AMN
AMN Healthcare Services, Inc.
AMN's fundamentals are strong, but it looks expensive: trading at 14x earnings, below its usual 16x. Analysts expect earnings to fall sharply.
AMN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
AMN's revenue, profitability, cash flow and balance sheet are all currently healthy.
AMN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $29.74 | -21% |
| Current | 14x | $37.42 | — |
| Fair | 16x | $42.98 | +15% |
| Expensive | 32x | $88.16 | +136% |
| Forward | 40x | $37.42 | — |
Historical ranges are pointers, not guarantees.
AMN's PE is in its fair range at 14x. Analysts expect earnings to fall, which would put today's price at 40x next year's earnings, in its expensive range.
AMN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Decline | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect AMN's earnings and revenue to decline, with profitability weakening.
AMN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.93 | -66% |
| Q3 2026 | $2.76 | +$9.95 |
| Q2 2026 | $2.69 | +$10.46 |
| Q1 2026 | -$0.86 | +$3.47 |
| Q4 2025 | -$2.48 | +$1.37 |
| Q3 2025 | -$7.19 | -596% |
| Q2 2025 | -$7.77 | -392% |
| Q1 2025 | -$4.33 | -214% |
| Q4 2024 | -$3.85 | -172% |
AMN has returned to profit: it earned $2.76 per share over the past year, after losing money the year before.
AMN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $717.3M | +13% |
| Q2 2026 | $673.2M | +2.3% |
| Q1 2026 | $1.4B | +100% |
| Q4 2025 | $748.2M | +1.8% |
| Q3 2025 | $634.5M | -7.7% |
| Q2 2025 | $658.2M | -11% |
| Q1 2025 | $689.5M | -16% |
| Q4 2024 | $734.7M | -10% |
AMN's revenue is recovering but still below its 2022 peak: $717M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7% | -0.5 points |
| Q2 2026 | 4% | +23 points |
| Q1 2026 | 8.5% | +6.7 points |
| Q4 2025 | 1.1% | +29 points |
| Q3 2025 | 7.5% | +4.3 points |
| Q2 2025 | -19% | -24 points |
| Q1 2025 | 1.8% | -3.1 points |
| Q4 2024 | -28% | -32 points |
AMN's operating margin was 7% last quarter, about level with the same quarter a year ago.
AMN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$97.3M | -760% |
| Q2 2026 | -$198.5M | -389% |
| Q1 2026 | $555.2M | +571% |
| Q4 2025 | $67.6M | +19% |
| Q3 2025 | $14.8M | -69% |
| Q2 2025 | $68.7M | -4.8% |
| Q1 2025 | $82.7M | +31% |
| Q4 2024 | $56.6M | +$127.6M |
AMN usually generates cash, though not every quarter: the latest was −$97M, but it generated $327M over the past year.
AMN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.1% | +433K shares |
| 1 year | +3.8% | +1.5M shares |
| 3 years | +4.8% | +1.8M shares |
| 5 years | -16% | -7.9M shares |
| Available history | -16% | -7.4M shares |
AMN has 40M diluted shares, up 3.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $8.4M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $250M |
AMN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.5x | Healthy |
| Q2 2026 | 1.1x | Healthy |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 7.6x | High |
| Q1 2025 | 26.5x | High |
| Q4 2024 | 15.5x | High |
| Q3 2024 | 3.6x | Elevated |
| Q2 2024 | 3.1x | Elevated |
AMN's net debt is about 1.4 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
AMN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.9 | Neutral |
| Stochastic | 50.2 | Neutral |
AMN's weekly RSI is 55 (neutral) and its Stochastic is 50 (neutral).
AMN PE vs Healthcare Sector
| Metric | AMN | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 26x | 48% below |
| PE % | 40 | 29 | 11 pts above |
AMN is trading at 14x earnings, a 48% discount to the Healthcare sector's median of 26x.
AMN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.6 | 5.6% below |
| 20 week MA | $36.3 | 3% above |
| 50 week MA | $27.5 | 36% above |
| 100 week MA | $24.5 | 53% above |
| 200 week MA | $47.4 | 21% below |
AMN's trend is mixed: it's above three of its five weekly moving averages, and 21% below its 200-week average.
AMN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $61.7 | $69.3 | +12% |
| 2021 | $69.3 | $122.3 | +77% |
| 2022 | $122.3 | $103.5 | -15% |
| 2023 | $103.5 | $74.9 | -28% |
| 2024 | $74.9 | $24.2 | -68% |
| 2025 | $24.2 | $16.1 | -34% |
| 2026 YTD | $16.1 | $37.4 | +132% |
AMN has finished four years in a row lower, and it's up 132% so far in 2026.