Revenue growth accelerated to 13.4% year-over-year in 2026Q2, but this was completely overshadowed by a combined ratio that surged to 111.0%, driven by a catastrophic loss ratio of 136.6% that erased underwriting profitability.
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 | 335.64M | 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 % | 9.52% | 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 | 248.89M | 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 % | 74.15% | 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 | 86.71M | 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 % | 25.83% | 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 | 56.53M | 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 % | 16.84% | 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 | 508K | 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 % | 91% | 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 | 30.18M | 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 % | 8.99% | 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 | 30.68M | 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 % | 9.14% | 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 | 58.6M | 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 % | 17.46% | 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 | 11.62M | 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 % | 19.83% | 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 | 46.98M | 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 | 24.18M | 34.52M | 46.43M | 43.85M | 50.22M | 37.36M | 5.93M | 10.56M | 8.59M | 9.3M |
| Net Margin % | 14% | 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 % | -6.82% | -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) | 2.50 | 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 % | -6.06% | -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 | 18.8M | 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
Severe underwriting volatility
Metrics are mathematically derived from official filings.
Premium Growth Accelerates Despite Volatility
AMERISAFE's total revenue grew 13.4% year-over-year in 2026Q2, marking a significant acceleration from the 4.2% growth seen in 2025Q3, suggesting the company is successfully navigating a favorable pricing environment in its specialty workers' compensation niche.
The revenue growth trajectory has been uneven, with a notable dip in 2025Q1 (-9.8%) followed by a strong recovery. This pattern indicates the company's top line is sensitive to policy renewal cycles and market conditions, but the recent acceleration implies effective rate increases and retention. The growth appears to be driven by earned premium expansion rather than investment income, which is not reported, pointing to core underwriting momentum.
Catastrophic Loss Spike Erodes Underwriting Profit
The combined ratio surged to 111.0% in 2026Q2, driven by a loss ratio of 136.6%, which according to the reported financials represents a severe underwriting loss that wiped out the prior quarter's profitability and suggests a significant adverse development or catastrophe event.
This quarter's performance is a stark reversal from the sub-80% combined ratios achieved in 2025Q3 and 2025Q2, indicating extreme volatility in the company's loss experience. The loss ratio spike to 136.6% is far outside the historical range of 35.5% to 63.6%, implying either a large, non-recurring charge or a fundamental deterioration in claims costs. Investors should monitor whether this is an isolated event or signals a broader trend in social inflation or reserve adequacy.
Prior-Year Releases Mask Underlying Weakness
The dramatic swing in loss ratios from 35.5% in 2025Q4 to 136.6% in 2026Q2 suggests that favorable reserve development in prior quarters may have been artificially suppressing the true cost of claims, and the current quarter could represent a normalization or catch-up.
The extremely low loss ratio in 2025Q4 (35.5%) is atypical for a workers' compensation carrier and likely reflects significant prior-period reserve releases. The subsequent spike indicates that the underlying loss trends may have been worse than reported, and the company is now recognizing those costs. This pattern warrants investigation into the adequacy of the company's reserves and the sustainability of its historical underwriting profits.
2026Q2 Marks a Severe Profitability Inflection
The 2026Q2 quarter represents a critical inflection point where operating income turned negative at -$10.2M, a sharp decline from the $10.2M profit in the prior quarter, driven entirely by the catastrophic loss ratio spike.
This quarter's operating loss is the worst in the ten-quarter dataset and breaks the pattern of consistent profitability. The inflection appears to be driven by a single, severe underwriting event rather than a gradual erosion of margins. The key question for analysts is whether this represents a one-time shock or the beginning of a more challenging underwriting cycle for the company's specialty lines.
Earnings Quality Challenged by Reserve Volatility
The extreme volatility in loss ratios, ranging from 35.5% to 136.6% over three quarters, suggests that AMERISAFE's reported earnings may be heavily influenced by reserve adjustments rather than consistent underwriting performance, challenging the sustainability of its profitability.
The pattern of very low loss ratios followed by a catastrophic spike raises questions about the company's reserving philosophy and the true cost of its risk. If prior quarters benefited from favorable development that is now reversing, the historical profitability may have been overstated. This volatility makes it difficult to assess the company's true earnings power and suggests investors should focus on longer-term trends rather than quarterly fluctuations.