AMERISAFE, Inc. (AMSF) 10-Year Financial Performance & Capital Metrics

AMSF • • Insurance & Managed Care

Financial ServicesSpecialty InsuranceSpecialty Property & Casualty InsuranceWorkers' Compensation Specialists

AboutAMERISAFE, Inc., an insurance holding company, underwrites workers' compensation insurance in the United States. The company's workers' compensation insurance policies provide benefits to injured employees for temporary or permanent disability, death, and medical and hospital expenses. It serves small to mid-sized employers engaged in hazardous industries, including construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications, and maritime. The company was incorporated in 1985 and is based in DeRidder, Louisiana.Show more

Revenue $309M +0.7%
Combined Ratio 77.66% +3.8%
Net Income $55M -10.7%
Return on Equity 20.17% -1.0%
Medical Cost Ratio 58.56%
Operating Margin 22.34% -11.4%
Net Margin 17.93% -11.4%
ROA 4.64% -6.6%
Equity / Assets 22.23% -6.6%
Book Value per Share 13.43 -11.7%
Tangible BV/Share 13.43 -11.7%
Debt/Equity -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 77.7% combined ratio
✓Low loss ratio of 58.6%
✓Good 3Y average ROE of 18.7%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.64%

5Y-3.55%

3Y-0.73%

TTM-1.72%

Profit (Net Income) CAGR

10Y0.33%

5Y-9.77%

3Y-5.53%

TTM-18.73%

EPS CAGR

10Y0.17%

5Y-9.65%

3Y-5.18%

TTM-18.44%

ROCE

10Y Avg6.32%

5Y Avg5.99%

3Y Avg5.68%

Latest5.79%

Peer Comparison

Workers' Compensation Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AMSFAMERISAFE, Inc.	727.26M	38.43	13.30	0.72%	16.12%	18.17%	3.21%
EIGEmployers Holdings, Inc.	1.03B	45.79	9.72	3.5%	6.91%	6.01%	6.95%	0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	401.62M	396.66M	375.21M	377.75M	370.37M	339.5M	316.01M	294.69M	306.91M	309.11M
Revenue Growth %	-0.01%	-0.01%	-0.05%	0.01%	-0.02%	-0.08%	-0.07%	-0.07%	0.04%	0.01%
Medical Costs & Claims+	242.08M	225.27M	234.14M	231.05M	201.35M	0	160.8M	152.32M	0	181.02M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	159.54M	171.39M	141.07M	146.7M	169.02M	339.5M	155.22M	142.38M	306.91M	128.09M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.22%	0.07%	-0.18%	0.04%	0.15%	1.01%	-0.54%	-0.08%	1.16%	-0.58%
Operating Expenses+	58.57M	58.57M	58.83M	59.12M	53.5M	232.59M	75.77M	74.73M	229.53M	59.04M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	1.35M	1.18M	984K	996K	942K	0	1.02M	1.31M	1.43M	1.09M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	100.97M	112.82M	82.24M	87.58M	115.52M	106.92M	79.45M	67.65M	77.38M	69.06M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.37%	0.12%	-0.27%	0.06%	0.32%	-0.07%	-0.26%	-0.15%	0.14%	-0.11%
EBITDA+	102.31M	114M	83.22M	88.58M	116.46M	106.92M	80.47M	68.95M	78.8M	70.15M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	0	0	0	0	0	0	0	0	0	0
Non-Operating Income	0	0	0	0	0	0	0	0	78.8M	0
Pretax Income+	100.97M	112.82M	82.24M	87.58M	115.52M	106.92M	79.45M	67.65M	77.38M	69.06M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	30.5M	34.96M	36.01M	15.95M	22.83M	20.32M	13.69M	12.04M	15.27M	13.62M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	70.46M	77.86M	46.23M	71.63M	92.69M	86.6M	65.76M	55.6M	62.11M	55.44M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.31%	0.11%	-0.41%	0.55%	0.29%	-0.07%	-0.24%	-0.15%	0.12%	-0.11%
EPS (Diluted)+	3.69	4.05	2.40	3.71	4.80	4.47	3.39	2.88	3.23	2.89
EPS Growth %	0.3%	0.1%	-0.41%	0.55%	0.29%	-0.07%	-0.24%	-0.15%	0.12%	-0.11%
EPS (Basic)	3.72	4.08	2.41	3.73	4.82	4.49	3.40	2.89	3.24	2.91
Diluted Shares Outstanding	19.12M	19.2M	19.25M	19.29M	19.33M	19.36M	19.41M	19.32M	19.23M	19.16M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.5B	1.52B	1.52B	1.52B	1.49B	1.47B	1.4B	1.27B	1.23B	1.16B
Asset Growth %	0.03%	0.01%	-0%	-0%	-0.02%	-0.01%	-0.05%	-0.1%	-0.03%	-0.06%
Total Investment Assets+	1.03B	1.07B	1.13B	1.13B	1.13B	1.09B	1.01B	888.99M	857.79M	788.78M
Long-Term Investments	1.03B	1.07B	1.13B	1.13B	1.13B	1.09B	1.01B	888.99M	857.79M	788.78M
Short-Term Investments	0	0	0	0	497.69M	0	0	335.24M	94.75M	86.51M
Total Current Assets+	646.55M	732.4M	706.02M	817.99M	0	264.42M	740.08M	0	0	0
Cash & Equivalents	69.48M	58.94M	55.56M	40.34M	43.81M	61.76M	70.72M	61.47M	38.68M	44.05M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-805.1M	443.84M	365.37M	-653.98M	-406.31M	-399.74M
Goodwill & Intangibles+	20.41M	19.3M	20.25M	1.11B	0	1.08B	1B	0	0	0
Goodwill	0	0	0	1.09B	0	1.06B	987.78M	0	0	0
Intangible Assets	20.41M	19.3M	20.25M	19.73M	0	17.81M	17.06M	0	0	0
PP&E (Net)	6.18M	6.64M	6.13M	6.26M	6.76M	6.5M	6.65M	7.22M	6.35M	5.89M
Other Assets	-1.05B	-1.09B	-1.15B	-1.13B	-1.13B	-2.18B	-1.02B	-896.21M	-864.13M	-794.66M
Total Liabilities	1.05B	1.06B	1.09B	1.11B	1.06B	1.03B	1B	951.85M	936.71M	900.45M
Total Debt+	67K	0	0	0	0	499K	395K	0	0	0
Net Debt	-69.41M	-58.94M	-55.56M	-40.34M	-43.81M	-61.26M	-70.33M	-61.47M	-38.68M	-44.05M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	911K	4.02M	1.76M	38.61M	0	14.08M	37.88M	0	0	0
Accounts Payable	154K	28K	0	0	40.09M	0	37.88M	38.06M	0	0
Deferred Revenue	-39K	0	0	0	0	13.66M	14.38M	0	0	0
Other Current Liabilities	-1.06M	-13.55M	0	-3.41M	-26.19M	0	-14.38M	-38.06M	0	-1.43M
Deferred Taxes	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Liabilities	1.05B	1.06B	1.09B	1.11B	0	1.02B	1B	0	0	0
Total Equity+	453.98M	456.15M	425.42M	409.76M	430.21M	438.82M	399.32M	317.43M	292.45M	257.34M
Equity Growth %	0.02%	0%	-0.07%	-0.04%	0.05%	0.02%	-0.09%	-0.21%	-0.08%	-0.12%
Shareholders Equity	453.98M	456.15M	425.42M	409.76M	430.21M	438.82M	399.32M	317.43M	292.45M	257.34M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	268.87M	270.42M	233.9M	221.33M	227.16M	224.65M	190.49M	145.51M	114.29M	84.11M
Common Stock	203K	204K	204K	205K	205K	206K	206K	207K	207K	207K
Accumulated OCI	2.59M	-492K	3.61M	-832K	12.21M	21.02M	13.54M	-13.83M	-7.19M	-8.88M
Return on Equity (ROE)	0.16%	0.17%	0.1%	0.17%	0.22%	0.2%	0.16%	0.16%	0.2%	0.2%
Return on Assets (ROA)	0.05%	0.05%	0.03%	0.05%	0.06%	0.06%	0.05%	0.04%	0.05%	0.05%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.00x	-	-	-	-	0.00x	0.00x	-	-	-
Book Value per Share	23.75	23.75	22.10	21.24	22.26	22.66	20.57	16.43	15.21	13.43
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	92.86M	114.21M	130.81M	98.27M	78.82M	63.4M	37.98M	28.19M	29.84M	24.19M
Operating CF Growth %	-0.34%	0.23%	0.15%	-0.25%	-0.2%	-0.2%	-0.4%	-0.26%	0.06%	-0.19%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	70.46M	77.86M	46.23M	71.63M	92.69M	86.6M	65.76M	55.6M	62.11M	55.44M
Depreciation & Amortization	1.35M	1.18M	984K	996K	942K	1.01M	1.02M	1.31M	1.43M	1.09M
Stock-Based Compensation	1.22M	1.6M	2.02M	2.06M	2.35M	3.3M	2.32M	2.48M	1.56M	2.94M
Deferred Taxes	1.45M	-2.25M	12.8M	-1.46M	872K	1.66M	1.27M	-1.14M	628K	1.4M
Other Non-Cash Items	19.58M	16.76M	14.66M	14.41M	3.98M	2.87M	-5.24M	11.44M	-4.84M	-7.34M
Working Capital Changes	-1.2M	19.05M	54.11M	10.63M	-22.02M	-32.04M	-27.14M	-41.5M	-31.04M	-29.34M
Cash from Investing+	-49.82M	-50.48M	-51.54M	-29.06M	11.69M	43.37M	70.96M	75.43M	43.88M	72.37M
Capital Expenditures	-953K	-1.64M	-478K	-1.13M	-1.02M	-921K	-1.3M	-2.09M	-553K	-840K
Acquisitions	-25M	-177.16M	-78.9M	-100.11M	-159.7M	-104.56M	23K	-85.01M	-44.44M	0
Purchase of Investments	-326.17M	-354.59M	-401.81M	-368.27M	-345.9M	-320.95M	-271.18M	-215.48M	-133.68M	-110.7M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	25M	177.16M	78.9M	100.11M	159.7M	104.56M	0	85.01M	44.44M	71.07M
Cash from Financing+	-64.51M	-74.28M	-82.64M	-84.42M	-87.04M	-88.83M	-99.97M	-112.87M	-96.51M	-91.2M
Dividends Paid	-68.56M	-76.11M	-82.64M	-84.49M	-87.02M	-88.78M	-99.93M	-100.43M	-93.31M	-85.44M
Share Repurchases	0	0	0	0	-20K	0	0	-12.39M	-2.17M	-5.68M
Stock Issued	1.84M	837K	0	67K	20K	0	0	0	0	0
Debt Issuance (Net)	0	0	0	0	-47K	-50K	-44K	-58K	-91K	-85K
Other Financing	4.05M	1.83M	0	67K	20K	0	0	0	-944K	-554K
Net Change in Cash+	-21.48M	-10.54M	-3.38M	-15.21M	3.47M	17.94M	8.96M	-9.25M	-22.79M	5.36M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	90.96M	69.48M	58.94M	55.56M	40.34M	43.81M	61.76M	70.72M	61.47M	38.68M
Cash at End	69.48M	58.94M	55.56M	40.34M	43.81M	61.76M	70.72M	61.47M	38.68M	44.05M
Free Cash Flow+	91.91M	112.57M	130.33M	97.14M	77.81M	62.48M	36.68M	26.11M	29.29M	23.35M
FCF Growth %	-0.34%	0.22%	0.16%	-0.25%	-0.2%	-0.2%	-0.41%	-0.29%	0.12%	-0.2%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	4.81	5.86	6.77	5.04	4.03	3.23	1.89	1.35	1.52	1.22

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	74.86%	71.56%	78.08%	76.82%	68.81%	68.51%	74.86%	77.05%	74.79%	77.66%
Medical Cost Ratio	60.28%	56.79%	62.4%	61.16%	54.37%	0%	50.88%	51.69%	0%	58.56%
Return on Equity (ROE)	15.64%	17.11%	10.49%	17.15%	22.07%	19.93%	15.69%	15.51%	20.37%	20.17%
Return on Assets (ROA)	4.76%	5.16%	3.04%	4.72%	6.16%	5.84%	4.58%	4.16%	4.97%	4.64%
Equity / Assets	30.22%	30.03%	28.02%	27.03%	28.82%	29.83%	28.47%	25.01%	23.79%	22.23%
Book Value / Share	23.75	23.75	22.1	21.24	22.26	22.66	20.57	16.43	15.21	13.43
Debt / Equity	0.00x	-	-	-	-	0.00x	0.00x	-	-	-
Revenue Growth	-0.59%	-1.23%	-5.41%	0.68%	-1.95%	-8.33%	-6.92%	-6.75%	4.15%	0.72%

Frequently Asked Questions

Valuation & Price

AMERISAFE, Inc. (AMSF) has a price-to-earnings (P/E) ratio of 13.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

AMERISAFE, Inc. (AMSF) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, AMERISAFE, Inc. (AMSF) is profitable, generating $49.9M in net income for fiscal year 2024 (17.9% net margin).

Dividend & Returns

Yes, AMERISAFE, Inc. (AMSF) pays a dividend with a yield of 11.60%. This makes it attractive for income-focused investors.

AMERISAFE, Inc. (AMSF) has a return on equity (ROE) of 20.2%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

AMERISAFE, Inc. (AMSF) has a combined ratio of 77.7%. A ratio below 100% indicates underwriting profitability.

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