AMN
AMN Healthcare Services, Inc.
AMN offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over AMN overall, supported by stronger valuation and stronger modeled upside.
AMN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
AMN's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over AMN in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
NVO has the edge over AMN on the outlook, with more favorable earnings and revenue expectations.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over AMN on earnings, with more consistent year-over-year improvement.
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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over AMN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over AMN on profitability, with a higher operating margin.
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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over AMN on cash flow, with more consistent year-over-year improvement.
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 |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over AMN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
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.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over AMN on leverage, with a lower net debt burden relative to earnings.
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over AMN on valuation relative to its sector.
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 has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% 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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.