Latest Ratios: P/E Ratio -13.4x · EV/EBITDA 10.8x · ROE -14.2%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $607M | $913M | $2.9B | $4.6B | $5.9B | $3.3B | $3.0B | $2.8B | $2.4B | $1.9B |
| Enterprise Value | $2.1B | $1.4B | $2.0B | $4.3B | $5.4B | $6.6B | $4.2B | $3.6B | $3.2B | $2.7B | $2.2B |
| P/E Ratio → | -13.41 | — | — | 13.97 | 10.39 | 17.96 | 46.11 | 25.96 | 19.47 | 18.38 | 17.88 |
| P/S Ratio | 0.47 | 0.22 | 0.31 | 0.78 | 0.88 | 1.48 | 1.36 | 1.33 | 1.29 | 1.22 | 1.00 |
| P/B Ratio | 1.99 | 0.95 | 1.29 | 3.54 | 4.42 | 5.06 | 3.97 | 4.03 | 4.32 | 4.33 | 4.22 |
| P/FCF | 5.52 | 2.60 | 3.81 | 11.04 | 8.05 | 23.35 | 14.95 | 15.74 | 14.47 | 27.44 | 17.24 |
| P/OCF | 4.79 | 2.25 | 2.85 | 7.92 | 7.06 | 19.25 | 12.67 | 13.19 | 12.15 | 21.12 | 14.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.50 | 0.67 | 1.13 | 1.03 | 1.65 | 1.75 | 1.62 | 1.49 | 1.38 | 1.18 |
| EV / EBITDA | 10.85 | 7.25 | 28.14 | 8.54 | 6.90 | 11.28 | 17.17 | 15.31 | 13.05 | 11.19 | 10.15 |
| EV / EBIT | 62.08 | — | — | 12.60 | 8.36 | 13.73 | 28.01 | 20.38 | 15.70 | 12.89 | 11.72 |
| EV / FCF | — | 5.89 | 8.35 | 15.98 | 9.44 | 26.08 | 19.20 | 19.13 | 16.71 | 30.87 | 20.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.3% | 28.3% | 30.8% | 33.0% | 32.7% | 32.9% | 33.1% | 33.5% | 32.6% | 32.4% | 32.6% |
| Operating Margin | 1.2% | 1.2% | -3.4% | 8.9% | 12.3% | 12.0% | 6.2% | 8.0% | 9.5% | 10.7% | 10.1% |
| Net Profit Margin | -3.5% | -3.5% | -4.9% | 5.6% | 8.5% | 8.2% | 3.0% | 5.1% | 6.6% | 6.7% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -14.2% | -14.2% | -19.1% | 22.5% | 40.3% | 33.0% | 9.1% | 16.6% | 23.6% | 26.2% | 26.6% |
| ROA | -4.2% | -4.2% | -5.5% | 7.2% | 14.8% | 11.9% | 3.3% | 6.7% | 10.3% | 10.9% | 10.2% |
| ROIC | 1.6% | 1.6% | -3.9% | 12.7% | 26.3% | 19.9% | 7.2% | 10.9% | 15.7% | 19.1% | 21.2% |
| ROCE | 2.0% | 2.0% | -5.0% | 15.7% | 30.9% | 23.4% | 8.6% | 12.9% | 18.7% | 22.4% | 24.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 1.55 | 1.62 | 0.82 | 0.75 | 1.17 | 0.98 | 0.69 | 0.57 | 0.81 |
| Debt / EBITDA | 4.23 | 4.23 | 15.44 | 2.70 | 1.10 | 1.49 | 3.92 | 3.07 | 1.81 | 1.31 | 1.64 |
| Net Debt / Equity | — | 1.20 | 1.54 | 1.58 | 0.76 | 0.59 | 1.13 | 0.87 | 0.67 | 0.54 | 0.78 |
| Net Debt / EBITDA | 4.05 | 4.05 | 15.29 | 2.64 | 1.02 | 1.18 | 3.80 | 2.72 | 1.75 | 1.25 | 1.59 |
| Debt / FCF | — | 3.29 | 4.54 | 4.94 | 1.39 | 2.73 | 4.25 | 3.39 | 2.24 | 3.43 | 3.21 |
| Interest Coverage | -1.22 | -1.22 | -1.47 | 6.25 | 16.02 | 14.03 | 2.59 | 6.22 | 12.56 | 10.80 | 12.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.94 | 0.94 | 1.09 | 1.28 | 1.27 | 1.39 | 1.26 | 1.48 | 1.57 | 1.79 | 1.64 |
| Quick Ratio | 0.94 | 0.94 | 1.09 | 1.28 | 1.27 | 1.39 | 1.17 | 1.48 | 1.44 | 1.57 | 1.51 |
| Cash Ratio | 0.06 | 0.06 | 0.02 | 0.05 | 0.08 | 0.19 | 0.07 | 0.22 | 0.05 | 0.06 | 0.04 |
| Asset Turnover | — | 1.30 | 1.24 | 1.30 | 1.82 | 1.27 | 1.02 | 1.15 | 1.43 | 1.59 | 1.60 |
| Inventory Turnover | — | — | — | — | — | — | 41.24 | — | 36.41 | 23.21 | 37.22 |
| Days Sales Outstanding | — | 58.70 | 63.61 | 71.91 | 66.36 | 94.25 | 68.63 | 70.86 | 71.22 | 74.78 | 75.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 7.2% | 9.6% | 5.6% | 2.2% | 3.9% | 5.1% | 5.4% | 5.6% |
| FCF Yield | 18.1% | 38.5% | 26.2% | 9.1% | 12.4% | 4.3% | 6.7% | 6.4% | 6.9% | 3.6% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 14.4% | 12.5% | 0.0% | 0.2% | 0.6% | 2.4% | 0.8% | 0.7% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 14.4% | 12.5% | 0.0% | 0.2% | 0.6% | 2.4% | 0.8% | 0.7% |
| Shares Outstanding | — | $39M | $38M | $39M | $45M | $48M | $48M | $48M | $49M | $49M | $49M |
Cyclical demand normalization
According to current market data, AMN trades at a forward P/E of 12.31 and an EV/EBITDA of 10.75, suggesting that investors are heavily discounting the company's future earnings potential due to the ongoing contraction in healthcare staffing demand and the volatility of its post-pandemic revenue streams.
The divergence between the negative TTM P/E and the positive forward P/E implies that the market is pricing in a recovery that remains highly speculative given the current negative net margins. Compared to peers like Chemed, which commands a significantly higher multiple, AMN's valuation appears to be trapped in a 'value trap' narrative where the market refuses to assign a premium to its technology-driven workforce solutions.
Based on reported financial statements, AMN's ROIC has experienced significant volatility, swinging from a peak of 1.4% in early 2024 to a negative 5.8% in 2025Q2, which highlights the company's struggle to generate adequate returns on its invested capital as the pandemic-era labor surge dissipates.
The sharp decline in ROIC suggests that the capital deployed for past acquisitions is failing to produce commensurate returns in the current, more normalized demand environment. Investors should monitor whether management can improve capital efficiency through cost rationalization or if the current asset base will continue to drag down overall profitability metrics.
As reported in recent filings, AMN's Days Sales Outstanding (DSO) has fluctuated significantly, reaching 66 days in 2025Q2, which indicates that the company is facing increased friction in collecting payments from hospital clients who are themselves navigating tightening budgets and operational financial pressures.
The lengthening of the collection cycle relative to historical norms suggests that AMN's working capital efficiency is deteriorating, potentially forcing the company to rely more heavily on external financing. This trend warrants further investigation into the credit quality of the hospital client base, as delayed payments directly impact the company's ability to fund its own operations.
The Price-to-Earnings ratio is frequently misapplied to AMN's business model, as reported in institutional research, because it fails to account for the massive non-cash amortization charges and impairment losses that frequently distort GAAP net income during periods of post-acquisition integration and cyclical demand shifts.
Analysts should instead focus on EV/EBITDA or Free Cash Flow yields to better capture the underlying cash-generating capacity of the business, as these metrics strip away the accounting noise that makes the P/E ratio appear artificially inflated or negative. Relying on P/E in this context obscures the company's actual operational performance and may lead to erroneous conclusions regarding its true valuation.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying AMN stock.
AMN Healthcare Services, Inc.'s current P/E ratio is -13.4x. The historical average is 35.9x.
AMN Healthcare Services, Inc.'s current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.7x.
AMN Healthcare Services, Inc.'s return on equity (ROE) is -14.2%. The historical average is 8.6%.
Based on historical data, AMN Healthcare Services, Inc. is trading at a P/E of -13.4x. Compare with industry peers and growth rates for a complete picture.
AMN Healthcare Services, Inc. has 28.3% gross margin and 1.2% operating margin.
AMN Healthcare Services, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.