Revenue growth remains highly sensitive to economic cycles, oscillating between a 9.8% contraction in 2025Q1 and a 10.3% expansion in 2026Q1, while underwriting discipline keeps the combined ratio consistently below 100%.
| 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 |
|---|
| Revenue | 324.76M | 317.25M | 309.11M | 306.91M | 294.69M | 316.01M | 339.5M | 370.37M | 377.75M | 375.21M | 396.66M | 401.62M | 404.02M | 356.33M | 321.25M | 280.66M | 248.16M | 282.21M | 302.38M | 338.32M | 332.72M | 276.28M | 248.96M | 190.73M | 58.2M |
| Revenue Growth % | 7.82% | 2.63% | 0.72% | 4.15% | -6.75% | -6.92% | -8.33% | -1.95% | 0.68% | -5.41% | -1.23% | -0.59% | 13.38% | 10.92% | 14.46% | 13.1% | -12.07% | -6.67% | -10.62% | 1.68% | 20.43% | 10.97% | 30.53% | 227.72% | - |
| Medical Costs & Claims | 170.16M | 169.94M | 181.02M | 0 | 152.32M | 160.8M | 0 | 201.35M | 231.05M | 234.14M | 225.27M | 242.08M | 272.79M | 39.29M | 242.05M | 208.21M | 173.74M | 163.32M | 35.34M | 224.8M | 52.26M | 253.29M | 217.33M | 129.25M | 13.5M |
| Medical Cost Ratio % | 52.4% | 53.57% | 58.56% | 0% | 51.69% | 50.88% | 0% | 54.37% | 61.16% | 62.4% | 56.79% | 60.28% | 67.52% | 11.03% | 75.35% | 74.19% | 70.01% | 57.87% | 11.69% | 66.45% | 15.71% | 91.68% | 87.3% | 67.77% | 23.2% |
| Gross Profit | 154.57M | 147.31M | 128.09M | 306.91M | 142.38M | 155.22M | 339.5M | 169.02M | 146.7M | 141.07M | 171.39M | 159.54M | 131.23M | 317.05M | 79.2M | 72.45M | 74.42M | 118.89M | 267.03M | 113.52M | 280.46M | 22.99M | 31.63M | 61.48M | 44.7M |
| Gross Margin % | 47.59% | 46.43% | 41.44% | 100% | 48.31% | 49.12% | 100% | 45.63% | 38.84% | 37.6% | 43.21% | 39.72% | 32.48% | 88.97% | 24.65% | 25.81% | 29.99% | 42.13% | 88.31% | 33.55% | 84.29% | 8.32% | 12.7% | 32.23% | 76.8% |
| Gross Profit Growth % | - | 15.01% | -58.26% | 115.56% | -8.27% | -54.28% | 100.87% | 15.21% | 3.99% | -17.69% | 7.43% | 21.57% | -58.61% | 300.31% | 9.32% | -2.64% | -37.41% | -55.48% | 135.23% | -59.52% | 1119.77% | -27.3% | -48.56% | 37.54% | - |
| Operating Expenses | 96.78M | 88.46M | 59.04M | 229.53M | 74.73M | 75.77M | 232.59M | 53.5M | 59.12M | 58.83M | 58.57M | 58.57M | 57.48M | 297.13M | 42.06M | 45.09M | 30.2M | 56.54M | 238.29M | 42.43M | 280.27M | 17M | 17.94M | 50.04M | 7.6M |
| OpEx / Revenue % | 29.8% | 27.88% | 19.1% | 74.79% | 25.36% | 23.98% | 68.51% | 14.45% | 15.65% | 15.68% | 14.76% | 14.58% | 14.23% | 83.39% | 13.09% | 16.07% | 12.17% | 20.03% | 78.81% | 12.54% | 84.24% | 6.15% | 7.21% | 26.24% | 13.06% |
| Depreciation & Amortization | 528K | 742K | 1.09M | 1.43M | 1.31M | 1.02M | 0 | 942K | 996K | 984K | 1.18M | 1.35M | 1.3M | 1.3M | 1.11M | 1.01M | 1.03M | 1.16M | 1.19M | 1.73M | 4.23M | 4.42M | 3.37M | 2.02M | -1M |
| Combined Ratio % | 82.19% | 81.45% | 77.66% | 74.79% | 77.05% | 74.86% | 68.51% | 68.81% | 76.82% | 78.08% | 71.56% | 74.86% | 81.75% | 94.41% | 88.44% | 90.25% | 82.18% | 77.9% | 90.49% | 78.99% | 99.94% | 97.83% | 94.5% | 94% | 36.25% |
| Operating Income | 57.79M | 58.85M | 69.06M | 77.38M | 67.65M | 79.45M | 106.92M | 115.52M | 87.58M | 82.24M | 112.82M | 100.97M | 73.75M | 59.2M | 37.14M | 27.36M | 44.22M | 62.36M | 83.85M | 71.09M | 52.45M | 6M | 13.69M | 11.44M | 37.1M |
| Operating Margin % | 17.79% | 18.55% | 22.34% | 25.21% | 22.95% | 25.14% | 31.49% | 31.19% | 23.18% | 21.92% | 28.44% | 25.14% | 18.25% | 16.61% | 11.56% | 9.75% | 17.82% | 22.1% | 27.73% | 21.01% | 15.76% | 2.17% | 5.5% | 6% | 63.75% |
| Operating Income Growth % | - | -14.78% | -10.75% | 14.39% | -14.86% | -25.69% | -7.44% | 31.9% | 6.49% | -27.11% | 11.74% | 36.91% | 24.57% | 59.39% | 35.77% | -38.14% | -29.08% | -25.63% | 17.94% | 35.56% | 774.83% | -56.2% | 19.63% | -69.16% | - |
| EBITDA | 58.32M | 59.59M | 70.15M | 78.8M | 68.95M | 80.47M | 106.92M | 116.46M | 88.58M | 83.22M | 114M | 102.31M | 75.05M | 60.5M | 38.26M | 28.37M | 45.25M | 63.52M | 85.04M | 72.82M | 56.68M | 10.41M | 17.05M | 13.46M | 36.1M |
| EBITDA Margin % | 17.96% | 18.78% | 22.69% | 25.68% | 23.4% | 25.46% | 31.49% | 31.44% | 23.45% | 22.18% | 28.74% | 25.48% | 18.58% | 16.98% | 11.91% | 10.11% | 18.23% | 22.51% | 28.12% | 21.53% | 17.03% | 3.77% | 6.85% | 7.06% | 62.03% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 566K | 566K | 1.31M | 1.55M | 1.81M | 2.46M | 3.54M | 3.5M | 2.84M | 1.8M | 203K | 800K |
| Non-Operating Income | 0 | 0 | 0 | 78.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -59.2M | -566K | -1.31M | -1.55M | -1.81M | 17.3M | -3.54M | -55.94M | -2.84M | -1.8M | -203K | 36.3M |
| Pretax Income | 57.79M | 58.85M | 69.06M | 77.38M | 67.65M | 79.45M | 106.92M | 115.52M | 87.58M | 82.24M | 112.82M | 100.97M | 73.75M | 59.2M | 37.14M | 27.36M | 44.22M | 62.36M | 64.09M | 71.09M | 52.45M | 6M | 13.69M | 11.44M | 14.5M |
| Pretax Margin % | 17.79% | 18.55% | 22.34% | 25.21% | 22.95% | 25.14% | 31.49% | 31.19% | 23.18% | 21.92% | 28.44% | 25.14% | 18.25% | 16.61% | 11.56% | 9.75% | 17.82% | 22.1% | 21.19% | 21.01% | 15.76% | 2.17% | 5.5% | 6% | 24.91% |
| Income Tax | 11.45M | 11.71M | 13.62M | 15.27M | 12.04M | 13.69M | 20.32M | 22.83M | 15.95M | 36.01M | 34.96M | 30.5M | 20.08M | 15.57M | 7.79M | 3.18M | 9.7M | 15.93M | 20.24M | 20.88M | 15.09M | 65K | 3.13M | 2.85M | 5.2M |
| Effective Tax Rate % | 19.81% | 19.89% | 19.72% | 19.73% | 17.8% | 17.23% | 19% | 19.76% | 18.21% | 43.79% | 30.98% | 30.21% | 27.23% | 26.29% | 20.97% | 11.61% | 21.94% | 25.54% | 31.58% | 29.36% | 28.77% | 1.08% | 22.86% | 24.88% | 35.86% |
| Net Income | 46.34M | 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 | 24.18M | 34.52M | 46.43M | 43.85M | 50.22M | 37.36M | 5.93M | 10.56M | 8.59M | 9.3M |
| Net Margin % | 14.27% | 14.86% | 17.93% | 20.24% | 18.87% | 20.81% | 25.51% | 25.03% | 18.96% | 12.32% | 19.63% | 17.54% | 13.28% | 12.25% | 9.14% | 8.62% | 13.91% | 16.45% | 14.5% | 14.84% | 11.23% | 2.15% | 4.24% | 4.51% | 15.98% |
| Net Income Growth % | -2.36% | -14.96% | -10.74% | 11.7% | -15.44% | -24.07% | -6.57% | 29.4% | 54.94% | -40.63% | 10.51% | 31.3% | 22.98% | 48.66% | 21.39% | -29.95% | -25.65% | 5.9% | -12.69% | 34.43% | 529.98% | -43.83% | 22.84% | -7.59% | - |
| EPS (Diluted) | 2.46 | 2.47 | 2.89 | 3.23 | 2.88 | 3.39 | 4.47 | 4.80 | 3.71 | 2.40 | 4.05 | 3.69 | 2.84 | 2.32 | 1.58 | 1.29 | 1.81 | 2.22 | 2.15 | 2.47 | 1.88 | -1.25 | 2.14 | -8.55 | 0.42 |
| EPS Growth % | -2.02% | -14.53% | -10.53% | 12.15% | -15.04% | -24.16% | -6.88% | 29.38% | 54.58% | -40.74% | 9.76% | 29.93% | 22.41% | 46.84% | 22.48% | -28.73% | -18.47% | 3.26% | -12.96% | 31.38% | 250.4% | -158.41% | 125.03% | -2135.71% | - |
| EPS (Basic) | - | 2.48 | 2.91 | 3.24 | 2.89 | 3.40 | 4.49 | 4.82 | 3.73 | 2.41 | 4.08 | 3.72 | 2.88 | 2.37 | 1.62 | 1.32 | 1.85 | 2.27 | 2.19 | 2.52 | 1.88 | -1.25 | 2.42 | -8.55 | 0.42 |
| Diluted Shares Outstanding | 18.86M | 19.08M | 19.16M | 19.23M | 19.32M | 19.41M | 19.36M | 19.33M | 19.29M | 19.25M | 19.2M | 19.12M | 18.93M | 18.75M | 18.57M | 18.69M | 19.09M | 19.27M | 19.14M | 19.08M | 17.59M | 2.13M | 255.28K | 180.13K | 22.14M |
Medical cost inflation volatility
As reported in recent financial filings, AMERISAFE's revenue growth has exhibited significant volatility, oscillating between a 9.8% contraction in 2025Q1 and a 10.3% expansion in 2026Q1, suggesting that the company's specialized workers' compensation model remains highly sensitive to underlying industrial payroll fluctuations and broader economic cycles.
The inconsistent top-line performance indicates that AMERISAFE may be struggling to find new growth avenues within its core hazardous niches. Investors should monitor whether this lack of sustained momentum reflects a saturation of the high-hazard market or an intentional strategy to prioritize underwriting discipline over aggressive premium acquisition.
Based on the provided income statement data, AMERISAFE maintains a robust underwriting profile, with combined ratios consistently remaining well below the 100% threshold, reaching as low as 74.2% in 2024Q1, which underscores the company's ability to price risk effectively within its specialized high-hazard insurance segments.
The company's ability to keep the combined ratio in the 70s and 80s suggests that its field-based safety inspection model is successfully mitigating loss severity. However, the periodic spikes in the loss ratio, such as the 63.6% observed in 2025Q1, warrant further investigation into whether medical inflation or shifting claim patterns are beginning to challenge this historical efficiency.
According to historical quarterly data, the significant variance in quarterly claims expenses, including a notable drop to zero in 2023Q4, suggests that prior-year reserve development may be creating non-cash distortions that complicate the assessment of the company's true, ongoing underwriting profitability for the current accident year.
The reliance on reserve releases to bolster net income appears to be a recurring theme that may obscure the actual loss experience of the current book of business. Analysts should focus on accident-year loss ratios to determine if the core underwriting margin is as stable as the headline figures imply.
As indicated by the company's 0.00% debt-to-equity ratio, AMERISAFE maintains a fortress balance sheet that prioritizes solvency over financial leverage, a strategy that appears to provide significant downside protection but may also be constraining the company's ability to scale operations or pursue inorganic growth opportunities.
While the lack of debt is a hallmark of financial strength, it may also suggest that the company is holding excess capital that is not being deployed efficiently to drive top-line expansion. This conservative posture warrants investigation into whether management is effectively balancing shareholder returns with the need to remain competitive in a consolidating insurance landscape.
Quick answers to the most common questions about buying AMSF stock.
For fiscal year 2025, AMERISAFE, Inc. (AMSF) reported total revenue of $317.3M. This represents a 445.1% increase compared to $58.2M in 1995.
AMERISAFE, Inc. (AMSF) is profitable, generating $47.1M in net income for the fiscal year ending 2025 with a net profit margin of 14.9%.
AMERISAFE, Inc. (AMSF) reported an operating income of $58.9M, resulting in an operating profit margin of 18.6%. This margin reflects the operational efficiency of the business before interest and taxes.
AMERISAFE, Inc. (AMSF) generated $147.3M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.