American Well Corp (AMWL)
NYSEHealth CareMedical - Healthcare Information ServicesSnapshot 2026-09-09
$12.30-7.80%
Close 2026-09-09 · 1-day change
NYSEHealth CareMedical - Healthcare Information ServicesSnapshot 2026-09-09
Warn: Management is running behind on a stated commitment.
American Well aims to stabilize revenue near $200 million in 2026. The company keeps a key partnership with Elevance Health to support growth. Recent earnings beats show some operational progress. Management targets Q2 2026 revenue between $48 million and $52 million.
Revenue has declined from $71 million in late 2024 to about $55 million in early 2026. The company remains loss-making with negative free cash flow. Analysts expect revenue to shrink about 8% next year. Key executives have recently left, raising uncertainty.
The market expects about 8% revenue decline next year and a continuing loss-making profile. Our fair value near $24 implies the current price reflects these challenges. We see risk if revenue or losses worsen beyond these expectations.
Breaks if: Loss or non-renewal of Elevance Health partnership
Maintain and extend partnership agreements with Elevance Health to support digital care delivery platform growth.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround story in the healthcare sector. The company is currently loss-making but is focused on achieving positive cash flow and improving profitability over the next few years.
The market appears to be pricing in a low expectations gap, suggesting that investors are not overly optimistic about AMWL's near-term recovery. Compared to its peers, AMWL is seen as cheap, but there is a divergence in expectations that could affect sentiment.
Management has set ambitious goals for revenue growth and cash flow, but recent results show a mixed delivery on these targets. While there is some progress toward profitability, the company remains in a loss-making position, which introduces moderate risk in the near term.
The future performance of AMWL will depend on its ability to maintain or raise revenue guidance, achieve positive cash flow by Q4 2026, and respond to sector trends. Key factors include the performance of sector bellwethers and the overall economic environment, particularly job growth.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. The latest earnings beat supports this improved outlook. There are no current threats impacting the thesis.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: Q2 2026 revenue falls below $48 million
Breaks if: Full-year 2026 revenue falls below $195 million
Maintain and raise 2026 full-year revenue guidance to a range of $195 million to $205 million.
Stated as a priority in 3 of last 3 quarters. Revenue guidance for 2026 was maintained and raised from $195 million to $205 million. Actual quarterly revenues declined from $70.9 million in 2025-Q2 to $52.0 million in 2026-Q2, indicating mixed delivery on revenue growth despite raised guidance.
“Revenue in the range of $200 million to $205 million increased from $195 million to $205 million”
“The company reaffirmed its 2026 revenue... in the range of $195 to $205 million”
“The company provided 2026 financial guidance calls for: Revenue in the range of $195 to $205 million”
Over the next 1 to 3 years, AMWL's trajectory will be shaped by its operational execution and market conditions. Not investment advice.