Healthcare workforce solutions — temporary and permanent staffing of nurses, allied professionals, physicians. Two segments: Nursing/Allied Staffing, Physician Staffing. Pending Aya Healthcare acquisition. | AGI Score: 4/10 | P/TB: 1.34x | Buybacks: -12% share count change | Analysis date: 2026-03-13
12% buyback with pending Aya Healthcare acquisition. Healthcare staffing benefits from structural nursing shortage. AGI score 4 reflects disintermediation risk from AI matching platforms, partially offset by healthcare's physical nature.
Healthcare workforce solutions — temporary and permanent staffing of nurses, allied professionals, physicians. Two segments: Nursing/Allied Staffing, Physician Staffing. Pending Aya Healthcare acquisition.
Sector: Healthcare Staffing | Employees: 7,890
Category: Labor Margin Play
Mixed AGI impact. AGI could automate significant portions of recruiting, candidate matching, credentialing, and administrative functions, reducing operating costs. The Intellify vendor management platform benefits from AI enhancement. However, AGI poses moderate disruption risk by potentially replacing need for temporary clinical staff (though physical healthcare delivery constrains this). More significant threat comes from AGI-enabled direct hiring platforms that disintermediate staffing agencies. Healthcare's physical nature and regulatory requirements limit disruption timeline. Net neutral to slightly positive given cost reduction opportunities partially offset by disintermediation risk.
Pending Aya acquisition could provide premium over current price. Structural nursing shortage drives demand. 12% buyback shows management conviction. Healthcare staffing is essential — hospitals can't function without nurses. AI improves matching efficiency (Intellify platform).
Post-COVID travel nursing demand crashed (rates down 50%+). AGI-enabled direct hiring platforms disintermediate staffing agencies. If Aya deal falls through, stock drops. Staffing is a people business with low barriers. Revenue already declining significantly from COVID peaks.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $201M | $215M | $216M | $641M | $628M | $414M | $310M | $237M |
| Net Income | $-8M | $28M | $-19M | $-600K | $5M | $132M | $188M | $9M | $-15M | $-83M |
| Operating Income | $6M | $12M | $-13M | $-16M | $-9M | $139M | $273M | $113M | $-17M | $-84M |
| Operating Cash Flow | $30M | $46M | $21M | $6M | $27M | $-86M | $134M | $248M | $120M | $48M |
| CapEx | $7M | $5M | $5M | $3M | $5M | $7M | $9M | $14M | $9M | $8M |
| Total Assets | $388M | $468M | $427M | $382M | $357M | $733M | $948M | $679M | $589M | $449M |
| Stockholders Equity | $152M | $238M | $218M | $164M | $155M | $298M | $457M | $473M | $419M | $323M |
| Shares Outstanding | 32,132,000 | 35,018,000 | 35,657,000 | 35,815,000 | 36,088,000 | 36,689,000 | 37,012,000 | 35,158,000 | 33,379,000 | 32,409,000 |
| Free Cash Flow* | $24M | $40M | $16M | $3M | $23M | $-93M | $125M | $235M | $111M | $40M |
| Share Count Change | — | +9.0% | +1.8% | +0.4% | +0.8% | +1.7% | +0.9% | -5.0% | -5.1% | -2.9% |
*FCF = Operating Cash Flow - CapEx
| Balance Sheet Item | Latest FY |
|---|---|
| Total Assets | $449M |
| PP&E (net) | $28M |
| Cash & Equivalents | $109M |
| Goodwill | $64M |
| Intangible Assets | $28M |
| Total Liabilities | $449M |
| Long-Term Debt | $0 |
| Stockholders Equity | $323M |
| Tangible Book Value | $231M |
Goodwill: $64M — this is a real risk; if written down, equity shrinks
Intangible Assets: $28M
PP&E: $28M — physical assets that could be liquidated
Tangible Book Value: $231M ($7.30 per share)
| Metric | Value | Notes |
|---|---|---|
| Book Value / Share | $10.18 | Stockholders equity / shares |
| Tangible Book Value / Share | $7.30 | Equity minus goodwill & intangibles |
| Price / Revenue | 0.29x | Market cap / TTM revenue |
| OCF Yield | 15.6% | Operating cash flow / market cap |
| FCF Yield | 13.8% | Free cash flow / market cap |
| Floor Price Estimate (60% TBV) | $4.38 | Conservative: 60% of tangible book value per share |
Tangible Book Value per share: $7.30
Conservative Floor (60% of TBV): $4.38 — At this price, you are buying hard assets at 60 cents on the dollar with margin of safety.
Current price $9.43 is above tangible book value ($7.30).
Buyback impact: Buybacks: -12% share count change. If management continues buying back shares below book value, per-share intrinsic value compounds upward even without earnings growth.
Item 1. Business. Overview of Our Company Cross Country Healthcare, Inc. (Nasdaq: CCRN) is a market-leading, tech-enabled workforce solutions and advisory firm with 38 years of industry experience and insight. We help customers tackle complex labor-related challenges and achieve high-quality outcomes, while reducing complexity and improving visibility through data-driven insights. Leveraging national and in-market staffing teams, we place highly qualified healthcare professionals in virtually every specialty on travel and per diem assignments, local short-term contracts, and permanent positions. We also place teachers, substitute teachers, and other education specialties at educational facilities, healthcare leaders within nursing, allied, physician, and human resources at healthcare organizations, and non-healthcare providers to participants in Programs of All-Inclusive Care for the Elderly (PACE) programs. Our diverse customer base includes both public and private acute care and non-acute care hospitals, outpatient clinics, ambulatory care facilities, single and multi-specialty physician practices, rehabilitation facilities, PACE programs, urgent care centers, local and national healthcare systems, managed care providers, public and charter schools, correctional facilities, government facilities, pharmacies, and many other healthcare providers including those in underserved communities. By utilizing the solutions that we offer, customers are able to better plan their
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Item 1. Business, Item 1A. Risk Factors, Forward-Looking Statements, and Item 15. Consolidated Financial Statements and the accompanying notes and other data, all of which appear elsewhere in this Annual Report on Form 10-K. Management's Discussion and Analysis (MD&A) below generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 23, 2024 and such information is incorporated herein by reference. Business Overview We provide total talent management services, including strategic workforce solutions, contingent staffing, permanent placement, and consultative services for healthcare customers across the continuum of care, by recruiting and placing highly qualified healthcare professionals in virtually every specialty and area of expertise. In addition to clinical roles such as school nurses, speech language, and behavioral therapists, we place non-clinical professionals such as teachers
What assets exist? PP&E of $28M. Total assets of $449M Tangible book value of $231M. Goodwill of $64M is a risk.
Are buybacks real? Yes — Buybacks: -12% share count change. This is the AMR playbook: buy back shares below book value to compound per-share intrinsic value.
Is the business durable? Healthcare Staffing with AGI score 4/10. Low AGI disruption risk — physical business that AGI does not easily replace.
What is the floor? At $4.38 (60% of TBV), downside is limited by hard assets. Current price $9.43 is above the floor estimate.
Data sources: SEC EDGAR XBRL, yfinance, 10-K filing extracts, AGI scoring framework. Analysis date: 2026-03-13.