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Amn Healthcare Services Inc (AMN)
NYSE:AMN
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AMN Healthcare Services (AMN) AI Stock Analysis

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AMN

AMN Healthcare Services

(NYSE:AMN)

Rating:56Neutral
Price Target:
$21.50
▲(3.12% Upside)
AMN Healthcare Services' overall stock score is primarily influenced by financial challenges, including declining revenue and high leverage. Positive technical indicators and strategic initiatives provide some optimism, but valuation concerns and competitive pressures remain significant risks.
Positive Factors
Debt Reduction
AMN announced the sale of its scheduling software for a total purchase price of $75M, which will be used to reduce debt.
Partnership Opportunities
AMN entered into a commercial partnership with symplr, which may provide strategic business advantages.
Sector Recovery
Management points to solid demand for travelers, indicating a potential recovery in the sector.
Negative Factors
Federal Policy Impact
Federal policy uncertainty clearly had a negative impact on client behavior across several of AMN’s service lines, especially concentrated in the academic medical center client base.
Guidance and Demand
Weaker demand and order trends in the quarter led to 3Q guidance below consensus.
Revenue Decline
Total revenue down 11% y/y and 5% q/q, with Nurse & Allied revenue off 14% y/y mainly on lower volume.

AMN Healthcare Services (AMN) vs. SPDR S&P 500 ETF (SPY)

AMN Healthcare Services Business Overview & Revenue Model

Company DescriptionAMN 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 MoneyAMN Healthcare generates revenue primarily through its staffing and workforce solutions services. The company earns money by charging healthcare facilities for the provision of temporary and permanent staffing services, typically on a per-hour or per-placement basis. Key revenue streams include travel nursing, locum tenens staffing, and other allied healthcare staffing solutions. Additionally, AMN offers workforce management solutions and technology services, which contribute to its earnings. Significant partnerships with hospitals, healthcare systems, and other organizations enhance its market presence and drive revenue growth, as these collaborations often lead to long-term contracts and stable income streams.

AMN Healthcare Services Earnings Call Summary

Earnings Call Date:Aug 07, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Oct 30, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with several positive achievements, such as exceeding revenue and EBITDA expectations, reducing debt, and the success of the AMN Passport app and AI technology. However, these positives were countered by significant challenges, including year-over-year revenue declines, issues in the Travel Nurse segment, impairment charges, and competitive pricing pressures. The improvement in key metrics in July provides some optimism for the future.
Q2-2025 Updates
Positive Updates
Revenue and EBITDA Exceed Expectations
Second quarter revenue of $658 million was at the upper end of guidance. Adjusted EBITDA of $58 million and gross margin of 29.8% exceeded the high end of guidance.
Debt Reduction Achieved
The company repaid $80 million during the quarter, reducing the revolving line of credit balance down to $70 million, with expectations for further debt reduction.
AMN Passport Success
The AMN Passport app surpassed 300,000 registered users, significantly improving efficiency and user engagement. More than 20% of Nurse and Allied placements are now assisted by Passport automation.
Positive Client Reaction to AI-Enabled Technology
AMN's AI-enabled event management technology received positive client feedback, improving the ability to scale and support more clients.
Improved Booking Trends in July
Key metrics across most businesses improved in July, with a rebound in traveler extension rates and increased orders in the Allied segment.
Negative Updates
Revenue Decline Year-Over-Year
Revenue was down 11% from the prior year and 5% sequentially, primarily driven by lower volume.
Challenges in Travel Nurse Segment
Travel Nurse orders in June were 15% lower than in March, with a decrease of 25% in revenue from the prior year period.
Goodwill and Intangible Asset Impairment
A noncash goodwill impairment charge of $110 million was recorded in the Physician and Leadership Solutions segment, along with a noncash intangible asset impairment charge of $18 million in the Nurse and Allied segment.
Physician and Leadership Solutions Revenue Decline
Segment revenue was down 6% year-over-year, driven by lower volume across search and interim leadership businesses.
Impact of Competitive Pricing Pressure
Language Services revenue increased only 1% year-over-year due to significant competitive pricing pressure, despite a 6% increase in utilization.
Company Guidance
During the second quarter of 2025, AMN Healthcare reported revenue of $658 million, which was at the upper end of its guidance range. The company achieved an adjusted EBITDA of $58 million and a gross margin of 29.8%, both exceeding the high end of its guidance. Despite a challenging healthcare sector marked by a 15% decline in Travel Nurse orders from March to June and a dip in the rebook retention rate for travelers, AMN saw a rebound in key metrics in July. The company noted a sharp recovery in traveler extension rates, highlighting the ongoing demand for flexible staffing. Volume in locum tenens was 5% higher than in Q2, and Allied orders increased by 3% from March to July, driven by outpatient therapy, rehabilitation, and imaging. AMN’s Technology and Workforce Solutions segment saw Language Services revenue grow by 1% year-over-year, with utilization up by 6%. The company also highlighted its strategic initiatives, such as the sale of its Smart Square scheduling software and the expansion of its AMN Passport app, which recently surpassed 300,000 registered users. Looking forward, AMN expects further debt reduction and is poised for sequential growth in its international nurse staffing business by Q4, with further growth anticipated into 2026.

AMN Healthcare Services Financial Statement Overview

Summary
AMN Healthcare Services is facing financial challenges with declining revenues and profitability, as indicated by negative profit margins and operational losses. The company has a high debt-to-equity ratio, which presents financial risk, though strong operating cash flow provides some liquidity cushion.
Income Statement
45
Neutral
AMN Healthcare Services exhibits a declining revenue trend with a 23.7% decrease from 2022 to 2023 and a further decline in TTM. Gross profit margin has dropped from 32.7% in 2022 to 28.6% TTM, indicating reduced profitability. The net profit margin is negative in the TTM period, reflecting losses. EBIT and EBITDA margins have also turned negative, highlighting operational challenges.
Balance Sheet
50
Neutral
The company has a relatively high debt-to-equity ratio of 1.45 TTM, signaling significant leverage. Return on equity is negative due to net losses, and equity ratio dropped to 29.9% TTM, indicating moderate financial health but with risk due to high liabilities.
Cash Flow
60
Neutral
Cash flow from operations remains positive, with an operating cash flow to net income ratio of -2.01 TTM, indicating strong cash generation despite net losses. Free cash flow has grown slightly, but the free cash flow to net income ratio is also negative, reflecting operational challenges.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.77B2.98B3.79B5.24B3.98B2.39B
Gross Profit826.56M919.38M1.25B1.72B1.31B791.78M
EBITDA-157.40M71.11M499.36M784.21M581.70M243.45M
Net Income-297.84M-146.98M210.68M444.05M327.39M70.67M
Balance Sheet
Total Assets2.21B2.42B2.92B2.89B3.13B2.35B
Cash, Cash Equivalents and Short-Term Investments41.50M10.65M32.94M64.52M180.93M29.21M
Total Debt955.77M1.10B1.35B860.96M867.07M955.48M
Total Liabilities1.60B1.71B2.09B1.84B1.97B1.53B
Stockholders Equity607.60M706.62M831.26M1.04B1.16B819.68M
Cash Flow
Free Cash Flow255.48M239.53M266.78M572.81M251.69M217.72M
Operating Cash Flow310.74M320.42M372.17M653.73M305.36M256.83M
Investing Cash Flow-82.84M-79.94M-412.49M-170.71M-107.40M-538.17M
Financing Cash Flow-281.80M-259.45M10.73M-591.87M-34.90M211.49M

AMN Healthcare Services Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price20.85
Price Trends
50DMA
19.80
Positive
100DMA
20.27
Negative
200DMA
22.76
Negative
Market Momentum
MACD
0.30
Negative
RSI
54.29
Neutral
STOCH
42.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMN, the sentiment is Neutral. The current price of 20.85 is above the 20-day moving average (MA) of 19.36, above the 50-day MA of 19.80, and below the 200-day MA of 22.76, indicating a neutral trend. The MACD of 0.30 indicates Negative momentum. The RSI at 54.29 is Neutral, neither overbought nor oversold. The STOCH value of 42.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
72
Outperform
$1.54B59.713.50%51.97%-64.10%
68
Neutral
$1.14B111.872.28%5.17%-65.33%
59
Neutral
$1.69B109.3142.49%11.53%
56
Neutral
$775.30M18.62-40.13%-14.33%-398.68%
51
Neutral
$7.92B-0.43-41.67%2.21%22.29%-1.85%
45
Neutral
$445.56M-1.96%-24.30%-210.27%
40
Underperform
$4.90M-951.52%-0.70%-2.38%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AMN
AMN Healthcare Services
20.85
-24.80
-54.33%
CCRN
Cross Country Healthcare
14.10
0.51
3.75%
HCSG
Healthcare Services
15.83
5.34
50.91%
MODVQ
ModivCare
0.35
-31.65
-98.91%
ASTH
Astrana Health
29.70
-17.94
-37.66%
AVAH
Aveanna Healthcare Holdings
8.22
2.80
51.66%

AMN Healthcare Services Corporate Events

Shareholder Meetings
AMN Healthcare Approves 2025 Equity Plan at Meeting
Neutral
May 5, 2025

On May 2, 2025, AMN Healthcare Services, Inc. held its Annual Meeting of Shareholders, where the shareholders approved the AMN Healthcare 2025 Equity Plan and several other proposals. The meeting also saw the election of directors and the ratification of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. Notably, a shareholder proposal titled ‘Special Shareholder Meeting Improvement’ was not approved.

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.Date of analysis: Sep 06, 2025