AMN Healthcare Services

AMN

Medical - Care Facilities · Healthcare

Price

$35.00

+0.78 (+2.28%)

Market Cap

$1.36B

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−19.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 48.0M (2021) → 38.5M (2025)

AMN Healthcare Services is a staffing company for the healthcare industry. It finds and places temporary nurses, doctors, and other medical workers at hospitals and clinics across the United States. It is one of the largest healthcare staffing firms in the country, also offering workforce management software and consulting services to help hospitals plan their staffing needs.

AMN makes money by charging hospitals a fee when it places a worker, essentially acting as a middleman between healthcare facilities and medical professionals seeking temporary assignments. The company operates almost entirely in the United States and serves hundreds of health systems nationwide. Its scale and technology platform give it some competitive advantage, but the business is sensitive to how much hospitals need temporary staff — demand surged during the COVID-19 pandemic and has since fallen sharply, which explains the very thin operating margins today. The key risk is whether hospital demand for contract workers stabilizes or continues to decline as health systems work to rebuild their permanent staff.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+99.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

1.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$561M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

AMN Healthcare Services grew revenue 100% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

26.8%

Modest — 26.8% gross margin

Operating Margin

8.5%

Modest — 8.5% operating margin

ROCE

8.0%

Below par — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+19.9%

Fast-growing sales (19.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

20.7%

Converts sales into free cash efficiently (20.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.05

Elevated debt (1.05)

Interest Cover

0.25x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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