Employers Holdings, Inc. (EIG) 10-Year Financial Performance & Capital Metrics

EIG • • Insurance & Managed Care

Financial ServicesSpecialty InsuranceSpecialty Property & Casualty InsuranceWorkers' Compensation Specialists

AboutEmployers Holdings, Inc., through its subsidiaries, operates in the commercial property and casualty insurance industry primarily in the United States. It offers workers' compensation insurance to small businesses in low to medium hazard industries. The company markets its products through independent local, regional, and national agents and brokers; alternative distribution channels; and national, regional, and local trade groups and associations, as well as directly to customers. Employers Holdings, Inc. was founded in 2000 and is based in Reno, Nevada.Show more

Revenue $881M +3.5%
Combined Ratio 83.34% +0.9%
Net Income $119M +0.4%
Return on Equity 11.39% -5.6%
Medical Cost Ratio 63.29% +6.5%
Operating Margin 16.66% -4.5%
Net Margin 13.47% -3.0%
ROA 3.34% +2.9%
Equity / Assets 30.18% +5.7%
Book Value per Share 42.42 +11.0%
Tangible BV/Share 40.44 +11.3%
Debt/Equity 0.00 -32.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Profitable underwriting: 83.3% combined ratio
✓Healthy dividend yield of 2.6%
✓Share count reduced 5.0% through buybacks
✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.31%

5Y1.05%

3Y7.8%

TTM1.69%

Profit (Net Income) CAGR

10Y1.65%

5Y-5.47%

3Y-0.2%

TTM-54.01%

EPS CAGR

10Y4.14%

5Y-0.5%

3Y4.14%

TTM-52.62%

ROCE

10Y Avg4.75%

5Y Avg3.99%

3Y Avg4.14%

Latest4.14%

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+	752.1M	779.8M	799.3M	800.4M	835.9M	711.4M	703.1M	713.5M	850.9M	880.7M
Revenue Growth %	-0.03%	0.04%	0.03%	0%	0.04%	-0.15%	-0.01%	0.01%	0.19%	0.04%
Medical Costs & Claims+	514.8M	501.4M	508.6M	470.9M	454M	381.2M	391.3M	486.9M	505.7M	557.4M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	237.3M	278.4M	290.7M	329.5M	381.9M	330.2M	311.8M	226.6M	345.2M	323.3M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.01%	0.17%	0.04%	0.13%	0.16%	-0.14%	-0.06%	-0.27%	0.52%	-0.06%
Operating Expenses+	137.9M	137.7M	146.7M	160M	188.1M	182.5M	164.8M	170.8M	196.8M	176.6M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	8.3M	8.5M	8.2M	6.3M	9M	8.2M	7.4M	5.3M	4.8M	3.6M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	99.4M	140.7M	144M	169.5M	193.8M	147.7M	147M	55.8M	148.4M	146.7M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.07%	0.42%	0.02%	0.18%	0.14%	-0.24%	-0%	-0.62%	1.66%	-0.01%
EBITDA+	107.7M	149.2M	152.2M	175.8M	202.8M	155.9M	154.4M	61.1M	153.2M	150.3M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	2.7M	1.6M	1.4M	1.5M	600K	400K	500K	3.5M	5.8M	100K
Non-Operating Income	-2.7M	-1.6M	-1.4M	-1.5M	-600K	-400K	-500K	-3.5M	-5.8M	-100K
Pretax Income+	99.4M	140.7M	144M	169.5M	193.8M	147.7M	147M	55.8M	148.4M	146.7M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	5M	34M	42.8M	28.2M	36.7M	27.9M	27.7M	7.4M	30.3M	28.1M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	94.4M	106.7M	101.2M	141.3M	157.1M	119.8M	119.3M	48.4M	118.1M	118.6M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.06%	0.13%	-0.05%	0.4%	0.11%	-0.24%	-0%	-0.59%	1.44%	0%
EPS (Diluted)+	2.90	3.24	3.06	4.24	4.83	3.97	4.17	1.75	4.45	4.71
EPS Growth %	-0.08%	0.12%	-0.06%	0.39%	0.14%	-0.18%	0.05%	-0.58%	1.54%	0.06%
EPS (Basic)	2.94	3.29	3.11	4.30	4.89	4.01	4.22	1.76	4.48	4.74
Diluted Shares Outstanding	32.56M	32.98M	33.06M	33.31M	32.54M	30.2M	28.6M	27.68M	26.52M	25.2M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.76B	3.77B	3.84B	3.92B	4B	3.92B	3.78B	3.72B	3.55B	3.54B
Asset Growth %	-0%	0%	0.02%	0.02%	0.02%	-0.02%	-0.04%	-0.02%	-0.04%	-0%
Total Investment Assets+	2.49B	2.55B	2.68B	2.73B	2.78B	2.76B	2.74B	2.57B	778.3M	2.46B
Long-Term Investments	2.49B	2.55B	2.68B	2.73B	2.75B	2.72B	2.7B	2.51B	91.5M	2.36B
Short-Term Investments	2.49B	2.55B	4M	25M	2.49B	2.51B	2.35B	2.31B	686.8M	949.1M
Total Current Assets+	56.6B	83.2M	77.3M	1B	0	0	0	0	1.72B	0
Cash & Equivalents	56.6M	67.2M	73.3M	101.4M	154.9M	160.4M	75.1M	89.2M	226.4M	68.3M
Receivables	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-3.48B	-3.42B	-3.17B	-3.17B	0	-1.8B
Goodwill & Intangibles+	44.7M	44.4M	44.1M	43.9M	49.7M	49.8M	49.8M	49.8M	49.8M	49.8M
Goodwill	36.2M	36.2M	36.2M	36.2M	36.2M	36.2M	36.2M	36.2M	36.2M	36.2M
Intangible Assets	8.5M	8.2M	7.9M	7.7M	13.5M	13.6M	13.6M	13.6M	13.6M	13.6M
PP&E (Net)	24.9M	22.2M	13.9M	18.2M	37.8M	36.5M	28.9M	23.5M	11.6M	11.5M
Other Assets	67.04B	-2.55B	-2.68B	-26.9M	-2.84B	-2.81B	-2.78B	-2.58B	3.18B	-2.42B
Total Liabilities	3B	2.93B	2.89B	2.9B	2.84B	2.71B	2.57B	2.77B	2.54B	2.47B
Total Debt+	32M	32M	20M	20M	17.8M	39.9M	16.6M	196.1M	5.9M	4.2M
Net Debt	-24.6M	-35.2M	-53.3M	-81.4M	-137.1M	-120.5M	-58.5M	106.9M	-220.5M	-64.1M
Long-Term Debt	32M	32M	20M	20M	0	20M	0	182.5M	0	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	52.5B	48.8M	55.3M	37.1M	0	0	0	0	1.45B	0
Accounts Payable	24.1M	24.2M	23.7M	37.1M	29.8M	22.9M	24.1M	28.7M	26.1M	21.2M
Deferred Revenue	0	-1.6M	-1.1M	35.7M	0	0	0	0	0	0
Other Current Liabilities	-129.1M	-121.8M	-134.3M	-37.1M	-78.4M	-65.9M	-66.2M	-86.9M	1.29B	-87M
Deferred Taxes	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	0	0	0
Other Liabilities	2.77B	2.73B	2.71B	2.67B	-157.5M	-180.8M	-138.7M	-302.2M	2.43B	-98.2M
Total Equity+	760.8M	840.6M	947.7M	1.02B	1.17B	1.21B	1.21B	944.2M	1.01B	1.07B
Equity Growth %	0.11%	0.1%	0.13%	0.07%	0.14%	0.04%	0%	-0.22%	0.07%	0.05%
Shareholders Equity	760.8M	840.6M	947.7M	1.02B	1.17B	1.21B	1.21B	944.2M	1.01B	1.07B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	682M	777.2M	842.2M	1.03B	1.16B	1.25B	1.34B	1.3B	1.38B	1.47B
Common Stock	600K	600K	381.8M	389.4M	600K	600K	600K	600K	600K	600K
Accumulated OCI	83.6M	74.5M	107.4M	-13.7M	65.3M	115.1M	60.6M	-138.9M	-86M	-82.5M
Return on Equity (ROE)	0.13%	0.13%	0.11%	0.14%	0.14%	0.1%	0.1%	0.04%	0.12%	0.11%
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.04%	0.04%	0.03%	0.03%	0.01%	0.03%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.04x	0.04x	0.02x	0.02x	0.02x	0.03x	0.01x	0.21x	0.01x	0.00x
Book Value per Share	23.37	25.49	28.67	30.57	35.83	40.15	42.41	34.11	38.23	42.42
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+	116.4M	122.8M	142.3M	180.2M	122.5M	33M	10.8M	99.8M	49.4M	76.4M
Operating CF Growth %	-0.31%	0.05%	0.16%	0.27%	-0.32%	-0.73%	-0.67%	8.24%	-0.51%	0.55%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	94.4M	106.7M	101.2M	141.3M	157.1M	119.8M	119.3M	48.4M	118.1M	118.6M
Depreciation & Amortization	8.3M	8.5M	8.2M	6.3M	9M	8.2M	7.4M	5.3M	21.5M	0
Stock-Based Compensation	4.6M	5.8M	6.8M	9.4M	10.1M	9.7M	9.1M	5.1M	6.2M	6.3M
Deferred Taxes	-5.6M	13.4M	24.2M	14.4M	6M	-13.4M	6.7M	-17.4M	1.1M	4.1M
Other Non-Cash Items	26.7M	1M	12.5M	18.2M	-39.2M	7.2M	-31.2M	74M	-7.8M	-7.1M
Working Capital Changes	-12M	-12.6M	-10.6M	-9.4M	-20.5M	-98.5M	-100.5M	-15.6M	-89.7M	-45.5M
Cash from Investing+	-101.2M	-88.6M	-110.2M	-119.6M	49.2M	84.3M	-1.7M	-146.1M	377.3M	-159.7M
Capital Expenditures	-11.5M	-5M	-8.2M	-10.2M	-12.1M	-5.5M	-3.6M	-2.6M	-2.2M	-4.9M
Acquisitions	-311.5M	-5.7M	-8.6M	10.2M	-16.1M	0	3.6M	-43.8M	0	0
Purchase of Investments	-562M	-525.9M	-637.3M	-775.7M	-652.9M	-972.9M	-745.9M	-892.6M	-553M	-832M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	319.8M	4.6M	11.2M	-10.2M	0	0	-3.6M	43.8M	0	0
Cash from Financing+	-62.2M	-23.6M	-26M	-32.9M	-118.5M	-111.9M	-94.4M	60.4M	-289.5M	-74.8M
Dividends Paid	-7.7M	-11.5M	-19.7M	-26.7M	-28.3M	-30.5M	-29M	-90.3M	-29.7M	-30.3M
Share Repurchases	0	-21.1M	0	-4.2M	-67.5M	-99.4M	-42.6M	-30.4M	-76.1M	-42.6M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	0	-1000K	-200K	-1000K	-200K	-100K	1000K	-200K	-100K
Other Financing	6M	9M	3.8M	-1.8M	-2.5M	18.2M	-22.7M	-1.2M	-183.5M	-1.8M
Net Change in Cash+	-47M	10.6M	6.1M	27.7M	53.2M	5.4M	-85.3M	14.1M	137.2M	-158.1M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	103.6M	56.6M	67.2M	74.3M	102M	155.2M	160.6M	75.3M	89.4M	226.6M
Cash at End	56.6M	67.2M	73.3M	102M	155.2M	160.6M	75.3M	89.4M	226.6M	68.5M
Free Cash Flow+	104.9M	117.8M	134.1M	170M	110.4M	27.5M	7.2M	97.2M	47.2M	71.5M
FCF Growth %	-0.34%	0.12%	0.14%	0.27%	-0.35%	-0.75%	-0.74%	12.5%	-0.51%	0.51%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	3.22	3.57	4.06	5.1	3.39	0.91	0.25	3.51	1.78	2.84

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	86.78%	81.96%	81.98%	78.82%	76.82%	79.24%	79.09%	92.18%	82.56%	83.34%
Medical Cost Ratio	68.45%	64.3%	63.63%	58.83%	54.31%	53.58%	55.65%	68.24%	59.43%	63.29%
Return on Equity (ROE)	13.04%	13.33%	11.32%	14.38%	14.39%	10.07%	9.84%	4.49%	12.06%	11.39%
Return on Assets (ROA)	2.51%	2.83%	2.66%	3.64%	3.97%	3.02%	3.1%	1.29%	3.25%	3.34%
Equity / Assets	20.26%	22.28%	24.68%	25.98%	29.12%	30.92%	32.07%	25.4%	28.56%	30.18%
Book Value / Share	23.37	25.49	28.67	30.57	35.83	40.15	42.41	34.11	38.23	42.42
Debt / Equity	0.04x	0.04x	0.02x	0.02x	0.02x	0.03x	0.01x	0.21x	0.01x	0.00x
Revenue Growth	-2.77%	3.68%	2.5%	0.14%	4.44%	-14.89%	-1.17%	1.48%	19.26%	3.5%

Revenue by Segment

	2019	2020	2021	2022	2024
Insurance Operations	-	-	-	-	880.7M
Insurance Operations Growth	-	-	-	-	-
Employers	828.5M	708.9M	698.9M	710.5M	-
Employers Growth	-	-14.44%	-1.41%	1.66%	-
Cerity	400K	3.3M	3.8M	5.9M	-
Cerity Growth	-	725.00%	15.15%	55.26%	-
Corporate	7M	-800K	400K	-2.9M	-
Corporate Growth	-	-111.43%	150.00%	-825.00%	-

Frequently Asked Questions

Valuation & Price

Employers Holdings, Inc. (EIG) has a price-to-earnings (P/E) ratio of 9.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Employers Holdings, Inc. (EIG) grew revenue by 3.5% over the past year. Growth has been modest.

Yes, Employers Holdings, Inc. (EIG) is profitable, generating $62.5M in net income for fiscal year 2024 (13.5% net margin).

Dividend & Returns

Yes, Employers Holdings, Inc. (EIG) pays a dividend with a yield of 2.63%. This makes it attractive for income-focused investors.

Employers Holdings, Inc. (EIG) has a return on equity (ROE) of 11.4%. This is reasonable for most industries.

Industry Metrics

Employers Holdings, Inc. (EIG) has a combined ratio of 83.3%. A ratio below 100% indicates underwriting profitability.

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