AMN Healthcare Services (AMN) Investor presentation summary

Strategic positioning and growth drivers

• Focus on technology-enabled solutions and flexible workforce models to address healthcare labor challenges.

• Positioned for long-term revenue growth and operating leverage, targeting over 10% annual growth in adjusted EBITDA.

• Strategic M&A opportunities to expand offerings, grow market share, and increase margins.

• Macro trends such as an aging population and clinician shortages drive sustained demand for workforce solutions.

• Breadth of solutions and productivity-enhancing technology increase market potential and efficiency.

Market trends and industry outlook

• U.S. healthcare staffing market estimated at ~$40B in 2026, with over 2,000 clients and ~96,000 placements in 2025.

• Industry revenue rebounded post-pandemic, with SIA projecting 1% growth in travel nurse and allied, and 5% in locum tenens for 2026.

• Persistent shortages: ~4.5 million global nurse shortage by 2030 and ~86,000 U.S. physician shortage by 2036.

• High voluntary turnover among RNs and increasing demand for language services due to a diverse patient population.

Financial performance and capital allocation

• LTM revenue as of March 31, 2026: $3.4B; gross margin 27.6%; adjusted EBITDA margin 9.8%.

• Free cash flow for LTM: $234M; capital expenditures focused on technology enhancements and automation.

• Net leverage ratio reduced to 1.0x, with $991M in available liquidity as of March 31, 2026.

• Segment operating margins: Nurse & Allied 10.5%, Physician & Leadership 7.7%, Technology & Workforce 31.3%.