MeritValue

American Well Corp

AMWLdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

American Well Corp earns about -195% on invested capital, and has bought back 94% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$252.8M1$277.2M2$259M3$254.4M3$249.3M3
Net income−$176.3M4−$270.4M5−$675.2M6−$208.1M6−$95.7M6
Operating cash flow−$141.5M7−$192.3M8−$148.3M9−$127.3M9−$66M9
Capital expenditure$559,00010$292,00011$192,00012$119,00012$21,00012
Free cash flow (derived)−$142.1M7−$192.6M8−$148.5M9−$127.5M9−$66M9
Total debt—————
Cash & equivalents$746.4M13$538.5M14$372M15$228.3M15$182.3M15
Diluted shares254.1M13.7M14.2M15.0M16.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$146.8
your share of equity
Profit it earned you last year
−$59.64
Free cash flow it threw off
−$41.11
Debt you’d be carrying
—

10 shares is a claim on $146.8 of net worth that earned you −$59.64 and generated −$41.11 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-195% avg · 5y
FY21 -29%FY22 -40%FY23 -571%FY24 -205%FY25 -133%

It earned an average -195% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-024026 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-019024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-048776 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-024026 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-019024 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-048776 (NetIncomeLoss)
  7. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-024026 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-019024 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-048776 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-024026 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-019024 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-048776 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-024026 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-019024 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-048776 (CashAndCashEquivalentsAtCarryingValue)