American Well Corporation Class A (AMWL)

Over the past six months, American Well Corp. (AMWL) stock has declined significantly, with a 6-month return of -39.76%, closing at $4.44 on February 6, 2026. In Q3 2025, Amwell reported an EPS of -$2.00, missing analysts' expectations, and revenue was flat year-over-year. In Q2 2025, Amwell reported a quarterly revenue of $70.9 million, exceeding estimates, with software revenue growing 47% year-over-year. Amwell is strategically shifting to subscription-based revenue and cost-cutting measures to achieve positive cash flow by 2026. Amwell secured an extension with the U.S. Defense Health Agency (DHA) for the Military Health System's Digital First Program.

Amwell is shifting from volume-based visit revenue to a SaaS subscription model to reduce susceptibility to visit fluctuations. While the company is focusing on subscription-heavy offerings, visit metrics in Q3 2024 showed total visits were approximately 1.4 million, down 4.6% year-over-year, attributed to market-wide and client-specific execution challenges. The company's move towards a subscription-based model suggests an effort to mitigate the impact of potential seasonality in visit volumes by securing more stable, recurring revenue.

American Well Corporation (AMWL), known as Amwell, is a telehealth company providing a cloud-based platform for hybrid care in the United States and internationally. Founded in 2006, Amwell operates in the telehealth and digital health industry. Its core offering is the Converge platform, enabling health providers, payers, and innovators to deliver care. The company is shifting towards a SaaS subscription model for higher-margin revenue. Amwell's products and services include the Converge Platform, Virtual Care Programs, Specialty Care Programs, Carepoint Devices, Amwell Medical Group (AMG) Network Services, and Professional Services.

Amwell delivers digitally enabled hybrid care in the United States and internationally, operating in all 50 U.S. states through partnerships with health systems, health plans, employers, and government entities. Globally, Amwell has served healthcare organizations for almost two decades. The company has office locations in Boston, Massachusetts (headquarters), Washington, D.C., Dublin, Ireland, and Ramat Gan, Israel.

In the past year, Amwell's brand reputation has faced scrutiny, with some reports highlighting challenges. Despite criticisms, Amwell has worked on its corporate responsibility, releasing a Corporate Responsibility Report in April 2024. The report emphasized diverse talent, with women holding 44% of leadership roles and constituting 48% of the global workforce, and highlighted initiatives to drive health equity and manage its environmental footprint.

American Well Corporation's ownership is concentrated among insiders and institutional investors. Insiders hold 58.59% of the company, with Keith Anderson being the largest individual shareholder at 10.44%. Institutional investors hold 35.89% of the shares, including Senvest Management, LLC, Morgan Stanley, Caledonia (Private) Investments Pty Ltd, Vanguard Group Inc, and BlackRock, Inc. The general public holds the remaining 5.52% of shares.