American Well Corporation (AMWL) vs Carlsmed, Inc. (CARL)

American Well Corporation and Carlsmed, Inc. are both Health Information Services companies. Carlsmed, Inc. is the larger, with a market value of $380.9M against $210.6M — 1.8× the size. Carlsmed, Inc. grew revenue faster over the last twelve months: 81.1% against −19.0%. American Well Corporation has the higher net margin (−35.8% vs −57.4%) and the higher return on invested capital (−135.5% vs −234.5%). Across the 17 metrics below, American Well Corporation leads on 11 and Carlsmed, Inc. on 6.

Valuation

Metric AMWL CARL Health Information Services median
P/E n/m n/m 39.82
P/S 0.90 5.76 2.24
P/B 0.84 4.33 1.79
Price to free cash flow n/m n/m 19.04
EV/EBITDA 0.02 n/m 11.52
EV/Sales 0.00 4.59 2.64
Earnings yield (40.84%) (10.66%) (2.45%)
Free cash flow yield (16.37%) (9.78%) 0.00%

Profitability

Metric AMWL CARL Health Information Services median
Gross margin 51.88% 76.63% 62.87%
Operating margin (37.28%) (61.09%) (9.45%)
Net margin (35.75%) (57.42%) (15.48%)
Free cash flow margin (14.66%) (56.36%) 0.00%
Return on equity (29.54%) (6,196.93%) (6.91%)
Return on assets (21.82%) (42.39%) (6.28%)
Return on invested capital (135.53%) (234.53%) 0.00%

Growth

Metric AMWL CARL Health Information Services median
Revenue growth (TTM) (19.00%) 81.14% 8.78%
EPS growth (last fiscal year) 57.06% 65.30% 57.06%
Revenue growth, 5-year CAGR 0.33% — 11.91%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric AMWL CARL Health Information Services median
Debt to equity 0.00 0.18 0.00
Current ratio 2.90 8.84 2.31
Net debt to EBITDA 2.69 3.12 0.48

Dividend

Metric AMWL CARL Health Information Services median
Dividend yield — — —
Payout ratio — — —

Size

Metric AMWL CARL Health Information Services median
Market cap 210.57m 380.87m 332.37m

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