Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
32.6% below
+48.4% to fair value
ACCE score
73
out of 100
Analysts
33% buy
9 covering
P/E
17.9x
forward 51.1x
1-year return
+140.5%
Dividend yield
0.00%
AMN Healthcare Services Inc in four questions
Plain answers, details below
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Overview
ACCE thesis
AMN Healthcare is a staffing company that places travel nurses, allied health professionals and physicians into hospitals and health systems, and it also runs a language services and workforce solutions business. The attraction is that demand for clinical labor stays structurally tight, and AMN's scale in travel nursing gives it a sourcing and recruiting footprint that smaller agencies struggle to match. The business is cyclical rather than growing, though: revenue growth is only 2.3%, and the operating margin of 4.0% shows how thin the spread is between staffing revenue and what it costs to deliver it. At 14.9 times trailing earnings and 18.0 times forward, the market is not paying a premium for a recovery that has not yet shown up in the top line. The question for a deeper look is whether a 15.6% return on equity and a 27.8% gross margin can hold as hospital staffing normalizes after the pandemic-era surge, and whether margin expansion follows if volumes stabilize.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Revenue growth slowing
Revenue grew just 2.3% year on year against a 5-year CAGR of 2.7%, so top-line momentum is thin. Earnings growth of 321.3% is off a depressed base and should not be read as underlying strength.
moderate
High short interest
Short interest stands at 11.0% of float, a meaningful bet against the shares that could amplify moves in either direction. Insider ownership is only 1.0%, so insiders are not signalling conviction.
moderate
Leverage elevated
Debt to equity is 1.25 with a thin 3.1% net margin, so earnings have little room to absorb a downturn in staffing demand.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last 12 months reached $234M, a yield of 14.9% at the current price.
The latest quarter beat expectations, with earnings per share of 0.77 against 0.22 expected.
At 15.1x trailing earnings and 18.0x forward earnings, the stock trades below the sector median forward multiple of 23.9x.
Why it could disappoint
Return on invested capital is -5.4%, meaning the business currently earns less than its cost of capital.
Debt equals 1.25 times equity, a heavy load for a company with a 3.1% net margin.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where AMN's valuation models land
Price
$48.01
Model fair value
$71.27
Model range
$64.86 to $78.75
Fair value $71.27
Price $48.01
The price is below the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
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+Conviction breakdown and growth / value / quality / momentum scores