Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -33.9%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $150M | $79M | $109M | $424M | $776M | $1.5B | $2.5B | — | — |
| Enterprise Value | $-27594738 | $-99011011 | $-111365000 | $63M | $252M | $805M | $1.6B | — | — |
| P/E Ratio → | -1.51 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.60 | 0.32 | 0.43 | 1.64 | 2.80 | 6.07 | 10.23 | — | — |
| P/B Ratio | 0.58 | 0.32 | 0.34 | 0.88 | 0.72 | 1.22 | 2.01 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.40 | -0.44 | 0.24 | 0.91 | 3.18 | 6.42 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.3% | 53.3% | 38.9% | 36.6% | 42.1% | 41.3% | 36.1% | 46.3% | 48.6% |
| Operating Margin | -42.2% | -42.2% | -85.5% | -267.2% | -99.5% | -70.9% | -92.7% | -63.6% | -48.4% |
| Net Profit Margin | -38.4% | -38.4% | -81.8% | -260.6% | -97.6% | -69.8% | -91.5% | -58.6% | -46.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -33.9% | -33.9% | -52.3% | -86.3% | -23.1% | -14.1% | -27.7% | -23.4% | -14.2% |
| ROA | -25.2% | -25.2% | -40.6% | -74.7% | -20.3% | -12.5% | -23.9% | -17.6% | -10.8% |
| ROIC | -95.1% | -95.1% | -151.0% | -152.7% | -37.9% | -31.9% | -60.6% | -24.7% | — |
| ROCE | -36.6% | -36.6% | -53.0% | -86.5% | -22.9% | -14.0% | -27.6% | -23.8% | -13.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 | 0.04 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.72 | -0.70 | -0.75 | -0.48 | -0.58 | -0.75 | -0.33 | -0.13 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($182M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.37 | 3.37 | 2.85 | 4.79 | 5.49 | 5.84 | 9.20 | 2.10 | 3.42 |
| Quick Ratio | 3.35 | 3.35 | 2.82 | 4.72 | 5.42 | 5.79 | 9.13 | 2.07 | 3.39 |
| Cash Ratio | 2.49 | 2.49 | 2.05 | 3.97 | 4.72 | 5.27 | 8.61 | 1.67 | 2.92 |
| Asset Turnover | — | 0.77 | 0.58 | 0.44 | 0.23 | 0.17 | 0.18 | 0.30 | 0.23 |
| Inventory Turnover | 98.12 | 98.12 | 54.38 | 24.70 | 18.36 | 19.72 | 17.18 | 25.77 | 23.33 |
| Days Sales Outstanding | — | 72.75 | 103.15 | 76.29 | 76.86 | 74.18 | 67.41 | 80.25 | 98.58 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 1.0% | 1.5% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 1.0% | 1.5% | — | — |
| Shares Outstanding | — | $16M | $15M | $14M | $14M | $13M | $5M | $2M | $2M |
Liquidity depletion and burn
According to current market data, AMWL trades at a price-to-sales multiple of 0.62, which, as noted in recent financial statements, suggests that investors are pricing the firm more like a distressed professional services entity than a high-growth SaaS platform, reflecting deep skepticism regarding its long-term revenue trajectory.
The current valuation multiple appears to discount the potential for a successful Converge platform transition, signaling that the market is prioritizing immediate cash preservation over long-term infrastructure value. This low multiple relative to peers like Doximity suggests that the market may be assigning a significant risk premium to the company's persistent inability to achieve operating leverage.
Based on reported figures, AMWL's ROIC has remained deeply negative, reaching -26.6% in 2025Q4, which indicates that the company is currently destroying shareholder value rather than compounding it, as the heavy investment in platform development fails to generate returns exceeding the cost of capital.
The consistent negative trend in ROIC over the last ten quarters highlights a fundamental misalignment between the capital deployed for R&D and the resulting revenue growth. This decay suggests that the company's current business model may require a structural pivot to improve capital allocation efficiency, as the current path appears to be eroding the firm's intrinsic value.
As reported in financial statements, the company's asset turnover ratio remains suppressed at 0.16 in 2025Q4, which, when combined with a cash conversion cycle that has fluctuated significantly, suggests that the firm is struggling to optimize its internal processes to support a scalable software-led revenue model.
The elevated DSO figures, which reached 88 days in 2025Q4, indicate potential friction in the collection process from large health system clients, further straining the company's liquidity. Investors should monitor whether the recent completion of the Converge migration leads to a more efficient working capital cycle and improved asset utilization.
According to recent SEC filings, AMWL's current ratio of 3.37 in 2025Q4 appears healthy on the surface, yet this metric masks the rapid depletion of cash reserves, which have fallen significantly over the last ten quarters, signaling a narrowing window for the company to reach operational break-even.
While the quick ratio remains robust, the underlying cash burn rate warrants caution, as the company's reliance on existing cash to fund ongoing operations limits its strategic flexibility. The current liquidity position may be sufficient for the near term, but the lack of positive cash flow generation suggests that the firm remains vulnerable to external financing shocks.
Based on the provided data, the price-to-sales ratio is the most commonly misapplied metric for AMWL, as it obscures the company's high fixed-cost structure and the significant portion of revenue derived from lower-margin professional services rather than high-margin, scalable software subscriptions.
Investors should instead focus on the ratio of subscription revenue to total revenue and the trend in gross margin expansion, as these metrics provide a clearer picture of the company's transition toward a true SaaS model. Relying solely on P/S multiples may lead to an overestimation of the firm's value by failing to account for the operational drag of legacy platform support.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying AMWL stock.
American Well Corporation's current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
American Well Corporation's return on equity (ROE) is -33.9%. The historical average is -34.4%.
Based on historical data, American Well Corporation is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Well Corporation has 53.3% gross margin and -42.2% operating margin.