AMN Healthcare Services, Inc. (AMN) specializes in delivering comprehensive workforce solutions and staffing services to hospitals and healthcare facilities throughout the United ...
AMN Healthcare Services, Inc. is a publicly traded healthcare workforce solutions company listed on the New York Stock Exchange under the symbol AMN. Founded in 1985, the company began as a travel-nurse staffing business and expanded into a broader platform that helps hospitals, health systems, and other healthcare organizations manage ...AMN Healthcare Services, Inc. is a publicly traded healthcare workforce solutions company listed on the New York Stock Exchange under the symbol AMN. Founded in 1985, the company began as a travel-nurse staffing business and expanded into a broader platform that helps hospitals, health systems, and other healthcare organizations manage labor shortages, recruitment, scheduling, and workforce administration. Its headquarters are in Dallas, Texas, and the company has approximately 2,664 full-time employees.
AMN’s business is organized around three principal areas. Nurse and Allied Solutions supplies registered nurses for travel assignments, rapid-response deployments, local placements, and other temporary or permanent roles. It also provides allied health professionals, including physical, occupational, and respiratory therapists; medical and radiology technologists; laboratory technicians; speech-language pathologists; rehabilitation assistants; and pharmacists. This segment also includes revenue cycle management services, which help healthcare providers improve billing, collections, and administrative efficiency.
Physician and Leadership Solutions places locum tenens physicians and other providers in temporary assignments. It also supports interim healthcare leadership, executive search, permanent physician recruitment, and related specialty placement services. These offerings allow healthcare organizations to address vacancies, planned leaves, seasonal demand, service-line expansion, and leadership transitions without relying exclusively on permanent internal hiring.
Technology and Workforce Solutions broadens AMN’s role beyond traditional staffing. Its offerings include language interpretation, vendor management systems, workforce optimization, telehealth platforms, credentialing support, recruitment process outsourcing, and other managed or outsourced workforce services. These tools can help clients consolidate staffing vendors, improve visibility into labor costs, simplify compliance processes, and make more efficient use of internal employees and contingent workers.
The company operates through recognized brands such as American Mobile, Nursefinders, NurseChoice, HealthSource Global Staffing, Onward Healthcare, O’Grady Peyton International, Med Travelers, Club Staffing, Staff Care, B.E. Smith, Merritt Hawkins, AMN Revenue Cycle Solutions, and AMN Language Services. Its value proposition is based on combining a large professional candidate network with technology, specialized recruiters, credentialing capabilities, and healthcare-specific operational knowledge.
Financially, the supplied trailing-twelve-month data indicates approximately $1.40 billion in market capitalization, an enterprise value of about $1.78 billion, and an enterprise-value-to-EBITDA multiple of approximately 5.1. Reported trailing metrics include a gross margin of about 27.8%, EBITDA margin of approximately 10.1%, EBIT margin of roughly 5.8%, and net margin near 0.6%. The company’s capital structure includes meaningful debt, with debt-to-equity near 1.0 and net debt-to-EBITDA around 1.1. Capital expenditures are relatively modest compared with operating cash flow, reflecting an asset-light staffing and services model. Cary Grace serves as President and Chief Executive Officer, leading the company’s strategy across staffing, technology, and total talent solutions.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.7B
-8.5%
-51.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-95.7M
+34.9%
-66.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+28.3%
-8.0%
+14.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+1.2%
+135.3%
-53.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-3.5%
+28.8%
-30.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$233.8M
-2.4%
-135.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+8.6%
+6.7%
-173.2%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
125.1%
-19.5%
-4.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.94x
-13.4%
+3.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, ladies and gentlemen, and welcome to the AMN Healthcare Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, August 6, 2026. And I would now like to turn the conference over to Randy Reece, Vice President of Investor Relations. Thank you. Please go ahead.
Randle Reece: Good afternoon, everyone. Welcome to AMN Healthcare's Second Quarter 2026 Earnings Call. A replay of this webcast will be available at ir.amnhealthcare.com at the conclusion of this call. Remarks we make during this call about future expectations, projections, trends, plans, events or circumstances constitute forward-looking statements. These statements reflect the company's current beliefs based upon information currently available to it. Our actual results may differ materially from those indicated by these forward-looking statements because of various factors and cautionary statements, including those identified in our most recently filed Forms 10-K and 10-Q, our earnings release and subsequent filings with the SEC. The company does not intend to update guidance or any forward-looking statements provided today prior to its next earnings release. This call contains certain non-GAAP financial information. Information regarding and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release and on our financial reports page at ir.amnhealthcare.com. On the call with me today are Cary Grace, President and Chief Executive Officer; and Brian Scott, Chief Financial and Operating Officer. I will now turn the call over to Cary.
Caroline Grace: Thank you, Randy, and good afternoon, everyone. We appreciate you joining us today. I am pleased to report that our second quarter results came in better than we forecasted with 5 of our solutions growing revenue year-over-year. Second quarter consolidated revenue was $673 million, 6% above the high end of our guidance range and 2% higher year-over-year. Adjusted EBITDA was $73 million or 10.9% of revenue, up 26% year-over-year. Adjusted EPS came in at $0.77 compared with $0.30 in the year ago quarter. And we ended the quarter with $362 million in cash on our balance sheet, providing us with the ability to invest in our long-term strategy, including acquisition opportunities. We used our strong financial position to make 2 small yet strategic acquisitions that extend and advance our capabilities. Our performance year-to-date demonstrated our effectiveness in balancing day-to-day execution while simultaneously handling large labor disruption events. While there were some unique items in our results, I am very encouraged to report that our core earnings exceeded guidance with building momentum that lifts our third quarter outlook. With contingent labor rates at a historically low premium to permanent staff, more clients are using flexible labor to meet their increasing patient demand. There is also …