
AMN Stock Forecast & Price Target
AMN Analyst Ratings
Bulls say
AMN Healthcare Services is viewed favorably because Q1 results materially beat expectations, with revenue up 100% y/y to $1,378M, adjusted EBITDA of $166M exceeding consensus by 35%, and margins expanding to 12.1%, showing strong operating leverage. The core Nurse and Allied segment appears to be stabilizing and resuming growth, helped by 9.2K travelers, 6% higher bill rates, and a 5% sequential increase excluding labor disruption and rapid response revenue, while international nursing is recovering and is expected to return to mid-to-high-teens growth in 2026. The balance sheet also looks manageable, with net leverage at 1.6x and expected to remain at 2x or less through the remainder of the year, supporting acquisitions, margin expansion, and a potential return to normalized growth by 2027.
Bears say
AMN Healthcare Services is facing deteriorating fundamentals as management expects Q2 segment revenue to be flat to down 2% Y/Y, with ex-labor disruption revenue implying an 8% to 10% sequential decline from Q1, while Physician and Leadership revenue already fell 6% to $164M and gross margin compressed 120 bps Y/Y to 26.1%. The company’s core staffing engine is weakening, with organic segment revenue down 4% in 2025 after rising 9% in 2024 and projected to fall another 4% in 2026, while VMS revenue has collapsed at a (35%) CAGR from 2022 to 2025 amid secular pressure toward core hiring over temporary labor. Heavy leverage, with nearly $1B in debt, compounds the risk because declining revenue and margin compression reduce flexibility to service obligations, and the business also faces exposure to nurse recruitment/retention, contract labor demand, and customer concentration risk.
This aggregate rating is based on analysts' research of AMN Healthcare Services and is not a guaranteed prediction by Public.com or investment advice.
AMN Analyst Forecast & Price Prediction
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