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what it is
Cross Country helps hospitals fill nurse and clinician shifts when they do not have enough staff.
how it gets paid
Last year Cross Country made $1.1B in revenue.
why it's under pressure
Revenue fell about 22% last year on a full-year basis (aligned to the ~21–24% declines called out elsewhere on the page). You can cut costs for a while, but you cannot hide a shrinking demand cycle forever.
what just happened
Cross Country posted revenue of $237M, down 24% vs. prior year, while losses stayed ugly.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
4.5% return on capital — nothing to write home about
$0.10 fy2026 eps est
$875M fy2028 rev est
xvary composite: 48/100 — below average
What they do
Cross Country helps hospitals fill nurse and clinician shifts when they do not have enough staff.
Workforce solutions → finding clinicians fast → so your hospital does not leave shifts uncovered. That matters when trailing revenue is still $1.1 billion, even after a 21.6% drop vs. prior year. The edge is scale across nursing and physician staffing, but this is a convenience moat, not a fortress.
How they make money
$1.1B
annual revenue · their business was down ~22% last year
total revenue
$1.1B
-22%
The products that matter
staffs acute-care facilities
Hospital staffing
$1.1B company-wide revenue
Hospitals are a core end market at the ~$1.1B revenue scale, but trailing EPS has been deeply negative—do not read this as a comfortably profitable staffing operator.
turnaround
fills outpatient labor needs
Clinic staffing
20.3% gross margin
Clinic demand helps keep recruiters busy, but a 20.3% gross margin leaves limited room for mistakes if bill rates soften.
margin watch
supports non-hospital care settings
Ambulatory care staffing
4.5% return on capital
Ambulatory demand broadens the customer base; the 4.5% figure matches company return on capital in the glance strip—not a segment-level ROC from the filing.
execution watch
Key numbers
$0.10
fy2026 eps est
$875M
fy2028 rev est
20.3%
gross margin
Gross profit kept about 20.3% of each revenue dollar.
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- net profit margin trailing earnings deeply negative — net margin lines on screens can disagree with EPS when charges hit; trust the EPS loss callout in the hero
- return on equity trailing EPS is -$10.24 on the hero—positive ROE prints from data vendors often lag charges or use different windows; trust the TTM loss callout first
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in CCRN 3 years ago → it's now worth $3,070.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
Cross Country posted revenue of $237M, down 24% vs. prior year, while losses stayed ugly.
Last earnings came in at -$0.06 versus a -$0.03 estimate, a 100% miss by the consensus measure. The broader picture is worse: TTM revenue is $1.1 billion and trailing EPS is -$10.24.
$237M
revenue (Q)
-$0.06
eps (Q)
20.3%
gross margin (Q)
the number that mattered
The 24% revenue drop mattered most, because you can cut costs for a while, but you cannot hide a shrinking demand cycle forever.
-
the deal, originally set to close by september 3rd, faced a lengthy antitrust review by the federal trade commission (ftc).this caused the closing date to be extended to december 3rd, and then again to december 30th, due to the recent government shutdown. however, aya decided to end the merger agreement, citing ‘‘uncertainty, time, and resource burden’’, and owes cross country a $20 million termination fee.
-
ccrn stock, which had been drifting lower in recent months on investor skepticism regarding the deal’s ftc approval, fell 20% when news of the failed merger broke (december 4th), and is now trading at a four-year low.
-
the business has continued to struggle, despite signs of stabilization.
-
for much of 2025, revenues have been sliding, while the bottom line has stayed in the red, as pandemic-driven record gains of recent years have made for difficult comparisons.but in the third quarter, there was further stabilization in the core nurse & allied staffing segment, along with ongoing strong momentum in the smaller homecare unit and improvement in the physician line.
-
still, the company will likely turn in weak numbers for the full year.
source: company earnings report, 2026
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What could go wrong
the #1 risk is healthcare staffing demand staying weak while margins stay thin.
med
demand softness at hospitals and clinics
This business serves hospitals, clinics, ambulatory care facilities, and similar providers. If those customers hire less contract labor, 100% of the $1.1B revenue base feels it.
This business serves hospitals, clinics, ambulatory care facilities, and similar providers. If those customers hire less contract labor, 100% of the $1.1B revenue base feels it.
med
margin compression
A ~20% gross margin with trailing losses leaves little room for pricing mistakes, recruiter inefficiency, or wage pressure. Small misses hit sentiment fast.
Thin gross margin plus negative trailing earnings means there is no fat cushion if demand slips again.
med
earnings volatility
Predictability is 15/100. In human terms, this is not a business where you can comfortably extrapolate one good quarter into a trend.
Predictability is 15/100. In human terms, this is not a business where you can comfortably extrapolate one good quarter into a trend.
med
weak market sponsorship
Institutions were net sellers for 3 straight quarters, including 82 buyers versus 93 sellers in 3q2025. If that continues, valuation can stay compressed even if operations stabilize.
Institutions were net sellers for 3 straight quarters, including 82 buyers versus 93 sellers in 3q2025. If that continues, valuation can stay compressed even if operations stabilize.
With trailing losses, thin gross margin, and a stock that turned $10,000 into $3,070 over 3 years, there is very little cushion if demand or pricing slips again.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
eps has almost no room to disappoint
The fy2026 EPS estimate is $0.10. When the baseline is that low, even a small miss changes the story.
trend
the revenue path matters more than the headline size
Current revenue is $1.1B. The fy2028 estimate is $875M. You want to see that gap close, not widen.
risk
institutional flow still points the wrong way
Three consecutive quarters of net selling says the stock has not won back professional buyers yet.
next catalyst
the next quarterly print needs to be clean
With 15/100 earnings predictability and 20/100 price stability, the next update matters more than usual. This stock moves on proof.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not view this as a steady earner.
risk rank
3
Middle-of-the-pack risk. Not a fortress, not a catastrophe.
price stability
20 / 100
This stock has not traded like a calm compounder. Expect movement.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 82 buyers vs. 93 sellers in 3q2025. total institutional holdings: 32.0M shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$5
$16
$8
current price
$11
target midpoint · +33% from current · 3-5yr high: $18 (+120% · 22% ann'l return)
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