AMN Healthcare Services Inc (AMN) stock analysis
Close on Nov 11, 2026Market cap $1.47BP/E 13.8Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
AMN Healthcare Services passes 14 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 1/6
- Past performance
- 3/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 31.7% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $37.90 is below our fair value estimate of $55.46.
Interest well covered
Operating income covers interest expense 6.1 times.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 48.5% of total debt.
What to watch
Return on equity under 15%
Return on equity was 15.4% over the last twelve months and averaged 12.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 9.8%, below the 10% that usually covers the cost of capital.
High debt
Debt is 95.9% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew -19.5% a year over the last three fiscal years, short of the 10% we look for.
Valuation5/6
P/E above its 5-year median
AMN Healthcare Services's P/E of 13.8 is above its own 5-year median of 12.4.
P/E below the industry
AMN Healthcare Services's P/E of 13.8 is below the Personnel Supply Services median of 22.6.
EV/EBITDA below its 5-year median
AMN Healthcare Services's EV/EBITDA of 5.8 is below its 5-year median of 6.8.
P/B below the industry
AMN Healthcare Services's price-to-book of 1.89 is below the Personnel Supply Services median of 1.99.
Trading below fair value
The share price of $37.90 is below our fair value estimate of $55.46.
Margin of safety over 20%
The price is 31.7% below fair value, more than the 20% cushion we look for.
Growth1/6
Revenue growing under 10% a year
Revenue grew -19.5% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 29.5% over the last twelve months; the Personnel Supply Services median is 2.1%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin slipping
Gross margin was 28.4% over the last twelve months, against 29.4% a year earlier.
Past performance3/6
Return on equity under 15%
Return on equity was 15.4% over the last twelve months and averaged 12.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 9.8%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
AMN Healthcare Services's return on equity of 15.4% is above the Personnel Supply Services median of 4.6%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 3.1% over the last twelve months, against a 5-year average of 2.8%.
Net margin above the industry
AMN Healthcare Services's net margin of 3.1% is above the Personnel Supply Services median of -0.0%.
Financial health5/6
High debt
Debt is 95.9% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 105% five years ago to 95.9%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 48.5% of total debt.
Interest well covered
Operating income covers interest expense 6.1 times.
Short-term assets cover short-term debts
Current assets are 1.21 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 3.29; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
AMN Healthcare Services has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$55.46
The share price is 32% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 17.4× | 12.4× | 22.6× | $47.91 | 40% |
| EV/EBITDA | 8.2× | 6.8× | 9.6× | $58.41 | 35% |
| P/B | 2.3× | 2.6× | 2.0× | $45.77 | 10% |
| Earnings power | 8.5% cost of equity | – | – | $75.16 | 15% |
| Fair value | $55.46 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 12.4
- Personnel Supply Services median 22.6
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $39.07M
- Value traded per 1% price move
- $14.71M
Downside
Low risk
- Typical loss in a bad month
- 13.4%
- Volatility (annualized)
- 70%
- Sharpe ratio, 1 year
- 1.63
- Beta to the S&P 500 (5Y)
- 0.72
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -8.5% | -19.5% | +2.7% | +6.4% | |
| Gross profit | -15.8% | -23.3% | -0.5% | +5.1% | |
| Free cash flow | -2.4% | -26.0% | +1.3% | +23.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 26.6% | 9.1% | -14.2% | |
| Return on assets | 10.2% | 3.3% | -4.2% | |
| Current ratio | 1.64 | 1.26 | 0.94 | |
| Debt to equity | 0.81 | 1.05 | 1.16 | |
| Net debt to EBITDA | 1.41× | 3.20× | 7.00× | |
| Interest coverage | 12.4× | 2.6× | -1.2× | |
| Capex to revenue | 1.2% | 1.6% | 1.3% | |
| Diluted shares | 49M | 48M | 39M |
Where the cash went
Fiscal 2021 to 2025, five years combined
AMN Healthcare Services generated $1.92B from operations and spent $1.35B on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.5% | 1.21× | 3.34× | -14.2% |
| FY2024 | -4.9% | 1.12× | 3.47× | -19.1% |
| FY2023 | 5.6% | 1.30× | 3.10× | 22.5% |
| FY2022 | 8.5% | 1.74× | 2.73× | 40.3% |
| FY2021 | 8.2% | 1.45× | 2.77× | 33.0% |
| FY2020 | 3.0% | 1.12× | 2.75× | 9.1% |
| FY2019 | 5.1% | 1.30× | 2.49× | 16.6% |
| FY2018 | 6.6% | 1.56× | 2.29× | 23.6% |
| FY2017 | 6.7% | 1.63× | 2.41× | 26.2% |
| FY2016 | 5.6% | 1.84× | 2.59× | 26.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$95.70M
- Cash generatingOperating cash flow above zero$269.46M
- Return on assets improvedROA up on the prior year-5.0% → -4.0%
- Earnings backed by cashOperating cash flow above net income$269.46M vs -$95.70M
- Less leverageLong-term debt to assets fell35.0% → 35.4%
- Better liquidityCurrent ratio rose1.09 → 0.94
- No dilutionShare count did not rise38M → 39M
- Gross margin improvedGross margin up on the prior year30.81% → 28.35%
- More efficientAsset turnover rose1.02 → 1.13
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