AMN Healthcare Services Inc (AMN)

Return on total capital

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Earnings before interest and tax (EBIT)	US$ in thousands	—	338,429	647,101	477,998	149,265
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	706,620	831,256	1,043,630	1,162,030	819,677
Return on total capital		0.00%	40.71%	62.00%	41.13%	18.21%

December 31, 2024 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $706,620K)
= 0.00%

AMN Healthcare Services Inc's return on total capital has shown notable fluctuations over the years. The trend reveals a significant improvement from 18.21% as of December 31, 2020, to a peak of 62.00% by December 31, 2022. However, there was a sharp decline to 40.71% by December 31, 2023, and a stark drop to 0.00% by December 31, 2024.

The company's return on total capital demonstrates strong performance in 2022, indicating efficient utilization of both debt and equity to generate profits. However, the subsequent decrease in 2023 and the complete shortfall in 2024 raise concerns about the company's capital allocation strategies and operational efficiency during those periods.

Further analysis of the company's financial and operational activities during the highlighted years would be necessary to understand the factors driving these fluctuations in return on total capital and to assess the company's overall financial health and performance.