Amerisafe
Amerisafe's revenue rose 2.7% to $317 million in fiscal 2025. Its net margin was 14.9%, down from 17.9% a year earlier. Free cash flow was $9 million, down 61.8%. It paid out $49 million in dividends and buybacks, 545% of free cash flow. The diluted share count fell 0.4%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Amerisafe does
AMERISAFE sells workers' compensation insurance, which pays injured employees' medical costs and part of their lost wages, as state and federal laws require employers to provide. It focuses on small and mid-sized employers in hazardous industries, mainly construction, trucking, logging and lumber, agriculture, manufacturing and maritime.
Employers pay the premiums. Because these industries have fewer but more severe claims, the premiums are much higher per dollar of payroll than in other industries. AMERISAFE says it tries to earn good returns with careful underwriting, safety services at workplaces, active claims handling and premium audits. It earns money from the premiums it collects, less the claims it pays, and from investing the premiums until claims are paid.
AMERISAFE is an insurance holding company, incorporated in Texas, with three insurance subsidiaries. It began in 1986 insuring logging contractors in the southeastern U.S. and moved into other hazardous industries from 1994. It sells through independent insurance agencies.
Its biggest risks, as it describes them
- If it sets premium rates too low, or its loss reserves prove too small, its profits would suffer.
- It sells only workers' compensation insurance, so it has no other business to offset a downturn.
- The workers' compensation market goes through cycles, and competitors may have more resources.
- It depends on independent agencies to sell its policies.
- It may not get reinsurance on good terms or may be unable to collect from reinsurers.
Income statement
From fiscal 2016 to 2025, earnings per share fell 5.3% a year and net income 5.4% a year, while buybacks cut the share count by 1%.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 71 | 62 | 39 | 44 | 62 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | — | — | — | — | — |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Cash flow
Projections
Project Amerisafe's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Amerisafe shares on the open market, and 1 insider sold $100,456.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 20, 2025 | Anastasios OmiridisEvp-cfo | Sold | 1,247 | $40.21 | $50,142 | Form 4 |
| Nov 7, 2025 | Anastasios OmiridisEvp-cfo | Sold | 1,235 | $40.74 | $50,314 | Form 4 |
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | 13.7% | 8.3% | 5.5% |
| Altman Z'' | — | — | — |
| Accruals ratio | 2.6% | 2.6% | 3.1% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Fail | Fail | Fail |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Pass | Pass |
| F-score | — | — | — |
Compare
Put Amerisafe side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Amerisafe | FY25 | 2.7% | — | 2.8% | — | — | — | |
| Lemonade | FY25 | 40.1% | — | −3.5% | — | — | — | Compare |
| Employers | FY25 | −2.5% | — | 5.2% | 1.2% | −5.0x | — | Compare |
| Palomar | FY25 | 58.2% | — | 46.7% | — | — | — | Compare |
| HCI Group | FY25 | 20.1% | — | 48.9% | — | −2.6x | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 397 | 375 | 378 | 370 | 340 | 316 | 295 | 307 | 309 | 317 |
| Revenue growth | −1.1% | −5.4% | 0.7% | −1.9% | −8.3% | −6.9% | −6.7% | 4.1% | 0.7% | 2.7% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Net income | 78 | 46 | 72 | 93 | 87 | 66 | 56 | 62 | 55 | 47 |
| Diluted EPS (US$) | 4.05 | 2.40 | 3.71 | 4.80 | 4.47 | 3.39 | 2.88 | 3.23 | 2.89 | 2.47 |
| Diluted shares (millions) | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Cash flow | ||||||||||
| Cash from operations | 114 | 131 | 98 | 79 | 63 | 38 | 28 | 30 | 24 | 11 |
| Capital expenditure | 2 | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 2 |
| Free cash flow | 113 | 130 | 97 | 78 | 62 | 37 | 26 | 29 | 23 | 9 |
| Dividends paid | 76 | 83 | 84 | 87 | 89 | 100 | 100 | 93 | 85 | 49 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 2 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 3 | 3 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 88 | 81 | 55 | 44 | 62 | 71 | 62 | 39 | 44 | 62 |
| Debt incl. finance leases | — | — | — | — | — | — | — | — | — | — |
| Total assets | 1,519 | 1,518 | 1,516 | 1,493 | 1,471 | 1,403 | 1,269 | 1,229 | 1,158 | 1,130 |
| Total liabilities | 1,063 | 1,093 | 1,106 | 1,063 | 1,032 | 1,003 | 952 | 937 | 900 | 879 |
| Shareholders' equity | 456 | 425 | 410 | 430 | 439 | 399 | 317 | 292 | 257 | 252 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Net margin | 19.6% | 12.3% | 19.0% | 25.0% | 25.5% | 20.8% | 18.9% | 20.2% | 17.9% | 14.9% |
| Free cash flow margin | 28.4% | 34.7% | 25.7% | 21.0% | 18.4% | 11.6% | 8.9% | 9.5% | 7.6% | 2.8% |
| Rule of 40 (growth + FCF margin) | 27.3% | 29.3% | 26.4% | 19.1% | 10.1% | 4.7% | 2.1% | 13.7% | 8.3% | 5.5% |
| Return on capital | — | — | — | — | — | — | — | — | — | — |
| Return on equity | 17.1% | 10.5% | 17.1% | 22.1% | 19.9% | 15.7% | 15.5% | 20.4% | 20.2% | 18.5% |
| Return on assets | 5.2% | 3.0% | 4.7% | 6.2% | 5.8% | 4.6% | 4.2% | 5.0% | 4.6% | 4.1% |
| Net debt to EBITDA | — | — | — | — | — | — | — | — | — | — |