AMN Healthcare Services

AMN

Medical - Care Facilities · Healthcare

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Winston Score History

The full picture

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.

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

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+117.9% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

1.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 months

$362M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

AMN Healthcare Services has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.6%

Modest — 30.6% gross margin

Profit after running costs

Operating Margin

4.0%

Thin — 4.0% operating margin

Return on the money invested

ROCE

10.8%

Below par — 10.8% 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 growth

Sales YoY

+24.0%

Fast-growing sales (+24.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

2180%

Turns 2180% of profit into real cash

Spare cash per sale

FCF Margin

12.8%

Converts sales into free cash efficiently (12.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.00

Elevated debt (1.00)

Covers its interest

Interest Cover

4.51x

Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.9x

no trend

Attractive valuation — P/E 12.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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