AMN Healthcare Services, Inc. (AMN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.19	$0.77	+305.3%	—	$673.2M	—
Q1 26	$1.62	$2.1	+29.6%	—	$1.4B	—
Q4 25	$0.27	$0.22	-18.5%	—	$748.2M	—
Q3 25	$0.62	$0.65	+4.8%	—	$634.5M	—
Q2 25	$0.19	$0.3	+57.9%	—	$658.2M	—
Q1 25	$0.21	$0.45	+114.3%	—	$689.5M	—
Q4 24	$0.49	$0.75	+53.1%	—	$734.7M	—
Q3 24	$0.57	$0.61	+7.0%	—	$687.5M	—
Q2 24	$0.78	$0.98	+25.6%	—	$740.7M	—
Q1 24	$0.96	$0.97	+1.0%	—	$820.9M	—
Q4 23	$1.25	$1.32	+5.6%	—	$818.3M	—
Q3 23	$1.64	$1.97	+20.1%	—	$853.5M	—
Q2 23	$2.14	$2.38	+11.2%	—	$991.3M	—
Q1 23	$2.36	$2.49	+5.5%	—	$1.1B	—
Q4 22	$2.14	$2.48	+15.9%	—	$1.1B	—
Q3 22	$2.37	$2.57	+8.4%	—	$1.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$2.48	—	—	$2.7B	—
FY24	—	-$3.85	—	—	$3B	—
FY23	—	$5.38	—	—	$3.8B	—
FY22	—	$9.96	—	—	$5.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.9B	$2B	$2.1B	$2.2B	$2.4B	$4B	$5.2B	$3.8B	$3B	$2.7B
YoY change	+30%	+4.53%	+7.42%	+4.03%	+7.72%	+66.4%	+31.6%	-27.7%	-21.3%	-8.49%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.9B	2B	2.1B	2.2B	2.4B	4B	5.2B	3.8B	3B	2.7B
Cost of revenue	1.3B	1.3B	1.4B	1.5B	1.6B	2.7B	3.5B	2.5B	2.1B	2B
Gross profit	619.7M	644.4M	696.4M	743.5M	791.8M	1.3B	1.7B	1.2B	919.4M	774.1M
Gross margin	32.6%	32.4%	32.6%	33.5%	33.1%	32.9%	32.7%	33%	30.8%	28.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	398.5M	399.7M	452.3M	508M	549.7M	730.5M	936.6M	756.2M	632.5M	593M
Operating expenses	398.5M	399.7M	452.3M	508M	549.7M	730.5M	936.6M	756.2M	632.5M	593M
Operating income	191.6M	212.4M	202.8M	176.9M	149.3M	478M	647.1M	338.4M	119.8M	33.2M
Operating margin	10.1%	10.7%	9.5%	7.96%	6.24%	12%	12.3%	8.93%	4.01%	1.21%
Non-operating income, net	—	—	—	—	—	—	—	—	-222.5M	-88.6M
Pretax income	176.2M	192.8M	186.7M	148.5M	91.5M	443.9M	606.7M	284.3M	-172.6M	-101.1M
Income tax	70.3M	60.2M	44.9M	34.5M	20.9M	116.5M	162.7M	73.6M	-25.6M	-5.4M
Net income	105.8M	132.6M	141.7M	114M	70.7M	327.4M	444.1M	210.7M	-147M	-95.7M
Net margin	5.56%	6.67%	6.64%	5.13%	2.95%	8.22%	8.47%	5.56%	-4.93%	-3.51%
EBITDA	221.3M	244.7M	244.1M	235.4M	243.5M	581.7M	784.2M	499.4M	293.6M	189.8M
EPS	2.21	2.77	2.99	2.44	1.49	6.87	9.96	5.38	-3.85	-2.48
Diluted EPS	2.15	2.68	2.91	2.4	1.48	6.81	9.9	5.36	-3.85	-2.48

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	853.5M	818.3M	820.9M	740.7M	687.5M	734.7M	689.5M	658.2M	634.5M	748.2M	1.4B	673.2M
Cost of revenue	564M	557.3M	563.4M	510.9M	474.5M	515.7M	491.4M	461.8M	450.1M	553.1M	1B	467.4M
Gross profit	289.5M	260.9M	257.5M	229.8M	213.1M	219M	198.1M	196.4M	184.4M	195.1M	368.8M	205.9M
Gross margin	33.9%	31.9%	31.4%	31%	31%	29.8%	28.7%	29.8%	29.1%	26.1%	26.8%	30.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	163.4M	185.5M	174.8M	149M	149.7M	158.9M	147.7M	154.6M	138.6M	152.1M	218.4M	147.4M
Operating expenses	163.4M	185.5M	174.8M	149M	149.7M	158.9M	147.7M	154.6M	138.6M	152.1M	218.4M	147.4M
Operating income	86.9M	34.2M	39.9M	37.7M	22.3M	19.9M	12.5M	4.1M	8.4M	8.2M	117.2M	26.9M
Operating margin	10.2%	4.18%	4.87%	5.09%	3.24%	2.71%	1.81%	0.62%	1.33%	1.09%	8.5%	4%
Non-operating income, net	—	—	—	—	—	—	—	-127.8M	39.2M	-42K	—	—
Pretax income	75.4M	14M	23.3M	22M	7.8M	-225.7M	183K	-135.1M	38M	-4.2M	110.5M	19.9M
Income tax	22.2M	1.5M	6M	5.7M	819K	-38.1M	1.3M	-18.9M	8.7M	3.5M	48.3M	-1.3M
Net income	53.2M	12.5M	17.3M	16.2M	7M	-187.5M	-1.1M	-116.2M	29.3M	-7.7M	62.2M	21.2M
Net margin	6.23%	1.53%	2.11%	2.19%	1.02%	-25.5%	-0.16%	-17.7%	4.62%	-1.03%	4.51%	3.14%
EBITDA	127.7M	77.3M	84.5M	82.4M	65.3M	-161.1M	52.4M	43.9M	48.1M	45.4M	152.8M	61M
EPS	1.39	0.33	0.45	0.43	0.18	-4.9	-0.03	-3.02	0.76	-0.2	1.6	0.54
Diluted EPS	1.39	0.33	0.45	0.42	0.18	-4.9	-0.03	-3.02	0.76	-0.2	1.59	0.53

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.8B	2.4B	2.7B	2.9B	3.2B	5.8B	4.6B	—	913.5M	607.1M	1.3B
Enterprise value	2.2B	2.7B	3.1B	3.5B	4.2B	6.5B	5.4B	—	2B	1.4B	1.8B
Shares outstanding	47.9M	47.8M	47.4M	46.7M	47.4M	47.7M	44.6M	39.2M	38.2M	38.5M	38.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.4	17.8	18.9	25.5	45.8	17.8	10.3	—	—	—	12.8
P/S	0.97	1.18	1.26	1.31	1.35	1.46	0.87	—	0.31	0.22	0.39
P/B	4.1	4.19	4.2	3.95	3.95	5.02	4.39	—	1.29	0.95	1.8
EV/EBITDA	9.92	10.9	12.7	15.1	17.1	11.2	6.86	—	6.81	7.25	5.7
EV/Sales	1.15	1.34	1.46	1.6	1.74	1.64	1.03	—	0.67	0.5	0.51
Earnings yield	5.74%	5.63%	5.28%	3.92%	2.18%	5.61%	9.69%	—	—	—	7.78%
FCF yield	6.07%	5.69%	7.1%	6.47%	6.73%	4.31%	12.5%	—	26.2%	38.5%	33.6%
PEG	—	—	—	—	—	—	—	—	—	—	-0.11

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	32.6%	32.4%	32.6%	33.5%	33.1%	32.9%	32.7%	33%	30.8%	28.3%	30.6%
Operating margin	10.1%	10.7%	9.5%	7.96%	6.24%	12%	12.3%	8.93%	4.01%	1.21%	4%
Net margin	5.56%	6.67%	6.64%	5.13%	2.95%	8.22%	8.47%	5.56%	-4.93%	-3.51%	3.06%
ROE	23.6%	23.6%	22.2%	15.5%	8.62%	28.2%	42.5%	25.3%	-20.8%	-14.9%	15.6%
ROA	8.92%	10.6%	9.5%	5.9%	3%	10.5%	15.4%	7.2%	-6.08%	-4.57%	4.39%
ROIC	14.4%	16.8%	14.4%	9.87%	6.6%	19.1%	25.7%	11.7%	6.68%	2.35%	8.89%
Return on tangible assets	887.5%	111.8%	-387.4%	-202.1%	-14%	102.9%	694.3%	-85.3%	103.6%	-620%	30.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.64	1.79	1.57	1.48	1.26	1.39	1.27	1.28	1.09	0.94	1.13
Quick ratio	1.64	1.79	1.57	1.48	1.26	1.39	1.27	1.28	1.09	0.94	1.13
Debt / equity	0.81	0.57	0.69	0.98	1.17	0.75	0.82	1.62	1.55	1.25	1.05
Debt / assets	0.31	0.26	0.3	0.37	0.41	0.28	0.3	0.46	0.45	0.38	0.33
Net debt / EBITDA	1.59	1.25	1.75	2.72	3.8	1.18	1.02	2.64	3.7	4.05	1.35
Interest coverage	12.4	10.8	12.6	6.22	2.59	14	16	6.25	-1.47	-1.22	5.61
Effective tax rate	39.9%	31.2%	24.1%	23.2%	22.8%	26.3%	26.8%	25.9%	0%	0%	36.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	39.7	41.6	45.1	47.6	50.5	83.6	117.6	96.7	78.1	70.9	88.5
EPS (basic)	2.21	2.77	2.99	2.44	1.49	6.87	9.96	5.38	-3.85	-2.48	-2.48
EPS (diluted)	2.15	2.68	2.91	2.4	1.48	6.81	9.9	5.36	-3.85	-2.48	2.69
Book value per share	9.37	11.8	13.5	15.8	17.3	24.4	23.4	21.2	18.5	16.7	19.1
FCF per share	2.33	2.8	4.02	4.03	4.59	5.28	12.8	6.81	6.27	6.07	11
Cash per share	0.22	0.32	0.29	1.78	0.62	3.79	1.45	0.84	0.28	0.88	9.34
Capex per share	0.46	0.55	0.74	0.75	0.79	1.12	1.7	2.65	2.12	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.15%	1.33%	1.65%	1.58%	1.58%	1.34%	1.45%	2.74%	2.71%	—	—
Capex / operating cash flow	20.3%	16.6%	17.9%	16.3%	15.6%	54.1%	15.4%	19.8%	32.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$853.5M	$818.3M	$820.9M	$740.7M	$687.5M	$734.7M	$689.5M	$658.2M	$634.5M	$748.2M	$1.4B	$673.2M
YoY change	-25%	-27.3%	-27.1%	-25.3%	-19.4%	-10.2%	-16%	-11.1%	-7.71%	+1.84%	+99.9%	+2.29%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	10.6M	15.1M	13.9M	83M	29.2M	180.9M	64.5M	32.9M	10.6M	34M
Receivables	391.2M	391.5M	416M	425.4M	450.1M	1B	944.4M	741.2M	508.3M	430.6M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	450.6M	474.2M	482.2M	560.5M	533.7M	1.3B	1.1B	841.7M	594.9M	545.4M
Property, plant & equipment	60M	73.4M	90.4M	194.7M	193.9M	154.9M	165.5M	225.9M	218.4M	163.4M
Goodwill & intangibles	1.2B	1.1B	1.5B	2B	2.9B	2.8B	2.8B	3.2B	2.6B	2.1B
Total assets	1.2B	1.3B	1.5B	1.9B	2.4B	3.1B	2.9B	2.9B	2.4B	2.1B
Accounts payable	85.4M	73.2M	82.4M	102.5M	107.5M	339M	373.3M	177.1M	100.9M	84.9M
Short-term debt	3.8M	—	—	13.9M	19.7M	11.4M	8.1M	8M	6.2M	6M
Total current liabilities	274.8M	265.3M	307.3M	378.1M	423M	969.4M	857.9M	656.1M	545.8M	577.6M
Long-term debt	359.2M	319.8M	440.6M	708.4M	935.8M	855.7M	852.9M	1.3B	1.1B	797.2M
Total liabilities	737.5M	691.4M	853.7M	1.2B	1.5B	2B	1.8B	2.1B	1.7B	1.5B
Shareholders' equity	449.4M	562.5M	639M	736.7M	819.7M	1.2B	1B	831.3M	706.6M	642.1M
Total debt	362.9M	319.8M	440.6M	722.3M	955.5M	867.1M	861M	1.4B	1.1B	803.2M
Net debt	352.3M	304.7M	426.8M	639.3M	926.3M	686.1M	796.4M	1.3B	1.1B	769.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	29.4M	32.9M	50.6M	48M	30.6M	10.6M	55.8M	41.5M	52.6M	34M	560.7M	361.8M
Receivables	741.7M	741.2M	676.2M	590.2M	519.6M	508.3M	487.2M	446.9M	442.7M	430.6M	442.2M	424.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	831.1M	841.7M	790.7M	704.8M	612.3M	594.9M	627.4M	571.4M	570.3M	545.4M	1.1B	869.3M
Property, plant & equipment	214.4M	225.9M	229.9M	232M	230.6M	218.4M	209.1M	187.7M	175.6M	163.4M	151.7M	141.8M
Goodwill & intangibles	2.7B	3.2B	3.1B	3.1B	3B	2.6B	2.5B	2.2B	2.1B	2.1B	2B	2B
Total assets	2.7B	2.9B	2.9B	2.8B	2.7B	2.4B	2.4B	2.2B	2.1B	2.1B	2.6B	2.4B
Accounts payable	248.5M	177.1M	143.1M	135.8M	116.1M	100.9M	108.8M	99.5M	91.5M	84.9M	96.8M	95.1M
Short-term debt	8.5M	8M	6.6M	6.2M	6.4M	6.2M	6.6M	6.3M	6.1M	6M	5.8M	5.8M
Total current liabilities	707.1M	656.1M	623.9M	573.9M	518.5M	545.8M	582.2M	573.6M	542.2M	577.6M	1B	770.5M
Long-term debt	967.9M	1.3B	1.3B	1.2B	1.2B	1.1B	1B	949.5M	878.8M	797.2M	771.1M	770M
Total liabilities	1.8B	2.1B	2B	1.9B	1.8B	1.7B	1.7B	1.6B	1.5B	1.5B	1.9B	1.6B
Shareholders' equity	817.2M	831.3M	854.2M	876.9M	890.7M	706.6M	715.1M	607.6M	644.4M	642.1M	712.8M	741.3M
Total debt	976.3M	1.4B	1.3B	1.2B	1.2B	1.1B	1B	955.8M	884.9M	803.2M	776.9M	775.8M
Net debt	947M	1.3B	1.3B	1.2B	1.1B	1.1B	981.3M	914.3M	832.3M	769.2M	216.2M	414M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	105.8M	132.6M	141.7M	114M	70.7M	327.4M	444.1M	210.7M	-147M	-95.7M
Depreciation & amortization	29.6M	32.3M	41.2M	58.5M	94.2M	103.7M	137.1M	160.9M	173.8M	156.6M
Stock-based compensation	11.4M	10.2M	10.8M	16.2M	20.5M	25.2M	30.1M	18M	23.3M	30.7M
Change in working capital	-31.9M	-22.8M	10M	16.3M	62.9M	-340.8M	-103.1M	134.9M	242.8M	120.1M
Operating cash flow	107.9M	160.3M	196.5M	215.7M	241.9M	99.1M	490.8M	525M	251.3M	269.5M
Capital expenditure	-22M	-26.5M	-35.2M	-35.2M	-37.7M	-53.6M	-75.8M	-103.7M	-80.9M	—
Investing cash flow	-258.4M	-35.4M	-278.2M	-290.6M	-536.8M	-107.3M	-165.6M	-410.8M	-79.9M	39.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-13.3M	-20.2M	-67M	-18.7M	0	-2.7M	-576.8M	-424.7M	0	0
Financing cash flow	-80.2M	-77.2M	-37.5M	-84.4M	-33.5M	-104.9M	-591.9M	-344.3M	-259.4M	-295.9M
Net change in cash	-230.6M	47.7M	-119.2M	-159.3M	-328.4M	-113.1M	-266.6M	-230.1M	-88.1M	13.5M
Free cash flow	112M	134M	190.6M	188.4M	217.7M	251.7M	572.8M	266.8M	239.5M	233.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	53.2M	12.5M	17.3M	16.2M	7M	-187.5M	-1.1M	-116.2M	29.3M	-7.7M	62.2M	21.2M
Depreciation & amortization	40.7M	43.1M	44.5M	44.7M	43M	41.5M	39.9M	39.9M	39.6M	37.2M	35.7M	34.1M
Stock-based compensation	306K	2.6M	7.7M	6.4M	5.6M	3.7M	9.4M	8.8M	6.7M	5.8M	9.9M	9.8M
Change in working capital	12.3M	-22M	56M	42.3M	85.7M	58.7M	39.7M	51.8M	-25M	53.7M	379.1M	-216.2M
Operating cash flow	133M	23.2M	117.3M	114.4M	138.4M	-118.9M	83.1M	78.5M	22.7M	75.6M	562.5M	-189.9M
Capital expenditure	-29.9M	-29.9M	-18.1M	-27.3M	-19.3M	-16.2M	-10M	—	—	—	—	—
Investing cash flow	-33.9M	-322M	-21.4M	-22.3M	-22M	-12.8M	-26M	-10.8M	66.9M	-107K	-258K	461K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	0	0	0	0	—	—	—	—	—	—
Financing cash flow	-105M	-26.5M	-39M	-80.1M	-60.5M	-79.9M	-61.2M	-80.2M	-71.2M	-83.2M	-27.1M	-107K
Net change in cash	-5.9M	-325.3M	57M	12M	55.9M	-211.6M	-4.1M	-12.5M	18.4M	-7.8M	535.1M	-189.6M
Free cash flow	142.3M	-72.7M	63.2M	72.2M	47.4M	56.6M	82.7M	68.7M	14.8M	67.6M	555.2M	-199M

AMN Healthcare Services, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

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Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement