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what it is
AMN places nurses, physicians, and staffing software inside U.S. hospitals, and it did about 200,000 placements in 2024.
how it gets paid
Last year Amn Healthcare made $2.7B in revenue. Travel nurse staffing was the main engine at $1.05B, or 39% of sales.
why growth slowed
Revenue fell 8.5% last year. Revenue from the nurse and allied solutions and travel nurse staffing units declined 9% and 20% from the year-ago period.
what just happened
AMN missed by 24.1% on EPS, posting $0.22 against $0.29.
At a glance
B+ balance sheet — decent shape, but not bulletproof
15/100 earnings predictability — expect surprises
22.8x trailing p/e — priced about right
7.5% return on capital — nothing to write home about
xvary composite: 46/100 — below average
What they do
AMN places nurses, physicians, and staffing software inside U.S. hospitals, and it did about 200,000 placements in 2024.
AMN sells 3 things together: nurses, doctors, and software. That means your hospital can buy staffing and vendor management systems (software that tracks outside workers) from 1 vendor, not 3. It did about 200,000 placements in 2024, so replacing it means rebuilding a lot of hiring muscle.
How they make money
$2.7B
annual revenue · their business grew -8.5% last year
Travel nurse staffing
$1.05B
20.0%
Allied staffing
$0.50B
9.0%
Physician staffing
$0.85B
1.0%
Technology & workforce solutions
$0.30B
1.0%
The products that matter
places temporary nurses
Nurse & Allied Staffing
~$1.6B · 60% of revenue
This is the center of gravity. Revenue fell 9%, and travel nurse staffing inside the segment fell 20% last quarter. Billing rates that once topped $140 per hour during COVID have normalized to roughly $80–90. That's why the recovery story still feels early.
declining · rate reset
places doctors and executives
Physician & Leadership
~$590M · 22% of revenue
This segment declined just 1%, which makes it the steadiest part of the business right now. Physician shortages are more structural than travel nursing demand, so if AMN is going to stabilize somewhere, this is where you look first.
most resilient
staffing tech and workflow tools
Technology & Workforce Solutions
~$480M · 18% of revenue
This includes language services, vendor management, and workforce software. Revenue fell 12%, which tells you hospitals are not just cutting agency labor. They're trimming adjacent spending too.
under pressure
Key numbers
$2.7B
annual revenue
You are looking at a $2.7B business, not a niche shop.
8.5%
sales change
An 8.5% drop means demand is smaller than last year.
$847M
debt load
Debt equals 58% of capital, so refinancing matters more than slogans.
2.0%
operating margin
Every $100 of sales lost $2 before interest and taxes.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $847M (58% of capital)
- net profit margin 3.5% — keeps 4 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in AMN 3 years ago → it's now worth $1,520.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
AMN missed by 24.1% on EPS, posting $0.22 against $0.29.
Revenue fell to $634M in the note, down 8% vs. prior year. Gross margin was 29.2%, so the business kept nearly 3 of every 10 sales dollars.
$634M
revenue
$0.22
eps
29.2%
gross margin
the number that mattered
The 24.1% miss on $0.22 versus $0.29 says the quarter was weaker than the stock wanted.
-
amn healthcare registered mixed third-quarter results.
-
the top line fell 8% vs. prior year, to $634 million.
-
revenue from the nurse and allied solutions and travel nurse staffing units declined 9% and 20% from the year-ago period, respectively.
-
meanwhile, revenue from the physician and leadership solutions, and technology and workforce solutions lines decreased 1% and 12%.
-
still, the bottom line advanced sharply, to $0.76 per share, compared with $0.18 a year earlier.
source: company earnings report, 2026
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What could go wrong
the #1 risk is travel nurse demand staying weak after pandemic rate normalization.
med
travel nurse declines keep bleeding into the core business
Travel nurse staffing revenue fell 20% last quarter, and Nurse & Allied still makes up about 60% of total revenue. If hospitals keep pushing agency spend lower, the business does not need a recession to disappoint you.
impact: the largest segment keeps shrinking, and a 1.2% net margin leaves very little cushion
med
$847M of debt was built for a bigger revenue base
Long-term debt equals 58% of capital. AMN could carry that more comfortably when demand was much stronger. On $2.7B of revenue and $32M of profit, leverage stops being background noise.
impact: weaker revenue means debt absorbs a bigger share of the economics
med
hospitals are trying to internalize staffing
Health systems learned during the pandemic that agency labor is expensive. Building internal staffing pools is one way to lower that bill. If that behavior sticks, AMN's addressable demand shrinks for structural reasons, not just cyclical ones.
impact: recovery could be slower even if broader hospital hiring stabilizes
A forced margin squeeze on a 1.2% profit base does not need to be dramatic to matter. If Nurse & Allied keeps falling and hospitals keep shifting work in-house, AMN's already-thin earnings base stays fragile.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
travel nurse staffing revenue — currently -20%
This is the cleanest signal on whether the downcycle is easing. If this number keeps getting less bad, the stock can start telling a different story.
risk
$847M debt against $625M market cap
The market value of the equity now sits below long-term debt. That does not guarantee trouble, but it tells you where investor anxiety is concentrated.
trend
physician & leadership holding near flat
This segment was down just 1% last quarter. If it returns to growth while Nurse & Allied stabilizes, the business mix starts improving.
calendar
next earnings: do margins hold while revenue falls
AMN just posted $0.76 of EPS on shrinking sales. The next report needs to show that this was not a one-quarter cost-cutting trick.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts expect this stock to lag until the staffing backdrop improves.
risk profile
average
stability score 3 — this is not a bankruptcy story, but it is not a defensive stock either.
chart momentum
average
technical score 3 — there is no strong momentum signal telling you the turn has arrived.
earnings predictability
15 / 100
The earnings stream is hard to handicap because staffing volumes and rates can move quickly. Expect noise.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 117 buyers vs. 136 sellers in 3q2025. total institutional holdings: 39.4M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$6
$23
$16
current price
$15
target midpoint · 6% from current · 3-5yr high: $35 (+120% · 22% ann'l return)
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