| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 84 | 12.4x | 17.8x | Top tier | |
Growth | 48 | 24.0% | 7.1% | Around median | |
Quality | 77 | 9.1% | 4.5% | Top tier | |
Safety | 70 | 1.2x | 2.6x | Top tier | |
Capital Return | 92 | — | 2.12% | Top tier | |
Momentum | 92 | 79.0% | 2.9% | Top tier | |
Sentiment | 44 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
AMN Healthcare Services provides workforce solutions to the healthcare sector through three segments. The Nurse and Allied Solutions segment includes travel nurse staffing, international nurses, allied professionals, and school services, while the Physician and Leadership Solutions segment includes locum tenens, physician and executive search, and interim leadership services. The Technology and Workforce Solutions segment includes medical interpretation services, the VMS platform, WorkWise tools, and the Passport app, with revenue therefore generated from staffing and professional services, workforce management platforms, and technology solutions.
In Q2 fiscal 2026, revenue was $673.2 million, up 2% year over year and 6% above the high end of company guidance, while gross profit was $205.9 million, with net income of $21.2 million and earnings per share of $0.53 according to EDGAR filings. The company reported a gross margin of 30.6%, while adjusted EBITDA was $73 million with a margin of 10.9%, and adjusted earnings per share were $0.77. The results included approximately $27 million of nonrecurring items that increased gross margin by 290 basis points and adjusted EBITDA margin by 370 basis points, but management said underlying revenue remained approximately 2% above the high end of guidance and that the underlying EBITDA margin reached the high end of the 6.7%–7.2% range.
The Nurse and Allied Solutions segment generated $422 million, or approximately 63% of Q2 fiscal 2026 revenue, with 11% year-over-year growth and a gross margin of 28.4%. The Physician and Leadership Solutions segment recorded $165 million, down 6%, with a gross margin of 26.5%, while the Technology and Workforce Solutions segment recorded $87 million, down 15%, with a gross margin of 48.6%. This mix reflects the current reliance of growth on the recovery in nursing and allied professions, versus contraction in the other two segments despite growth in the leadership and physician search business.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $33.5, with a wide range between $26 and $40 and a consensus rating of “Buy,” reflecting a positive outlook but meaningful variation in estimates of the recovery path. The average target is below the 52-week high of $37.22, while the highest target exceeds that high, and the annual range low is $14.97. This consensus should be weighed against the expected decline in Q3 fiscal 2026 margins after the nonrecurring benefits disappear and the continued contraction of the Technology and Workforce Solutions and Physician and Leadership Solutions segments.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Revenue was $673.2 million, up 2% year over year and 6% above the high end of guidance, while net income was $21.2 million and earnings per share according to EDGAR were approximately $0.53. The outperformance came from travel nursing, allied professions, and search, in addition to $25 million of labor disruption revenue versus $10 million assumed in guidance. Nonrecurring billing and reserve items also added approximately $27 million to revenue and increased adjusted EBITDA margin by 370 basis points, which is why the reported margin of 10.9% was above the underlying level.
In Q2 fiscal 2026, travel nurse volume grew 6% and allied health volume grew 7% year over year, the highest growth rates for both businesses in four years. Travel nurse orders turned to positive year-over-year growth in May 2026, then accelerated to approximately 40% higher in early August 2026, while allied professions orders recorded growth in the mid-teens during June and July 2026. For Q3 fiscal 2026, management expects volume growth above 10% for both businesses and segment revenue growth of between 9% and 11%, but it wants to see three or four consecutive quarters of strong demand before considering the trend sustainable.
Q2 fiscal 2026 results included approximately $27 million of nonrecurring benefits from billing and reserve adjustments, which added 290 basis points to gross margin and 370 basis points to adjusted EBITDA margin. After these items disappear, AMN expects gross margin of between 27% and 27.5% and adjusted EBITDA margin of between 6.5% and 7% in Q3 fiscal 2026. Revenue mix is also a headwind because the higher-margin Technology and Workforce Solutions segment is heading toward a year-over-year revenue decline of between 11% and 13%.
The Passport app exceeded 400 thousand users in Q2 fiscal 2026, up 33% year over year, and monthly active users increased by more than 50%. The company added AI-powered search for practitioners, and management links the expansion of the network and automation to improved fill rates across MSP, VMS, and external channels. In June 2026, AMN acquired Jaide Health to address interpretation needs before and after clinical interactions, and it said the platform reduced discharge time in early cases from two hours to 15 minutes.
Delays in embassy interviews could constrain international nursing, so management indicated on August 6, 2026 that single-digit growth may be possible in fiscal 2027 instead of the previous higher expectations, despite 23% growth in the business in Q2 fiscal 2026. Language services also face competitive pressure that caused the price per minute to fall 8% annually, while the locum tenens business needs to improve the speed of filling orders in vendor-neutral external channels. The competitive request for proposal for the Kaiser contract, which expires at the end of 2026, adds contractual risk, although management described the relationship as long-standing and the program's performance as strong.
