Employers Holdings, Inc. EIG
Employers Holdings, Inc. (EHI) is a holding company, which was incorporated in Nevada in 2005, with subsidiaries that are specialty providers of workers' compensation insurance and related services focused on small and mid-sized businesses engaged in lower hazard industries. In February 2026, we launched a new excess workers' compensation product that will be offered to self-insured enterprises in several jurisdictions across the United States (U.S.). We had 623 full-time employees at December 31, 2025 and our corporate headquarters are located at 5340 Kietzke Lane, Suite 202, Reno, Nevada, 89511. We operate throughout the U.S. with the exception of North Dakota, Ohio, Washington and Wyoming, which are served exclusively by their state funds. We offer insurance through Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC) and Cerity Insurance Company (CIC), each of which has been assigned an AM Best Company, Inc. (AM Best) financial strength rating of "A" (Excellent).
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 | $858.7M | $880.7M | $850.9M | $713.5M | $703.1M | $711.4M | $835.9M | $800.4M | $801.4M | $779.8M |
| Total operating expenses | $846.7M | $734.0M | $702.5M | $657.7M | $556.1M | $563.7M | $642.1M | $630.9M | $657.4M | $639.1M |
| Interest expense | — | — | $5.8M | $3.5M | $500.0K | $400.0K | $600.0K | $1.5M | $1.4M | $1.6M |
| Pre-tax income | $12.0M | $146.7M | $148.4M | $55.8M | $147.0M | $147.7M | $193.8M | $169.5M | $144.0M | $140.7M |
| Income tax | $1.2M | $28.1M | $30.3M | $7.4M | $27.7M | $27.9M | $36.7M | $28.2M | $42.8M | $34.0M |
| Net income | $10.8M | $118.6M | $118.1M | $48.4M | $119.3M | $119.8M | $157.1M | $141.3M | $101.2M | $106.7M |
| EPS, basic | 0.46 | 4.73 | 4.48 | 1.76 | 4.22 | 4.01 | 4.89 | 4.30 | 3.11 | 3.29 |
| EPS, diluted | 0.46 | 4.71 | 4.45 | 1.75 | 4.17 | 3.97 | 4.83 | 4.24 | 3.06 | 3.24 |
| Shares, diluted (wtd. avg.) | $23.5M | $25.2M | $26.5M | $27.7M | $28.6M | $30.2M | $32.5M | $33.3M | $33.1M | $33.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $159.8M | $68.3M | $226.6M | $89.4M | $75.3M | $160.6M | $155.2M | $102.0M | $74.3M | $70.8M |
| Short-term investments | $10.1M | $100.0K | $33.1M | $119.1M | $10.5M | $26.6M | $0 | $25.0M | $4.0M | $16.0M |
| Property, plant and equipment | $6.5M | $7.8M | $6.5M | $12.0M | $14.7M | $19.1M | $21.9M | $18.2M | $13.9M | $22.2M |
| Goodwill | $36.2M | $36.2M | $36.2M | $36.2M | $36.2M | $36.2M | $36.2M | $36.2M | $36.2M | $36.2M |
| Other intangibles | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | $13.6M | $7.7M | $7.9M | $8.2M |
| Total assets | $3.44B | $3.54B | $3.55B | $3.72B | $3.78B | $3.92B | $4.00B | $3.92B | $3.84B | $3.77B |
| Short-term debt | $16.0M | $0 | — | — | — | — | — | — | — | — |
| Long-term debt | $19.0M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $2.48B | $2.47B | $2.54B | $2.77B | $2.57B | $2.71B | $2.84B | $2.90B | $2.89B | $2.93B |
| Retained earnings | $1.45B | $1.47B | $1.38B | $1.30B | $1.34B | $1.25B | $1.16B | $1.03B | $842.2M | $777.2M |
| Total equity | $955.7M | $1.07B | $1.01B | $944.2M | $1.21B | $1.21B | $1.17B | $1.02B | $947.7M | $840.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44.7M | $76.4M | $49.4M | $99.8M | $10.8M | $33.0M | $122.5M | $180.2M | $142.3M | $122.8M |
| Depreciation and amortisation | $14.2M | $16.7M | $21.5M | $21.7M | $7.4M | $8.2M | $9.0M | $6.3M | $8.2M | $8.5M |
| Stock-based compensation | $5.0M | $6.3M | $6.2M | $5.1M | $9.1M | $9.7M | $10.1M | $9.4M | $6.8M | $5.8M |
| Capital expenditure | $100.0K | $100.0K | $0 | $100.0K | $300.0K | $100.0K | $700.0K | $300.0K | $400.0K | $700.0K |
| Investing cash flow | $225.9M | -$159.7M | $377.3M | -$146.1M | -$1.7M | $84.3M | $49.2M | -$119.6M | -$112.8M | -$87.5M |
| Financing cash flow | -$179.1M | -$74.8M | -$289.5M | $60.4M | -$94.4M | -$111.9M | -$118.5M | -$32.9M | -$26.0M | -$23.6M |
| Dividends paid | $29.9M | $30.3M | $29.7M | $90.3M | $29.0M | $30.5M | $28.3M | $26.7M | $19.7M | $11.5M |
| Buybacks | $182.8M | $42.6M | $76.1M | $30.4M | $42.6M | $99.4M | $67.5M | $4.2M | $0 | $21.1M |
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 0001379041-26-000015.
Others in SIC 6331
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| 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% |