AMWLNYSEServices-Business Services, NECFiscal year ends December 31
American Well Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$12.33+0.65 (+5.57%)
Close on Oct 19, 2026
- Market cap
- $206.66M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
53.3%+17.2 pts over 5 years
Operating margin
-42.2%+50.5 pts over 5 years
Net margin
-38.4%+53.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.0% | -3.5% | +0.3% | – | |
| Gross profit | +34.3% | +4.4% | +8.5% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -48.9% | -35.4% | |
| Return on assets | – | -23.9% | -25.2% | |
| Current ratio | – | 9.20 | 3.37 | |
| Inventory turnover | – | 25.6× | 57.6× | |
| Capex to revenue | – | 1.4% | 0.0% | |
| Diluted shares | – | 5M | 16M |
Where the cash went
Fiscal 2021 to 2025, five years combined
American Well generated $675.49M from operations and spent $17.17M on capital expenditure, dividends and share buybacks. 7% of that went back into the business.
Generated
$675.49M
Used
$17.17M
Capital expenditure$1.18M7%Dividends$00%Share buybacks$15.99M93%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-38.4%
×Asset turnover0.66×
×Equity multiplier1.41×
=Return on equity, FY2025-35.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -38.4% | 0.66× | 1.41× | -35.4% |
| FY2024 | -81.8% | 0.50× | 1.33× | -54.1% |
| FY2023 | -260.6% | 0.29× | 1.18× | -88.4% |
| FY2022 | -97.6% | 0.21× | 1.16× | -23.5% |
| FY2021 | -69.8% | 0.18× | 1.15× | -14.3% |
| FY2020 | -91.5% | 0.26× | 2.05× | -48.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$95.70M
- Cash generatingOperating cash flow above zero-$65.95M
- Return on assets improvedROA up on the prior year-35.3% → -22.0%
- Earnings backed by cashOperating cash flow above net income-$65.95M vs -$95.70M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.85 → 3.37
- No dilutionShare count did not rise15M → 16M
- Gross margin improvedGross margin up on the prior year38.90% → 53.29%
- More efficientAsset turnover rose0.43 → 0.57