NASDAQ : AMSF
AMERISAFE, Inc. — Financial statements
Financials · Insurance - Specialty · United States
Last price 20.91 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 387.18M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 299.26M | 283.06M | 270.64M | 267.12M | 271.70M | 275.99M |
| Total Interest & Dividend Income | 26.81M | 26.99M | 29.21M | 31.34M | 27.22M | 25.43M |
| Gain (Loss) on Sale of Investments | 6.99M | 6.80M | 9.00M | 7.86M | -4.70M | 14.09M |
| Other Revenue | 425.00K | 449.00K | 260.00K | 582.00K | 468.00K | 496.00K |
| Total Revenue | 333.49M | 317.30M | 309.11M | 306.91M | 294.69M | 316.01M |
| Policy Benefits | 191.12M | 172.46M | 159.92M | 151.22M | 155.01M | 164.51M |
| Policy Acquisition & Underwriting Costs | 57.26M | 52.42M | 48.33M | 50.65M | 45.32M | 45.90M |
| Selling, General & Administrative | 300.00K | 300.00K | 300.00K | 300.00K | 200.00K | 200.00K |
| Total Operating Expenses | 283.37M | 258.44M | 240.05M | 229.53M | 227.05M | 236.56M |
| Operating Income | 50.12M | 58.85M | 69.06M | 77.38M | 67.65M | 79.45M |
| EBT Excluding Unusual Items | 50.12M | 58.85M | 69.06M | 77.38M | 67.65M | 79.45M |
| Pretax Income | 50.12M | 58.85M | 69.06M | 77.38M | 67.65M | 79.45M |
| Income Tax Expense | 9.76M | 11.71M | 13.62M | 15.27M | 12.04M | 13.69M |
| Net Income | 40.36M | 47.15M | 55.44M | 62.11M | 55.60M | 65.76M |
| Net Income to Common | 40.36M | 47.15M | 55.44M | 62.11M | 55.60M | 65.76M |
| Shares Outstanding (Basic) | 18.68M | 18.98M | 19.07M | 19.15M | 19.23M | 19.33M |
| Shares Outstanding (Diluted) | 18.82M | 19.08M | 19.16M | 19.23M | 19.32M | 19.41M |
| EPS (Basic) | 2.16 | 2.48 | 2.91 | 3.24 | 2.89 | 3.40 |
| EPS (Diluted) | 2.15 | 2.47 | 2.89 | 3.23 | 2.88 | 3.39 |
| Free Cash Flow | 12.32M | 8.92M | 23.35M | 29.29M | 26.11M | 36.68M |
| Free Cash Flow Per Share | 0.66 | 0.47 | 1.22 | 1.52 | 1.35 | 1.89 |
| Dividend Per Share | 1.62 | 1.56 | 1.48 | 1.36 | 1.24 | 1.16 |
| Operating Margin | 15.03% | 18.55% | 22.34% | 25.21% | 22.96% | 25.14% |
| Profit Margin | 12.10% | 14.86% | 17.93% | 20.24% | 18.87% | 20.81% |
| Free Cash Flow Margin | 3.70% | 2.81% | 7.55% | 9.54% | 8.86% | 11.61% |
| EBITDA | 50.80M | 59.59M | 70.15M | 78.80M | 68.95M | 80.47M |
| EBITDA Margin | 15.23% | 18.78% | 22.69% | 25.68% | 23.40% | 25.46% |
| D&A For EBITDA | 680.00K | 742.00K | 1.09M | 1.43M | 1.31M | 1.02M |
| EBIT | 50.12M | 58.85M | 69.06M | 77.38M | 67.65M | 79.45M |
| EBIT Margin | 15.03% | 18.55% | 22.34% | 25.21% | 22.96% | 25.14% |
| Effective Tax Rate | 19.47% | 19.89% | 19.72% | 19.73% | 17.80% | 17.23% |
| Revenue as Reported | 333.46M | 317.25M | 309.04M | 306.85M | 294.74M | 315.93M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 591.14M | 663.12M | 720.81M | 800.64M | 812.81M | 891.00M |
| Investments in Equity & Preferred Securities | 63.76M | 57.49M | 58.63M | 57.15M | 62.06M | 64.14M |
| Other Investments | 58.69M | 14.24M | 9.34M | 14.12M | 57.43M | |
| Total Investments | 713.59M | 734.86M | 788.78M | 857.79M | 888.99M | 1.01B |
| Cash & Equivalents | 39.68M | 61.93M | 44.05M | 38.68M | 61.47M | 70.72M |
| Reinsurance Recoverable | 108.18M | 108.10M | 117.02M | 129.96M | 125.68M | 120.56M |
| Other Receivables | 187.36M | 171.00M | 152.17M | 142.92M | 131.59M | 149.59M |
| Deferred Policy Acquisition Cost | 22.38M | 21.09M | 19.15M | 17.98M | 17.40M | 17.06M |
| Property, Plant & Equipment | 6.81M | 7.50M | 6.16M | 6.38M | 7.33M | 6.65M |
| Long-Term Deferred Tax Assets | 19.84M | 17.57M | 19.45M | 20.40M | 22.79M | 14.38M |
| Other Long-Term Assets | 12.19M | 8.51M | 11.02M | 15.06M | 14.03M | 11.18M |
| Total Assets | 1.11B | 1.13B | 1.16B | 1.23B | 1.27B | 1.40B |
| Accounts Payable | 39.55M | 38.69M | 37.98M | 40.75M | 37.72M | 37.31M |
| Insurance & Annuity Liabilities | 636.48M | 663.09M | 700.03M | 725.41M | 750.00M | 801.51M |
| Unearned Premiums | 148.74M | 135.50M | 121.93M | 116.58M | 114.98M | 121.09M |
| Current Portion of Leases | 186.00K | 573.00K | ||||
| Long-Term Leases | 305.00K | 428.00K | 267.00K | 336.00K | ||
| Other Long-Term Liabilities | 48.02M | 41.17M | 40.09M | 53.69M | 48.81M | 42.91M |
| Total Liabilities | 872.78M | 878.95M | 900.45M | 936.71M | 951.85M | 1.00B |
| Common Stock | 208.00K | 208.00K | 207.00K | 207.00K | 207.00K | 206.00K |
| Additional Paid-In Capital | 227.70M | 225.91M | 223.96M | 222.08M | 220.30M | 217.46M |
| Retained Earnings | 89.81M | 82.85M | 84.11M | 114.29M | 145.51M | 190.49M |
| Treasury Stock | -63.97M | -54.16M | -42.05M | -36.93M | -34.76M | -22.37M |
| Comprehensive Income & Other | -16.49M | -3.22M | -8.88M | -7.19M | -13.83M | 13.54M |
| Shareholders' Equity | 237.25M | 251.60M | 257.34M | 292.45M | 317.43M | 399.32M |
| Total Liabilities & Equity | 1.11B | 1.13B | 1.16B | 1.23B | 1.27B | 1.40B |
| Filing Date Shares Outstanding | 18.52M | 18.78M | 19.04M | 19.13M | 19.14M | 19.36M |
| Total Common Shares Outstanding | 18.52M | 18.78M | 19.04M | 19.13M | 19.14M | 19.36M |
| Total Debt | 491.00K | 428.00K | 267.00K | 336.00K | 573.00K | |
| Net Cash (Debt) | 39.68M | 61.44M | 43.62M | 38.41M | 61.13M | 70.15M |
| Net Cash Per Share | 2.11 | 3.22 | 2.28 | 2.00 | 3.16 | 3.61 |
| Book Value Per Share | 12.81 | 13.40 | 13.52 | 15.29 | 16.58 | 20.63 |
| Tangible Book Value | 237.25M | 251.60M | 257.34M | 292.45M | 317.43M | 399.32M |
| Tangible Book Value Per Share | 12.81 | 13.40 | 13.52 | 15.29 | 16.58 | 20.63 |
| Land | 10.06M | 9.04M | 8.18M | 8.11M | 7.94M | |
| Machinery | 7.15M | 6.28M | 5.96M | 6.71M | 6.25M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 40.36M | 47.15M | 55.44M | 62.11M | 55.60M | 65.76M |
| Depreciation & Amortization | 680.00K | 742.00K | 1.09M | 1.43M | 1.31M | 1.02M |
| Gain (Loss) on Sale of Assets | 19.00K | 209.00K | 2.00K | 9.00K | -21.00K | |
| Gain (Loss) on Sale of Investments | -6.99M | -6.23M | -7.55M | -4.84M | 11.43M | -5.22M |
| Stock-Based Compensation | 2.47M | 2.91M | 2.94M | 1.56M | 2.48M | 2.32M |
| Change in Accounts Receivable | -11.10M | -18.24M | -12.06M | -8.48M | 13.39M | 21.66M |
| Reinsurance Recoverable | 5.79M | 9.13M | 11.93M | -3.74M | -4.75M | -14.65M |
| Change in Accounts Payable | 1.84M | 1.86M | -2.23M | 306.00K | 969.00K | -2.24M |
| Change in Unearned Revenue | 5.16M | 13.58M | 5.34M | 1.61M | -6.12M | -8.17M |
| Change in Income Taxes | 1.21M | -908.00K | -399.00K | -328.00K | 4.96M | -6.83M |
| Change in Insurance Reserves / Liabilities | -31.77M | -37.73M | -22.68M | -22.04M | -49.24M | -15.28M |
| Change in Other Net Operating Assets | 3.11M | 374.00K | -8.06M | 2.21M | -363.00K | -2.38M |
| Other Operating Activities | 2.42M | 372.00K | 1.40M | 628.00K | -1.14M | 1.27M |
| Operating Cash Flow | 12.57M | 11.07M | 24.19M | 29.84M | 28.19M | 37.98M |
| Capital Expenditures | -241.00K | -2.15M | -840.00K | -553.00K | -2.09M | -1.30M |
| Sale of Property, Plant & Equipment | 23.00K | |||||
| Investment in Securities | 40.47M | 70.57M | 73.21M | 44.44M | 77.52M | 72.23M |
| Investing Cash Flow | 40.23M | 68.42M | 72.37M | 43.88M | 75.43M | 70.96M |
| Total Debt Repaid | -82.00K | -85.00K | -85.00K | -91.00K | -58.00K | -44.00K |
| Net Debt Issued (Repaid) | -82.00K | -85.00K | -85.00K | -91.00K | -58.00K | -44.00K |
| Repurchases of Common Stock | -18.55M | -12.92M | -5.68M | -3.12M | -12.39M | |
| Common Dividends Paid | -30.25M | -29.62M | -28.22M | -26.11M | -23.77M | -22.46M |
| Financing Cash Flow | -67.87M | -61.61M | -91.20M | -96.51M | -112.87M | -99.97M |
| Net Cash Flow | -15.07M | 17.88M | 5.36M | -22.79M | -9.25M | 8.96M |
| Free Cash Flow | 12.32M | 8.92M | 23.35M | 29.29M | 26.11M | 36.68M |
| Free Cash Flow Margin | 3.70% | 2.81% | 7.55% | 9.54% | 8.86% | 11.61% |
| Free Cash Flow Per Share | 0.66 | 0.47 | 1.22 | 1.52 | 1.35 | 1.89 |
| Levered Free Cash Flow | -3.53M | 37.76M | 43.28M | 53.94M | 94.47M | 32.19M |
| Unlevered Free Cash Flow | -3.53M | 37.76M | 43.28M | 53.94M | 94.47M | 32.19M |
| Cash Income Tax Paid | 11.25M | 11.25M | 11.75M | 13.95M | 7.79M | 18.20M |
| Change in Working Capital | -26.39M | -33.86M | -29.34M | -31.04M | -41.50M | -27.14M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 387.18M | 726.45M | 981.33M | 896.77M | 995.24M | 1.04B |
| Enterprise Value | 347.50M | 671.70M | 917.66M | 837.52M | 904.29M | 918.97M |
| PE Ratio | 9.73 | 15.41 | 17.70 | 14.44 | 17.90 | 15.85 |
| PS Ratio | 1.16 | 2.29 | 3.17 | 2.92 | 3.38 | 3.30 |
| PB Ratio | 1.63 | 2.89 | 3.81 | 3.07 | 3.13 | 2.61 |
| P/FCF Ratio | 31.41 | 81.42 | 42.03 | 30.62 | 38.12 | 28.41 |
| P/OCF Ratio | 30.81 | 65.62 | 40.57 | 30.05 | 35.30 | 27.44 |
| EV/Sales Ratio | 1.04 | 2.12 | 2.97 | 2.73 | 3.07 | 2.91 |
| EV/EBITDA Ratio | 6.84 | 11.27 | 13.08 | 10.63 | 13.11 | 11.42 |
| EV/EBIT Ratio | 6.93 | 11.41 | 13.29 | 10.82 | 13.37 | 11.57 |
| EV/FCF Ratio | 28.20 | 75.29 | 39.30 | 28.59 | 34.64 | 25.05 |
| Debt / Equity Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Debt / EBITDA Ratio | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | |
| Debt / FCF Ratio | 0.06 | 0.02 | 0.01 | 0.01 | 0.02 | |
| Net Debt / Equity Ratio | -0.17 | -0.24 | -0.17 | -0.13 | -0.19 | -0.18 |
| Net Debt / EBITDA Ratio | -0.78 | -1.03 | -0.62 | -0.49 | -0.89 | -0.87 |
| Net Debt / FCF Ratio | -3.22 | -6.89 | -1.87 | -1.31 | -2.34 | -1.91 |
| Quick Ratio | 1.48 | 1.38 | 1.24 | 1.10 | 1.30 | 1.70 |
| Current Ratio | 2.09 | 2.04 | 2.02 | 1.98 | 2.18 | 2.50 |
| Asset Turnover | 0.29 | 0.28 | 0.26 | 0.25 | 0.22 | 0.22 |
| Return on Equity (ROE) | 15.76% | 18.53% | 20.17% | 20.37% | 15.52% | 15.69% |
| Return on Assets (ROA) | 2.75% | 3.21% | 3.62% | 3.87% | 3.16% | 3.46% |
| Return on Invested Capital (ROIC) | 16.57% | 18.49% | 20.14% | 20.35% | 15.50% | 15.67% |
| Earnings Yield | 10.28% | 6.49% | 5.65% | 6.93% | 5.59% | 6.31% |
| FCF Yield | 3.18% | 1.23% | 2.38% | 3.27% | 2.62% | 3.52% |
| Dividend Yield | 12.63% | 4.03% | 2.87% | 2.90% | 2.38% | 2.15% |
| Payout Ratio | 76.29% | 62.83% | 50.91% | 42.04% | 42.74% | 34.16% |
| Buyback Yield / Dilution | 1.57% | 0.40% | 0.34% | 0.50% | 0.45% | -0.23% |
| Total Shareholder Return | 14.19% | 4.44% | 3.21% | 3.40% | 2.83% | 1.92% |