American Well Corp (AMWL)

NYSEHealth CareMedical - Healthcare Information ServicesSnapshot 2026-10-23

$13.57-4.37%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge American Well Corp’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q3
Revenue	$46M–$48M	—
EBITDA	-$5M–-$3Mnon-GAAP	—
FY 2026 · Q4
Revenue	—	49.04M
EPS	—	-0.528
FY 2026 · Annual
Revenue	$195M–$205M	203.15M
EPS	—	-2.565
FY 2027 · Annual
Revenue	—	210.58M
EPS	—	-2.099

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain and extend partnership with Elevance Health	The company keeps a key partnership with Elevance Health to support growth.	Intact	Loss or non-renewal of Elevance Health partnership	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Q2 2026 revenue between $48 million and $52 million	Management targets Q2 2026 revenue between $48 million and $52 million.	Intact	Q2 2026 revenue falls below $48 million	Revenue: $52.048M FY2026-Q2; GAAP. Published target: >= $48 million. The target does not explicitly identify fiscal versus calendar quarters. Source published Aug 4, 202652,048,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 8b18f039-fe06-4126-8527-7a643e70cb8a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Full-year 2026 revenue near $200 million	American Well aims to stabilize revenue near $200 million in 2026.	Intact	Full-year 2026 revenue falls below $195 million	Revenue: $52.048M FY2026-Q2; GAAP. Published target: >= $195 million. Target period is not explicitly aligned with this observation. Source published Aug 4, 202652,048,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 8b18f039-fe06-4126-8527-7a643e70cb8a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context 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. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue$0.21B

$0.21B → $0.21B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$208,634,950	1 / 7
2026-07-25	Unavailable	$208,634,950	1 / 7
2026-07-26	Unavailable	$208,634,950	1 / 7
2026-07-27	Unavailable	$208,634,952	2 / 5
2026-07-28	Unavailable	$208,634,950	1 / 7
2026-07-29	Unavailable	$208,634,950	1 / 7
2026-07-30	Unavailable	$208,634,950	1 / 7
2026-07-31	Unavailable	$208,634,950	1 / 7
2026-08-01	Unavailable	$208,634,950	1 / 7
2026-08-02	Unavailable	$208,634,950	1 / 7
2026-08-03	Unavailable	$208,634,950	1 / 7
2026-08-04	Unavailable	$208,634,950	1 / 7
2026-08-05	Unavailable	$208,634,950	1 / 7
2026-08-06	Unavailable	$208,903,970	1 / 7
2026-08-07	Unavailable	$209,621,344	2 / 5
2026-08-08	Unavailable	$208,903,970	1 / 7
2026-08-09	Unavailable	$208,903,970	1 / 7
2026-08-10	Unavailable	$208,903,970	1 / 7
2026-08-11	Unavailable	$209,304,820	1 / 7
2026-08-12	Unavailable	$209,619,110	1 / 7
2026-08-13	Unavailable	$209,619,110	1 / 7
2026-08-14	Unavailable	$209,621,344	2 / 5
2026-08-15	Unavailable	$209,621,344	2 / 5
2026-08-16	Unavailable	$209,621,344	2 / 5
2026-08-17	Unavailable	$209,621,344	2 / 5
2026-08-18	Unavailable	$209,621,344	2 / 5
2026-08-19	Unavailable	$209,621,344	2 / 5
2026-08-20	Unavailable	$209,621,344	2 / 5
2026-08-21	Unavailable	$210,576,251	3 / 5
2026-08-22	Unavailable	$210,576,251	3 / 5
2026-08-23	Unavailable	$210,576,251	3 / 5
2026-08-24	Unavailable	$210,576,251	3 / 5
2026-08-25	Unavailable	$210,576,251	3 / 5
2026-08-26	Unavailable	$210,576,251	3 / 5
2026-08-27	Unavailable	$210,576,251	3 / 5
2026-08-28	Unavailable	$210,576,251	3 / 5
2026-08-29	Unavailable	$210,576,251	3 / 5
2026-08-30	Unavailable	$210,576,251	3 / 5
2026-08-31	Unavailable	$210,576,251	3 / 5
2026-09-01	Unavailable	$210,576,251	3 / 5
2026-09-02	Unavailable	$210,576,251	3 / 5
2026-09-03	Unavailable	$210,576,251	3 / 5
2026-09-04	Unavailable	$210,576,251	3 / 5
2026-09-05	Unavailable	$210,576,251	3 / 5
2026-09-06	Unavailable	$210,576,251	3 / 5
2026-09-07	Unavailable	$210,576,251	3 / 5
2026-09-08	Unavailable	$210,576,251	3 / 5
2026-09-09	Unavailable	$210,576,251	3 / 5
2026-09-10	Unavailable	$210,576,251	3 / 5
2026-09-11	Unavailable	$210,576,251	3 / 5
2026-09-12	Unavailable	$210,576,251	3 / 5
2026-09-13	Unavailable	$210,576,251	3 / 5
2026-09-14	Unavailable	$210,576,251	3 / 5
2026-09-15	Unavailable	$210,576,251	3 / 5
2026-09-16	Unavailable	$210,576,251	3 / 5
2026-09-17	Unavailable	$210,576,251	3 / 5
2026-09-18	Unavailable	$210,576,251	3 / 5
2026-09-19	Unavailable	$210,576,251	3 / 5
2026-09-20	Unavailable	$210,576,251	3 / 5
2026-09-21	Unavailable	$210,576,251	3 / 5
2026-09-22	Unavailable	$210,576,251	3 / 5
2026-09-23	Unavailable	$210,576,251	3 / 5
2026-09-24	Unavailable	$210,576,251	3 / 5
2026-09-25	Unavailable	$210,576,251	3 / 5
2026-09-26	Unavailable	$210,576,251	3 / 5
2026-09-27	Unavailable	$210,576,251	3 / 5
2026-09-28	Unavailable	$210,576,251	3 / 5
2026-09-29	Unavailable	$210,576,251	3 / 5
2026-09-30	Unavailable	$210,576,251	3 / 5
2026-10-01	Unavailable	$210,576,251	3 / 5
2026-10-02	Unavailable	$210,576,251	3 / 5
2026-10-03	Unavailable	$210,576,251	3 / 5
2026-10-04	Unavailable	$210,576,251	3 / 5
2026-10-05	Unavailable	$210,576,251	3 / 5
2026-10-06	Unavailable	$210,576,251	3 / 5
2026-10-07	Unavailable	$210,576,251	3 / 5
2026-10-08	Unavailable	$210,576,251	3 / 5
2026-10-09	Unavailable	$210,576,251	3 / 5
2026-10-10	Unavailable	$210,576,251	3 / 5
2026-10-11	Unavailable	$210,576,251	3 / 5
2026-10-12	Unavailable	$210,576,251	3 / 5
2026-10-13	Unavailable	$210,576,251	3 / 5
2026-10-14	Unavailable	$210,576,251	3 / 5
2026-10-15	Unavailable	$210,576,251	3 / 5
2026-10-16	Unavailable	$210,576,251	3 / 5
2026-10-17	Unavailable	$210,576,251	3 / 5
2026-10-18	Unavailable	$210,576,251	3 / 5
2026-10-19	Unavailable	$210,576,251	3 / 5
2026-10-20	Unavailable	$210,575,237	3 / 5
2026-10-21	Unavailable	$210,576,251	3 / 5
2026-10-22	Unavailable	$210,576,251	3 / 5
2026-10-23	Unavailable	$210,576,251	3 / 5
2026-10-24	Unavailable	$210,576,251	3 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	1	6
2026-06-01	1	6
2026-07-01	1	6
2026-08-01	1	6
2026-09-01	1	6
2026-10-01	1	6

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 1 Buy / Strong Buy · 6 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain and extend partnership with Elevance HealthQualitative condition
Q2 2026 revenue between $48 million and $52 millionRevenue: $52.048M
Full-year 2026 revenue near $200 millionRevenue: $52.048M

Next proof point

Nov 3, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.2%Typical daily move · historical

Downside history

-21.2%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

American Well Corp outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative growth business, not yet a proven profitable compounder. The multi-year view is intact, with improving adjusted EBITDA and operating cash flow, but revenue delivery remains mixed.

What's priced into American Well Corp

The valuation evidence points to AMWL as cheap versus peers, while the expectations gap is modestly negative, meaning expectations are slightly ahead of what the evidence supports. The valuation score rose recently, but model confidence is low, so this signal is uncertain; priced-in fragility is low.

What the fundamentals likely do

Near term, revenue performance is mixed: management maintained and raised its 2026 guidance, while quarterly revenue fell from 2025-Q2 to 2026-Q2. Adjusted EBITDA losses narrowed substantially, and operating cash flow improved, but the business remains loss-making and has not yet reached positive cash flow. A guidance cut is a key near-term risk, while the latest earnings beat offers some support.

What American Well Corp hinges on

The multi-year thesis hinges on whether management can deliver its 2026 revenue outlook and reach positive operating cash flow in Q4, while continuing to reduce adjusted EBITDA losses. Near-term conditions could worsen if guidance is cut or job growth weakens; continued strength from sector peers could support the sector backdrop.