Revenue has been roughly flat at $72.6M to $92.0M per quarter, but combined ratios ranging from 77.3% to 111.0% and net income falling from $14.6M to $7.2M in 2026Q3 show that underwriting results remain highly sensitive to loss ratio swings.
AMERISAFE, Inc. (AMSF) annual income statement — 24-year revenue, gross profit & net income history
| 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 | 333.46M | 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 % | 7.66% | 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 | 246.93M | 169.94M | 181.02M | 171.71M | 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 % | 74.05% | 53.57% | 58.56% | 55.95% | 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 | 86.5M | 147.31M | 128.09M | 135.2M | 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 % | 25.94% | 46.43% | 41.44% | 44.05% | 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% | -5.26% | -5.04% | -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 | 64.81M | 88.46M | 59.04M | 57.82M | 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 % | 19.44% | 27.88% | 19.1% | 18.84% | 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 | 680K | 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 | 1.73M | 4.23M | 4.42M | 3.37M | 2.02M | -1M |
| Combined Ratio % | 93.48% | 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 | 21.69M | 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 % | 6.51% | 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 | 22.37M | 59.59M | 70.15M | 78.8M | 68.95M | 80.47M | 107.93M | 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 % | 6.71% | 18.78% | 22.69% | 25.68% | 23.4% | 25.46% | 31.79% | 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 | 50.12M | 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 % | 15.03% | 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 | 9.76M | 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 % | 19.47% | 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 | 40.36M | 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 % | 12.1% | 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 % | -19.15% | -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) | 2.17 | 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 % | -17.62% | -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 | 18.64M | 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 |
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.
Key Metrics
Top Statement Risk
Loss ratio volatility from claims
Metrics are mathematically derived from official filings.
Flat Premium Base Amid Pricing Discipline
Based on reported quarterly figures, AMERISAFE's total revenue has hovered between roughly $72.6M and $92.0M over ten quarters, with year-over-year growth swinging from -9.8% to +13.4%, suggesting a largely stable but unexpanding premium base.
The revenue series shows no sustained acceleration, and the modest quarter-to-quarter swings point to a mature workers' compensation book rather than rapid new business capture. Growth appears more dependent on rate adequacy than on volume expansion, which warrants monitoring of whether pricing firmness holds as competitive conditions shift. Investors should watch whether the recent Q2 2026 revenue step-up persists into subsequent periods.
Underwriting Profit Swings on Loss Ratio
Reported combined ratios ranged from 77.3% to 111.0% across the ten quarters, with the 2026Q2 loss ratio of 136.6% pushing the combined ratio above 100% and signaling a quarter of underwriting loss.
Most quarters sit comfortably below 100%, indicating underwriting profitability, but the loss ratio is highly sensitive to claim severity spikes as the 2026Q2 result demonstrates. The expense ratio appears relatively contained, so the dominant driver of margin variability is claims rather than cost structure. Investors should monitor whether the 2026Q2 deterioration reflects one-time severity or an emerging trend.
Reserve Adequacy Cannot Be Fully Assessed
The supplied income statement data does not include reserve development detail, so prior-year release contribution to reported earnings is unavailable and cannot be evaluated from the provided figures.
Without disclosed favorable or adverse development, it is not possible to determine whether reported underwriting results are being supported by reserve releases. Analysts should consult the reserve roll-forward in the 10-K or 10-Q filings before drawing conclusions about earnings quality. The volatility in quarterly loss ratios may warrant closer scrutiny of reserve movements.
Investment Income Contribution Not Disclosed
Investment income and yield fields are blank across all ten reported quarters, so the contribution of investment income to total earnings is data unavailable in the supplied figures.
Because investment income is not reported in the provided dataset, the relative weight of investment returns versus underwriting results cannot be measured here. This gap limits assessment of how much of net income depends on portfolio performance versus underwriting. Analysts should refer to the investment income disclosure in the company's filings to evaluate this dimension.
Earnings Quality Depends on Sustaining Margins
Net income fell from $14.6M in 2026Q2 to $7.2M in 2026Q3 and EPS declined 45.8% year over year, suggesting that reported earnings remain vulnerable to a single adverse claims quarter.
The strongest challenge to the earnings narrative is that quarterly profitability is concentrated in periods with favorable loss ratios, and a single adverse quarter can materially reverse results. Peer context shows AMSF's net margin is not directly comparable to larger carriers, limiting benchmarking conclusions. Investors may wish to test whether the recent deterioration represents a cyclical pattern or a structural shift in claim costs.