Operating cash flow turned negative at -$2.7M in 2026Q1 and was only $1.8M in 2026Q2 despite net income, as claims payments surged to $125.6M and the company relied on $43.1M in investment liquidations to manage liquidity.
AMERISAFE, Inc. (AMSF) cash flow statement — 24-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'95 |
|---|
| Cash from Operations | 20.4M | 11.07M | 24.19M | 29.84M | 28.19M | 37.98M | 63.4M | 78.82M | 98.27M | 130.81M | 114.21M | 92.86M | 140.44M | 128.9M | 81.05M | 43.71M | 44.84M | 27.3M | 64.92M | 100.43M | 81.82M | 142.04M | 91.95M | 50.45M | 29.1M |
| Operating CF Growth % | 95.22% | -54.24% | -18.94% | 5.85% | -25.76% | -40.09% | -19.57% | -19.79% | -24.88% | 14.53% | 23% | -33.88% | 8.95% | 59.05% | 85.43% | -2.53% | 64.28% | -57.95% | -35.36% | 22.74% | -42.4% | 54.48% | 82.26% | 73.36% | - |
| Operating CF / Revenue % | 6.08% | 3.49% | 7.83% | 9.72% | 9.57% | 12.02% | 18.67% | 21.28% | 26.01% | 34.86% | 28.79% | 23.12% | 34.76% | 36.17% | 25.23% | 15.57% | 18.07% | 9.67% | 21.47% | 29.69% | 24.59% | 51.41% | 36.93% | 26.45% | 50% |
| Net Income | 46.98M | 47.15M | 55.44M | 62.11M | 55.6M | 65.76M | 86.6M | 92.69M | 71.63M | 46.23M | 77.86M | 70.46M | 53.67M | 43.64M | 29.35M | 24.13M | 33.35M | 46.43M | 43.85M | 50.22M | 37.36M | 5.93M | 10.56M | 8.59M | 9.3M |
| Depreciation & Amortization | 472K | 742K | 1.09M | 1.43M | 1.31M | 1.02M | 1.01M | 942K | 996K | 984K | 1.18M | 1.35M | 1.3M | 1.3M | 1.11M | 1.01M | 1.03M | 1.16M | 1.19M | 4.51M | 4.23M | 2.16M | 3.37M | 2.02M | -1M |
| Stock-Based Compensation | 1.37M | 2.91M | 2.94M | 1.56M | 2.48M | 2.32M | 3.3M | 2.35M | 2.06M | 2.02M | 1.6M | 1.22M | 1.52M | 1.41M | 641K | 471K | 2.33M | 1.36M | 1.28M | 53K | 922K | 53K | 0 | 0 | 0 |
| Deferred Taxes | 1.95M | 372K | 1.4M | 628K | -1.14M | 1.27M | 1.66M | 872K | -1.46M | 12.8M | -2.25M | 1.45M | -1.41M | -207K | 115K | -1.55M | -2.8M | 5.23M | -6.78M | 4.38M | -5.82M | -6.39M | -2.85M | -1.87M | 200K |
| Other Non-Cash Items | -7.89M | -6.23M | -7.34M | -4.84M | 11.44M | -5.24M | 2.87M | 3.98M | 14.41M | 14.66M | 16.76M | 19.58M | 14.55M | 14.56M | 7.17M | 4.46M | 2.52M | 2M | 21.89M | 844K | -7.47M | -165.07M | -159K | 718K | 13.5M |
| Working Capital Changes | -22.48M | -33.86M | -29.34M | -31.04M | -41.5M | -27.14M | -32.04M | -22.02M | 10.63M | 54.11M | 19.05M | -1.2M | 70.82M | 68.2M | 42.65M | 15.19M | 8.41M | -28.9M | 3.49M | 40.43M | 52.6M | 305.36M | 81.03M | 40.99M | 7.2M |
| Cash from Investing | 65.6M | 68.42M | 72.37M | 43.88M | 75.43M | 70.96M | 43.37M | 11.69M | -29.06M | -51.54M | -50.48M | -49.82M | -141.01M | -96.96M | -9.33M | -42.94M | -36.66M | -33.82M | -17.28M | -80.84M | -104.8M | -171.28M | -108.97M | -53.62M | -23.3M |
| Capital Expenditures | -1.09M | -2.15M | -840K | -553K | -2.09M | -1.3M | -921K | -1.02M | -1.13M | -478K | -1.64M | -953K | -989K | -1.14M | -1.2M | -1.13M | -3.21M | -1.02M | -1.34M | -1.45M | -1.33M | -1.41M | -2.78M | -640K | -2.5M |
| Acquisitions | 0 | 0 | 0 | -44.44M | -85.01M | 23K | -104.56M | -159.7M | -100.11M | -78.9M | -177.16M | -25M | -114.6M | 0 | -97.86M | -114.1M | 0 | 0 | -61.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -89.56M | -67M | -110.7M | -133.68M | -215.48M | -271.18M | -320.95M | -345.9M | -368.27M | -401.81M | -354.59M | -326.17M | -455.2M | -345.65M | -267.75M | -294.77M | -194.46M | -186.41M | -147.3M | -625.92M | -256.6M | -296.17M | -145.26M | -90.66M | -30.6M |
| Sale/Maturity of Investments | 135.97M | 72.55M | 112.84M | 178.12M | 293M | 343.41M | 365.24M | 358.61M | 340.34M | 350.75M | 305.75M | 277.3M | 315.18M | 259.83M | 259.61M | 252.95M | 160.99M | 153.6M | 131.36M | 546.53M | 153.04M | 126.3M | 39.07M | 37.67M | 10.2M |
| Other Investing | 20.28M | 65.02M | 71.07M | 44.44M | 85.01M | 0 | 104.56M | 159.7M | 100.11M | 78.9M | 177.16M | 25M | 114.6M | -10M | 97.86M | 114.1M | 16K | 3K | 61.9M | 1K | 86K | 3K | 2K | 7K | -400K |
| Cash from Financing | -68.99M | -61.61M | -91.2M | -96.51M | -112.87M | -99.97M | -88.83M | -87.04M | -84.42M | -82.64M | -74.28M | -64.51M | -31.55M | -1.54M | -24.58M | -16.2M | -10.41M | -25.53M | 290K | 989K | 442K | 53.1M | -7.38M | 8.31M | -900K |
| Dividends Paid | -49.09M | -48.61M | -85.44M | -93.31M | -100.43M | -99.93M | -88.78M | -87.02M | -84.49M | -82.64M | -76.11M | -68.56M | -37.07M | -5.91M | 0 | 0 | 0 | 0 | 0 | -8.59M | 0 | -8.59M | 0 | 0 | 0 |
| Share Repurchases | -18.96M | -12.1M | -5.68M | -2.17M | -12.39M | 0 | 0 | -20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.27M | -12.1M | -25.88M | 0 | 0 | 0 | -10.19M | -27.24M | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 67K | 0 | 837K | 1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 810K | 428K | 73.42M | 27.33M | 0 | 0 |
| Debt Issuance (Net) | -83K | -85K | -85K | -91K | -58K | -44K | -50K | -47K | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 |
| Other Financing | -872K | -817K | -554K | -944K | 0 | 0 | 0 | 20K | 67K | 0 | 1.83M | 4.05M | 5.51M | 4.37M | 1.2M | 4.38M | 1.69M | 341K | 290K | 179K | 14K | -10.13M | 0 | 0 | -900K |
| Net Change in Cash | 17.01M | 17.88M | 5.36M | -22.79M | -9.25M | 8.96M | 17.94M | 3.47M | -15.21M | -3.38M | -10.54M | -21.48M | -32.12M | 30.4M | 47.14M | -15.43M | -2.22M | -32.05M | 47.94M | 20.58M | -22.54M | 23.86M | -24.39M | 5.14M | -900K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.8M |
| Cash at Beginning | 34.23M | 44.05M | 38.68M | 61.47M | 70.72M | 61.76M | 43.81M | 40.34M | 55.56M | 58.94M | 69.48M | 90.96M | 123.08M | 92.68M | 45.54M | 60.97M | 63.19M | 95.24M | 47.33M | 26.75M | 49.29M | 25.42M | 49.81M | 44.68M | 5.3M |
| Cash at End | 65.48M | 61.93M | 44.05M | 38.68M | 61.47M | 70.72M | 61.76M | 43.81M | 40.34M | 55.56M | 58.94M | 69.48M | 90.96M | 123.08M | 92.68M | 45.54M | 60.97M | 63.19M | 95.27M | 47.33M | 26.75M | 49.29M | 25.42M | 49.81M | 4.4M |
| Free Cash Flow | 19.31M | 8.92M | 23.35M | 29.29M | 26.11M | 36.68M | 62.48M | 77.81M | 97.14M | 130.33M | 112.57M | 91.91M | 139.45M | 127.76M | 79.85M | 42.58M | 41.64M | 26.28M | 63.59M | 98.98M | 80.49M | 140.63M | 89.17M | 49.81M | 26.6M |
| FCF Growth % | 143.81% | -61.79% | -20.28% | 12.2% | -28.84% | -41.29% | -19.7% | -19.9% | -25.47% | 15.77% | 22.49% | -34.09% | 9.15% | 60% | 87.53% | 2.26% | 58.43% | -58.67% | -35.76% | 22.97% | -42.76% | 57.71% | 79.03% | 87.25% | - |
| FCF Margin % | 5.75% | 2.81% | 7.55% | 9.54% | 8.86% | 11.61% | 18.4% | 21.01% | 25.72% | 34.74% | 28.38% | 22.88% | 34.52% | 35.85% | 24.86% | 15.17% | 16.78% | 9.31% | 21.03% | 29.26% | 24.19% | 50.9% | 35.82% | 26.11% | 45.7% |
| FCF per Share | 1.03 | 0.47 | 1.22 | 1.52 | 1.35 | 1.89 | 3.23 | 4.03 | 5.04 | 6.77 | 5.86 | 4.81 | 7.37 | 6.81 | 4.3 | 2.28 | 2.18 | 1.36 | 3.32 | 5.19 | 4.57 | 66.06 | 349.31 | 276.52 | 1.2 |
Quick answers to the most common questions about buying AMSF stock.
AMERISAFE, Inc. (AMSF) generated $11.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AMERISAFE, Inc. (AMSF) generated $8.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
AMERISAFE, Inc. (AMSF) spent $2.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, AMERISAFE, Inc. (AMSF) returned $48.6M to shareholders via cash dividends and spent $12.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Catastrophic loss volatility
Metrics are mathematically derived from official filings.
Float Generation Volatile Amid Loss Spikes
AMERISAFE's underwriting cash generation is highly erratic, with operating cash flow swinging from -$8.4M to $10.7M over the past four quarters, driven by volatile claims payments that reached $125.6M in 2026Q2, according to the company's cash flow statements.
The company's core insurance model of collecting premiums before paying claims is generating inconsistent float, as evidenced by the OCF/NI ratio collapsing to 0.12 in 2026Q2 from 1.02 in 2025Q4. This suggests that the severe underwriting loss identified in the income statement is translating directly into cash strain, with claims payments overwhelming premium collections in the most recent quarter.
Investment Liquidations Offset Underwriting Strain
AMERISAFE appears to be relying on investment portfolio liquidations to manage cash flow, with sale proceeds of $43.1M in 2026Q2 and $52.2M in 2025Q4 significantly exceeding new purchases, based on the reported cash flow data.
The pattern of net investment sales suggests the company is monetizing its investment portfolio to supplement operating cash flow, particularly during quarters with elevated claims payments. This strategy may provide short-term liquidity but could reduce future investment income, warranting monitoring of the portfolio's composition and yield trajectory.
Claims Payments Spike Signals Reserve Pressure
Claims and losses paid surged to $125.6M in 2026Q2, a 170% increase from the prior quarter's $46.4M, which according to the cash flow statement suggests either a significant catastrophe event or accelerated settlement of prior-year claims.
This dramatic spike in cash claims payments aligns with the income statement's reported loss ratio of 136.6%, indicating the underwriting loss is not merely an accounting adjustment but involves substantial cash outflows. The magnitude suggests potential reserve inadequacy or a large loss event that may require further investigation into the company's loss development patterns.
Dividend Sustainability Questioned by Cash Volatility
AMERISAFE maintained its quarterly dividend of approximately $7.5M through 2026Q2 despite negative operating cash flow, suggesting the payout may be temporarily supported by investment liquidations rather than underwriting cash generation.
The company's ability to fund dividends during quarters with negative OCF indicates reliance on portfolio sales or existing cash reserves, which may not be sustainable if underwriting losses persist. The $26.2M dividend in 2025Q4 appears to have been a special distribution, but the consistent quarterly payments warrant monitoring against the volatile cash generation profile.
Cash Flow Obscures Reserve Adequacy Risks
The cash flow statement does not disclose the adequacy of loss reserves or the credit quality of reinsurance recoverables, which could mask significant liabilities if the $125.6M claims payment in 2026Q2 represents only a portion of ultimate losses.
While the cash flow shows actual payments, it does not reveal whether reserves are sufficient for future claims or if reinsurance counterparties can honor their obligations. The extreme volatility in claims payments suggests potential reserve instability, and investors should examine statutory filings for reserve adequacy testing and reinsurance credit risk disclosures.