AMN Healthcare Services Inc (AMN)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
After the materiality gate, none of the negative findings is an existential finding: the company is intact — 2025 revenue ($2.73 billion) even sits above the pre-COVID level of 2020 ($2.39 billion), operating income is positive again, so is cash flow, net debt has been cut from more than a billion to $769 million, and the credit covenants are met. A red light — "Substance risk", which would signal a solvency question — would therefore be overdrawn. At the same time the quality is not confirmed either, and what is missing is operational: the turnaround remains unproven — consensus expects another roughly 20 percent less revenue, and core demand (travel nurses) actually declined. The many scanner hits do not close that gap; clustered and same-direction as they are, they measure a price rebound plus a one-time strike quarter, and findings of that kind never determine the color. What is left standing is the missing proof of an operational turn — amber, "Open questions". About the entry price the traffic light says nothing; that is what the metric scanners are for. The resolving evidence is concrete and observable soon: the first quarters without the strike effect. Exactly that — plus core demand and a possible further goodwill test in the technology segment — is what matters before the recovery becomes an upswing. The decision is yours.
symbol.quality_note
No stock in our series fires in this many filters at once: hospital staffing firm AMN Healthcare hits 31 in-house scanners simultaneously — from "quality growth" to "William O'Neil" to "institutional accumulation". That much green feels like certainty. We read the annual and quarterly reports — and found behind it a business whose revenue has shrunk 48 percent since the 2022 COVID peak, that posted losses in 2024 and 2025, and whose first-quarter 2026 revenue jump stems almost entirely from a one-time hospital strike. Not investment advice — just the question of whether 31 green lights are measuring a business, or merely a rebound off the low and one strike.
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Stock Watch
This analysis is as of July 18, 2026. Stock Watch will tell you what's changed at AMN since then.
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Appears in These Scanners
This stock currently matches 27 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 33.60 $ — 89% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
ThreatenedAMN Healthcare vermittelt medizinisches Personal (u. a. Reisekrankenpfleger) an Kliniken. Die Risikofaktoren des Geschäftsberichts (10-K 2025) nennen die zunehmende Verbreitung von KI-Technologien konkret als Gefahr fuer das eigene Geschaeftsmodell: Kunden koennten ihre interne Personalplanung und Rekrutierung mit KI so weit verbessern, dass ihr Bedarf an AMNs Vermittlungsleistungen sinkt; KI koenne die Nachfrage nach den Diensten reduzieren oder Wettbewerbsangebote ermoeglichen. KI ist keine belegbare eigene Umsatzquelle (das Segment Technology & Workforce Solutions verkauft Sprach-/Dolmetsch-Dienste und Vendor-Management-Software, keine als KI-Umsatz ausgewiesenen Produkte; die SaaS-Loesung Smart Square wurde 2025 sogar verkauft). Intern setzt AMN KI zwar zur Effizienzsteigerung ein (Recruiting, Credentialing), doch nach der Vorrangregel (bedroht > nutzt) ueberwiegt die konkret formulierte Bedrohung des eigenen Vermittlungsmodells.
View the full file — quotes, sources, reviewed filings
„With the advent of technology and more sophisticated staffing management and recruitment processes, including internal “travel,” other healthcare staffing models, and the increasing adoption of AI technologies, clients may be able to successfully increase the efficiency and effectiveness of their internal staffing management and recruiting efforts, through more effective planning and analytic tools, internet- or social media-based recruiting or otherwise."
Mit dem Aufkommen von Technologie und ausgefeilteren Personalmanagement- und Rekrutierungsprozessen — darunter internen „Travel“-Programmen, anderen Personalmodellen und der zunehmenden Verbreitung von KI-Technologien — koennten Kunden in der Lage sein, die Effizienz und Wirksamkeit ihrer internen Personalsteuerung und Rekrutierung erfolgreich zu steigern, durch wirksamere Planungs- und Analysewerkzeuge, internet- oder social-media-basierte Rekrutierung oder auf andere Weise.
„As technology continues to evolve, more tasks currently performed by people may continue to be replaced by automation, robotics, machine learning, AI and other technological advances that may be outside of our control. These technological changes may reduce demand for our services, enable the development of competitive products or services or enable our customers to reduce or bypass the use of our services."
Mit der Weiterentwicklung der Technologie koennten immer mehr Aufgaben, die derzeit von Menschen erledigt werden, durch Automatisierung, Robotik, maschinelles Lernen, KI und andere technologische Fortschritte ersetzt werden, die sich unserer Kontrolle entziehen. Diese technologischen Veraenderungen koennten die Nachfrage nach unseren Diensten verringern, die Entwicklung konkurrierender Produkte oder Dienste ermoeglichen oder unseren Kunden erlauben, die Nutzung unserer Dienste zu reduzieren oder zu umgehen.
„We are increasing investments in automation and AI-enabled technology to improve efficiency and speed across our operations, with positive early results in functions including recruiting, credentialing and candidate engagement."
Wir erhoehen die Investitionen in Automatisierung und KI-gestuetzte Technologie, um Effizienz und Geschwindigkeit in unseren Ablaeufen zu verbessern, mit positiven ersten Ergebnissen in Funktionen wie Recruiting, Credentialing und Kandidatenansprache.
Filings Reviewed: 10-K 2026-02-20 · 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2025-02-21
Rated on July 10, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 5.2% below the current price.
- Consensus
- Hold
- Analyst Ratings
- 9
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.65 | 2.37 – 2.93 | 3,251 | 95.0% | 9 |
| 12/31/2027 | 1.08 | 0.77 – 1.73 | 2,605 | -59.2% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.22 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -4.90 | -1,597.80 | 735 | -10.20 | -25.50 | 73 | 57 |
| 2025: Q1 | -0.03 | -106.30 | 690 | -16.00 | -0.20 | 93 | 83 |
| 2025: Q2 | -3.02 | -812.30 | 658 | -11.10 | -17.70 | 79 | 69 |
| 2025: Q3 | 0.76 | 314.70 | 635 | -7.70 | 4.60 | 23 | 15 |
| 2025: Q4 | -0.20 | – | 748 | 1.80 | -1.00 | 76 | 68 |
| 2026: Q1 | 1.59 | – | 1,378 | 99.90 | 4.50 | 563 | 555 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,902 | 192 | 106 | 2.15 | 132 | 449 | 1,187 |
| 2017 | 1,988 | 212 | 133 | 2.68 | 115 | 563 | 1,254 |
| 2018 | 2,136 | 203 | 142 | 2.91 | 227 | 639 | 1,493 |
| 2019 | 2,222 | 177 | 114 | 2.40 | 225 | 737 | 1,932 |
| 2020 | 2,394 | 149 | 71 | 1.48 | 257 | 820 | 2,354 |
| 2021 | 3,984 | 478 | 327 | 6.81 | 305 | 1,162 | 3,132 |
| 2022 | 5,243 | 647 | 444 | 9.90 | 654 | 1,044 | 2,888 |
| 2023 | 3,789 | 338 | 211 | 5.36 | 372 | 831 | 2,924 |
| 2024 | 2,984 | -103 | -147 | -3.85 | 320 | 707 | 2,416 |
| 2025 | 2,730 | 33 | -96 | -2.48 | 269 | 642 | 2,094 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Clearly a base effect: revenue fell from the 2022 COVID peak ($5.24 billion) to $2.73 billion in 2025 (−48 percent), 2024 and 2025 brought net losses of $147.0 million and $95.7 million, and consensus expects another roughly 20 percent revenue decline. Operating income is narrowly positive again, but the business keeps retreating.
The revenue jump to $1.38 billion in the first quarter of 2026 stems almost entirely from one-time hospital strikes (labor disruption $721.9 million instead of $38.6 million). Without the one-off, the base business sat at roughly $656 million — at shrinking prior-quarter level; demand for travel nurses actually declined. AMN itself calls such events "unpredictable".
The burdens of the boom years: $546.9 million of goodwill already written off, $755.8 million (roughly 118 percent of equity) remaining — the largest chunk in the shrinking technology segment. Net debt roughly $769 million; more expensive refinancing (6.5 instead of 4.625 percent) and a credit covenant loosened to 5.25 times.
The momentum is real: the stock has roughly doubled in half a year and hits 31 scanners at once — the strongest confluence finding of the series. But the many hits measure the same price rebound plus one strike quarter, not 31 independent truths. A momentum filter measures price behavior, not a business model.
Optically cheap (price-to-sales roughly 0.36, EV/EBITDA roughly 7.8), but no classic trailing P/E because of the net loss; forward P/E roughly 26. The low price-to-sales ratio mirrors an expected shrinking revenue base — the price of uncertainty, not a safe discount. In the boom years 2022/2023, AMN bought back roughly one billion dollars of shares at prices around $100.
AMN Healthcare delivers the strongest scanner finding of our series — 31 hits at once. Yet the many green lights measure the same price rebound off the low plus a one-time strike quarter, not a turnaround. The hospital staffing firm's business has shrunk 48 percent since the 2022 COVID peak (from $5.24 billion to $2.73 billion), 2024 and 2025 brought losses, and consensus expects another roughly 20 percent less revenue. The Q1 2026 jump to $1.38 billion came almost entirely from "unpredictable" strike assignments. Add written-off and still-looming goodwill, a 22-percent customer and more expensive money. A momentum stock with an honest rebound chart, but without a proven operating upswing. Not investment advice.
- Materiality gate (July 10, 2026) — finding by finding: (1) business decline/base effect: revenue −48 percent since the 2022 COVID peak, but 2025 above the pre-COVID level of 2020, operating income +$33 million, cash flow positive → cyclical price finding, no existential finding (company intact). (2) Q1 2026 strike one-off ($721.9 million instead of $38.6 million): earnings/signal quality, no solvency question → price finding. (3) Goodwill $755.8 million (~118 percent of equity): a further impairment would be non-cash and triggers no covenant → balance-sheet-quality price finding. (4) Net debt $769 million: the banks loosened the net-leverage covenant via the Fifth Amendment (10/2025) temporarily to 5.25× (step-down to 5.00× from 04/2027, 4.75× from 07/2028) but simultaneously reduced the credit line from $750 to $450 million and made it more expensive above 4.25× leverage. Decisive for the gate: NO buyback/dividend blocker ("covenants otherwise remained unchanged"), no going concern, ~$404.8 million of the line available → bearable, an amber flag, no existential finding. (5) Customer concentration Kaiser 22 percent: per the gate calibration (21 percent = dent) a dent; the company would remain intact → concentration-risk dent. Result: no existential finding — the substance carries: no going concern, cash flow positive, NO buyback/dividend blocker, ~$404.8 million of the line available. What is not settled is the operating side: the turn is not proven in the numbers, goodwill of $755.8 million (~118 percent of equity) keeps balance-sheet quality open, the credit line was cut from $750 to $450 million and made more expensive above 4.25× leverage, and Kaiser at 22 percent stays a dent → amber, "Open questions". What would resolve them are the strike-free quarterly numbers. The price and cycle findings remain findings in their own right, but they do not set the colour — about the entry price the traffic light says nothing; that is what the metric scanners are for.
- Price and valuation figures dated mid-2026; analyses are evergreen, daily prices are not a buy argument. The market value of roughly $1.2 billion refers to roughly 38.8 million shares outstanding; the stock has roughly doubled in half a year but still trades roughly three quarters below its all-time high.
- Revenue/earnings series from the annual and quarterly reports (10-K/10-Q): 2022: $5.24 billion / +$444 million; 2023: $3.79 billion / +$211 million; 2024: $2.98 billion / −$147 million; 2025: $2.73 billion / −$96 million. Operating income 2025 was positive at +$33 million; the net loss arose from goodwill impairment ($109.5 million) and interest.
- Special-situations screening (EDGAR): no ongoing takeover, no strategic review, no rights plan, no Nasdaq/NYSE notice. Only passive large-holder filings (SC 13G / SC 13G/A), no activist SC 13D. The CEO transition to Caroline Grace is long completed; the 8-Ks concerned routine matters (conference, by-law update under Delaware law, bond refinancing, quarterly results).
- AI classification: threatened. In its risk factors AMN concretely names the growing adoption of AI as a danger to its own staffing model (clients could plan better internally with AI and reduce the need for intermediaries; AI could reduce demand for the services). AI is no proven revenue source of its own; internally it is used for efficiency. Under the precedence rule, the threat prevails.
About the Company
AMN Healthcare Services, Inc. bietet technologiegestützte Personallösungen und Vermittlungsdienstleistungen im Gesundheitswesen für Akut- und Subakutkrankenhäuser und andere Gesundheitseinrichtungen in den USA an.
| Employees | 2,664 |
|---|---|
| Headquarters | Dallas, TX |
| Address | 2999 Olympus Boulevard, 75019 Dallas, United States |
| Phone | 866 871 8519 |
| Website | amnhealthcare.com |
| IPO Date | 13. Nov 2001 |
| ISIN | US0017441017 |
| Stock Split | 2:1 on 05/28/2003 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Caroline Sullivan Grace | President, CEO & Director | 1969 |
| Brian M. Scott | CFO & COO | 1970 |
| Mark Christopher Hagan | Chief Information & Digital Officer | 1968 |
| Whitney M. Laughlin | Corporate Secretary & Chief Legal Officer | 1970 |
| Christopher S. Schwartz | Chief Accounting Office & Controller | – |
| Nishan Sivathasan | Division President of Technology and Workforce Solutions | – |
| Randle G. Reece | Senior Director of Investor Relations & Strategy | – |
| Julie Macdonald | Chief Communications Officer | – |
| Kerry Perez | Chief Marketing Officer | – |
| Holly Novak | Chief People Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.