AMN Healthcare Services (AMN)
Market Price (12/28/2025): $16.11 | Market Cap: $622.2 MilSector: Health Care | Industry: Health Care Services
AMN Healthcare Services (AMN)
Market Price (12/28/2025): $16.11Market Cap: $622.2 MilSector: Health CareIndustry: Health Care Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldFCF Yield is 36% | Weak multi-year price returns2Y Excs Rtn is -124%, 3Y Excs Rtn is -166% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 134% |
| Low stock price volatilityVol 12M is 49% | 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% | |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, AI in Healthcare Management, Show more. | 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 -48% | |
| Key risksAMN key risks include [1] a significant post-pandemic downturn in demand for temporary staffing, Show more. |
| Attractive yieldFCF Yield is 36% |
| Low stock price volatilityVol 12M is 49% |
| 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 -124%, 3Y Excs Rtn is -166% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 134% |
| 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 -48% |
| Key risksAMN key risks include [1] a significant post-pandemic downturn in demand for temporary staffing, Show more. |
Why The Stock Moved
Qualitative Assessment
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Here are five key points explaining the approximate -22.5% movement in AMN Healthcare Services (AMN) stock between August 31, 2025, and December 29, 2025:
1. Continued Decline in Nurse and Allied Solutions Segment Revenue: AMN Healthcare's core Nurse and Allied Solutions segment experienced significant year-over-year revenue decreases. For example, in the second quarter of 2025 (reported August 7, 2025), this segment's revenue was 14% lower compared to the prior year. Similarly, an analysis from December 2025 noted an approximate 30% year-over-year revenue decrease in this segment for the third quarter of 2024, largely due to a downturn in travel nurse staffing.
2. Overall Revenue Contraction and Weak Outlook: The company consistently reported a contraction in consolidated revenue. In Q2 2025, consolidated revenue decreased by 11% year-over-year. Full-year 2024 results, reported in February 2025, showed a 21% decline in revenue compared to 2023. The outlook for subsequent quarters, including a Q4 2025 revenue expectation of $715 million to $730 million (as mentioned in the Q3 2025 earnings snapshot from November 2025), reflected ongoing challenges in the market.
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1. Continued Decline in Nurse and Allied Solutions Segment Revenue: AMN Healthcare's core Nurse and Allied Solutions segment experienced significant year-over-year revenue decreases. For example, in the second quarter of 2025 (reported August 7, 2025), this segment's revenue was 14% lower compared to the prior year. Similarly, an analysis from December 2025 noted an approximate 30% year-over-year revenue decrease in this segment for the third quarter of 2024, largely due to a downturn in travel nurse staffing.
2. Overall Revenue Contraction and Weak Outlook: The company consistently reported a contraction in consolidated revenue. In Q2 2025, consolidated revenue decreased by 11% year-over-year. Full-year 2024 results, reported in February 2025, showed a 21% decline in revenue compared to 2023. The outlook for subsequent quarters, including a Q4 2025 revenue expectation of $715 million to $730 million (as mentioned in the Q3 2025 earnings snapshot from November 2025), reflected ongoing challenges in the market.
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Stock Movement Drivers
Fundamental Drivers
The -14.6% change in AMN stock from 9/28/2025 to 12/28/2025 was primarily driven by a -12.5% change in the company's P/S Multiple.| 9282025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 18.87 | 16.11 | -14.63% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2769.93 | 2716.91 | -1.91% |
| P/S Multiple | 0.26 | 0.23 | -12.50% |
| Shares Outstanding (Mil) | 38.41 | 38.62 | -0.53% |
| Cumulative Contribution | -14.63% |
Market Drivers
9/28/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| AMN | -14.7% | |
| Market (SPY) | 4.3% | 35.9% |
| Sector (XLV) | 15.2% | 30.3% |
Fundamental Drivers
The -22.8% change in AMN stock from 6/29/2025 to 12/28/2025 was primarily driven by a -18.3% change in the company's P/S Multiple.| 6292025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 20.88 | 16.11 | -22.84% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2852.44 | 2716.91 | -4.75% |
| P/S Multiple | 0.28 | 0.23 | -18.35% |
| Shares Outstanding (Mil) | 38.31 | 38.62 | -0.80% |
| Cumulative Contribution | -22.85% |
Market Drivers
6/29/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| AMN | -22.9% | |
| Market (SPY) | 12.6% | 30.8% |
| Sector (XLV) | 17.0% | 40.4% |
Fundamental Drivers
The -33.5% change in AMN stock from 12/28/2024 to 12/28/2025 was primarily driven by a -24.1% change in the company's P/S Multiple.| 12282024 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 24.24 | 16.11 | -33.54% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3067.34 | 2716.91 | -11.42% |
| P/S Multiple | 0.30 | 0.23 | -24.14% |
| Shares Outstanding (Mil) | 38.20 | 38.62 | -1.10% |
| Cumulative Contribution | -33.55% |
Market Drivers
12/28/2024 to 12/28/2025| Return | Correlation | |
|---|---|---|
| AMN | -33.6% | |
| Market (SPY) | 17.0% | 34.7% |
| Sector (XLV) | 13.8% | 42.4% |
Fundamental Drivers
The -84.4% change in AMN stock from 12/29/2022 to 12/28/2025 was primarily driven by a -72.2% change in the company's P/S Multiple.| 12292022 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 103.00 | 16.11 | -84.36% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 5480.78 | 2716.91 | -50.43% |
| P/S Multiple | 0.82 | 0.23 | -72.17% |
| Shares Outstanding (Mil) | 43.78 | 38.62 | 11.80% |
| Cumulative Contribution | -84.58% |
Market Drivers
12/29/2023 to 12/28/2025| Return | Correlation | |
|---|---|---|
| AMN | -78.5% | |
| Market (SPY) | 48.4% | 25.1% |
| Sector (XLV) | 17.8% | 31.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMN Return | 10% | 79% | -16% | -27% | -68% | -33% | -74% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| AMN Win Rate | 58% | 92% | 42% | 33% | 17% | 33% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| AMN Max Drawdown | -40% | 0% | -30% | -43% | -69% | -36% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. 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 12/26/2025 (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 | 2,282 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
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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AMN Healthcare Services, Inc. provides healthcare workforce solutions and staffing services to hospitals and healthcare facilities in the United States. It operates through three segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. The Nurse and Allied Solutions segment offers travel nurse staffing, rapid response nurse staffing and labor disruption, allied staffing, local staffing, and revenue cycle solutions. The Physician and Leadership Solutions segment provides locum tenens staffing, healthcare interim leadership staffing, executive search, and physician permanent placement solutions. The Technology and Workforce Solutions segment offers language services, vendor management systems, workforce optimization, telehealth, credentialing, and outsourced solutions. The company also provides allied health professionals, such as physical therapists, respiratory therapists, occupational therapists, medical and radiology technologists, lab technicians, speech pathologists, rehabilitation assistants, and pharmacists. It offers its services under the brands, including American Mobile, Nursefinders, NurseChoice, HealthSource Global Staffing, Onward Healthcare, O'Grady Peyton International, Med Travelers, Club Staffing, Staff Care, B.E. Smith, and Merritt Hawkins, as well as AMN Revenue Cycle Solutions and AMN Language Services. The company was founded in 1985 and is based in Dallas, Texas.
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- Adecco for healthcare professionals.
- An Uber for nurses and other medical staff.
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- Nurse and Allied Staffing: Provides temporary and permanent staffing of registered nurses, allied health professionals, and other clinical staff to healthcare facilities.
- Physician and Leadership Staffing: Offers locum tenens (temporary) physicians, permanent physician placement, and executive search services for healthcare leadership roles.
- Managed Services Programs (MSPs): Delivers comprehensive outsourced solutions for healthcare organizations to manage their entire contingent labor force, including staffing, vendor management, and talent acquisition.
- Workforce Technology Solutions: Develops and provides technology platforms, such as Vendor Management Systems (VMS) and scheduling software, to optimize healthcare staffing and workforce management.
- Workforce Consulting Services: Provides strategic advisory services to healthcare systems on workforce planning, talent acquisition strategies, and operational efficiency improvements.
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AMN Healthcare Services (AMN) primarily sells its services to other companies and organizations within the healthcare industry.
According to AMN Healthcare's annual filings (10-K), no single client accounted for more than 10% of their consolidated revenues in recent fiscal years. This indicates a diversified customer base, meaning there are no specific "major customers" in terms of named individual companies that disproportionately contribute to their revenue.
Instead, AMN Healthcare serves a broad range of healthcare organizations. Their customers include, but are not limited to, the following categories of organizations:
- Hospitals and Health Systems
- Managed Care Organizations
- Government Agencies and Facilities
- Outpatient Clinics and other Healthcare Facilities
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Cary Grace, President & Chief Executive Officer
Cary Grace has served as President and Chief Executive Officer of AMN Healthcare since 2022. Before joining AMN, Ms. Grace was the Chief Executive Officer of Global Retirement, Investment and Human Capital Solutions at Aon Plc from 2016 to 2020, and was involved in Aon's Global M&A integration.
Brian Scott, Chief Financial Officer & Chief Operating Officer
Brian Scott was appointed Chief Financial Officer and Chief Operating Officer in November 2024. Previously, Mr. Scott held Chief Financial Officer positions at TheKey, ShiftKey, and Jack in the Box.
Whitney M. Laughlin, Chief Legal Officer and Corporate Secretary
Whitney M. Laughlin serves as Chief Legal Officer and Corporate Secretary. She joined AMN in 2006 and has experience leading legal and compliance teams, overseeing mergers and acquisitions, and advising sales and operational teams.
Mark Hagan, Chief Information and Digital Officer
Mark Hagan has been the Chief Information Officer and Chief Digital Officer of AMN Healthcare since 2018.
Robin Johnson, Group President, Nursing and Allied Solutions
Robin Johnson was promoted to Group President, Nursing and Allied Solutions, after serving as Division President for Allied Staffing Solutions for six years. She possesses over 30 years of experience in the industry, including leading transformations, growing businesses, and providing workforce solutions.
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The key risks to AMN Healthcare Services' business are primarily driven by the dynamic nature of the healthcare staffing industry.- Downturn in Demand for Healthcare Staffing Services and Increased Pricing Pressure: AMN Healthcare is significantly impacted by the reduced demand for temporary healthcare professionals, particularly travel nurses, following the surge during the COVID-19 pandemic. Healthcare providers are increasingly focusing on permanent hiring to manage costs, leading to lower utilization rates and downward pressure on bill rates for temporary staff. For example, AMN's full-year revenue in 2023 was 28% lower than in 2022, with its Nurse and Allied Solutions revenue decreasing by 34% in 2022 due to the concentration of the prior market boom in travel nurse and certain allied clinical specialties. This market softness, coupled with intense competition within the healthcare staffing industry, directly affects AMN's revenue and profit margins.
- Challenges in Attracting, Credentialing, and Retaining Qualified Healthcare Professionals: The success of AMN Healthcare relies heavily on its ability to recruit, credential, and place high-quality healthcare professionals swiftly and efficiently. Ongoing labor shortages in the healthcare sector and competition for skilled talent can pose significant challenges in sourcing and retaining these professionals. An inability to maintain a robust pipeline of qualified and licensed staff, or to efficiently match them with client needs, can damage the company's reputation, lead to client dissatisfaction, and cause clients to seek services from competitors or rely on internal resources.
- Adverse Changes in Healthcare Regulations and Reimbursement Policies: Changes to healthcare regulations, licensing laws, and reimbursement policies can significantly impact the demand for AMN's staffing services and its operational costs. For example, changes in interstate compact laws for nurse and physical therapy licensure can affect the speed and cost of credentialing professionals. The company's ability to remain competitive depends on its capacity to anticipate and quickly adapt to these evolving marketplace conditions.
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The rise of digital, direct-to-professional healthcare staffing platforms presents a clear emerging threat to AMN Healthcare Services. These platforms leverage technology to connect healthcare facilities directly with professionals for temporary and per-diem shifts, often bypassing traditional staffing agencies. This model offers the potential for lower costs for facilities due to reduced intermediary overhead and increased flexibility and transparency for healthcare professionals. Companies such as Clipboard Health, ShiftKey, Nomad Health, and Trusted Health are examples of this emerging trend, which aims to disintermediate the traditional staffing agency model by creating more direct and efficient marketplaces for healthcare labor.
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AMN Healthcare Services (AMN) operates in various segments of the healthcare staffing and workforce solutions market. The addressable market sizes for its main products and services, primarily focused on the U.S. region unless otherwise specified, are detailed below.
Nurse and Allied Solutions
- The overall U.S. healthcare staffing market, which includes nurse and allied solutions, was valued at approximately $20.5 billion in 2022 and is projected to reach $34.7 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.69% from 2023 to 2030. Other estimates place the U.S. healthcare staffing market at $19.49 billion in 2024, growing to approximately $33.86 billion by 2034 with a CAGR of 5.68% from 2025 to 2034.
- The travel nurse staffing market in the U.S. is a significant component of this segment, estimated to be around $19.5 billion in 2025. This market experienced a peak of $42.7 billion in 2022, adjusting from $6.5 billion in 2019 to $25.6 billion in 2023.
- The global allied health care market was valued at approximately $35.15 billion in 2024 and is projected to reach nearly $52.84 billion by 2031, with a CAGR of 6.2%.
Physician and Leadership Solutions
- The U.S. locum tenens staffing market generated revenues of $4,637.1 million in 2024 and is expected to reach $7,082.6 million by 2030, with a CAGR of 7.3% from 2025 to 2030. Other reports indicate the U.S. locum tenens market reached $9.4 billion in 2025 and is projected to be worth around $19.74 billion by 2034, with a CAGR of 7.59% from 2025 to 2034. The U.S. accounted for 49.1% of the global locum tenens staffing market in 2024.
- The global healthcare physician staffing market is expected to grow from $30.32 billion in 2023 to $57.31 billion by 2033, at a CAGR of 6.57%. The broader healthcare physician staffing market, encompassing North America, Europe, APAC, South America, and the Middle East and Africa, is projected to grow within a range of $14.5 billion to $16.5 billion with a CAGR of 6.5-8.5% during 2024-2028.
Technology and Workforce Solutions
- The U.S. healthcare workforce management system market generated a revenue of $662.8 million in 2023 and is expected to reach $1,513.5 million by 2030, with a CAGR of 12.5% from 2024 to 2030.
- The global healthcare staffing and workforce solutions market is projected to expand at a CAGR of 7.5% from $7.0 billion in 2025 to $12.0 billion by 2032.
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AMN Healthcare Services (AMN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends. Here are 3-5 expected drivers of future revenue growth:- Growth in International Nurse Staffing: AMN Healthcare anticipates significant growth in its international nurse staffing business, with substantial expansion projected over the next 2-3 years as Visa retrogression dates advance. The company expects more than a 20% increase in international nurse revenue in 2026.
- Expansion of Total Talent Services and Technology Solutions: Management highlights improved technology and the expansion of total talent services as crucial future growth drivers. This includes the leveraging of AI-enabled event management technology and the successful onboarding of clients to platforms like ShiftWise Flex VMS. AMN is also enhancing its total talent solutions, leading to increased adoption by top clients.
- Stabilization and Recovery in Core Nurse and Allied Staffing: Following periods of decline, AMN is observing signs of stabilization and early growth in its core nurse and allied staffing businesses. Bill rates for Nurse and Allied Staffing are expected to increase modestly year-over-year in the fourth quarter of 2025, marking the first time in three years. This stabilization is anticipated to lead to a return to revenue and margin improvements in 2026.
- Growth in Allied Schools Business: The Allied Schools business is positioned for strong performance, with expectations for double-digit volume growth in the fourth quarter of 2025, supported by robust bookings and innovative solutions like the Televate platform.
- Labor Disruption Revenue: While potentially a more immediate driver, revenue from labor disruption support has significantly contributed to recent financial results and is expected to continue into 2026, driven by upcoming collective bargaining agreements.
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Share Repurchases
- In 2023, AMN Healthcare Services repurchased $425 million of its own shares.
- As of May 4, 2023, the company had spent $225 million year-to-date to repurchase approximately 2.4 million shares of common stock.
- The Board authorized an additional $250 million under its share repurchase program in June 2022, with approximately $326.3 million remaining under the program at that time.
Share Issuance
- The company's share count has declined over the last few years.
- As of February 18, 2025, there were 38,189,048 shares of common stock outstanding.
- As of August 5, 2020, there were 46,987,619 shares of common stock outstanding.
Outbound Investments
- In 2023, AMN Healthcare acquired MSDR for $293 million, enhancing its presence and capabilities in the locum tenens market.
- AMN Healthcare has made 3 investments in companies, including Wonolo and PipelineRx.
- The company has acquired a total of 21 companies, including MSDR and Medical Search International.
Capital Expenditures
- Capital expenditures for the full year 2023 were $104 million, significantly directed towards technology investments to improve and deliver the company's value proposition.
- In Q3 2025, capital expenditures were $8 million.
- For the fiscal year ending December 2025, projected capital expenditures are $53 million.
Latest Trefis Analyses
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Trade Ideas
Select ideas related to AMN. For more, see Trefis Trade Ideas.
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| 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 | 21.4% | 21.4% | -3.7% |
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| 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 | 12.2% | 12.2% | -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
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Wealth Management
Peer Comparisons for AMN Healthcare Services
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.19 |
| Mkt Cap | 158.7 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 12.1% |
| Op Mgn 3Y Avg | 11.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 15.2% |
| CFO/Rev 3Y Avg | 17.1% |
| FCF/Rev LTM | 13.2% |
| FCF/Rev 3Y Avg | 13.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 158.7 |
| P/S | 2.7 |
| P/EBIT | 21.1 |
| P/E | 33.0 |
| P/CFO | 16.1 |
| Total Yield | 3.9% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.6% |
| 3M Rtn | 4.5% |
| 6M Rtn | 10.8% |
| 12M Rtn | 11.4% |
| 3Y Rtn | 72.9% |
| 1M Excs Rtn | -3.0% |
| 3M Excs Rtn | 0.2% |
| 6M Excs Rtn | -1.4% |
| 12M Excs Rtn | -4.9% |
| 3Y Excs Rtn | -6.6% |
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 |
Price Behavior
Price Behavior
| Market Price | $16.10 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 11/13/2001 | |
| Distance from 52W High | -42.7% | |
| 50 Days | 200 Days | |
| DMA Price | $17.57 | $19.78 |
| DMA Trend | down | down |
| Distance from DMA | -8.4% | -18.6% |
| 3M | 1YR | |
| Volatility | 50.3% | 49.5% |
| Downside Capture | 111.81 | 87.38 |
| Upside Capture | 12.82 | 32.80 |
| Correlation (SPY) | 36.2% | 34.6% |
AMN Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.81 | 1.81 | 1.73 | 1.58 | 0.91 | 0.81 |
| Up Beta | 2.11 | 2.82 | 2.85 | 2.62 | 0.83 | 0.81 |
| Down Beta | 1.48 | 3.15 | 2.92 | 2.39 | 1.23 | 0.98 |
| Up Capture | 76% | 45% | 20% | 37% | 35% | 6% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 8 | 15 | 24 | 53 | 109 | 354 |
| Down Capture | 229% | 140% | 143% | 135% | 101% | 104% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 11 | 26 | 38 | 71 | 138 | 392 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of AMN With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| AMN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -29.8% | 15.1% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 49.2% | 17.2% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.56 | 0.65 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 42.5% | 34.7% | -8.9% | 10.4% | 37.0% | 13.2% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of AMN With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| AMN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -25.1% | 8.4% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 46.6% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | -0.45 | 0.40 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 30.3% | 28.7% | -1.2% | 6.6% | 28.0% | 11.9% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of AMN With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| AMN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -6.0% | 9.9% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 44.3% | 16.6% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.03 | 0.49 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 31.7% | 32.6% | -3.2% | 8.7% | 27.9% | 8.6% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | -3.0% | -12.8% | -13.5% |
| 8/7/2025 | 1.9% | 10.3% | 24.3% |
| 5/8/2025 | 8.2% | 10.1% | 5.1% |
| 2/20/2025 | 6.7% | 2.8% | -6.8% |
| 11/7/2024 | -29.0% | -41.7% | -31.4% |
| 8/8/2024 | -6.5% | -16.6% | -26.5% |
| 5/9/2024 | -10.1% | -2.9% | -13.6% |
| 2/15/2024 | -20.5% | -29.3% | -19.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 9 |
| # Negative | 11 | 13 | 11 |
| Median Positive | 6.7% | 10.0% | 8.8% |
| Median Negative | -9.2% | -8.5% | -13.6% |
| Max Positive | 12.2% | 16.8% | 24.3% |
| Max Negative | -29.0% | -41.7% | -31.4% |
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
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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