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Side-by-side financial comparison of American Well Corp (AMWL) and STEM, INC. (STEM). Click either name above to swap in a different company.

American Well Corp is the larger business by last-quarter revenue ($55.3M vs $47.1M, roughly 1.2× STEM, INC.). STEM, INC. runs the higher net margin — -33.9% vs -45.1%, a 11.2% gap on every dollar of revenue. On growth, STEM, INC. posted the faster year-over-year revenue change (-15.6% vs -22.1%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs -3.6%).

The American Tobacco Company was a tobacco company founded in 1890 by J. B. Duke through a merger between a number of U.S. tobacco manufacturers including Allen and Ginter, Goodwin & Company, and Kinney Brothers. The company was one of the original 12 members of the Dow Jones Industrial Average in 1896. The American Tobacco Company dominated the industry by acquiring the Lucky Strike Company and over 200 other rival firms. Federal Antitrust action begun in 1907 broke the company into several ...

StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.

AMWL vs STEM — Head-to-Head

Bigger by revenue
AMWL
AMWL
1.2× larger
AMWL
$55.3M
$47.1M
STEM
Growing faster (revenue YoY)
STEM
STEM
+6.6% gap
STEM
-15.6%
-22.1%
AMWL
Higher net margin
STEM
STEM
11.2% more per $
STEM
-33.9%
-45.1%
AMWL
Faster 2-yr revenue CAGR
STEM
STEM
Annualised
STEM
36.1%
-3.6%
AMWL

Income Statement — Q4 FY2025 vs Q4 FY2025

Metric
AMWL
AMWL
STEM
STEM
Revenue
$55.3M
$47.1M
Net Profit
$-24.9M
$-16.0M
Gross Margin
48.9%
Operating Margin
-45.5%
-17.7%
Net Margin
-45.1%
-33.9%
Revenue YoY
-22.1%
-15.6%
Net Profit YoY
41.6%
68.8%
EPS (diluted)
$-1.53
$-4.40

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
AMWL
AMWL
STEM
STEM
Q4 25
$55.3M
$47.1M
Q3 25
$56.3M
$38.2M
Q2 25
$70.9M
$38.4M
Q1 25
$66.8M
$32.5M
Q4 24
$71.0M
$55.8M
Q3 24
$61.0M
$29.3M
Q2 24
$62.8M
$34.0M
Q1 24
$59.5M
$25.5M
Net Profit
AMWL
AMWL
STEM
STEM
Q4 25
$-24.9M
$-16.0M
Q3 25
$-32.4M
$-23.8M
Q2 25
$-19.7M
$202.5M
Q1 25
$-18.7M
$-25.0M
Q4 24
$-42.7M
$-51.1M
Q3 24
$-43.5M
$-148.3M
Q2 24
$-49.9M
$-582.3M
Q1 24
$-72.1M
$-72.3M
Gross Margin
AMWL
AMWL
STEM
STEM
Q4 25
48.9%
Q3 25
35.5%
Q2 25
33.4%
Q1 25
32.4%
Q4 24
-4.4%
Q3 24
21.2%
Q2 24
27.6%
Q1 24
-95.0%
Operating Margin
AMWL
AMWL
STEM
STEM
Q4 25
-45.5%
-17.7%
Q3 25
-52.1%
-33.6%
Q2 25
-28.7%
-34.8%
Q1 25
-45.5%
-65.0%
Q4 24
-60.2%
-84.4%
Q3 24
-77.6%
-493.2%
Q2 24
-83.4%
-1705.5%
Q1 24
-126.1%
-267.0%
Net Margin
AMWL
AMWL
STEM
STEM
Q4 25
-45.1%
-33.9%
Q3 25
-57.5%
-62.2%
Q2 25
-27.8%
527.8%
Q1 25
-28.0%
-76.9%
Q4 24
-60.1%
-91.6%
Q3 24
-71.2%
-506.3%
Q2 24
-79.5%
-1712.6%
Q1 24
-121.1%
-283.9%
EPS (diluted)
AMWL
AMWL
STEM
STEM
Q4 25
$-1.53
$-4.40
Q3 25
$-2.00
$-2.84
Q2 25
$-1.24
$-1.79
Q1 25
$-1.19
$-0.15
Q4 24
$-2.71
$-15.29
Q3 24
$-2.87
$-18.24
Q2 24
$-3.36
$-71.81
Q1 24
$-4.94
$-0.46

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
AMWL
AMWL
STEM
STEM
Cash + ST InvestmentsLiquidity on hand
$182.3M
$48.9M
Total DebtLower is stronger
Stockholders' EquityBook value
$235.6M
$-249.4M
Total Assets
$323.8M
$308.9M
Debt / EquityLower = less leverage

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
AMWL
AMWL
STEM
STEM
Q4 25
$182.3M
$48.9M
Q3 25
$200.9M
$43.1M
Q2 25
$219.1M
$40.8M
Q1 25
$222.4M
$58.6M
Q4 24
$228.3M
$56.3M
Q3 24
$244.6M
$75.4M
Q2 24
$276.9M
$89.6M
Q1 24
$308.6M
$112.8M
Stockholders' Equity
AMWL
AMWL
STEM
STEM
Q4 25
$235.6M
$-249.4M
Q3 25
$254.9M
$-235.7M
Q2 25
$282.6M
$-214.1M
Q1 25
$294.0M
$-417.5M
Q4 24
$304.8M
$-398.4M
Q3 24
$336.7M
$-344.1M
Q2 24
$363.9M
$-203.2M
Q1 24
$408.7M
$371.6M
Total Assets
AMWL
AMWL
STEM
STEM
Q4 25
$323.8M
$308.9M
Q3 25
$359.4M
$362.6M
Q2 25
$388.7M
$379.2M
Q1 25
$419.5M
$405.1M
Q4 24
$436.0M
$437.4M
Q3 24
$483.0M
$537.8M
Q2 24
$507.8M
$691.5M
Q1 24
$548.4M
$1.3B

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
AMWL
AMWL
STEM
STEM
Operating Cash FlowLast quarter
$-17.4M
$8.2M
Free Cash FlowOCF − Capex
$-17.4M
FCF MarginFCF / Revenue
-31.4%
Capex IntensityCapex / Revenue
0.0%
Cash ConversionOCF / Net Profit
TTM Free Cash FlowTrailing 4 quarters

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
AMWL
AMWL
STEM
STEM
Q4 25
$-17.4M
$8.2M
Q3 25
$-18.8M
$11.4M
Q2 25
$-4.7M
$-21.3M
Q1 25
$-25.1M
$8.5M
Q4 24
$-13.4M
$-14.7M
Q3 24
$-32.4M
$-9.4M
Q2 24
$-21.8M
$-11.9M
Q1 24
$-59.8M
$-621.0K
Free Cash Flow
AMWL
AMWL
STEM
STEM
Q4 25
$-17.4M
Q3 25
Q2 25
Q1 25
$-25.1M
Q4 24
$-13.4M
Q3 24
$-32.4M
Q2 24
$-21.8M
Q1 24
$-59.8M
FCF Margin
AMWL
AMWL
STEM
STEM
Q4 25
-31.4%
Q3 25
Q2 25
Q1 25
-37.6%
Q4 24
-18.9%
Q3 24
-53.0%
Q2 24
-34.7%
Q1 24
-100.5%
Capex Intensity
AMWL
AMWL
STEM
STEM
Q4 25
0.0%
Q3 25
0.0%
Q2 25
0.0%
Q1 25
0.0%
Q4 24
0.0%
Q3 24
0.0%
Q2 24
0.0%
Q1 24
0.1%
Cash Conversion
AMWL
AMWL
STEM
STEM
Q4 25
Q3 25
Q2 25
-0.11×
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

AMWL
AMWL

Platform Subscription$28.8M52%
Visits$23.7M43%
Others$2.8M5%

STEM
STEM

Segment breakdown not available.

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