AMN Healthcare Services, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $130M normalized FCF base (well below trailing $439M, which is inflated by working-capital tailwinds from declining receivables); 2% annual FCF growth years 1-5; 3% years 6-10; 9% discount rate; 2.5% terminal growth; $414M net debt; 38.73M shares outstanding.

Reasoning: AMN Healthcare's reported trailing FCF is distorted by a steep, cyclical decline in travel-nurse staffing volumes (Q3 2025 adjusted EBITDA margin near 9%), so FCF was normalized to a level consistent with current earnings power rather than trailing cash-flow figures inflated by shrinking working capital.