olivLaw · US equity research
AMN Healthcare Services, Inc. AMN
Services-Help Supply Services · SIC 7363 · Vertical: Services-Help Supply Services (SIC 7363)
AMN Healthcare provides temporary healthcare staffing, recruitment services and technology solutions for managing healthcare workforces across the United States. Revenue fell to 2,730.4 million USD in fiscal 2025, yet reached 2,051.6 million USD in the first half of 2026, which points to a recovery in demand for clinical staff, especially nurses.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, AMN Healthcare Services, Inc. (AMN) stock was 47.42 USD (−0.67% on the day), with market capitalisation 1.8 bn USD, P/E 17.7 on diluted EPS of 2.68 USD over the last 12 months, beta 0.80, 52-week range 15.10–49.00 USD. Latest reported quarter (Q2 2026): revenue of 673.2 m USD (+2.3% YoY), net income of 21.2 m USD, diluted EPS 0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.6
- strong (55–70)
- Bollinger (20, 2)
- 34.95 – 52.08
- in the upper half of the band · %B 0.73 · band width 39.4%
- SMA 50 / 200
- 38.20 / 29.01
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.84 / 2.83
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +29.1% | −5.9% | +35.1 pp | — |
| 3 months | +54.0% | −4.6% | +58.6 pp | — |
| 6 months | +111.2% | +0.2% | +111.0 pp | — |
| Year to date | +200.9% | +7.4% | +193.5 pp | — |
| 1 year | +129.9% | +8.2% | +121.7 pp | +18.6% |
| 3 years | −27.4% | +68.4% | −95.9 pp | −39.5% |
| 5 years | −51.5% | +56.5% | −108.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 687.5 m | 734.7 m | 689.5 m | 658.2 m | 634.5 m | 748.2 m | 1.4 bn | 673.2 m |
| Cost of revenue | 474.5 m | 515.7 m | 491.4 m | 461.8 m | 450.1 m | 553.1 m | 1.0 bn | 467.4 m |
| Gross profit | 213.1 m | 219.0 m | 198.1 m | 196.4 m | 184.4 m | 195.1 m | 368.8 m | 205.9 m |
| SG&A | 149.7 m | 158.9 m | 147.7 m | 154.6 m | 138.6 m | 152.1 m | 218.4 m | 147.4 m |
| Operating income | 22.3 m | -202.6 m | 12.5 m | -123.7 m | 47.6 m | 8.1 m | 117.2 m | 26.9 m |
| Depreciation & amortisation | 41.1 m | 41.5 m | 39.9 m | 37.8 m | 37.4 m | 37.2 m | 35.7 m | 31.6 m |
| Interest expense | 14.4 m | 23.1 m | 12.3 m | 11.4 m | 9.6 m | 12.3 m | 6.7 m | 7.0 m |
| Pre-tax income | 7.8 m | -225.7 m | 183.0 k | -135.1 m | 38.0 m | -4.2 m | 110.5 m | 19.9 m |
| Income tax | 819.0 k | -38.1 m | 1.3 m | -18.9 m | 8.7 m | 3.5 m | 48.3 m | -1.3 m |
| Net income | 7.0 m | -187.5 m | -1.1 m | -116.2 m | 29.3 m | -7.7 m | 62.2 m | 21.2 m |
| Diluted EPS | 0.18 | -4.93 ≈ | -0.03 | -3.02 | 0.76 | -0.20 ≈ | 1.59 | 0.53 |
| Operating cash flow | 66.7 m ≈ | 72.8 m | 92.7 m | 78.5 m ≈ | 22.7 m ≈ | 75.6 m | 562.5 m | -189.9 m ≈ |
| Capex | 19.3 m ≈ | 16.2 m | 10.0 m | 9.8 m ≈ | 7.9 m ≈ | 7.9 m | 7.2 m | 8.5 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 36 percentile of its own 33-quarter history (min 9.5, median 18.3, max 46.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.2 bn | 2.4 bn | 4.0 bn | 5.2 bn | 3.8 bn | 3.0 bn | 2.7 bn |
| Revenue YoY | +7.4% | +4.0% | +7.7% | +66.4% | +31.6% | −27.7% | −21.3% | −8.5% |
| Net income | 141.7 m | 114.0 m | 70.7 m | 327.4 m | 444.1 m | 210.7 m | -147.0 m | -95.7 m |
| Net income YoY | +6.9% | −19.6% | −38.0% | +363.3% | +35.6% | −52.6% | −169.8% | unavailable |
| Diluted EPS | 2.91 | 2.40 | 1.48 | 6.81 | 9.90 | 5.36 | -3.85 | -2.48 |
| Diluted EPS YoY | +8.6% | −17.5% | −38.3% | +360.1% | +45.4% | −45.9% | −171.8% | unavailable |
| net % | 6.6% | 5.1% | 3.0% | 8.2% | 8.5% | 5.6% | -4.9% | -3.5% |
| Free cash flow | 191.8 m | 189.6 m | 219.1 m | 251.8 m | 577.9 m | 268.5 m | 239.5 m | 233.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.0 m USD
- Financial debt
- 767.1 m USD
- Net debt
- 733.1 m USD
- Equity
- 642.1 m USD
- Total assets
- 2.1 bn USD
- Debt / equity
- 1.19x
- Current ratio
- 0.94x
- ROE
- -14.2%
- ROA
- -4.2%
- FCF margin
- 8.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 4.0 bn | 5.2 bn | 3.8 bn | 3.0 bn | 2.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 1.6 bn | 2.7 bn | 3.5 bn | 2.5 bn | 2.1 bn | 2.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 791.8 m | 1.3 bn | 1.7 bn | 1.2 bn | 919.4 m | 774.1 m | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 549.7 m | 730.5 m | 936.6 m | 748.4 m | 632.5 m | 593.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 149.3 m | 478.0 m | 647.1 m | 338.4 m | -102.7 m | -55.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 94.2 m | 103.7 m | 137.1 m | 160.9 m | 173.8 m | 156.6 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 243.5 m ≈ | 581.7 m ≈ | 784.2 m ≈ | 499.4 m ≈ | 71.1 m ≈ | 101.1 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 57.7 m | 34.1 m | 40.4 m | 54.1 m | 69.9 m | 45.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 91.5 m | 443.9 m | 606.7 m | 284.3 m | -172.6 m | -101.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 20.9 m | 116.5 m | 162.7 m | 73.6 m | -25.6 m | -5.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 70.7 m | 327.4 m | 444.1 m | 210.7 m | -147.0 m | -95.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 1.48 | 6.81 | 9.90 | 5.36 | -3.85 | -2.48 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 47.7 m | 48.0 m | 44.9 m | 39.3 m | 38.2 m | 38.5 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 29.2 m | 180.9 m | 64.5 m | 32.9 m | 10.6 m | 34.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 376.1 m | 789.1 m | 675.7 m | 623.5 m | 437.8 m | 382.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 533.7 m | 1.3 bn | 1.1 bn | 841.7 m | 594.9 m | 545.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 116.2 m | 127.1 m | 149.3 m | 191.4 m | 186.3 m | 136.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 864.5 m | 892.3 m | 935.4 m | 1.1 bn | 897.5 m | 755.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 564.9 m | 514.5 m | 476.8 m | 474.1 m | 381.4 m | 283.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 2.4 bn | 3.1 bn | 2.9 bn | 2.9 bn | 2.4 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 167.9 m | 425.3 m | 476.5 m | 343.8 m | 184.3 m | 162.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 4.7 m | 0 | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Long-term debt | 858.0 m | 842.3 m | 843.5 m | 1.3 bn | 1.1 bn | 767.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 423.0 m | 969.4 m | 857.9 m | 656.1 m | 545.8 m | 577.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 1.5 bn | 2.0 bn | 1.8 bn | 2.1 bn | 1.7 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 819.7 m † | 1.2 bn † | 1.0 bn † | 831.3 m † | 706.6 m † | 642.1 m † | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 256.8 m | 305.4 m | 653.7 m | 372.2 m | 320.4 m | 269.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 37.7 m | 53.6 m | 75.8 m | 103.7 m | 80.9 m | 35.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 219.1 m ≈ | 251.8 m ≈ | 577.9 m ≈ | 268.5 m ≈ | 239.5 m ≈ | 233.8 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -538.2 m | -107.4 m | -170.7 m | -412.5 m | -79.9 m | 4.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 211.5 m | -34.9 m | -591.9 m | 10.7 m | -259.4 m | -295.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 0 | 2.7 m | 576.8 m | 424.7 m | 0 | 0 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn USD
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 53.67 – 72.62 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E53.67 – 72.62 (Mid 62.61)7 companies used · median multiple 23.4x · quartiles 20.0x – 27.1xBBSI, EFOR, HQI, KFRC, MAN, RCMT, RHI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.1% | 88 (vs peers) | 11% |
| FCF conversion · Quality | 418.5% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -19.5% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.6x | 63 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.1x | 27 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 17.7x | 88 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 23.9% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 0.1% | 2 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation93/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AMN HEALTHCARE SERVICES, INC. (AMN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.7 bn USD in 2025; YoY growth -8.5%; net margin 3.1%; ROE 15.6%.
The estimated value range is 53.67–72.62 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 62.61 USD, the price of 47.42 USD leaves a potential of 32.0% (value / price − 1) and a margin of safety of 24.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3.1%
- FCF conversion: 418.5%
- P/E (TTM): 17.7x
- FCF yield: 23.9%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -19.5%
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Help Supply Services (SIC 7363) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RHIRobert Half Inc. | 4.4 bn | 35.6 | 9.8% | 2.3% | −7.2% | +59% / −48% |
| MANManpowergroup Inc. | 2.2 bn | 18.2 | 5.8% | 0.6% | +0.6% | +61% / −38% |
| NSPInsperity, Inc. | 1.9 bn | 554.9 | 4.6% | 0.0% | +3.5% | +44% / −55% |
| AMNAmn Healthcare Services, Inc. | 1.8 bn | 17.7 | 15.6% | 3.1% | −8.5% | +130% / −27% |
| EFOREverforth, Inc. | 1.5 bn | 21.8 | 3.7% | 1.7% | −2.9% | −21% / −60% |
| KFRCKforce Inc | 997.7 m | 23.4 | 30.5% | 3.0% | −5.4% | +89% / −20% |
| BBSIBarrett Business Services, Inc. | 728.3 m | 24.2 | 13.9% | 2.4% | +8.4% | −13% / +11% |
| TBITrueBlue, Inc. | 376.8 m | — | -15.9% | -2.6% | +3.1% | +152% / −11% |
| HQIHireQuest, Inc. | 239.2 m | 30.0 | 12.1% | 27.1% | −11.4% | +98% / +16% |
| RCMTRcm Technologies, Inc. | 226.3 m | 13.8 | 39.5% | 5.1% | unavailable | +63% / +18% |
| TTECTTEC Holdings, Inc. | 73.0 m | — | -108.2% | -10.2% | −3.2% | −56% / −92% |
| DLHCDlh Holdings Corp. | 52.6 m | — | -20.8% | -8.5% | −13.0% | −42% / −74% |
| BGSFBgsf, Inc | 37.5 m | — | -4.4% | -2.3% | −10.6% | −24% / −64% |
| STRRStar Equity Holdings, Inc. | 35.0 m | — | -18.2% | -4.3% | +22.9% | −6% / −40% |
| CIRCCircle8 Group Inc. | 23.5 m | — | — | -19.4% | −1.5% | −90% / −95% |
| YFORYY Group Holding Ltd. | 3.9 m | — | -94.1% | -11.8% | +29.4% | −100% / unavailable |
| KELYAKelly Services, Inc. | — | — | -11.9% | -3.1% | −1.9% | +63% / −32% |
1- and 3-year price returns: for AMN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 25.61 Total return -46% · Per year -46% | 45.51 Total return -4% · Per year -4% | 68.87 Total return 45% · Per year 45% |
| 3 years | 20.34 Total return -57% · Per year -25% | 41.08 Total return -13% · Per year -5% | 68.87 Total return 45% · Per year 13% |
| 5 years | 16.15 Total return -66% · Per year -19% | 37.07 Total return -22% · Per year -5% | 68.87 Total return 45% · Per year 8% |
- Exit P/E± 10.27
- Net margin± 7.19
- Annual revenue growth± 6.49
- Annual dilution± 0.60
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
In brief
AMN Healthcare provides temporary healthcare staffing, recruitment services and technology solutions for managing healthcare workforces across the United States. Revenue fell to 2,730.4 million USD in fiscal 2025 1, yet reached 2,051.6 million USD in the first half of 2026 2, which points to a recovery in demand for clinical staff, especially nurses.
SWOT
Strengths
- The company has a broad network of healthcare professionals and a leading position in total talent solutions 1.
- The digital platform and the app used by professionals support operational efficiency and are well rated by users 1.
- Managed services contracts bring more recurring revenue and a significant share of total revenue 1.
Weaknesses
Opportunities
Risks
- Dependence on one large clienthigh
A single client accounted for a significant share of revenue, and losing it could have a material adverse effect 1.
- Economic cycles and hospital admissionshigh
Demand for temporary staff falls in downturns or high inflation, and pricing can come under pressure 1.
- Legislative and regulatory changesmedium
Changes to healthcare law or public funding can affect demand and the company's costs 1.
- Legal liabilitymedium
The company may face claims for malpractice, wages or discrimination, and damages could be significant 1.
- Debtmedium
Total debt is substantial, and interest costs could reduce financial flexibility 3.
Investment thesis
What would need to be true (bull case)
- If demand for healthcare staff keeps growing, the company could benefit from higher volumes and steadier revenue from recurring contracts 2.
- As a market leader in talent solutions, the company could gain share thanks to its digital platform and broad professional network 1.
- The return of international and allied staffing could support organic revenue growth 2.
What to watch
- Revenue trend in the nurse and allied staffing segmentQ3 2026
- Gross margin and operating costs against the company's guidanceQ3 2026
- Pricing trends in language services and vendor management systems2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
The business
AMN Healthcare presents itself as the leader and innovator in total talent solutions for the US healthcare sector, combining temporary and permanent staffing, managed services programs, vendor management systems, medical language services and recruitment process outsourcing 1. The company operates through three reportable segments and has expanded its digital platform, including the AMN Passport app used by healthcare professionals to manage assignments 1. Revenue depends on the volume of staff placed, the bill rates charged and managed services contracts, which bring more recurring revenue 1.
The strategy aims to deepen client relationships through cross-selling, invest in automation and artificial intelligence, and diversify toward services with more recurring revenue, to reduce sensitivity to economic cycles 1. In July 2025 the company sold its Smart Square scheduling software 13.
At December 31, 2025 the company had 2,664 corporate team members, and on average a large number of healthcare professionals worked through it, making the workforce its main operational asset 1.
Segments
Nurse and allied solutions
This is the largest segment and includes travel nurse staffing, international nurse staffing, crisis staffing, labor disruption staffing and allied staffing for hospitals and schools 1. It represented 60% of consolidated revenue in fiscal 2025 1 and rose to 76% in the first half of 2026 2.
Market context
Demand for temporary healthcare staff depends on hospital admissions and occupancy, which change with economic cycles 1. Competition is intense, and consolidation among healthcare providers could reduce the prices the company obtains 1. In 2025 demand was generally weaker in the second half but improved toward year end 3.
Demand in the first half of 2026 was stronger for international nurses and allied staff, and the sector saw more frequent requests for support during labor disruption events 12. Developments still depend on public health policy 1.
Trends
- Labor disruption eventsmixed
Demand for staff during labor disruptions has grown, and clients expect this support to continue, although such events are unpredictable 12. If these events continue they could add revenue, but at lower margins.
- Recovery of international and allied staffingtailwind
International nurse volume grew again in the first half of 2026, and allied staffing rose in demand and volume 2.
- Pricing pressure in language servicesheadwind
Increased competition kept prices under pressure in language services, and volumes in vendor management systems declined 2.
- Artificial intelligence and automationmixed
Clients may use artificial intelligence to reduce their need for external staff, while the company is also investing in automation to lower its own costs 1.
Competitive position
The company competes with other healthcare staffing firms and managed services providers, and clients may use intermediaries or develop their own temporary staffing models 1. Language services face heightened competition 2.
Large clients may negotiate better prices, and the need to work with intermediaries can limit direct access to healthcare facilities 1. The company must innovate continuously to stay competitive 1.
- Healthcare staffing and managed services providers
Direct competitors in temporary healthcare staffing and contract management, referred to generically in the company's sources 1.
- Group purchasing organizations and procurement intermediaries
These intermediaries can influence access to clients and the prices the company obtains 1.
- Vendor management system software providers
Competition in workforce technology has weighed on volumes in this segment 2.
- Clients' own internal staffing teams
Large hospitals may develop their own temporary staffing models, reducing demand for external services 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Financial statements and exhibits
- Current report04 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Proxy statement18 Mar 2026
- Annual report20 Feb 2026
- Current report19 Feb 2026Financial statements and exhibits
- Current report05 Feb 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AMN Healthcare Services, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AMN Healthcare Services, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AMN Healthcare Services, Inc. · 06 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.