AMN Healthcare Services (AMN)
Market Price (12/4/2025): $16.69 | Market Cap: $644.6 MilSector: Health Care | Industry: Health Care Services
AMN Healthcare Services (AMN)
Market Price (12/4/2025): $16.69Market Cap: $644.6 MilSector: Health CareIndustry: Health Care Services
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldFCF Yield is 30% | Weak multi-year price returns2Y Excs Rtn is -126%, 3Y Excs Rtn is -159% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 111% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, AI in Healthcare Management, Show more. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -21%, Rev Chg QQuarterly Revenue Change % is -7.7% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41% |
| Attractive yieldFCF Yield is 30% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, AI in Healthcare Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -126%, 3Y Excs Rtn is -159% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 111% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -21%, Rev Chg QQuarterly Revenue Change % is -7.7% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41% |
Valuation, Metrics & Events
AMN Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining the approximate -19.7% stock movement for AMN Healthcare Services (AMN) during the period from August 31, 2025, to December 4, 2025:
1. Decline in Q3 2025 Revenue.
AMN Healthcare Services reported a consolidated revenue of $634.5 million for the third quarter of 2025, marking a 7.7% decrease compared to the previous year. Despite exceeding analyst estimates, this year-over-year decline in revenue contributed to negative investor sentiment.
2. Significant Drop in Profitability.
For the third quarter of 2025, AMN Healthcare reported GAAP income of $0.76 per share and an adjusted EPS of $0.39. This represented a substantial decline in profitability compared to prior periods.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMN Return | 10% | 79% | -16% | -27% | -68% | -30% | -73% |
| Peers Return | 0% | 45% | -11% | 13% | -3% | -34% | -7% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| AMN Win Rate | 58% | 92% | 42% | 33% | 17% | 40% | |
| Peers Win Rate | 45% | 53% | 48% | 48% | 40% | 38% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| AMN Max Drawdown | -40% | 0% | -30% | -43% | -69% | -36% | |
| Peers Max Drawdown | -41% | -9% | -33% | -15% | -27% | -36% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: DVA, MAN, HSTM, CCRN, KELYA. See AMN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | AMN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -54.2% | -25.4% |
| % Gain to Breakeven | 118.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -54.2% | -33.9% |
| % Gain to Breakeven | 118.4% | 51.3% |
| Time to Breakeven | 357 days | 148 days |
| 2018 Correction | ||
| % Loss | -32.1% | -19.8% |
| % Gain to Breakeven | 47.3% | 24.7% |
| Time to Breakeven | 312 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.6% | -56.8% |
| % Gain to Breakeven | 510.9% | 131.3% |
| Time to Breakeven | 2282 days | 1480 days |
Compare to DVA, MAN, HSTM, CCRN, KELYA
In The Past
AMN Healthcare Services's stock fell -54.2% during the 2022 Inflation Shock from a high on 11/1/2022. A -54.2% loss requires a 118.4% gain to breakeven.
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Asset Allocation
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Latest Trefis Analyses
Trade Ideas
Select past ideas related to AMN. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.1% | 4.1% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -9.8% | -9.8% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 6.0% | 6.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 9.7% | 9.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.2% | 6.2% | -5.1% |
| 01312024 | AMN | AMN Healthcare Services | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -8.6% | -62.0% | -69.0% |
| 04302023 | AMN | AMN Healthcare Services | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.3% | -31.1% | -36.5% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.1% | 4.1% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -9.8% | -9.8% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 6.0% | 6.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 9.7% | 9.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.2% | 6.2% | -5.1% |
| 01312024 | AMN | AMN Healthcare Services | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -8.6% | -62.0% | -69.0% |
| 04302023 | AMN | AMN Healthcare Services | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.3% | -31.1% | -36.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for AMN Healthcare Services
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 20.81 |
| Mkt Cap | 0.7 |
| Rev LTM | 3,555 |
| Op Inc LTM | 49 |
| FCF LTM | 67 |
| FCF 3Y Avg | 134 |
| CFO LTM | 85 |
| CFO 3Y Avg | 172 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.0% |
| Rev Chg 3Y Avg | -4.4% |
| Rev Chg Q | -2.7% |
| QoQ Delta Rev Chg LTM | -0.7% |
| Op Mgn LTM | 1.5% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 6.7% |
| CFO/Rev 3Y Avg | 9.4% |
| FCF/Rev LTM | 5.5% |
| FCF/Rev 3Y Avg | 7.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.7 |
| P/S | 0.3 |
| P/EBIT | 1.1 |
| P/E | -2.8 |
| P/CFO | 4.7 |
| Total Yield | 0.5% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 12.4% |
| D/E | 0.7 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.3% |
| 3M Rtn | -21.1% |
| 6M Rtn | -20.4% |
| 12M Rtn | -32.8% |
| 3Y Rtn | -54.3% |
| 1M Excs Rtn | -8.3% |
| 3M Excs Rtn | -28.4% |
| 6M Excs Rtn | -35.1% |
| 12M Excs Rtn | -45.9% |
| 3Y Excs Rtn | -126.0% |
Comparison Analyses
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Nurse and allied solutions | 2,625 | 3,982 | 2,990 | 1,699 | 1,563 |
| Physician and leadership solutions | 670 | 698 | 594 | 467 | 563 |
| Technology and workforce solutions | 495 | 563 | 400 | 228 | 97 |
| Total | 3,789 | 5,243 | 3,984 | 2,394 | 2,222 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Nurse and allied solutions | 362 | 576 | 461 | 232 | 220 |
| Technology and workforce solutions | 215 | 299 | 188 | 93 | 44 |
| Physician and leadership solutions | 95 | 92 | 81 | 62 | 71 |
| Depreciation (included in cost of revenue) | -6 | -4 | -3 | -1 | |
| Share-based compensation | -18 | -30 | -25 | -20 | -16 |
| Unallocated corporate overhead | -154 | -154 | -123 | -124 | -83 |
| Depreciation and amortization | -155 | -133 | -101 | -93 | -59 |
| Total | 338 | 647 | 478 | 149 | 177 |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5092025 | 10-Q 3/31/2025 |
| 12312024 | 2212025 | 10-K 12/31/2024 |
| 9302024 | 11082024 | 10-Q 9/30/2024 |
| 6302024 | 8092024 | 10-Q 6/30/2024 |
| 3312024 | 5102024 | 10-Q 3/31/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 11062023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 2222023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 2242022 | 10-K 12/31/2021 |
External Quote Links
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