AMN Healthcare Services Inc (AMN)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	338,429	647,101	477,998	149,265	176,915
Total assets	US$ in thousands	2,924,390	2,888,350	3,131,910	2,353,510	1,931,650
Operating ROA		11.57%	22.40%	15.26%	6.34%	9.16%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $338,429K ÷ $2,924,390K
= 11.57%

The operating return on assets (operating ROA) for AMN Healthcare Services Inc. has fluctuated over the past five years. In 2023, the operating ROA was 11.57%, down from 22.40% in 2022 but higher than the 15.26% recorded in 2021. The significant increase in 2022 compared to 2021 indicates improved efficiency in generating operating income from its asset base.

The lower operating ROA in 2023 may suggest that the company's operating income generated from its assets decreased, which could be a result of factors such as increased operating expenses or lower revenues relative to its asset base. Despite the decrease in 2023, the operating ROA remains higher than the levels seen in 2020 and 2019, indicating the company's ability to effectively utilize its assets to generate operating profits.

Overall, a high and stable operating ROA indicates efficient asset utilization and profitability for the company, while a declining trend in this ratio warrants further investigation into the company's operational performance and profitability drivers.