AMN
AMN Healthcare Services, Inc.
AMN offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over AMN overall, supported by stronger modeled upside and stronger valuation.
AMN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
AMN's revenue, profitability, cash flow and balance sheet are all currently healthy.
UNH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Healthy |
UNH's cash flow and balance sheet are currently healthy, and its revenue and profitability are 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 has the edge over UNH in the historical PE scenario, which offers more potential upside but is not a forecast.
UNH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $405 | — |
| Cheap | 19x | $325 | -20% |
| Fair | 23x | $410 | +1.2% |
| Current | 23x | $405 | — |
| Expensive | 30x | $526 | +30% |
Historical ranges are pointers, not guarantees.
UNH's PE is in its fair range at 23x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap 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.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over AMN on the outlook, with more favorable valuation and earnings 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 the edge over UNH on earnings, with more consistent year-over-year improvement.
UNH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.65 | +29% |
| Q3 2026 | $17.55 | -8.5% |
| Q2 2026 | $15.58 | -33% |
| Q1 2026 | $13.28 | -44% |
| Q4 2025 | $13.23 | -15% |
| Q3 2025 | $19.17 | +25% |
| Q2 2025 | $23.09 | +53% |
| Q1 2025 | $23.89 | +46% |
| Q4 2024 | $15.51 | -35% |
UNH's earnings per share have fallen from their peak: $17.55 over the past year, against $23.89 in early 2025.
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 has the edge over UNH on profitability, with a higher operating margin.
UNH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $112.7B | -0.4% |
| Q2 2026 | $112B | +0.4% |
| Q1 2026 | $111.7B | +2% |
| Q4 2025 | $113.2B | +12% |
| Q3 2025 | $113.2B | +12% |
| Q2 2025 | $111.6B | +13% |
| Q1 2025 | $109.6B | +9.8% |
| Q4 2024 | $100.8B | +6.8% |
UNH has the edge over AMN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +2 points |
| Q2 2026 | 7.1% | +2.5 points |
| Q1 2026 | 8.1% | -0.3 points |
| Q4 2025 | 0.3% | -7.4 points |
| Q3 2025 | 3.8% | -4.8 points |
| Q2 2025 | 4.6% | -3.4 points |
| Q1 2025 | 8.3% | +0.4 points |
| Q4 2024 | 7.7% | -0.4 points |
UNH's operating margin was 5.8% last quarter, up 2 points from 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.
UNH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $4.3B | -16% |
| Q2 2026 | $10.3B | +63% |
| Q1 2026 | $8.1B | +79% |
| Q4 2025 | $160M | -89% |
| Q3 2025 | $5.1B | -61% |
| Q2 2025 | $6.3B | +6.9% |
| Q1 2025 | $4.6B | +1037% |
| Q4 2024 | $1.5B | +$7.6B |
UNH 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 |
UNH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -4M shares |
| 1 year | -0.7% | -6M shares |
| 3 years | -3.6% | -34M shares |
| 5 years | -5.5% | -53M shares |
| Available history | -6.6% | -64M shares |
UNH has the edge over AMN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.4B |
| Q2 2026 | $1.6B |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $2.5B |
| Q1 2025 | $3B |
| Q4 2024 | $5B |
UNH spent $5B buying back its own shares over the past year, down 52% 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 has the edge over UNH on leverage, with a lower net debt burden relative to earnings.
UNH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
UNH's net debt is about 1.7 years of its operating earnings (EBITDA), about the same as 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).
UNH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 60.0 | Neutral |
UNH's weekly RSI is 56 (neutral) and its Stochastic is 60 (neutral).
AMN PE vs Healthcare Sector
| Metric | AMN | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 26x | 48% below |
| PE % | 40 | 29 | 11 pts above |
AMN has the edge over UNH on valuation relative to its sector.
UNH PE vs Healthcare Sector
| Metric | UNH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 11% below |
| PE % | 47 | 29 | 18 pts above |
UNH is trading at 23x earnings, a 11% 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.
UNH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $394.2 | 2.8% above |
| 20 week MA | $400.5 | 1.2% above |
| 50 week MA | $361.2 | 12% above |
| 100 week MA | $376.0 | 7.8% above |
| 200 week MA | $446.6 | 9.3% below |
UNH has the edge over AMN on trend strength, trading above more of its moving averages.
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 UNH on returns for 2026, with the stronger performance.
UNH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $296.0 | $340.8 | +15% |
| 2021 | $340.8 | $495.4 | +45% |
| 2022 | $495.4 | $531.3 | +7.3% |
| 2023 | $531.3 | $526.5 | -0.9% |
| 2024 | $526.5 | $510.0 | -3.1% |
| 2025 | $510.0 | $331.8 | -35% |
| 2026 YTD | $331.8 | $405.1 | +22% |
UNH has finished three years in a row lower, and it's up 22% so far in 2026.