At a glance
AMN Healthcare Services Inc is worth $1.81B. Revenue fell 8.5% to $2.73B in fiscal 2025, at a loss; over 5 years it has grown 2.7% a year. It pays no dividend; it spent $1.00B buying back its shares over FY2021–FY2025. The stock returned +125.4% over the past year with dividends reinvested and −14.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.5% in the 2020 crash (S&P 500: 33.7%) and 29.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 2 months after the lows.
The business in plain English
AMN Healthcare is a US healthcare staffing company. It supplies hospitals and other healthcare organizations with nurses, physicians, allied health professionals (such as therapists and imaging technicians), interim executives and medical interpreters. Some work on temporary assignments and some are placed as permanent hires. It also offers workforce technology and management services. These include managed services programs, where AMN runs a client's temporary-staffing program, and vendor management systems, which are software that clients use to order and track workers from many agencies.
Placing temporary workers brings in most of the money. Revenue was $2.73 billion in fiscal 2025, which ended December 31, 2025. The Nurse and Allied Solutions segment produced 60% of it, Physician and Leadership Solutions 26% and Technology and Workforce Solutions 14%. By service, travel nurse staffing (nurses who take short assignments away from home) was the largest at 30%. Next came allied staffing at 21%, technology-enabled services at 14% and language interpretation at 11%. Labor disruption staffing, which supplies replacement clinicians during strikes, brought in 7%.
In the fourth quarter of 2025, an average of 8,722 nurses, allied and other healthcare professionals and 2,670 medical interpreters worked for AMN as employees. Locum tenens physicians (doctors who fill temporary posts) and contract interpreters were independent contractors instead. Revenue has fallen from $5.24 billion in fiscal 2022, including an 8.5% drop in fiscal 2025.
Price history
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AMN +125.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Travel nurse staffing | $827.7M | 30.3% |
| Allied staffing | $582.3M | 21.3% |
| Technology-enabled services | $375.9M | 13.8% |
| Language services | $295.5M | 10.8% |
| Labor disruption services | $191.2M | 7% |
| International nurse revenue | $129.1M | 4.7% |
| International nurse staffing | $119.8M | 4.4% |
| Interim leadership staffing | $93.9M | 3.4% |
| Permanent placement | $46.6M | 1.7% |
| Local staffing | $36.8M | 1.3% |
| Talent planning and acquisition | $10.9M | 0.4% |
| International nurse permanent placement | $9.3M | 0.3% |
| Other technologies | $8.7M | 0.3% |
By business segment
| Nurse and Allied Solutions | $1.65B | 60.3% |
| Physician and Leadership Solutions | $696.4M | 25.5% |
| Technology and Workforce Solutions | $386.7M | 14.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $673.2M, up 2.3% from a year earlier, and net income was $21.2M.
- For fiscal 2025, revenue was $2.73B (-8.5% year over year; +2.7% a year from FY2020 to FY2025) with a -3.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.7% watch |
|---|---|
| Operating margin | -2% weak |
| Free cash flow margin | 8.6% watch |
| Return on equity (FY2025) | -14.9% weak |
| Return on assets (FY2025) | -4.6% weak |
| Net cash (cash minus debt) | $-381.1M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.39B | $70.7M | $219.1M |
| FY2021 | $3.98B | $327.4M | $251.8M |
| FY2022 | $5.24B | $444.1M | $577.9M |
| FY2023 | $3.79B | $210.7M | $268.5M |
| FY2024 | $2.98B | $-147.0M | $239.5M |
| FY2025 | $2.73B | $-95.7M | $233.8M |
Valuation snapshot
| Market value | $1.81B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
AMN Healthcare Services’s market value went from $1.85B at the end of 2016 to $1.81B on Oct 28, 2026, down 2%; since the end of 2025 it is up 199%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.81B | +198.9% |
| 2025 | $605.4M | -33.5% |
| 2024 | $910.7M | -67.8% |
| 2023 | $2.83B | -36.5% |
| 2022 | $4.46B | -23.0% |
| 2021 | $5.78B | +80.2% |
| 2020 | $3.21B | +10.3% |
| 2019 | $2.91B | +9.6% |
| 2018 | $2.66B | +12.9% |
| 2017 | $2.35B | +27.3% |
| 2016 | $1.85B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMN price data to Oct 28, 2026 | +196.4% | +125.4% | -14.9% | -14.0% | +3.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +196.4% |
| 2025 | -34.1% |
| 2024 | -68.1% |
| 2023 | -27.2% |
| 2022 | -15.9% |
| 2021 | +79.2% |
| 2020 | +9.5% |
| 2019 | +10.0% |
| 2018 | +15.1% |
| 2017 | +28.1% |
| 2016 | +23.8% |
| 2015 | +58.4% |
| 2014 | +33.3% |
| 2013 | +27.3% |
| 2012 | +160.7% |
| 2011 | -12.9% |
| 2010 | -20.1% |
| 2009 | +15.2% |
| 2008 | -50.7% |
| 2007 | -37.6% |
| 2006 | +39.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 75.6% over that stretch · deepest drop along the way 75.8%, back to its old high 47.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 8.8% over that stretch · deepest drop along the way 23.5%, back to its old high 13.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.5% over that stretch · deepest drop along the way 29.6%, back to its old high 2.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (19 read): 0 open-market purchases and 2 sales ($114K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 15, 2026 | Mark G Foletta Director | sell (plan) | $62K |
| Jun 15, 2026 | Mark G Foletta Director | sell (plan) | $52K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.3% | Mar 31, 2025 |
| Morgan Stanley | 5.4% | Jun 30, 2026 |
| Integrated Core Strategies (US) LLC | 5.2% | Dec 31, 2025 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
ETFs with the most weight in AMN
| TXSS Texas Capital Texas Small Cap Equity Index ETF | 1.67% |
| XHS SPDR S&P Health Care Services ETF | 1.55% |
| DEEP Acquirers Small and Micro Deep Value ETF | 0.95% |
| WCEO Hypatia Women CEO ETF | 0.59% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.21% |
| AFSM First Trust Active Factor Small Cap ETF | 0.2% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.19% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.18% |
What could go wrong
- Hospitals filling more shifts on their own. Hospitals may use artificial intelligence (AI), better planning tools or their own in-house travel-nurse programs to fill shifts. If they do, they may need fewer AMN workers. AMN lists this first among threats to demand.
- Demand drops when hospital admissions fall. In downturns or periods of high inflation, admissions can fall. Hospitals then cut temporary staff before their own employees, and permanent staff work more overtime. That can also squeeze AMN's prices.
- Hospital mergers and staffing middlemen. As health systems merge, AMN may rely on fewer, larger clients with more power to push prices down. Intermediary organizations between AMN and hospitals can also make profitable new contracts harder to win.
- Finding enough clinicians at reasonable cost. AMN must keep recruiting nurses, doctors and other professionals, then quickly verify their credentials and match them to jobs. If it cannot do this at reasonable cost, expenses rise and profits suffer.
- Lawsuits and contractor classification challenges. AMN can face claims of medical malpractice, anti-competitive conduct, and wage, privacy or employment violations. Challenges to treating some professionals as independent contractors rather than employees could also cut profits.
- Debt, interest rates and goodwill write-downs. As of June 30, 2026, AMN owed $743 million and held $362 million in cash and investments. Any variable-rate debt costs more when rates rise. Goodwill from past acquisitions could be written down.
Recent events
- Executive or board change; Shareholder vote results
- Executive or board change
- Investor presentation or announcement
- Bylaws or fiscal year changed
- Quarterly results released
For income and retirement investors
AMN paid no dividends in fiscal 2021 through 2025, and its yield was 0% as of October 28, 2026. Holders get no regular cash income, and any return depends on the share price. Instead, AMN spent about $1.0 billion on buybacks (repurchasing its own shares) over those five years, almost all in 2022 and 2023. Shares outstanding fell about 18% between November 2021 and August 4, 2026, to 38.7 million. Free cash flow (cash left after running and investing in the business) was $234 million in fiscal 2025, despite a $95.7 million net loss.
The stock dropped about 76% in the 2008 financial crisis and needed about 47 months to recover from its low. It fell 24% in the 2020 COVID crash and 30% in the 2022 bear market. As of October 28, 2026, it was 53% below its level five years earlier. A single stock like AMN carries more risk than a diversified fund.
Questions investors ask
Does AMN Healthcare pay a dividend?
No. AMN paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. Instead, the company returned cash by repurchasing its own shares. It spent about $1.0 billion over those five years, mostly in 2022 and 2023. It made no repurchases in 2024 or 2025, when it reported net losses. Investors seeking regular income may find dividend-paying stocks or income funds worth comparing.
How does AMN Healthcare make money?
AMN earns most of its revenue by placing nurses, allied health professionals, physicians and leaders with hospitals and other healthcare organizations, mostly on temporary assignments. Revenue was $2.73 billion in fiscal 2025. Nurse and Allied Solutions brought in 60% of it, Physician and Leadership Solutions 26% and Technology and Workforce Solutions 14%. Travel nurse staffing alone was 30%. AMN also earns revenue from medical interpretation, workforce software, permanent placement and staffing during strikes.
Is AMN Healthcare profitable?
Not for the full fiscal years 2024 and 2025, though it earned a profit in the quarter ended June 30, 2026. AMN lost $95.7 million, or $2.48 per share, in fiscal 2025, after a $147 million loss in fiscal 2024. In the June 2026 quarter it earned $21.2 million on revenue of $673 million, which was up 2.3% from a year earlier. Free cash flow stayed positive, at $234 million in fiscal 2025.
Why did AMN Healthcare stock fall in 2024 and 2025?
The stock fell as the business shrank. Revenue dropped from $5.24 billion in fiscal 2022 to $2.73 billion in fiscal 2025, and the company posted net losses in fiscal 2024 and 2025. The share price fell 68% in 2024 and 34% in 2025. It then rose about 196% from the start of 2026 through October 28, 2026, which shows how volatile the stock can be.
How much debt does AMN Healthcare have?
AMN had about $743 million of total debt as of June 30, 2026, and $362 million of cash and investments. That left net debt (debt minus cash) of about $381 million. Shareholders' equity (assets minus liabilities) was $741 million. The company warns that its debt could limit its flexibility and that loan terms restrict some activities. It adds that any variable-rate debt costs more when interest rates rise. Its stock market value was about $1.81 billion as of October 28, 2026.