Estados financieros detallados de AMN Healthcare Services, Inc. (AMN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
AMN Healthcare Services, Inc. registró ingresos de $2.73B en el último ejercicio fiscal, con un CAGR de 5 años del 2.7%.
Márgenes de los últimos 12 meses: margen bruto 27.8%, margen operativo 4.7%, margen neto 3.1%. El flujo de caja libre creció a un CAGR del 1.4% en 5 años.
Al precio actual de $34.92, AMN cotiza a un P/E de 13.08 y un ROE del 15.31%. La capitalización bursátil es de $1.4B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.90B | $1.99B | $2.14B | $2.22B | $2.39B | $3.98B | $5.24B | $3.79B | $2.98B | $2.73B |
| Coste de Ventas | $1.28B | $1.34B | $1.44B | $1.48B | $1.60B | $2.67B | $3.53B | $2.54B | $2.06B | $1.96B |
| Beneficio Bruto | $619.7M | $644.4M | $696.4M | $743.5M | $791.8M | $1.31B | $1.72B | $1.25B | $919.4M | $774.1M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $398.5M | $399.7M | $452.3M | $508.0M | $549.7M | $730.5M | $936.6M | $756.2M | $632.5M | $593.0M |
| Gastos Operativos | $428.1M | $432.0M | $493.6M | $566.5M | $642.5M | $831.6M | $1.07B | $911.2M | $1.02B | $740.9M |
| Beneficio Operativo | $191.6M | $212.4M | $202.8M | $176.9M | $149.3M | $478.0M | $647.1M | $338.4M | -$102.7M | $33.2M |
| EBITDA | $221.3M | $244.7M | $244.1M | $235.4M | $243.5M | $581.7M | $784.2M | $499.4M | $71.1M | $101.1M |
| Gastos por Intereses | $15.5M | $19.7M | $16.1M | $28.4M | $57.7M | $34.1M | $40.4M | $54.1M | $69.9M | $45.6M |
| Beneficio Antes de Impuestos | $176.2M | $192.8M | $186.7M | $148.5M | $91.5M | $443.9M | $606.7M | $284.3M | -$172.6M | -$101.1M |
| Impuestos | $70.3M | $60.2M | $44.9M | $34.5M | $20.9M | $116.5M | $162.7M | $73.6M | -$25.6M | -$5.4M |
| Beneficio Neto | $105.8M | $132.6M | $141.7M | $114.0M | $70.7M | $327.4M | $444.1M | $210.7M | -$147.0M | -$95.7M |
| BPA | $2.21 | $2.77 | $2.99 | $2.44 | $1.49 | $6.87 | $9.96 | $5.38 | $-3.85 | $-2.48 |
| BPA Diluido | $2.15 | $2.68 | $2.91 | $2.40 | $1.48 | $6.81 | $9.90 | $5.36 | $-3.85 | $-2.48 |
| Acciones en Circulación (Diluidas) | $49.3M | $49.4M | $48.7M | $47.6M | $47.7M | $48.0M | $44.9M | $39.3M | $38.2M | $38.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $634.5M | $748.2M | $1.38B | $673.2M |
| Beneficio Bruto | $184.4M | $195.1M | $368.8M | $205.9M |
| Beneficio Operativo | $8.4M | $8.2M | $117.2M | $26.9M |
| EBITDA | $87.2M | $45.3M | $152.8M | $58.5M |
| Beneficio Neto | $29.3M | -$7.7M | $62.2M | $21.2M |
| BPA | $0.76 | $-0.20 | $1.60 | $0.54 |
| BPA Diluido | $0.76 | $-0.20 | $1.59 | $0.53 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10.6M | $15.1M | $13.9M | $83.0M | $29.2M | $180.9M | $64.5M | $32.9M | $10.6M | $34.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $391.6M | $407.4M | $416.8M | $431.4M | $450.1M | $1.03B | $953.3M | $746.5M | $520.0M | $439.1M |
| Inventario | $34.5M | $57.9M | $39.5M | 0 | $38.8M | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $450.6M | $474.2M | $482.2M | $560.5M | $533.7M | $1.35B | $1.09B | $841.7M | $594.9M | $545.4M |
| Inmovilizado Material | $60.0M | $73.4M | $90.4M | $194.7M | $193.9M | $154.9M | $165.5M | $225.9M | $218.4M | $136.4M |
| Fondo de Comercio | $341.8M | $340.6M | $438.5M | $595.6M | $864.5M | $892.3M | $935.4M | $1.11B | $897.5M | $755.8M |
| Activos Intangibles | $245.7M | $227.1M | $326.1M | $398.5M | $564.9M | $514.5M | $476.8M | $474.1M | $381.4M | $283.5M |
| Activos Totales | $1.19B | $1.25B | $1.49B | $1.93B | $2.35B | $3.13B | $2.89B | $2.92B | $2.42B | $2.09B |
| Cuentas por Pagar | $85.4M | $73.2M | $82.4M | $102.5M | $107.5M | $339.0M | $373.3M | $177.1M | $100.9M | $84.9M |
| Deuda a Corto | $3.8M | 0 | 0 | 0 | $4.7M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $274.8M | $265.3M | $307.3M | $378.1M | $423.0M | $969.4M | $857.9M | $656.1M | $545.8M | $577.6M |
| Deuda a Largo | $359.2M | $319.8M | $440.6M | $617.2M | $858.0M | $842.3M | $843.5M | $1.30B | $1.06B | $767.1M |
| Pasivos Totales | $737.5M | $691.4M | $853.7M | $1.19B | $1.53B | $1.97B | $1.84B | $2.09B | $1.71B | $1.45B |
| Reservas | $9.7M | $142.2M | $286.1M | $400.0M | $469.6M | $796.9M | $1.24B | $1.45B | $1.30B | $1.21B |
| Patrimonio Neto | $449.4M | $562.5M | $639.0M | $736.7M | $819.7M | $1.16B | $1.04B | $831.3M | $706.6M | $642.1M |
| Deuda Total | $362.9M | $319.8M | $440.6M | $722.3M | $955.5M | $867.1M | $861.0M | $1.35B | $1.10B | $803.2M |
| Deuda Neta | $352.3M | $304.7M | $426.8M | $639.3M | $926.3M | $686.1M | $796.4M | $1.32B | $1.09B | $769.2M |
| Capital Circulante | $175.8M | $208.9M | $174.9M | $182.4M | $110.8M | $379.7M | $235.7M | $185.6M | $49.1M | -$32.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $52.6M | $34.0M | $560.7M | $361.8M |
| Activos Totales | $2.14B | $2.09B | $2.60B | $2.36B |
| Pasivos Totales | $1.49B | $1.45B | $1.89B | $1.62B |
| Patrimonio Neto | $644.4M | $642.1M | $712.8M | $741.3M |
| Deuda Total | $884.9M | $803.2M | $776.9M | $775.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $105.8M | $132.6M | $141.7M | $114.0M | $70.7M | $327.4M | $444.1M | $210.7M | -$147.0M | -$95.7M |
| Amortizaciones | $29.6M | $32.3M | $41.2M | $58.5M | $94.2M | $103.7M | $137.1M | $160.9M | $173.8M | $156.6M |
| Compensación en Acciones | $11.4M | $10.2M | $10.8M | $16.2M | $20.5M | $25.2M | $30.1M | $18.0M | $23.3M | $30.7M |
| Cambio en Capital Circulante | -$16.7M | -$78.3M | $31.6M | $19.0M | $67.1M | -$143.5M | -$558000 | -$50.1M | $85.9M | $101.0M |
| Flujo de Caja Operativo | $131.9M | $115.3M | $227.0M | $224.9M | $256.8M | $305.4M | $653.7M | $372.2M | $320.4M | $269.5M |
| Inversiones (CapEx) | -$22.0M | -$26.5M | -$36.4M | -$36.5M | -$39.1M | -$53.7M | -$80.9M | -$103.7M | -$80.9M | -$35.6M |
| Adquisiciones | -$218.3M | -$1.5M | -$217.4M | -$247.9M | -$476.4M | -$41.3M | -$69.5M | -$292.2M | 0 | $65.3M |
| Recompra de Acciones | -$13.3M | -$20.2M | -$67.0M | -$18.7M | -$6.9M | -$2.7M | -$576.8M | -$424.7M | 0 | -$2.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $109.9M | $88.7M | $190.6M | $188.4M | $217.7M | $251.7M | $572.8M | $268.5M | $239.5M | $233.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $22.7M | $75.6M | $562.5M | -$189.9M |
| Inversiones (CapEx) | -$7.9M | -$7.9M | -$7.2M | -$8.5M |
| Flujo de Caja Libre | $14.8M | $67.6M | $555.2M | -$198.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $6.7M | $5.8M | $9.9M | $9.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +4.5% | +7.4% | +4.0% | +7.7% | +66.4% | +31.6% | -27.7% | -21.3% | -8.5% |
| Crecimiento Beneficio Neto (anual) | | +25.2% | +6.9% | -19.6% | -38.0% | +363.3% | +35.6% | -52.6% | -169.8% | +34.9% |
| Crecimiento BPA (anual) | | +25.3% | +7.9% | -18.4% | -38.9% | +361.1% | +45.0% | -46.0% | -171.6% | +35.6% |
| Cambio en Acciones (anual) | | +0.3% | -1.5% | -2.2% | +0.2% | +0.7% | -6.6% | -12.3% | -2.9% | +0.9% |
| Crecimiento FCF (anual) | | -19.3% | +114.8% | -1.2% | +15.6% | +15.6% | +127.6% | -53.1% | -10.8% | -2.4% |
| Margen Bruto | 32.6% | 32.4% | 32.6% | 33.5% | 33.1% | 32.9% | 32.7% | 33.0% | 30.8% | 28.3% |
| Margen Operativo | 10.1% | 10.7% | 9.5% | 8.0% | 6.2% | 12.0% | 12.3% | 8.9% | -3.4% | 1.2% |
| Margen EBITDA | 11.6% | 12.3% | 11.4% | 10.6% | 10.2% | 14.6% | 15.0% | 13.2% | 2.4% | 3.7% |
| Margen Neto | 5.6% | 6.7% | 6.6% | 5.1% | 3.0% | 8.2% | 8.5% | 5.6% | -4.9% | -3.5% |
| Margen FCF | 5.8% | 4.5% | 8.9% | 8.5% | 9.1% | 6.3% | 10.9% | 7.1% | 8.0% | 8.6% |
| Tasa Impositiva Efectiva | 39.9% | 31.2% | 24.1% | 23.2% | 22.8% | 26.3% | 26.8% | 25.9% | 14.8% | 5.3% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.23 | $1.80 | $3.92 | $3.96 | $4.57 | $5.24 | $12.77 | $6.82 | $6.27 | $6.07 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $47.9M | $47.8M | $47.4M | $46.7M | $47.4M | $47.7M | $44.6M | $39.2M | $38.2M | $38.5M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | 15.31% |
| Rentabilidad sobre capital invertido | 6.42% |
| Rentabilidad sobre activos | 4.44% |
| Margen bruto | 27.79% |
| Margen operativo | 4.68% |
| Margen neto | 3.05% |
Salud financiera
| Deuda / Patrimonio | 1.05 |
| Ratio corriente | 1.13 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.40 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 17.40 | 17.78 | 18.95 | 25.54 | 45.81 | 17.81 | 10.32 | 13.92 | -6.21 | -6.35 |
| P/VC | 4.10 | 4.19 | 4.20 | 3.95 | 3.95 | 5.02 | 4.39 | 3.53 | 1.29 | 0.95 |
| P/V | 0.97 | 1.18 | 1.26 | 1.31 | 1.35 | 1.46 | 0.87 | 0.77 | 0.31 | 0.22 |
| Margen Bruto | 32.6% | 32.4% | 32.6% | 33.5% | 33.1% | 32.9% | 32.7% | 33.0% | 30.8% | 28.3% |
| Margen Operativo | 10.1% | 10.7% | 9.5% | 8.0% | 6.2% | 12.0% | 12.3% | 8.9% | -3.4% | 1.2% |
| Margen Neto | 5.6% | 6.7% | 6.6% | 5.1% | 3.0% | 8.2% | 8.5% | 5.6% | -4.9% | -3.5% |