MeritValue

AMN HEALTHCARE SERVICES INC

AMNdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.98B1$5.24B2$3.79B3$2.98B3$2.73B3
Net income$327.4M4$444.1M5$210.7M6−$147M6−$95.7M6
Operating cash flow$305.4M7$653.7M8$372.2M9$320.4M9$269.5M9
Capital expenditure$53.6M10$75.8M11$103.7M12$80.9M12$35.6M12
Free cash flow (derived)$251.8M7$577.9M8$268.5M9$239.5M9$233.8M9
Total debt$842.3M13$843.5M14$1.3B15$1.06B16$767.1M16
Cash & equivalents$180.9M17$64.5M18$32.9M19$10.6M20$34M20
Diluted shares48.0M44.9M39.3M38.2M38.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000026%
of the whole company
Your share of last year’s profit
−$24.84
Your share of its debt
$199.13
Your share of free cash flow
$60.7
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$65.06
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$239.5M
DCF · Growth Exit 5Y
$71.98
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$239.5M
Earnings Power Value
$57.63
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$210.7M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $71.98

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001142750-24-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001142750-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-009918 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001142750-24-000016 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001142750-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-009918 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001142750-24-000016 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001142750-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-009918 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001142750-24-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001142750-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-009918 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001142750-22-000010 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001142750-24-000016 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001142750-25-000011 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-009918 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001142750-23-000006 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001142750-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001142750-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-009918 (CashAndCashEquivalentsAtCarryingValue)