Amn Healthcare Services Inc (AMN)
NYSE:AMN
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AMN Healthcare Services
(NYSE:AMN)
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Rating:52Neutral
Price Target:
$21.50
▲(15.84% Upside)
Action:ReiteratedDate: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
Strong cash generation
AMN’s robust operating and free cash flow provides durable liquidity and internal funding for operations, capex, and strategic initiatives. Strong FCF despite reported net losses reduces refinancing risk, supports continued debt paydown, and funds AI/platform investments without immediate reliance on external capital.
Negative Factors
Profitability and margin compression
Despite revenue recovery, the company remains unprofitable with negative net income and EBIT and has seen sharp margin deterioration. Prolonged margin weakness reduces returns on invested capital, limits internal reinvestment capacity, and makes sustainable recovery dependent on structural margin improvement rather than one‑time revenue events.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
AMN’s robust operating and free cash flow provides durable liquidity and internal funding for operations, capex, and strategic initiatives. Strong FCF despite reported net losses reduces refinancing risk, supports continued debt paydown, and funds AI/platform investments without immediate reliance on external capital.
Read all positive factors
AMN Healthcare Services (AMN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$717.18M
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)―
Beta (1Y)0.53
Revenue Growth-11.42%
EPS Growth-617.31%
CountryUS
Employees2,968
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.22
Shares Outstanding38,641,083
10 Day Avg. Volume1,123,068
30 Day Avg. Volume1,078,270
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 Cap2.07
Enterprise Value/Revenue0.54
Enterprise Value/Gross Profit2.12
Enterprise Value/Ebitda14.70
Forecast
1Y Price Target
$22.88Price Target Upside23.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.03
Revenue Forecast (FY)$3.17B
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 Solut...
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 operate...
AMN Healthcare Services Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The call reflected a mix of encouraging operational strengths and important near‑term headwinds. Positives include Q4 outperformance versus guidance, strong labor‑disruption revenue in Q4, demonstrated platform and strike playbook, meaningful debt reduction and healthy operating cash conversion. Management also highlighted AI and VMS investments, a recovering international pipeline and pockets of segment growth (Schools, search/interim). Offsetting these are material year‑over‑year declines in full‑year revenue and adjusted EBITDA, significant margin compression (notably in Q4 and in Technology & Workforce Solutions), continued weakness in certain end markets (Travel Nurse, VMS, Language Services) and incremental margin drag and SG&A from labor disruption. Overall, performance is mixed: the company has stabilized operational capabilities and balance sheet progress, but faces profit and margin recovery challenges in the near term.Positive Updates
Full-Year Revenue, Cash Flow and Debt Reduction
Reported 2025 revenue of $2.73 billion, operating cash flow for the year of $269 million, and reduced total debt by $285 million during 2025.
Negative Updates
Full-Year Revenue and Profit Declines
Full-year 2025 revenue declined 8% year‑over‑year to ~$2.7 billion. Adjusted EBITDA was $234 million, down 31% year‑over‑year; full-year adjusted EBITDA margin fell 280 basis points to 8.6%.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue, Cash Flow and Debt Reduction
Reported 2025 revenue of $2.73 billion, operating cash flow for the year of $269 million, and reduced total debt by $285 million during 2025.
Read all positive updates
Company Guidance
AMN guided first-quarter consolidated revenue of $1.225–$1.24 billion, which assumes approximately $600 million of labor-disruption revenue from multiple strike events; consolidated gross margin is projected at 23.5%–24.0% (with labor disruption reducing margin by roughly 300 basis points), reported SG&A about 14.5%–15.0% of revenue (including roughly $40 million of incremental strike-related costs), operating margin 5.9%–6.5% and adjusted EBITDA margin 9.7%–10.2%. Excluding the ~$600 million of strike revenue, implied Q1 revenue is roughly $625–$640 million with gross margin nearer 26.8%–27.0% and underlying adjusted SG&A running roughly $130–$135 million. Segment-level Q1 expectations: Nurse & Allied revenue up >135% year‑over‑year (or +2%–4% ex‑strike and +4%–6% sequentially), Physician & Leadership down 5%–8% year‑over‑year (interim mid‑single‑digit down, search flat to up, locums mid‑single digits down), and Technology & Workforce Solutions down mid‑ to upper‑teens year‑over‑year (low‑teens ex‑Smart Square) with Language Services modestly lower sequentially; longer term, AMN targets sustainable organic revenue growth of 4%–6% annually (ex‑strike) with operating expenses growing at roughly half that rate and adjusted EBITDA growing 10%–15% per year.AMN Healthcare Services Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
50
Neutral
Cash Flow
76
Positive
| 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 | 803.20M | 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 | 233.83M | 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
Negative
18.56
Price Trends
19.55
Negative
18.04
Positive
18.94
Negative
Market Momentum
-0.24
Positive
44.26
Neutral
54.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMN, the sentiment is Negative. The current price of 18.56 is below the 20-day moving average (MA) of 19.40, below the 50-day MA of 19.55, and below the 200-day MA of 18.94, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 44.26 is Neutral, neither overbought nor oversold. The STOCH value of 54.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.25B | 23.43 | 11.83% | ― | 6.26% | -19.33% | |
62 Neutral | $1.23B | 54.15 | 2.93% | ― | 68.17% | -85.42% | |
54 Neutral | $301.21M | -2.77 | -24.30% | ― | -22.14% | -787.87% | |
53 Neutral | $1.37B | 7.31 | 953.09% | ― | 15.48% | ― | |
52 Neutral | $717.18M | -6.34 | -14.67% | ― | -11.42% | -617.31% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AMN
AMN Healthcare Services
18.56
-4.79
-20.51%
CCRN
Cross Country Healthcare
9.32
-5.58
-37.45%
HCSG
Healthcare Services
17.85
7.63
74.66%
ASTH
Astrana Health
24.51
-5.51
-18.35%
AVAH
Aveanna Healthcare Holdings
6.29
0.67
11.92%
AMN Healthcare Services Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
AMN Healthcare Services Announces Board Transition, Nominates New Director
Positive
Feb 5, 2026
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...
Business Operations and StrategyRegulatory Filings and Compliance
AMN Healthcare Updates Bylaws for Governance Efficiency
Neutral
Dec 11, 2025
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 immed...
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.