# AMN Healthcare Services (AMN.US)

Canonical: https://gigainvestors.com/s/AMN

Analysis as of: 2026-10-16T07:26:28.904Z. Financial observations: FY2000–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $40.00 per share; close as of 2026-10-15.

Estimated value: low $76.10 per share, central $85.55 per share, high $98.12 per share. Buy at or below the central value $85.55 per share. Valuation as of 2026-10-16T07:26:28.904Z; scenarios are not confidence intervals.

Expected annual return: 20.5% at the stated quote. About 20.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.06×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.09×

- FY2024: -0.03×

- FY2025: 0.01×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 19.6%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: 4.3 pp

- Typical gross margin (annual median): 32.7%

- Recent gross margin (lower of latest and 3-year median): 28.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 11.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.1%

- FY2017: 20.7%

- FY2018: 18.6%

- FY2019: 17.4%

- FY2020: 13.1%

- FY2021: 36.9%

- FY2022: 52.4%

- FY2023: 24.2%

- FY2024: -9.0%

- FY2025: 4.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.51×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $739M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.1 pp

- Working capital / revenue, final three-year average: 14.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.15×

- FY2022: 1.13×

- FY2023: 1.27×

- FY2024: 0.37×

- FY2025: -0.26×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.7% vs 4.0%

- Per-share earnings: 2.15 to -2.48 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -4.2%

- Market cap gain: -$1.2B

- Cumulative retained earnings: $1.2B

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -4.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$4.63

- Per-share value, starting three-year median: $2.15

- Per-share value, ending three-year median: -$2.48

- Buybacks concentrated in cheaper years (correlation): 0.49

- Average buyback yield: 3.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.2B

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: 20.7%

- ROIC, last three-year median: 4.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.15

- FY2017: $2.68

- FY2018: $2.91

- FY2019: $2.40

- FY2020: $1.48

- FY2021: $6.81

- FY2022: $9.90

- FY2023: $5.36

- FY2024: -$3.85

- FY2025: -$2.48

### accounting: pass

- Sloan accruals: -17.4%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 11.4%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.62×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.2%

- FY2017: 1.4%

- FY2018: -5.7%

- FY2019: -5.7%

- FY2020: -7.9%

- FY2021: 0.7%

- FY2022: -7.3%

- FY2023: -5.5%

- FY2024: -19.3%

- FY2025: -17.4%

## Holders

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 68% since Oct 2022 · "However, industry shifts, pricing pressure and healthcare cost-consciousness are major downsides." (finance.yahoo.com, Jul 2026) · sales -8.5%

Story as of 2026-10-16T09:58:17.957Z; price observation 2026-10-15.

Price needs cash profits to shrink 10.2% a year for ten years

- 2026-08-07: AMN Q2 Earnings Beat Estimates on Staffing and Search Growth, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/amn-q2-earnings-beat-estimates-164700327.html))

### Sales · FY2024–2025

sales -8.5%; source https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm; observed 2026-02-20.

- FY2016: $1.9B 

- FY2017: $2.0B 

- FY2018: $2.1B 

- FY2019: $2.2B 

- FY2020: $2.4B 

- FY2021: $4.0B 

- FY2022: $5.2B 

- FY2023: $3.8B 

- FY2024: $3.0B 

- FY2025: $2.7B 

### Gross margin · FY2025

gross margin 28.3%; source https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm; observed 2026-02-20.

- FY2016: 32.6% 

- FY2017: 32.4% 

- FY2018: 32.6% 

- FY2019: 33.5% 

- FY2020: 33.1% 

- FY2021: 32.9% 

- FY2022: 32.7% 

- FY2023: 33.0% 

- FY2024: 30.8% 

- FY2025: 28.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical care facilities; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm (filed 2026-02-20); FY2025: revenue 2730429000; grossProfit 774058000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); AMN.US: AMN Healthcare Services, Inc. provides technology-enabled healthcare workforce solutions and staffing services to acute and sub-acute care hospitals, and other healthcare facilities in the United States. It operates through three segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. It offers travel nurse staffing, labor disruption staffing, local staffing, international nurse permanent placement, allied staffing, crisis nurse staffing for critical staffing and rapid response nursing, and allied health professionals, such as skilled nursing facilities, rehabilitation clinics, schools, and pharmacies, as well as physician and advanced practice staffing, and revenue cycle 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; and solutions for schools, including teletherapy platform, Televate, and qualified school speech-language pathologists, psychologists, nurses, social workers, and other care providers. In addition, it offers locum tenens staffing, healthcare interim leadership staffing, executive search, and physician permanent placement solutions. Additionally, the company provides language services, vendor management systems, workforce optimization, and outsourced solutions. The company offers its services under the brands, including AMN Healthcare, Nursefinders, O'Grady Peyton International, Connetics, Medical Search International, DRW Healthcare Staffing, and B.E. Smith. AMN Healthcare Services, Inc. was founded in 1985 and is based in Dallas, Texas.

### Why customers stay

Margins ranged from 28.3% to 33% during 2023–25; it earns 19.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 33%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 30.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 28.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.27081437289786475],[2017,0.20717103812472773],[2018,0.1856582876346452],[2019,0.17400032767338422],[2020,0.13074632547554008],[2021,0.3688109883857923],[2022,0.5235072885868779],[2023,0.24183912041842323],[2024,-0.09049490579173324],[2025,0.03997078686308878]]; median 0.19641466287968645. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 33% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm (filed 2026-02-20); Gross margin observations: [[2021,0.32869572201438924],[2022,0.32740888175674515],[2023,0.32976965914662887]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 2.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 21956000; owner earnings 113502000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 26529000; owner earnings 138308000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 36386000; owner earnings 146592000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 36458000; owner earnings 136050000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 39102000; owner earnings 125750000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 53663000; owner earnings 377422000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 80922000; owner earnings 500239000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 103687000; owner earnings 267919000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 35629000; owner earnings 25269000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 2093000 USD.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); AMN.US SharesStats.PercentInsiders = 0.972 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 10.2% yearly over ten years; actual decline was 9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate -0.15545585626807262. Price 40; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6766169154228856 → FY2025 0.6559798551439474. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $32.80 per share

- 2016-11: $33.30 per share

- 2016-12: $38.45 per share

- 2017-01: $35.85 per share

- 2017-02: $41.15 per share

- 2017-03: $40.60 per share

- 2017-04: $40.85 per share

- 2017-05: $36.25 per share

- 2017-06: $39.05 per share

- 2017-07: $36.90 per share

- 2017-08: $37.35 per share

- 2017-09: $45.70 per share

- 2017-10: $43.90 per share

- 2017-11: $50.20 per share

- 2017-12: $49.25 per share

- 2018-01: $53.65 per share

- 2018-02: $55.65 per share

- 2018-03: $56.75 per share

- 2018-04: $66.85 per share

- 2018-05: $56.50 per share

- 2018-06: $58.60 per share

- 2018-07: $60.50 per share

- 2018-08: $58.30 per share

- 2018-09: $54.70 per share

- 2018-10: $50.62 per share

- 2018-11: $63.70 per share

- 2018-12: $56.66 per share

- 2019-01: $64.79 per share

- 2019-02: $50.01 per share

- 2019-03: $47.09 per share

- 2019-04: $52.06 per share

- 2019-05: $48.44 per share

- 2019-06: $54.25 per share

- 2019-07: $53.38 per share

- 2019-08: $58.40 per share

- 2019-09: $57.56 per share

- 2019-10: $58.76 per share

- 2019-11: $59.47 per share

- 2019-12: $62.31 per share

- 2020-01: $67.38 per share

- 2020-02: $73.60 per share

- 2020-03: $57.81 per share

- 2020-04: $46.98 per share

- 2020-05: $44.36 per share

- 2020-06: $45.24 per share

- 2020-07: $54.94 per share

- 2020-08: $53.84 per share

- 2020-09: $58.46 per share

- 2020-10: $65.28 per share

- 2020-11: $65.16 per share

- 2020-12: $68.25 per share

- 2021-01: $72.12 per share

- 2021-02: $72.87 per share

- 2021-03: $73.70 per share

- 2021-04: $79.30 per share

- 2021-05: $88.70 per share

- 2021-06: $96.98 per share

- 2021-07: $100.56 per share

- 2021-08: $113.52 per share

- 2021-09: $114.75 per share

- 2021-10: $98.70 per share

- 2021-11: $114.01 per share

- 2021-12: $122.33 per share

- 2022-01: $101.34 per share

- 2022-02: $106.14 per share

- 2022-03: $104.33 per share

- 2022-04: $97.75 per share

- 2022-05: $96.90 per share

- 2022-06: $109.71 per share

- 2022-07: $112.44 per share

- 2022-08: $102.64 per share

- 2022-09: $105.96 per share

- 2022-10: $125.50 per share

- 2022-11: $123.70 per share

- 2022-12: $102.82 per share

- 2023-01: $95.84 per share

- 2023-02: $90.01 per share

- 2023-03: $82.96 per share

- 2023-04: $86.35 per share

- 2023-05: $94.96 per share

- 2023-06: $109.12 per share

- 2023-07: $107.15 per share

- 2023-08: $88.38 per share

- 2023-09: $85.18 per share

- 2023-10: $75.86 per share

- 2023-11: $67.80 per share

- 2023-12: $74.88 per share

- 2024-01: $74.01 per share

- 2024-02: $56.27 per share

- 2024-03: $62.51 per share

- 2024-04: $59.98 per share

- 2024-05: $55.94 per share

- 2024-06: $51.23 per share

- 2024-07: $67.62 per share

- 2024-08: $53.03 per share

- 2024-09: $42.39 per share

- 2024-10: $37.94 per share

- 2024-11: $26.03 per share

- 2024-12: $23.92 per share

- 2025-01: $27.52 per share

- 2025-02: $25.32 per share

- 2025-03: $24.46 per share

- 2025-04: $20.43 per share

- 2025-05: $21.11 per share

- 2025-06: $20.67 per share

- 2025-07: $18.34 per share

- 2025-08: $20.78 per share

- 2025-09: $19.36 per share

- 2025-10: $19.69 per share

- 2025-11: $16.65 per share

- 2025-12: $15.76 per share

- 2026-01: $21.30 per share

- 2026-02: $19.48 per share

- 2026-03: $18.34 per share

- 2026-04: $20.47 per share

- 2026-05: $28.97 per share

- 2026-06: $32.37 per share

- 2026-07: $33.63 per share

- 2026-08: $34.28 per share

- 2026-09: $35.87 per share

- 2026-10: $40.00 per share

## Annual estimated value (USD per share)

- FY2016: low $16.07 per share, central $18.85 per share, high $21.93 per share

- FY2017: low $25.17 per share, central $29.32 per share, high $34.09 per share

- FY2018: low $29.18 per share, central $33.89 per share, high $39.40 per share

- FY2019: low $34.93 per share, central $43.39 per share, high $50.50 per share

- FY2020: low $36.90 per share, central $46.34 per share, high $54.10 per share

- FY2021: low $79.48 per share, central $112.63 per share, high $131.94 per share

- FY2022: low $109.02 per share, central $155.74 per share, high $182.95 per share

- FY2023: low $92.31 per share, central $131.46 per share, high $154.40 per share

- FY2024: low $60.38 per share, central $68.71 per share, high $79.79 per share

- FY2025: low $54.78 per share, central $62.33 per share, high $72.39 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1142750/000162828026009918/amn-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.