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AMN Healthcare Services
(NYSE:AMN)
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Rating:53Neutral
Price Target:
$31.00
▼(-8.58% Downside)
Action:Reiterated
Date:08/07/26
AMN scores in the mid-range primarily due to improving but still volatile fundamentals (profitability recovery and solid cash generation tempered by multi-year margin/revenue swings and meaningful debt) and a constructive-but-conservative earnings outlook that embeds normalization after nonrecurring Q2 benefits. The score is pulled down by weak near-term technical signals (below key short-term moving averages with subdued RSI/Stoch) and limited valuation support given the negative P/E and no dividend yield data.
Positive Factors
Strong cash generation
AMN's trailing‑twelve‑month operating cash flow (~$471M) and free cash flow (~$455M) demonstrate durable cash conversion that supports debt reduction, selective M&A, and modest buybacks. Reliable cash generation gives management flexibility to invest through cyclical staffing demand swings.
Negative Factors
Revenue and margin volatility
AMN's historical swings across 2023–2025 and still‑subpar margins versus prior peaks signal persistent cyclicality in staffing demand and pricing. This variability undermines earnings visibility and means multi‑period recovery may be uneven even if topline recovers, complicating capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
AMN's trailing‑twelve‑month operating cash flow (~$471M) and free cash flow (~$455M) demonstrate durable cash conversion that supports debt reduction, selective M&A, and modest buybacks. Reliable cash generation gives management flexibility to invest through cyclical staffing demand swings.
Read all positive factors
AMN Healthcare Services Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue each business line generates—travel nursing, permanent placement, locum tenens, and workforce solutions—revealing which parts of AMN drive growth, where margins may differ, and how vulnerable the company is to shifts in demand or reimbursement in specific healthcare staffing markets.
Shows how much revenue each business line generates—travel nursing, permanent placement, locum tenens, and workforce solutions—revealing which parts of AMN drive growth, where margins may differ, and how vulnerable the company is to shifts in demand or reimbursement in specific healthcare staffing markets.
Data provided by:
The Fly
The FlyAMN Healthcare Services (AMN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.31B
Dividend Yield4.95%
Average Volume (3M)683.64K
Price to Earnings (P/E)12.5
Beta (1Y)0.89
Revenue Growth23.99%
EPS GrowthN/A
CountryUS
Employees2,664
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)2.70
Shares Outstanding38,729,992
10 Day Avg. Volume559,591
30 Day Avg. Volume683,639
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.95
Price to Sales (P/S)0.22
P/FCF Ratio2.60
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$36.33Price Target Upside7.15% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)3.29
Revenue Forecast (FY)$3.35B
AMN Healthcare Services Business Overview & Revenue Model
Company Description
AMN Healthcare Services, Inc. (AMN) specializes in delivering comprehensive workforce solutions and staffing services to hospitals and healthcare facilities throughout the United States. Its operations are structured across three primary segments:...
How the Company Makes Money
AMN primarily makes money by providing staffing and workforce solutions to healthcare providers and charging fees tied to the placement and deployment of clinicians. Key revenue streams generally include: (1) Nurse and allied staffing—AMN recruits...
AMN Healthcare Services Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial highlights — revenue beat, sizable adjusted EBITDA and EPS improvement, robust cash balance, low leverage, strong Nurse & Allied performance, accelerated travel and allied volumes, and meaningful product adoption and search momentum. Several targeted acquisitions and improved operational automation/AI capabilities support longer-term growth. Offsetting these positives are notable near-term headwinds: Technology & Workforce Solutions and language services revenue declines and pricing pressure, a weaker locum/physician segment, and the fact that the Q2 outperformance was partly driven by nonrecurring items that will not repeat in Q3. Management provided conservative Q3 guidance reflecting normalization. Overall, the company appears well-positioned financially and operationally, with manageable short-term challenges and a constructive outlook into 2027.Positive Updates
Consolidated Revenue Beat
Second quarter consolidated revenue of $673 million, which was 6% above the high end of guidance and grew 2% year-over-year.
Negative Updates
Technology & Workforce Solutions Revenue Decline
TWS revenue was $87 million, down 15% year-over-year (down 11% ex-SmartSquare divestiture); segment gross margin 48.6% declined sequentially and year-over-year.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Beat
Second quarter consolidated revenue of $673 million, which was 6% above the high end of guidance and grew 2% year-over-year.
Read all positive updates
Company Guidance
Management guided third-quarter consolidated revenue of $640–$655 million, gross margin of 27.0–27.5%, reported SG&A of 22.0–22.5% of revenue, operating margin of 0.2–0.8% and adjusted EBITDA margin of 6.5–7.0%; segment guidance included Nurse & Allied revenue growth of 9–11% year‑over‑year (with travel nurse and allied volume each expected to be better than +10% YoY), Physician & Leadership revenue down 5–7% YoY, and Technology & Workforce Solutions revenue down 11–13% YoY. The guide embeds roughly $7–8 million of strike‑related revenue for Q3, and management expects to exit the quarter with at least $225 million of cash (assuming remaining client deposits are repaid), with total debt of $750 million and covenant leverage of ~1.5x; modest share repurchases to offset dilution were also indicated.AMN Healthcare Services Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
56
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.43B | 2.73B | 2.98B | 3.79B | 5.24B | 3.98B |
| Gross Profit | 954.26M | 774.06M | 919.38M | 1.25B | 1.72B | 1.31B |
| EBITDA | 343.92M | 101.13M | 71.11M | 499.36M | 784.21M | 581.70M |
| Net Income | 104.92M | -95.70M | -146.98M | 210.68M | 444.05M | 327.39M |
Balance Sheet | ||||||
| Total Assets | 2.36B | 2.09B | 2.42B | 2.92B | 2.89B | 3.13B |
| Cash, Cash Equivalents and Short-Term Investments | 361.84M | 33.97M | 10.65M | 32.94M | 64.52M | 180.93M |
| Total Debt | 775.81M | 803.20M | 1.10B | 1.35B | 860.96M | 867.07M |
| Total Liabilities | 1.62B | 1.45B | 1.71B | 2.09B | 1.84B | 1.97B |
| Stockholders Equity | 741.28M | 642.11M | 706.62M | 831.26M | 1.04B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | 439.13M | 233.83M | 239.53M | 268.48M | 572.81M | 251.69M |
| Operating Cash Flow | 470.76M | 269.46M | 320.42M | 372.17M | 653.73M | 305.36M |
| Investing Cash Flow | 31.23M | 4.30M | -79.94M | -412.49M | -170.71M | -107.40M |
| Financing Cash Flow | -183.96M | -295.89M | -259.45M | 10.73M | -591.87M | -34.90M |
AMN Healthcare Services Technical Analysis
Positive
33.91
Price Trends
33.79
Positive
30.24
Positive
24.19
Positive
Market Momentum
0.05
Positive
49.21
Neutral
40.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMN, the sentiment is Positive. The current price of 33.91 is below the 20-day moving average (MA) of 34.28, above the 50-day MA of 33.79, and above the 200-day MA of 24.19, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 49.21 is Neutral, neither overbought nor oversold. The STOCH value of 40.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMN.
AMN Healthcare Services Risk Analysis
AMN Healthcare Services disclosed 29 risk factors in its most recent earnings report. AMN Healthcare Services reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
AMN Healthcare Services Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.22B | 20.91 | 9.57% | ― | 15.88% | 25.01% | |
76 Outperform | $1.50B | 12.61 | 24.12% | 6.27% | 5.22% | 1109.87% | |
71 Outperform | $2.20B | 12.81 | 19.89% | ― | 0.51% | 63.71% | |
70 Outperform | $2.96B | 10.23 | 150.20% | ― | 19.52% | 1337.90% | |
62 Neutral | $1.33B | 40.43 | 9.51% | ― | 37.90% | 15.84% | |
53 Neutral | $1.31B | 12.52 | 15.31% | 4.95% | 23.99% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AMN
AMN Healthcare Services
33.80
12.76
60.65%
ADUS
Addus Homecare
118.76
4.40
3.85%
HCSG
Healthcare Services
21.82
5.91
37.15%
MD
Pediatrix Medical Group
27.03
10.08
59.47%
PNTG
Pennant Group
38.00
13.49
55.04%
AVAH
Aveanna Healthcare Holdings
13.58
5.32
64.41%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.