AMN HEALTHCARE SERVICES INC
$38.02
+0.60 (+1.60%) · delayed · Nov 13, 2026
Five-year price
52w $14.97 to $49.62
- Market cap
- $1.5B
- Enterprise value
- $2.2B
- P/E
- —
- EV / EBIT
- —
- FCF yield
- 15.9%
- ROIC
- −3.2%
- Debt / equity
- 1.19
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 9.9%
- ○ROE > 15% (5y avg)5y avg ROE 12.1%
- ○Stable operating marginsMargin volatility 6.9% (σ, 5y)
- ●Earnings convert to cashFCF / net income 111% (5y avg)
- ○Growing revenueRevenue CAGR 5y 2.7%
- ●Shrinking share countDiluted shares -19.2% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 15.9%
- –Price below Graham NumberGraham Number n/a
- ●P/B below 3P/B 2.3
Safety
0
- ○Debt / equity below 0.5D/E 1.19
- ○Debt payable in < 4 yrs of earningsNet debt $0.7B
- ○Interest coverage > 8xCoverage -1.2x
- ○Current ratio > 1.5Current ratio 0.94
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
20
- ●Adequate size (revenue > $2B)Revenue $2.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.94
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -113%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $38.02, the market is pricing in about −4.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $733M · 39M shares · 5y revenue CAGR 2.7%
Intrinsic value
$80.27
Price
$38.02
Margin of safety
53%
What the price implies
The market is paying for −4.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
55% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,902 | 1,988 | 2,136 | 2,222 | 2,394 | 3,984 | 5,243 | 3,789 | 2,984 | 2,730 |
| Gross profit | 620 | 644 | 696 | 743 | 792 | 1,310 | 1,717 | 1,250 | 919 | 774 |
| Operating income | 192 | 212 | 203 | 177 | 149 | 478 | 647 | 338 | (103) | (55) |
| Operating margin | 10.1% | 10.7% | 9.5% | 8.0% | 6.2% | 12.0% | 12.3% | 8.9% | -3.4% | -2.0% |
| Pre-tax income | 176 | 193 | 187 | 148 | 92 | 444 | 607 | 284 | (173) | (101) |
| Income tax | 70 | 60 | 45 | 35 | 21 | 117 | 163 | 74 | (26) | (5) |
| Net income | 106 | 133 | 142 | 114 | 71 | 327 | 444 | 211 | (147) | (96) |
| EPS (diluted) | 2.15 | 2.68 | 2.91 | 2.40 | 1.48 | 6.81 | 9.90 | 5.36 | -3.85 | -2.48 |
| Diluted shares | 49 | 49 | 49 | 48 | 48 | 48 | 45 | 39 | 38 | 39 |
Who owns it
Superinvestors
Filings wire