Does AMN HEALTHCARE SERVICES, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores AMN HEALTHCARE SERVICES, INC. (AMN) 42.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 56, returns on capital 60, balance-sheet safety 0, capital discipline 40.

Is AMN stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $77.44 per share versus a recent price of $35.00 — 55% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has AMN's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 42.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

AMN HEALTHCARE SERVICES, INC.

AMN · Technology · $1.3B mkt cap · FY2025 filings · Shallow moat ·

On the watchlist

Shallow moat

The four filters

Pricing power56

Median gross margin 32.7% over 10y, very stable.

Returns on capital60

Median ROIC 13.2%, above the 9% hurdle in 70% of years.

Balance-sheet safety0

Net debt/EBITDA 7.2x, interest coverage -1x.

Capital discipline40

Owner earnings -15.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

55% below value

Owner earnings (normalized): $267.9M
Est. intrinsic value / share: $77.44
Recent price: $35.00
Discount to value: 55% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

AMN HEALTHCARE SERVICES, INC. booked $2.7B of revenue in FY2025 in the Technology sector and kept 28.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, −3.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $759.8M (FY2009) to $2.7B (FY2025) — about 8.3% a year compounded over 16 years.

It earned −3.2% on invested capital in FY2025, with a median of 11.4% across 17 filed years. The Returns on Capital filter above scores it 60/100.

The balance sheet carried $767.1M of total debt in FY2025 against $25.3M of owner earnings — roughly 30.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count has held roughly flat between FY2010 and FY2025. Capital Discipline scores it 40/100.

Put together: Returns on Capital is the strongest of the four filters (60/100) and Balance-Sheet Safety the weakest (0/100), which is how AMN lands at 43/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.7B FY2025

Gross marginRevenue kept after cost of goods28.3% FY2025

Return on invested capitalOperating profit on the capital employed−3.2% FY2025

Owner earningsCash an owner could take out$25.3M FY2025

Gaps in a line mean that item isn’t in AMN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AMN has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#284 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#282SHLS Shoals Technologies Group, Inc.42.9 out of 100, Shallow moatShallow moat
#283IPDN Professional Diversity Network, Inc.42.8 out of 100, Shallow moatShallow moat
#285OOMA Ooma, Inc.42.7 out of 100, Shallow moatShallow moat
#286QRVO Qorvo, Inc.42.5 out of 100, Shallow moatShallow moat

Compare AMN with its nearest peers →All Technology companies on the Index →

Common questions about AMN

Does AMN HEALTHCARE SERVICES, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores AMN HEALTHCARE SERVICES, INC. (AMN) 42.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 56, returns on capital 60, balance-sheet safety 0, capital discipline 40.
Is AMN stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $77.44 per share versus a recent price of $35.00 — 55% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AMN's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 42.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AMN. See the disclaimer.