AMN · CIK 0001142750
What AMN Healthcare Services, Inc. told the SEC could break it.
AMN's register is dominated by concentration. A single customer, mostly in its nurse and allied solutions segment, grew to about 22% of consolidated revenue in 2025 (from 16-17% in prior years), and its revenue is geographically clustered in California, New York, and Texas, with more than half of its assignments at acute-care hospitals — tying it to those states' healthcare budgets and the hospital-staffing cycle. California recurs as a specific exposure through wage-and-hour class actions alleging certain expense reimbursements should count as wages in overtime calculations. Rounding out the picture is balance-sheet pressure: an asset-secured credit agreement with a net-leverage covenant capped at 5.25x through March 2027.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one customer ~22% of consolidated revenue (rising)high
A single customer (primarily in the nurse and allied solutions segment) grew to ~22% of consolidated revenue in 2025, up from 16-17% in prior years, concentrating revenue risk.
“One customer primarily within the Company's nurse and allied solutions segment comprised approximately 22 %, 16 % and 17 % of the consolidated revenue of the Company for the years ended December 31, 2025, 2024 and 2023, respectively.”
SEC filing →As of 2026
Geographic concentration
- revenue concentrated in CA/NY/TX; >half at acute-care hospitalsmedium
AMN's revenue is concentrated in California, New York and Texas, with more than half of assignments at acute-care hospitals — exposure to those states' healthcare budgets and the hospital-staffing cycle.
“During 2025, the largest percentages of our revenue were concentrated in California, New York and Texas. More than half of our temporary and contract healthcare professional assignments occur at acute-care hospitals.”
Liquidity & debt
- asset-secured credit agreement; 5.25x leverage covenantmedium
AMN's Amended Credit Agreement is secured by substantially all assets and requires a Consolidated Net Leverage Ratio no greater than 5.25x through March 31, 2027.
“the revision of the Consolidated Net Leverage Ratio (as calculated in accordance with the amended credit agreement) to be no greater than 5.25 to 1.00 through March 31, 2027. Our obligations under the Amended Credit Agreement are secured by substantially all of our assets.”
SEC filing →As of 2026
Litigation
- California wage-and-hour class actions (expense reimbursements as wages)medium
AMN faces California/federal wage-and-hour class and representative actions (e.g., Clarke v. AMN Services) alleging certain expense reimbursements should count as wages in overtime calculations, for which loss contingencies are established.
“the Company has established loss contingencies are class and representative actions related to wage and hour claims under California and Federal law. Specifically, among other claims in these lawsuits, it is alleged that certain expense reimbursements should be considered wages and included in the regular rate of pay for purposes of calculating overtime rates.”
SEC filing →As of 2026
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