Amn Healthcare Services, Inc. (AMN)

NYSEHealth CareMedical - Care FacilitiesSnapshot 2026-10-23

$48.01+2.54%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Amn Healthcare Services, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+0.2%

+10% or more+5%0%−5%−10% or less

0.94 → 0.94 EPS · FY ending Dec 31, 2027 · 6 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 6 to 6; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q3
Revenue	$640M–$655M	—
Gross margin	27%–27.5%	—
Nurse and Allied Solutions segment revenue growth	9%–11%	—
Operating margin	0.2%–0.8%	—
Physician and Leadership Solutions segment revenue growth	-7%–-5%	—
Revenue growth	1%–3%	—
Technology and Workforce Solutions segment revenue growth	-13%–-11%	—
FY 2026 · Q4
Revenue	—	653.89M
EPS	—	0.209
FY 2026 · Annual
Revenue	—	3.36B
EPS	—	3.289
FY 2027 · Annual
Revenue	—	2.67B
EPS	—	0.939

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain gross margin near 28%	Gross margin rose from 23.5% to 28.0% in the same period.	Intact	gross margin falls below 23.5%	Gross margin: 30.58% FY2026-Q2; GAAP. Published target: >= 28.0% gross margin. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 202630.58091 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 04a76d30-ce23-475c-a0ac-82a9a544a019. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context 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. Delivery assessment Oct 24, 2026
Improve operating margin from near zero	The company is working to improve profit margin despite recent challenges.	Intact	operating margin falls below 0%	Operating margin: 4% FY2026-Q2; GAAP. Published target: >= 0.1% operating margin. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 20263.996809 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 04a76d30-ce23-475c-a0ac-82a9a544a019. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context 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. Delivery assessment Oct 24, 2026
Increase revenue significantly	A primary condition in Amn Healthcare Services, Inc.'s published investment case. The stated target is >= $1.38 billion in revenue in 2026-Q1.	Broken	revenue falls below $689.5 million in any quarter	Revenue: $673.237M FY2026-Q2; GAAP. Published target: >= $1.38 billion in revenue in 2026-Q1. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026673,237,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 04a76d30-ce23-475c-a0ac-82a9a544a019. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context 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. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$0.94

$1.08 → $0.94 · observed estimates

FY2027 revenue$2.67B

$2.60B → $2.67B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$1.08	$2,604,742,090	9 / 9
2026-07-25	$1.08	$2,604,742,090	9 / 9
2026-07-26	$1.08	$2,604,742,090	9 / 9
2026-07-27	$1.08	$2,604,742,090	9 / 9
2026-07-28	$1.08	$2,604,744,387	6 / 6
2026-07-29	$1.08	$2,604,742,090	9 / 9
2026-07-30	$1.08	$2,604,742,090	9 / 9
2026-07-31	$1.08	$2,604,742,090	9 / 9
2026-08-01	$1.08	$2,604,742,090	9 / 9
2026-08-02	$1.08	$2,604,742,090	9 / 9
2026-08-03	$1.08	$2,604,742,090	9 / 9
2026-08-04	$1.08	$2,604,742,090	9 / 9
2026-08-05	$1.08	$2,604,742,090	9 / 9
2026-08-06	$1.08	$2,604,742,090	9 / 9
2026-08-07	$1.08	$2,604,744,387	6 / 6
2026-08-08	$1.04	$2,622,802,830	9 / 9
2026-08-09	$1.04	$2,622,802,830	9 / 9
2026-08-10	$1.04	$2,622,802,830	9 / 9
2026-08-11	$0.93	$2,637,032,934	6 / 6
2026-08-12	$0.94	$2,647,474,410	9 / 9
2026-08-13	$0.94	$2,659,559,970	9 / 9
2026-08-14	$0.93	$2,637,032,934	6 / 6
2026-08-15	$0.93	$2,637,032,934	6 / 6
2026-08-16	$0.93	$2,637,032,934	6 / 6
2026-08-17	$0.93	$2,637,032,934	6 / 6
2026-08-18	$0.93	$2,637,032,934	6 / 6
2026-08-19	$0.93	$2,637,032,934	6 / 6
2026-08-20	$0.93	$2,637,032,934	6 / 6
2026-08-21	$0.94	$2,664,388,301	6 / 6
2026-08-22	$0.94	$2,664,356,057	6 / 6
2026-08-23	$0.94	$2,664,356,057	6 / 6
2026-08-24	$0.94	$2,664,356,057	6 / 6
2026-08-25	$0.94	$2,664,356,057	6 / 6
2026-08-26	$0.94	$2,664,356,057	6 / 6
2026-08-27	$0.94	$2,664,356,057	6 / 6
2026-08-28	$0.94	$2,664,356,057	6 / 6
2026-08-29	$0.94	$2,664,356,057	6 / 6
2026-08-30	$0.94	$2,664,356,057	6 / 6
2026-08-31	$0.94	$2,664,356,057	6 / 6
2026-09-01	$0.94	$2,664,356,057	6 / 6
2026-09-02	$0.94	$2,664,356,057	6 / 6
2026-09-03	$0.94	$2,664,356,057	6 / 6
2026-09-04	$0.94	$2,664,356,057	6 / 6
2026-09-05	$0.94	$2,664,356,057	6 / 6
2026-09-06	$0.94	$2,664,356,057	6 / 6
2026-09-07	$0.94	$2,664,356,057	6 / 6
2026-09-08	$0.94	$2,664,356,057	6 / 6
2026-09-09	$0.94	$2,664,356,057	6 / 6
2026-09-10	$0.94	$2,664,356,057	6 / 6
2026-09-11	$0.94	$2,664,356,057	6 / 6
2026-09-12	$0.94	$2,664,356,057	6 / 6
2026-09-13	$0.94	$2,664,356,057	6 / 6
2026-09-14	$0.94	$2,664,356,057	6 / 6
2026-09-15	$0.94	$2,664,356,057	6 / 6
2026-09-16	$0.94	$2,664,356,057	6 / 6
2026-09-17	$0.94	$2,664,356,057	6 / 6
2026-09-18	$0.94	$2,664,356,057	6 / 6
2026-09-19	$0.94	$2,664,356,057	6 / 6
2026-09-20	$0.94	$2,664,356,057	6 / 6
2026-09-21	$0.94	$2,664,356,057	6 / 6
2026-09-22	$0.94	$2,664,356,057	6 / 6
2026-09-23	$0.94	$2,664,356,057	6 / 6
2026-09-24	$0.94	$2,664,356,057	6 / 6
2026-09-25	$0.94	$2,664,356,057	6 / 6
2026-09-26	$0.94	$2,664,356,057	6 / 6
2026-09-27	$0.94	$2,664,356,057	6 / 6
2026-09-28	$0.94	$2,664,356,057	6 / 6
2026-09-29	$0.94	$2,664,356,057	6 / 6
2026-09-30	$0.94	$2,664,356,057	6 / 6
2026-10-01	$0.94	$2,664,356,057	6 / 6
2026-10-02	$0.94	$2,664,356,057	6 / 6
2026-10-03	$0.94	$2,664,356,057	6 / 6
2026-10-04	$0.94	$2,664,356,057	6 / 6
2026-10-05	$0.94	$2,664,356,057	6 / 6
2026-10-06	$0.94	$2,664,356,057	6 / 6
2026-10-07	$0.94	$2,664,356,057	6 / 6
2026-10-08	$0.94	$2,664,356,057	6 / 6
2026-10-09	$0.94	$2,664,356,057	6 / 6
2026-10-10	$0.94	$2,669,487,834	6 / 6
2026-10-11	$0.94	$2,669,487,834	6 / 6
2026-10-12	$0.94	$2,669,487,834	6 / 6
2026-10-13	$0.94	$2,669,487,834	6 / 6
2026-10-14	$0.94	$2,669,487,834	6 / 6
2026-10-15	$0.94	$2,669,487,834	6 / 6
2026-10-16	$0.94	$2,669,487,834	6 / 6
2026-10-17	$0.94	$2,669,487,834	6 / 6
2026-10-18	$0.94	$2,669,487,834	6 / 6
2026-10-19	$0.94	$2,669,487,834	6 / 6
2026-10-20	$0.94	$2,669,487,834	6 / 6
2026-10-21	$0.94	$2,669,487,834	6 / 6
2026-10-22	$0.94	$2,669,487,834	6 / 6
2026-10-23	$0.94	$2,669,487,834	6 / 6
2026-10-24	$0.94	$2,669,487,834	6 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	3	5	1
2026-06-01	3	5	1
2026-07-01	3	5	1
2026-08-01	3	5	1
2026-09-01	3	5	1
2026-10-01	3	5	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 3 Buy / Strong Buy · 5 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BMO CapitalOct 9 · prior Sep 11

$40.00 → $43.00+7.5%

$0$23.65$47.30

1 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain gross margin near 28%Gross margin: 30.58%
Improve operating margin from near zeroOperating margin: 4%
Increase revenue significantlyPublished status: Broken

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.8%Typical daily move · historical

Downside history

-28.7%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Amn Healthcare Services, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

AMN is a cyclical recovery business, with earnings that can shift as healthcare staffing demand changes. Its multi-year view is intact, but the recent signal has moved from mildly favorable to mixed.

What's priced into Amn Healthcare Services, Inc.

The evidence labels AMN cheap versus peers, while also showing a 0.52 premium versus peers, so the valuation picture is mixed. The expectations gap is negative, but model confidence is low; the evidence does not support a firm conclusion about what the market already assumes.

What the fundamentals likely do

Near term, management’s margin priorities are on track: gross margin rose year over year and operating results recovered to a profit in 2026-Q2. However, guidance points to lower margins in 2026-Q3, and revenue fell from Q1 as labor disruption effects normalized, despite year-over-year growth in Nurse and Allied Solutions and search.

What Amn Healthcare Services, Inc. hinges on

The near-term thesis is vulnerable if AMN cuts guidance or the jobs report continues to weaken, since recession fears can weigh more heavily on cyclical healthcare names. Continued earnings strength and higher guidance from sector bellwethers could support sector momentum; the evidence also flags erratic, declining earnings surprises.