Alignment Healthcare vs Amn Healthcare Services
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The short version
- Alignment Healthcare is the larger business, with $3.9B of revenue in fiscal 2025 against $2.7B for Amn Healthcare Services.
- Alignment Healthcare grew revenue faster (46.1%, against −8.5%).
- Alignment Healthcare kept more of each dollar of sales as operating profit (0.4% operating margin, against −2.0%).
- Amn Healthcare Services turned more of its sales into free cash flow (8.6% FCF margin, against 2.9%).
- Investors pay more for each dollar of Alignment Healthcare’s earnings: a P/E of 42.4x against 17.8x for Amn Healthcare Services.
| Latest fiscal year | ALHC · FY25 | AMN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $1.9B |
| Revenue | $3.9B | $2.7B |
| Free cash flow | $113M | $234M |
| Net income | −$0.7M | −$95.7M |
| Growth | ||
| Revenue growth | 46.1% | −8.5% |
| 5-year growth | 32.7% | 2.7% |
| Share count change | 3.8% | 0.9% |
| Profitability | ||
| Gross margin | — | 28.4% |
| Operating margin | 0.4% | −2.0% |
| Net margin | −0.0% | −3.5% |
| FCF margin | 2.9% | 8.6% |
| Return on capital | — | −2.8% |
| Return on equity | −0.5% | −14.2% |
| Balance sheet | ||
| Net debt | −$281M | $733M |
| Net debt / EBITDA | −6.2x | 7.3x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 42.4x | 17.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
ALHC —
AMN $1.9B
FY17
ALHC —
AMN $2.0B
FY18
ALHC —
AMN $2.1B
FY19
ALHC $757M
AMN $2.2B
FY20
ALHC $959M
AMN $2.4B
FY21
ALHC $1.2B
AMN $4.0B
FY22
ALHC $1.4B
AMN $5.2B
FY23
ALHC $1.8B
AMN $3.8B
FY24
ALHC $2.7B
AMN $3.0B
FY25
ALHC $3.9B
AMN $2.7B
ALHC
AMN
Operating margin
FY16
ALHC —
AMN 10.1%
FY17
ALHC —
AMN 10.7%
FY18
ALHC —
AMN 9.5%
FY19
ALHC −3.9%
AMN 8.0%
FY20
ALHC −0.6%
AMN 6.2%
FY21
ALHC −15.3%
AMN 12.0%
FY22
ALHC −9.0%
AMN 12.3%
FY23
ALHC −7.0%
AMN 8.9%
FY24
ALHC −3.8%
AMN −3.4%
FY25
ALHC 0.4%
AMN −2.0%
ALHC
AMN
Free cash flow
FY16
ALHC —
AMN $112M
FY17
ALHC —
AMN $134M
FY18
ALHC —
AMN $192M
FY19
ALHC —
AMN $190M
FY20
ALHC —
AMN $219M
FY21
ALHC —
AMN $252M
FY22
ALHC −$69.2M
AMN $578M
FY23
ALHC −$95.2M
AMN $268M
FY24
ALHC −$6.7M
AMN $240M
FY25
ALHC $113M
AMN $234M
ALHC
AMN
Return on capital
FY16
ALHC —
AMN 17.5%
FY17
ALHC —
AMN 17.6%
FY18
ALHC —
AMN 15.9%
FY19
ALHC —
AMN 11.6%
FY20
ALHC —
AMN 7.9%
FY21
ALHC —
AMN 20.3%
FY22
ALHC —
AMN 26.0%
FY23
ALHC —
AMN 12.8%
FY24
ALHC —
AMN −4.2%
FY25
ALHC —
AMN −2.8%
ALHC
AMN
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.