...
User avatar
New Narrative • Apr 04

I Expect Military Health System Deployment Will Optimize Subscription Services

The expansion of Amwell's platform in the Military Health System is expected to boost subscription revenue and enhance margins significantly.
Analysis Article • Dec 17

Is American Well (NYSE:AMWL) In A Good Position To Invest In Growth?

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...
Analysis Article • Oct 09

Market Might Still Lack Some Conviction On American Well Corporation (NYSE:AMWL) Even After 25% Share Price Boost

Despite an already strong run, American Well Corporation ( NYSE:AMWL ) shares have been powering on, with a gain of 25...
Analysis Article • Jul 24

Even With A 26% Surge, Cautious Investors Are Not Rewarding American Well Corporation's (NYSE:AMWL) Performance Completely

Those holding American Well Corporation ( NYSE:AMWL ) shares would be relieved that the share price has rebounded 26...
Analysis Article • Jun 26

Here's Why We're Watching American Well's (NYSE:AMWL) Cash Burn Situation

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...
Analysis Article • May 30

It's Down 31% But American Well Corporation (NYSE:AMWL) Could Be Riskier Than It Looks

Unfortunately for some shareholders, the American Well Corporation ( NYSE:AMWL ) share price has dived 31% in the last...
Analysis Article • May 04

American Well Corporation (NYSE:AMWL) Just Released Its First-Quarter Earnings: Here's What Analysts Think

Investors in American Well Corporation ( NYSE:AMWL ) had a good week, as its shares rose 8.0% to close at US$0.57...
Analysis Article • Apr 02

Not Many Are Piling Into American Well Corporation (NYSE:AMWL) Stock Yet As It Plummets 27%

Unfortunately for some shareholders, the American Well Corporation ( NYSE:AMWL ) share price has dived 27% in the last...
Analysis Article • Mar 19

Is American Well (NYSE:AMWL) In A Good Position To Deliver On Growth Plans?

We can readily understand why investors are attracted to unprofitable companies. For example, although...

Earnings and Revenue Growth Forecasts

NYSE:AMWL - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028218-30N/A123
12/31/2027209-43N/A-17
12/31/2026202-55N/A-267
3/31/2026237-88-45-42N/A
12/31/2025249-96-66-66N/A
9/30/2025265-113-64-62N/A
6/30/2025270-125-83-76N/A
3/31/2025262-155-105-93N/A
12/31/2024254-208-143-127N/A
9/30/2024254-214-170-155N/A
6/30/2024255-307-171-161N/A
3/31/2024255-350-190-179N/A
12/31/2023259-675-164-148N/A
9/30/2023268-688-167-143N/A
6/30/2023275-621-180-156N/A
3/31/2023277-598-176-159N/A
12/31/2022277-270-203-192N/A
9/30/2022271-257-202-201N/A
6/30/2022264-238-180-180N/A
3/31/2022259-207-163-163N/A
12/31/2021253-176-142-142N/A
9/30/2021240-179-121-121N/A
6/30/2021241-190-123-122N/A
3/31/2021249-239-124-122N/A
12/31/2020245-224-116-112N/A
9/30/2020230-197-107-103N/A
6/30/2020202-157-102-99N/A
3/31/2020169-90-93-91N/A
12/31/2019149-87N/A-82N/A
12/31/2018114-53N/A-74N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AMWL is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: AMWL is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: AMWL is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: AMWL's revenue is expected to decline over the next 3 years (-0.3% per year).

High Growth Revenue: AMWL's revenue is forecast to decline over the next 3 years (-0.3% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AMWL is forecast to be unprofitable in 3 years.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/29 05:01
End of Day Share Price 2026/07/29 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

American Well Corporation is covered by 14 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ravi MisraBerenberg
Allen LutzBofA Global Research
David LarsenBTIG