Amn Healthcare Services, Inc. (AMN)
NYSEHealth CareMedical - Care FacilitiesSnapshot 2026-09-04
$33.80+1.17%
Close 2026-09-04 · 1-day change
NYSEHealth CareMedical - Care FacilitiesSnapshot 2026-09-04
Broken: Primary pillar broken — Increase revenue significantly: Q2 FY26 revenue $673.0M vs trip <$689.5M; Q3 FY26 guide $640.0M-$655.0M.
AMN doubled revenue from $689.5M in 2025-Q1 to $1.38B in 2026-Q1. Gross margin rose from 23.5% to 28.0% in the same period. The company is working to improve profit margin despite recent challenges.
Operating margin fell from 5.9% to 0.1% in 2026-Q1. Profitability remains weak. Revenue could decline as analysts expect a 17% drop next year.
The price is about 28% below our fair value near $47. The market expects revenue to fall about 17%. We see better revenue growth and margin stability ahead.
Breaks if: gross margin falls below 23.5%
Focus on sustaining or improving consolidated gross margin despite market and revenue fluctuations.
Stated as a priority in 4 of last 4 quarters. Gross margin improved to 30.6% in 2026-Q2 from 29.8% in 2025-Q2, reversing prior declines seen in 2025-Q4 (26.1%). Guidance for 2026-Q3 projects gross margin at 27.0%-27.5%. Management's focus on margin stability is reflected in recent margin improvements, though guidance suggests some normalization ahead.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a stable growth opportunity with a focus on improving revenue and margins. The current thesis state is intact, supported by recent strong financial performance despite some normalization in results.
The valuation suggests that AMN is priced relatively cheaply compared to its peers, with a notable expectations gap. The market appears to have accounted for some risks but does not reflect significant fragility.
Management has shown a robust commitment to increasing revenue and improving margins, with recent results indicating strong performance. However, there are signs of normalization that could affect future growth, particularly in operating margins.
The thesis hinges on management's ability to maintain guidance and execute on revenue growth. Additionally, external factors such as sector performance and economic conditions will play a critical role in shaping outcomes.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. The latest earnings beat supports this improved outlook. There are no current threats impacting the thesis.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
“Consolidated gross margin was 30.6%, 80 basis points higher year over year and up 380 basis points sequentially.”
“Consolidated gross margin was 26.8%, 190 basis points lower year over year and up 70 basis points sequentially.”
“Consolidated gross margin was 26.1%, lower by 370 basis points year over year and lower by 300 basis points sequentially.”
“Gross margin 28.7% - 29.2% guidance and focus on margin stability.”
Breaks if: operating margin falls below 0%
Drive operating income growth and margin expansion through cost control and revenue mix improvements.
Stated as a priority in 4 of last 4 quarters. Operating margin improved significantly from (18.8%) in 2025-Q2 to 4.0% in 2026-Q2, with operating income rising from a loss of $124M to a profit of $27M. Guidance for 2026-Q3 projects a lower operating margin range of 0.2% to 0.8%, indicating some normalization. Management's focus on operating margin improvement is reflected in these results, showing strong recovery but with some expected moderation.
“Income from operations was $27 million with an operating margin of 4.0%, compared with a loss of ($124 million) and (18.8%) in the same quarter last year.”
“Income from operations was $117 million with an operating margin of 8.5%, compared with income of $13 million and 1.8% in the same quarter last year.”
“Income from operations was $8 million compared with loss from operations of ($203 million) in the same quarter last year.”
“Operating margin 6.0% - 6.5% guidance and focus on improving operating margin.”
Breaks if: revenue falls below $689.5 million in any quarter
Focus on growing consolidated revenue, especially in Nurse and Allied Solutions and search businesses.
Stated as a priority in 4 of last 4 quarters. Consolidated revenue grew sharply from $634M in 2025-Q3 to $1.378B in 2026-Q1, then declined to $673M in 2026-Q2 due to labor disruption normalization. Nurse and Allied Solutions segment revenue increased 11% year over year in 2026-Q2, and search revenue grew 27% year over year. Management consistently emphasized revenue growth, and the trajectory shows strong growth early in 2026 with some sequential decline in Q2 reflecting market normalization.
“Strong performance produced year-over-year revenue growth in travel nurse, allied, schools, and search solutions.”
“First quarter revenue and earnings exceeded guidance with labor disruption, travel nurse, allied, and international nurse exceeding expectations.”
“Fourth quarter 2025 financial results exceeded our expectations on better results from nurse and allied staffing, including revenue from a large labor disruption event.”
“Gained nurse and allied staffing market share, competing successfully in direct and vendor-neutral while broadening our solution set.”
Over the next 1 to 3 years, AMN's performance will depend on its execution and external market conditions. Not investment advice.