AMN Healthcare Services (AMN) AI Stock Analysis

• Market Cap: $788.28M
• Dividend Yield: N/A
• Average Volume (3M): 1.08M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.61
• Revenue Growth: -11.42%
• EPS Growth: -617.31%
• Country: US
• Employees: 2,968
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.22
• Shares Outstanding: 38,641,083
• 10 Day Avg. Volume: 1,123,068
• 30 Day Avg. Volume: 1,078,270
• PEG Ratio: 0.18
• Price to Book (P/B): 0.95
• Price to Sales (P/S): 0.22
• P/FCF Ratio: 2.25
• Enterprise Value/Market Cap: 2.01
• Enterprise Value/Revenue: 0.58
• Enterprise Value/Gross Profit: 2.26
• Enterprise Value/Ebitda: 15.65
• 1Y Price Target: $22.88
• Price Target Upside: 12.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.68
• Revenue Forecast (FY): $3.17B

• Rating: 52 Neutral
• Price Target: $17.50 ▼(-14.22% Downside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is anchored by resilient cash generation and improving leverage, which help offset the current profitability reset (losses and negative returns). Technicals remain weak with the stock below key moving averages and negative MACD, while valuation is constrained by negative earnings and no dividend support. The earnings call adds a modest lift due to detailed Q1 guidance and execution on debt reduction, but near-term margin and segment headwinds keep the outlook mixed.

Positive Factors

Cash Generation

Consistently strong operating and free cash flow provides durable liquidity and financial flexibility. High FCF growth supports continued debt paydown (management cut total debt by $285M in 2025), funds modest capex and AI investments, and cushions profit volatility without relying on external capital.

Operational Resilience / Strike Playbook

A proven event management system and dedicated strike model are durable operational advantages for a staffing firm. This capability preserves service levels, speeds supplier onboarding and wins short-term revenue in disruptions, and strengthens long-term client trust and contract renewals across volatile labor cycles.

Technology & AI Investments

Investing in ShiftWise Flex, VMS upgrades and AI across recruiting and credentialing can drive sustainable cost-to-serve reductions and higher placement throughput. Over time these tech investments can improve margins, competitive differentiation and client retention in a fragmented staffing market.

Negative Factors

Profitability Pressure

Negative net income and ROE show the business is not yet converting revenue into sustainable profits. Structural margin recovery is required versus prior years; until operating margins and ROE normalize, equity returns and reinvestment capacity remain constrained, limiting long-term shareholder value creation.

Segment Weakness & Margin Compression

Material declines and a near-1,000bps margin hit in Technology & Workforce Solutions reflect structural demand and mix headwinds. Prolonged weakness in higher-margin segments erodes consolidated margins and reduces the ability to leverage fixed costs, making sustained earnings recovery harder even if core staffing volumes stabilize.

Elevated Leverage and Limited Cash Cushion

Although leverage is improving, a 3.3x net debt ratio with a small cash balance limits strategic optionality. Persistent margin pressure or slower cash conversion could force deeper deleveraging trades, constrain investments in technology or M&A, and increase refinancing or covenant risk during cyclical downturns.

AMN Healthcare Services Business Overview & Revenue Model

Company Description

AMN Healthcare Services, Inc. provides healthcare workforce solutions and staffing services to hospitals and healthcare facilities in the United States. It operates through three segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. The Nurse and Allied Solutions segment offers travel nurse staffing, rapid response nurse staffing and labor disruption, allied staffing, local staffing, and revenue cycle solutions. The Physician and Leadership Solutions segment provides locum tenens staffing, healthcare interim leadership staffing, executive search, and physician permanent placement solutions. The Technology and Workforce Solutions segment offers language services, vendor management systems, workforce optimization, telehealth, credentialing, and outsourced solutions. The company also provides allied health professionals, such as physical therapists, respiratory therapists, occupational therapists, medical and radiology technologists, lab technicians, speech pathologists, rehabilitation assistants, and pharmacists. It offers its services under the brands, including American Mobile, Nursefinders, NurseChoice, HealthSource Global Staffing, Onward Healthcare, O'Grady Peyton International, Med Travelers, Club Staffing, Staff Care, B.E. Smith, and Merritt Hawkins, as well as AMN Revenue Cycle Solutions and AMN Language Services. The company was founded in 1985 and is based in Dallas, Texas.

How the Company Makes Money

AMN Healthcare generates revenue primarily through the provision of staffing services, which include placing nurses, physicians, and allied health professionals in temporary and permanent positions within healthcare facilities. The company operates on a fee-for-service model, charging clients a markup on the hourly rates paid to the healthcare professionals it places. Key revenue streams include travel nursing, where AMN contracts with healthcare facilities to provide nurses for short-term assignments, and locum tenens services, where it supplies temporary physicians to fill gaps in staffing. Additionally, AMN benefits from consulting services and technology solutions that help healthcare organizations manage their workforce more efficiently. Strategic partnerships with healthcare providers and technology firms enhance AMN's offerings, contributing to its revenue growth.

AMN Healthcare Services Financial Statement Overview

Summary

Cash flow is a clear strength (strongly positive operating cash flow and free cash flow with growth), and leverage is improving as debt declines. However, profitability remains pressured with negative net income/EBIT and negative ROE, indicating an ongoing earnings reset despite the TTM revenue rebound.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded (+49.7% growth), but profitability remains pressured with negative net income and negative EBIT. Margins have deteriorated sharply versus 2022–2023 (when the company generated solid positive operating and net margins), indicating a weaker earnings profile and higher volatility in recent periods.

Balance Sheet

Leverage is still meaningful (debt higher than equity in TTM), but the debt-to-equity ratio improved versus 2023–2024 as total debt declined and assets stepped down. The key weakness is negative return on equity in TTM (and 2024), signaling that the capital base is not currently generating profits despite a still sizeable equity cushion.

Cash Flow

Cash generation is a relative strength: TTM operating cash flow and free cash flow are both strongly positive, with robust free cash flow growth versus the prior period. Free cash flow remains high despite reported net losses, supporting liquidity and financial flexibility; however, cash conversion has not consistently covered earnings swings across years, highlighting some volatility in the underlying operating environment.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.73B	2.98B	3.79B	5.24B	3.98B
Gross Profit	626.19M	919.38M	1.25B	1.72B	1.31B
EBITDA	101.13M	71.11M	499.36M	784.21M	581.70M
Net Income	-95.70M	-146.98M	210.68M	444.05M	327.39M
Balance Sheet
Total Assets	2.09B	2.42B	2.92B	2.89B	3.13B
Cash, Cash Equivalents and Short-Term Investments	33.97M	10.65M	32.94M	64.52M	180.93M
Total Debt	833.34M	1.10B	1.35B	860.96M	867.07M
Total Liabilities	1.45B	1.71B	2.09B	1.84B	1.97B
Stockholders Equity	642.11M	706.62M	831.26M	1.04B	1.16B
Cash Flow
Free Cash Flow	269.46M	239.53M	266.78M	572.81M	251.69M
Operating Cash Flow	269.46M	320.42M	372.17M	653.73M	305.36M
Investing Cash Flow	4.30M	-79.94M	-412.49M	-170.71M	-107.40M
Financing Cash Flow	-295.89M	-259.45M	10.73M	-591.87M	-34.90M

AMN Healthcare Services Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 20.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 20.4 is above the 20-day moving average (MA) of 19.36, above the 50-day MA of 18.22, and above the 200-day MA of 19.15, indicating a bullish trend. The MACD of 0.29 indicates Negative momentum. The RSI at 57.00 is Neutral, neither overbought nor oversold. The STOCH value of 62.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMN.

AMN Healthcare Services Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HCSG	73 Outperform	$1.56B	27.25	11.69%	―	6.26%	-19.33%
ASTH	63 Neutral	$1.32B	138.53	1.29%	―	68.17%	-85.42%
AMN	52 Neutral	$788.28M	-8.18	-35.90%	―	-11.42%	-617.31%
AVAH	52 Neutral	$1.55B	20.64	―	―	15.48%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CCRN	48 Neutral	$289.27M	-18.28	-3.76%	―	-22.14%	-787.87%

AMN Healthcare Services Corporate Events

AMN Healthcare Services Announces Board Transition, Nominates New Director

On January 30, 2026, AMN Healthcare Services announced that longtime director R. Jeffrey Harris will retire from its Board of Directors at the company’s 2026 annual meeting of shareholders and will not stand for re-election, with the company emphasizing that his decision was not the result of any disagreement with management or the Board. In connection with this planned transition, the Board intends to nominate Eric Palmer, a veteran executive with more than 25 years of leadership experience in healthcare services, care management, benefits, and insurance—including senior roles at The Cigna Group and as President and CEO of Evernorth Health Services—signaling a move to deepen the Board’s expertise in large-scale healthcare operations and strategic transformation, which may influence AMN’s governance and strategic direction going forward.

The most recent analyst rating on (AMN) stock is a Hold with a $21.50 price target. To see the full list of analyst forecasts on AMN Healthcare Services stock, see the AMN Stock Forecast page.

AMN Healthcare Updates Bylaws for Governance Efficiency

On December 11, 2025, AMN Healthcare Services‘ Board of Directors approved new by-laws to align with Delaware law, revise procedural mechanics for stockholder meetings, and update director nomination processes. These changes, effective immediately, aim to enhance governance and operational efficiency, impacting how stockholder meetings and director nominations are conducted.

The most recent analyst rating on (AMN) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on AMN Healthcare Services stock, see the AMN Stock Forecast page.