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AMN

AMN Healthcare Services, Inc.

AMN

AMN Healthcare Services, Inc. • NYSE
$16.65 ▼ -3.31% (-0.57)
Market Cap $639.40 M
52w High $30.49
52w Low $14.87
Dividend Yield 0%
P/E -2.31
Volume 516.21K
Outstanding Shares 38.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $634.496M ▼ $138.594M ▼ $29.288M ▲ 4.616% ▲ $0.76 ▲ $87.246M ▲
Q2-2025 $658.175M ▼ $320.114M ▲ $-116.202M ▼ -17.655% ▼ $-3.02 ▼ $-83.83M ▼
Q1-2025 $689.533M ▼ $185.613M ▼ $-1.092M ▲ -0.158% ▲ $-0.029 ▲ $52.364M ▲
Q4-2024 $734.709M ▲ $421.54M ▲ $-187.533M ▼ -25.525% ▼ $-4.9 ▼ $-161.078M ▼
Q3-2024 $687.509M $190.803M $6.989M 1.017% $0.18 $65.302M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $52.636M ▲ $2.139B ▼ $1.495B ▼ $644.409M ▲
Q2-2025 $41.503M ▼ $2.212B ▼ $1.605B ▼ $607.596M ▼
Q1-2025 $55.777M ▲ $2.395B ▼ $1.68B ▼ $715.051M ▲
Q4-2024 $10.649M ▼ $2.416B ▼ $1.709B ▼ $706.62M ▼
Q3-2024 $30.55M $2.668B $1.777B $890.665M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.288M ▲ $22.666M ▼ $58.992M ▲ $-71.214M ▲ $10.444M ▲ $14.758M ▼
Q2-2025 $-116.202M ▼ $78.548M ▼ $-20.591M ▲ $-80.226M ▼ $-8.726M ▼ $68.748M ▼
Q1-2025 $-1.092M ▲ $92.671M ▲ $-26.046M ▼ $-61.211M ▲ $5.414M ▲ $82.696M ▲
Q4-2024 $-187.533M ▼ $72.814M ▲ $-14.203M ▲ $-79.898M ▼ $-21.287M ▼ $56.594M ▲
Q3-2024 $6.989M $66.703M $-22.004M $-60.469M $-15.77M $47.443M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Solutions
Other Solutions
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Permanent Placement
Permanent Placement
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Technology Enabled Services
Technology Enabled Services
 $0 ▲$100.00M ▲$100.00M ▲$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement AMN’s income statement tells a story of a boom followed by a reset. Revenue surged earlier in the decade, then has stepped down meaningfully over the last two years as the pandemic staffing spike faded. Profitability followed the same pattern: very strong earnings in the peak years, then a sharp squeeze in margins, with the most recent year slipping into an operating loss and a net loss despite still-solid gross profit. The pressure is coming more from higher costs and weaker pricing than from a collapse in activity. That suggests a tougher market, less urgent demand from hospitals, and possibly higher investment in technology and overhead. The business is clearly still sizable, but it is operating in a much less favorable environment than during the crisis years, and it hasn’t yet fully right-sized its cost base to the new revenue level.

Balance Sheet

Balance Sheet The balance sheet is serviceable but not especially conservative. Total assets have edged down from their peak, and equity has also come down from earlier highs, reflecting the recent period of weaker profitability and possibly buybacks or other uses of capital. Debt stands out as a key consideration: borrowings are meaningful relative to the size of the company and now sit well above the equity base. Cash on hand is quite thin, so AMN leans on its ongoing cash generation and credit access rather than a large cash cushion. This structure can work in stable times but leaves less room for error if earnings stay weak or decline further.

Cash Flow

Cash Flow Despite the earnings downturn, AMN continues to generate positive operating cash flow and free cash flow each year, including the most recent one. Cash generation has cooled from the peak pandemic period but remains healthy relative to the size of the business. Capital spending needs are modest, which helps convert a good portion of operating cash into free cash flow. This free cash flow is an important offset to the leveraged balance sheet, giving AMN room to service debt, invest in its platforms, and selectively return capital. The key question is whether cash flow can remain resilient if the softer revenue and margin environment persists.

Competitive Edge

Competitive Edge AMN holds a leading position in healthcare staffing and broader workforce solutions, benefiting from its scale, long-standing relationships with hospitals and health systems, and a very large clinician network. Its evolution from a traditional staffing agency into a “total talent solutions” provider deepens client relationships and creates switching costs, especially where AMN runs managed services and vendor management systems. Network effects are meaningful: more client facilities attract more clinicians, which in turn makes the platform more attractive to new clients. However, the industry as a whole is cyclical and sensitive to hospital budgets, labor regulations, and broader healthcare trends. Competitive pressure from other staffing firms and emerging tech-driven platforms remains a persistent risk, especially when demand is no longer extraordinary as it was in the pandemic.

Innovation and R&D

Innovation and R&D AMN is leaning heavily into technology to strengthen its moat. Its integrated ecosystem—anchored by platforms like WorkWise, ShiftWise Flex, and the AMN Passport app—aims to tie together workforce planning, staffing, credentialing, scheduling, and analytics in one environment. Key innovation themes include: using artificial intelligence and predictive analytics to match clinicians to roles more efficiently, forecast demand, and help hospitals manage labor spend; building self-service and mobile-first tools that make AMN more attractive to clinicians; and rolling out a new cloud-based staffing platform intended to unify its offerings. These efforts, if executed well, can deepen client dependence, improve efficiency, and differentiate AMN from more traditional staffing competitors. The flip side is execution risk: large technology transformations can be costly, take time to fully adopt, and may not immediately translate into higher margins in a softer demand backdrop.

Summary

AMN is transitioning from a period of exceptional, pandemic-driven strength into a more normal and more challenging environment. Revenue and profits have come down sharply from peak levels, and the latest year shows that profitability has turned negative at the bottom line, even though the company still generates positive cash flow. The balance sheet carries notable debt and little cash, so sustained cash generation is important. On the positive side, AMN retains a strong competitive position in healthcare workforce solutions, with scale, relationships, and a growing suite of integrated technology products that make its services sticky for clients and attractive to clinicians. The central strategic story is whether AMN can successfully pivot from a crisis-era surge business to a durable, tech-enabled workforce platform that can grow and restore healthier margins in a more normal market. The opportunities in AI, analytics, and integrated staffing solutions are real, but they sit alongside risks from leverage, industry cyclicality, and the execution demands of its ambitious technology roadmap.

NEWS

November 6, 2025 · 4:15 PM UTC

AMN Healthcare Announces Third Quarter 2025 Results

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October 8, 2025 · 4:15 PM UTC

AMN Healthcare to Hold Third Quarter 2025 Earnings Conference Call on Thursday, November 6, 2025

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September 22, 2025 · 4:41 PM UTC

AMN Healthcare Announces Pricing of Senior Notes Offering

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September 22, 2025 · 8:05 AM UTC

AMN Healthcare Launches $400.0 Million Offering of Senior Notes

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