Amn Healthcare Services vs Chemed
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The short version
- Amn Healthcare Services is the larger business, with $2.7B of revenue in fiscal 2025 against $2.5B for Chemed.
- Chemed grew revenue faster (4.1%, against −8.5%).
- Chemed kept more of each dollar of sales as operating profit (13.4% operating margin, against −2.0%).
- Chemed turned more of its sales into free cash flow (12.9% FCF margin, against 8.6%).
- Chemed earned a higher return on the capital invested in it (27.3%, against −2.8%).
- Investors pay more for each dollar of Chemed’s earnings: a P/E of 25.8x against 17.8x for Amn Healthcare Services.
| Latest fiscal year | AMN · FY25 | CHE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.9B | $6.8B |
| Revenue | $2.7B | $2.5B |
| Free cash flow | $234M | $325M |
| Net income | −$95.7M | $265M |
| Growth | ||
| Revenue growth | −8.5% | 4.1% |
| 5-year growth | 2.7% | 4.0% |
| Share count change | 0.9% | −4.8% |
| Profitability | ||
| Gross margin | 28.4% | 32.5% |
| Operating margin | −2.0% | 13.4% |
| Net margin | −3.5% | 10.5% |
| FCF margin | 8.6% | 12.9% |
| Return on capital | −2.8% | 27.3% |
| Return on equity | −14.2% | 25.3% |
| Balance sheet | ||
| Net debt | $733M | −$74.5M |
| Net debt / EBITDA | 7.3x | −0.2x |
| Dividends and buybacks | $0.0M | $463M |
| Valuation & quality | ||
| P/E | 17.8x | 25.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
AMN $1.9B
CHE $1.6B
FY17
AMN $2.0B
CHE $1.7B
FY18
AMN $2.1B
CHE $1.8B
FY19
AMN $2.2B
CHE $1.9B
FY20
AMN $2.4B
CHE $2.1B
FY21
AMN $4.0B
CHE $2.1B
FY22
AMN $5.2B
CHE $2.1B
FY23
AMN $3.8B
CHE $2.3B
FY24
AMN $3.0B
CHE $2.4B
FY25
AMN $2.7B
CHE $2.5B
AMN
CHE
Operating margin
FY16
AMN 10.1%
CHE 11.3%
FY17
AMN 10.7%
CHE 6.8%
FY18
AMN 9.5%
CHE 13.7%
FY19
AMN 8.0%
CHE 13.3%
FY20
AMN 6.2%
CHE 18.7%
FY21
AMN 12.0%
CHE 16.0%
FY22
AMN 12.3%
CHE 16.1%
FY23
AMN 8.9%
CHE 15.0%
FY24
AMN −3.4%
CHE 15.1%
FY25
AMN −2.0%
CHE 13.4%
AMN
CHE
Free cash flow
FY16
AMN $112M
CHE $95.6M
FY17
AMN $134M
CHE $98.2M
FY18
AMN $192M
CHE $234M
FY19
AMN $190M
CHE $248M
FY20
AMN $219M
CHE $430M
FY21
AMN $252M
CHE $250M
FY22
AMN $578M
CHE $253M
FY23
AMN $268M
CHE $273M
FY24
AMN $240M
CHE $368M
FY25
AMN $234M
CHE $325M
AMN
CHE
Return on capital
FY16
AMN 17.5%
CHE 18.2%
FY17
AMN 17.6%
CHE 15.2%
FY18
AMN 15.9%
CHE 32.0%
FY19
AMN 11.6%
CHE 29.1%
FY20
AMN 7.9%
CHE 40.6%
FY21
AMN 20.3%
CHE 34.7%
FY22
AMN 26.0%
CHE 32.6%
FY23
AMN 12.8%
CHE 31.8%
FY24
AMN −4.2%
CHE 31.1%
FY25
AMN −2.8%
CHE 27.3%
AMN
CHE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.