F

AMN Healthcare Services Inc — Earnings Quality Grade F

AMN · Healthcare

Major red flags

Revenue
$2.7B
2025
Net Income
-$96M
2025
Gross Margin
28.3%
Free Cash Flow
$234M
01

Screening Summary

12
Passed
2
Watch
3
Failed
-3.4
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 58 days, change -5 days YoY

A2AR vs Revenue Growth

AR growth -15.3% vs revenue growth -8.5%

A3Revenue vs CFFO

Revenue -8.5%, CFFO -15.9%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -56.0% vs revenue -8.5%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 76.6%, exceeds 70%

B4Gross Margin

Gross margin 28.3%, change -2.5pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -2.82. Below 1.0

C2Free Cash Flow

FCF $0.2B, FCF/NI = -2.44

C3Accruals Ratio

Accruals ratio = -17.4%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 4% of debt $0.8B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.0B = 162% of equity. Over 50%

D2Leverage

Debt/EBITDA = 7.9x (>4x). Interest coverage = 0.7x (<2x). Financial stress

D3Soft Asset Growth

Other assets 1.1% vs revenue -8.5%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -19% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.40 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-3.4
-4.0 Clean-2.22 Grey-1.78 Danger0
0.926
DSRI
AR growing faster than revenue?
1.087
GMI
Gross margin declining?
0.997
AQI
Asset quality deteriorating?
0.915
SGI
Revenue growth rate
0.906
DEPI
Depreciation slowing?
1.025
SGAI
SG&A ratio changing?
-0.1744
TATA
Accruals level
0.968
LVGI
Leverage increasing?
05

Altman Z-Score

2.07
Grey Zone
0 Distress1.102.605.0+ Safe
-0.0154
Liquidity
0.5773
Cumulative profit
-0.0265
Operating efficiency
0.4422
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25