AMERISAFE INC AMSF
AMERISAFE, Inc. is a specialty provider of workers' compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. Since commencing operations in 1986, we have gained significant experience underwriting the complex workers' compensation exposures inherent in these industries. We provide coverage to employers under state and federal workers' compensation laws. These laws prescribe wage replacement and medical care benefits that employers are obligated to provide to their employees who are injured in the course and scope of their employment. Our workers' compensation insurance policies provide benefits to injured employees for, among other things, temporary or permanent disability, death and medical and hospital expenses. The benefits payable and the duration of those benefits are set by state or federal law. The benefits vary by jurisdiction, the nature and severity of the injury and the wages of the employee. The employer, who is the policyholder, pays the premiums for coverage.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $317.3M | $309.0M | $306.9M | $294.7M | $315.9M | $339.5M | $370.4M | $377.8M | $375.2M | $396.7M |
| Pre-tax income | $58.9M | $69.1M | $77.4M | $67.6M | $79.4M | $106.9M | $115.5M | $87.6M | $82.2M | $112.8M |
| Income tax | $11.7M | $13.6M | $15.3M | $12.0M | $13.7M | $20.3M | $22.8M | $15.9M | $36.0M | $35.0M |
| Net income | $47.1M | $55.4M | $62.1M | $55.6M | $65.8M | $86.6M | $92.7M | $71.6M | $46.2M | $77.9M |
| EPS, basic | 2.48 | 2.91 | 3.24 | 2.89 | 3.40 | 4.49 | 4.82 | 3.73 | 2.41 | 4.08 |
| EPS, diluted | 2.47 | 2.89 | 3.23 | 2.88 | 3.39 | 4.47 | 4.80 | 3.71 | 2.40 | 4.05 |
| Shares, diluted (wtd. avg.) | $19.1M | $19.2M | $19.2M | $19.3M | $19.4M | $19.4M | $19.3M | $19.3M | $19.2M | $19.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $61.9M | $44.0M | $38.7M | $61.5M | $70.7M | $61.8M | $43.8M | $40.3M | $55.6M | $58.9M |
| Short-term investments | — | $9.3K | $0 | — | — | — | — | $14.2M | $25.8M | $29.6M |
| Property, plant and equipment | $7.3M | $5.9M | $6.3M | $7.2M | $6.5M | $6.2M | $6.3M | $6.3M | $6.1M | $6.6M |
| Total assets | $1.13B | $1.16B | $1.23B | $1.27B | $1.40B | $1.47B | $1.49B | $1.52B | $1.52B | $1.52B |
| Total liabilities | $878.9M | $900.5M | $936.7M | $951.8M | $1.00B | $1.03B | $1.06B | $1.11B | $1.09B | $1.06B |
| Retained earnings | $82.8M | $84.1M | $114.3M | $145.5M | $190.5M | $224.6M | $227.2M | $221.3M | $233.9M | $270.4M |
| Total equity | $251.6M | $257.3M | $292.5M | $317.4M | $399.3M | $438.8M | $430.2M | $409.8M | $425.4M | $456.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.1M | $24.2M | $29.8M | $28.2M | $38.0M | $63.4M | $78.8M | $98.3M | $130.8M | $114.2M |
| Depreciation and amortisation | $742.0K | $1.1M | $1.4M | $1.3M | $1.0M | $1.0M | $942.0K | $996.0K | $984.0K | $1.2M |
| Stock-based compensation | $2.9M | $2.9M | $1.6M | $2.5M | $2.3M | $3.3M | $2.4M | $2.1M | $2.0M | $1.6M |
| Capital expenditure | $2.1M | $840.0K | $553.0K | $2.1M | $1.3M | $921.0K | $1.0M | $1.1M | $478.0K | $1.6M |
| Investing cash flow | $68.4M | $72.4M | $43.9M | $75.4M | $71.0M | $43.4M | $11.7M | -$29.1M | -$51.5M | -$50.5M |
| Financing cash flow | -$61.6M | -$91.2M | -$96.5M | -$112.9M | -$100.0M | -$88.8M | -$87.0M | -$84.4M | -$82.6M | -$74.3M |
| Dividends paid | $48.6M | $85.4M | $93.3M | $100.4M | $99.9M | $88.8M | $87.0M | $84.5M | $82.6M | $76.1M |
| Buybacks | $12.1M | $5.1M | $2.2M | $12.4M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177410.
Others in SIC 6331
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|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |