American Well Corp AMWL
Amwell is a leading enterprise platform and software company digitally enabling hybrid care. We empower health providers, payers, and innovators to achieve their digital ambitions, enabling a coordinated experience across in-person, virtual and automated care. We provide our clients with the core technology and services necessary to successfully develop and distribute digital care programs that meet their strategic, operational, financial and clinical objectives under their own brands.
Founded in 2006, Amwell pioneered virtual healthcare. Today, Amwell extends digital care beyond telehealth, enabling care across in-person, virtual and automated modalities and providing an open, scalable platform that can flex and grow alongside our clients. We bring technology and services that facilitate new models of care, strategic partnerships, consistent execution and better outcomes. Together with our clients and innovation partners, we forge a new hybrid model of care delivery that adapts as needs evolve and makes care more accessible for all.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $249.3M | $254.4M | $259.0M | $277.2M | $252.8M | $245.3M | $148.9M | $114.0M | — |
| R&D | $72.9M | $86.1M | $105.8M | $138.5M | $106.6M | $84.4M | $53.9M | $36.3M | — |
| SG&A | $88.0M | $121.2M | $126.6M | $146.4M | $94.6M | $166.2M | $54.2M | $37.2M | — |
| Operating income | -$105.3M | -$217.5M | -$692.1M | -$275.9M | -$179.1M | -$227.4M | -$94.7M | -$55.1M | — |
| Interest expense | $5.2M | $11.8M | $9.3M | $5.0M | — | — | — | — | — |
| Pre-tax income | -$94.5M | -$209.9M | -$675.3M | -$269.7M | -$179.0M | -$225.8M | -$89.2M | -$52.3M | — |
| Income tax | $434.0K | $2.8M | $3.9M | $64.0K | $5.4M | $639.0K | $803.0K | $0 | — |
| Net income | -$95.0M | -$212.6M | -$679.2M | -$270.4M | -$176.3M | -$224.4M | -$87.2M | -$52.7M | — |
| EPS, basic | -5.96 | -13.88 | -47.50 | -19.72 | -0.69 | -2.27 | — | — | — |
| EPS, diluted | -5.96 | -13.88 | -47.50 | -19.72 | -0.69 | -2.27 | -2.12 | -1.30 | — |
| Shares, diluted (wtd. avg.) | $16.0M | $15.0M | $14.2M | $13.7M | $254.1M | $99.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $182.3M | $228.3M | $372.0M | $539.3M | $747.2M | $942.7M | $138.8M | $54.1M | $95.8M |
| Short-term investments | — | — | — | — | — | $100.0M | $40.0M | — | — |
| Receivables | $49.7M | $71.9M | $54.1M | $58.4M | $51.4M | $45.3M | $32.7M | — | — |
| Inventory | $1.2M | $2.9M | $6.7M | $8.7M | $7.5M | $9.1M | $3.1M | — | — |
| Total current assets | $246.7M | $317.0M | $449.6M | $626.6M | $827.3M | $1.11B | $223.5M | — | — |
| Property, plant and equipment | $225.0K | $376.0K | $572.0K | $1.0M | $2.2M | $3.8M | $2.7M | — | — |
| Goodwill | — | $0 | $0 | $435.3M | $442.8M | $193.9M | $193.9M | $127.3M | — |
| Other intangibles | $66.1M | $101.5M | $120.2M | $135.0M | $152.4M | $55.5M | $63.5M | — | — |
| Total assets | $323.8M | $436.0M | $589.7M | $1.22B | $1.45B | $1.38B | $499.9M | — | — |
| Accounts payable | $1.6M | $5.0M | $4.9M | $7.2M | $12.2M | $5.8M | $6.5M | — | — |
| Total current liabilities | $73.2M | $111.3M | $93.8M | $114.1M | $141.6M | $121.0M | $106.6M | — | — |
| Total liabilities | $76.0M | $119.7M | $109.5M | $133.7M | $185.0M | $130.4M | $124.9M | — | — |
| Retained earnings | -$2.06B | -$1.97B | -$1.76B | -$1.08B | -$811.3M | -$582.4M | -$357.9M | — | — |
| Total equity | $235.6M | $304.8M | $480.2M | $1.08B | $1.26B | $1.25B | -$280.9M | -$204.4M | -$161.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$66.0M | -$127.3M | -$148.3M | -$192.3M | -$141.5M | -$112.5M | -$81.9M | -$74.0M | — |
| Depreciation and amortisation | $34.0M | $33.0M | $31.5M | $26.2M | $16.1M | $10.2M | $7.8M | $5.3M | — |
| Stock-based compensation | $22.0M | $47.5M | $72.2M | $67.7M | $43.8M | $118.4M | $12.1M | $7.7M | — |
| Capital expenditure | $21.0K | $119.0K | $192.0K | $292.0K | $559.0K | $3.3M | $1.3M | $1.9M | — |
| Investing cash flow | $17.1M | -$18.7M | -$19.2M | -$11.6M | -$59.6M | -$66.8M | $120.0M | -$245.9M | — |
| Financing cash flow | $840.0K | $1.4M | $2.1M | -$3.6M | $5.8M | $983.1M | $46.6M | $278.2M | — |
| Buybacks | — | — | — | — | — | $163.0K | $158.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001393584-26-000008.
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