AMN Healthcare Services, Inc. (AMN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+105.8%

$95.10

vs $46.20 price

Levered DCF

$152.96

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.22

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-6.35×	-6.21×	13.92×	10.32×	17.81×	45.81×	25.54×	18.95×
P/B	0.95×	1.29×	3.53×	4.39×	5.02×	3.95×	3.95×	4.2×
P/S	0.22×	0.31×	0.77×	0.87×	1.46×	1.35×	1.31×	1.26×
EV / EBITDA	13.61×	28.14×	8.51×	6.86×	11.21×	17.1×	15.08×	12.75×
Gross margin	28.3%	30.8%	33.0%	32.7%	32.9%	33.1%	33.5%	32.6%
Operating margin	1.2%	-3.4%	8.9%	12.3%	12.0%	6.2%	8.0%	9.5%
Net margin	-3.5%	-4.9%	5.6%	8.5%	8.2%	3.0%	5.1%	6.6%
Current ratio	0.94×	1.09×	1.28×	1.27×	1.39×	1.26×	1.48×	1.57×
Debt / equity	1.25×	1.55×	1.62×	0.82×	0.75×	1.17×	0.98×	0.69×
Interest coverage	0.73×	-1.47×	6.25×	16.02×	14.03×	2.59×	6.22×	12.56×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-14.9%	-20.8%	25.3%	42.5%	28.2%	8.6%	15.5%	22.2%
Return on invested capital	2.1%	-4.7%	11.0%	23.2%	16.2%	5.9%	8.7%	13.0%
Return on assets	-4.6%	-6.1%	7.2%	15.4%	10.5%	3.0%	5.9%	9.5%
Free cash flow yield	38.5%	26.2%	9.2%	12.5%	4.3%	6.7%	6.5%	7.1%
Earnings yield	-15.8%	-16.1%	7.2%	9.7%	5.6%	2.2%	3.9%	5.3%
Enterprise value	$1.4B	$2B	$4.3B	$5.4B	$6.5B	$4.2B	$3.5B	$3.1B
Net debt / EBITDA	7.61×	15.29×	2.64×	1.02×	1.18×	3.8×	2.72×	1.75×
Cash conversion cycle (days)	43	46	46	28	48	53	46	60