Forensic Analysis · Professional & Commercial Services · as of Jul 18, 2026
American Well Corp (AMWL)
A forensic read on American Well Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-16.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
American Well Corp earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -16.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-122%Return on invested capital.Return on invested capital is -122% in the latest fiscal year and slipping from -39% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.4%/yrShare-count dilution.Diluted share count changed +17% over the last 3 years to FY2025 (+5.4%/yr). The count is GROWING — existing holders are being diluted. Note: the share count shows a large one-time jump around FY2021, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~5.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~15%.
FCF ($66M)Shareholder returns.Returned $4,000 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($66M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$436MGoodwill impairments.Took $436M of goodwill writedowns across 1 year (FY2023 ($436M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Latest Revenue$249.3M
Revenue Growth YoY-2.0%
Revenue CAGR (3yr)-3.5%
Net Margin-38.4%
Free Cash Flow$-41.8M
Return on Equity-40.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on American Well Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AMWL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown