-61%

est. 2Y upside i

Healthcare

Rank

#3370

Sector

Healthcare Staffing Marketplace

Est. Liquidity

~3Y

Data Quality

Data: Medium

Nomad Health operates in a large, but highly competitive, healthcare staffing market.

Last updated: March 10, 2026

Bull (20%)+100%

Nomad Health successfully leverages its AI capabilities and expands into new allied health specialties, capturing significant market share from traditional agencies. Revenue grows to $250M+ by 2028, justifying a $1.2B+ valuation at 5x revenue, doubling the current estimated valuation.

Base (45%)+25%

Nomad Health maintains its competitive position in the healthcare staffing marketplace, achieving moderate growth despite market headwinds and intense competition. Revenue reaches $150M by 2028, leading to an exit valuation of approximately $750M, a modest increase from the current estimated valuation.

Bear (35%)-40%

Increased competition from well-funded digital platforms and a sustained decline in demand for temporary healthcare staff lead to stagnant growth and pricing pressure. Revenue plateaus around $100M, resulting in a down round or exit valuation of $360M, wiping out a significant portion of common stock value due to the $275M liquidation preference.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors have raised $275M. Assuming standard 1x non-participating liquidation preference, common shareholders would only see returns after the first $275M of an exit valuation is paid to preferred shareholders. If the company exits at the estimated current valuation of $600M, common stock would participate in the remaining $325M. If the exit is below $275M, common shareholders would get nothing.

Dilution Risk

high

Recent funding rounds, including $34M in December 2025 and $22M in June 2024, indicate continued capital raises, suggesting further dilution from future rounds is likely before a liquidity event.

Secondary Liquidity

none

No information found on active secondary markets or tender offers for Nomad Health equity.

Questions to Ask at the Interview

Strategic questions based on Nomad Health's data — designed to show you've done your homework.

  • 1

    “Given the recent decline in demand for contract workers and the layoffs, how is Nomad Health adapting its strategy to maintain growth and profitability against large incumbents like Aya Healthcare and well-funded competitors like Trusted Health?”

  • 2

    “With $123M in revenue, what are the key growth levers Nomad Health plans to pull over the next 2-3 years to significantly increase market share within the $8.2B SAM, particularly considering the moderate competitive moat?”

  • 3

    “Considering the substantial amount of capital raised ($275M) and the estimated current valuation, how does Nomad Health envision the path to a liquidity event, and what measures are in place to ensure meaningful returns for common shareholders given the preference stack?”

Community

Valuation Sentiment

Our model estimates -61% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.