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American Well

AMWL on NYSE. Market value $125m.

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We have not checked this company yet

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Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 55 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Senvest Management, LLC
    Passive investor
    at least 8.8%+1.2 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Morgan Stanley
    Passive investor
    at least 7.8%
    (filed with 1 related holder)
    Since 31 March 2026
  • Roy Schoenberg
    Passive investor
    at least 5.7%−0.4 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • Funicular Funds, LP
    Passive investor
    at least 5.5%
    (filed with 2 related holders)
    Since 16 January 2026
  • at least 4.3%−1.4 pts
    (filed with 1 related holder)
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $4,938 of shares on the open market. 6 sold $1m, $98,882 of it under preset trading plans.

  • Zamansky Dmitry
    Chief Product & Tech. Officer
    Sold
    Date
    1 October 2026
    Shares
    8,442
    Price
    $13.00
    Value
    $109,746
  • Gotlib Phyllis
    President, International
    Sold
    Date
    1 October 2026
    Shares
    6,677
    Price
    $13.00
    Value
    $86,801
  • McNeice Paul Francis
    Chief Accounting Officer
    Sold
    Date
    1 October 2026
    Shares
    653
    Price
    $13.00
    Value
    $8,489
  • HIRSCHHORN MARK
    Chief Financial Officer
    Sold
    Date
    1 October 2026
    Shares
    4,282
    Price
    $13.00
    Value
    $55,666
  • HIRSCHHORN MARK
    Chief Financial Officer
    Sold
    Date
    1 September 2026
    Shares
    10,751
    Price
    $11.80
    Value
    $126,862
  • Gotlib Phyllis
    President, International
    Sold
    Date
    1 September 2026
    Shares
    3,573
    Price
    $11.80
    Value
    $42,161
  • McNeice Paul Francis
    Chief Accounting Officer
    Sold
    Date
    1 September 2026
    Shares
    112
    Price
    $11.80
    Value
    $1,322
  • McNeice Paul Francis
    Chief Accounting Officer
    Sold
    Date
    1 July 2026
    Shares
    653
    Price
    $9.33
    Value
    $6,092
  • HIRSCHHORN MARK
    Chief Financial Officer
    Sold
    Date
    1 July 2026
    Shares
    4,299
    Price
    $9.33
    Value
    $40,110
  • Zamansky Dmitry
    Chief Product & Tech. Officer
    Sold
    Date
    1 July 2026
    Shares
    8,460
    Price
    $9.33
    Value
    $78,932

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 7 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On July 14, 2026, the Audit Committee of the board of directors of American Well Corporation (the “Company”) dismissed PricewaterhouseCoopers LLP (the “Former Auditor”) as the Company’s independent registered public accounting firm.”

    From an 8-K filed 21 July 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 31% last year. Losing that customer would hurt.

    “For the years ended December 31, 2025, 2024 and 2023, our largest client, Elevance, accounted for 31%, 27% and 24% of our revenue, respectively.”

    From the 10-K filed 12 February 2026, Item 1A. Risk Factors. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.