A Business at a Glance
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AMERISAFE INC
AMSF
$580M
Mkt Cap
$30.41
+0.56%
AMERISAFE INC (AMSF) has a current P/E ratio of 12.3, compared to its historical median P/E of 11.9. The stock is currently considered Fair based on its historical valuation range.
AMERISAFE INC (AMSF) has a 5-year average return on invested capital (ROIC) of 18.1%. This indicates strong capital allocation and a potential competitive advantage.
AMERISAFE INC (AMSF) has a market capitalization of $569M. It is classified as a small-cap stock.
Yes, AMERISAFE INC (AMSF) pays a dividend with a trailing twelve-month yield of 8.61%.
Based on historical P/E analysis, AMERISAFE INC (AMSF) appears fair. The current P/E of 12.3 is 3% above its historical median of 11.9. The estimated fair value CAGR (P/E method) is -7.3%.
AMERISAFE INC (AMSF) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
AMERISAFE INC (AMSF) reported annual revenue of $317 million in its most recent fiscal year, based on SEC EDGAR filings.
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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 325M | 317M | 309M | 307M | 295M | 316M |
| Net Income | 46M | 47M | 55M | 62M | 56M | 66M |
| EPS | $2.45 | $2.47 | $2.89 | $3.23 | $2.88 | $3.39 |
| Free Cash Flow | 8.0M | 8.9M | 23M | 29M | 26M | 37M |
| ROIC | 0.0% | 18.5% | 20.2% | 20.4% | 15.5% | 15.7% |
| Gross Margin | - | 18.6% | 22.3% | 25.2% | 23.0% | 25.1% |
| Debt/Equity | 0.00 | 0.08 | 0.08 | 0.07 | 0.06 | 0.05 |
| Dividends/Share | $2.62 | $2.55 | $4.45 | $4.85 | $5.20 | $5.15 |
| Operating Income | 0 | 59M | 69M | 77M | 68M | 79M |
| Operating Margin | 0.0% | 18.6% | 22.3% | 25.2% | 23.0% | 25.1% |
| ROE | 18.8% | 18.5% | 20.2% | 20.4% | 15.5% | 15.7% |
| Shares Outstanding | 19M | 19M | 19M | 19M | 19M | 19M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 404M | 401M | 397M | 375M | 378M | 370M | 339M | 316M | 295M | 307M | 309M | 317M | 325M |
| Gross Margin | 18.3% | 25.2% | 28.4% | 21.9% | 23.2% | 31.2% | 31.5% | 25.1% | 23.0% | 25.2% | 22.3% | 18.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 25M | 24M | 25M | 26M | 26M | 27M | 28M | 26M | 27M | 27M | 32M | 33M | 33M |
| EBIT | 74M | 101M | 113M | 82M | 88M | 116M | 107M | 79M | 68M | 77M | 69M | 59M | 0 |
| Op. Margin | 18.3% | 25.2% | 28.4% | 21.9% | 23.2% | 31.2% | 31.5% | 25.1% | 23.0% | 25.2% | 22.3% | 18.6% | 0.0% |
| Net Income | 54M | 70M | 78M | 46M | 72M | 93M | 87M | 66M | 56M | 62M | 55M | 47M | 46M |
| Net Margin | 13.3% | 17.6% | 19.6% | 12.3% | 19.0% | 25.0% | 25.5% | 20.8% | 18.9% | 20.2% | 17.9% | 14.9% | 14.3% |
| Non-Recurring | 222K | 2.0M | -1K | -2K | 0 | -3K | -58K | 21K | -9K | -2K | -209K | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 12.4% | 15.6% | 17.1% | 10.5% | 17.2% | 22.1% | 19.9% | 15.7% | 15.5% | 20.4% | 20.2% | 18.5% | 0.0% |
| ROE | 12.4% | 15.6% | 17.1% | 10.5% | 17.2% | 22.1% | 19.9% | 15.7% | 15.5% | 20.4% | 20.2% | 18.5% | 18.8% |
| ROA | 3.9% | 4.8% | 5.2% | 3.0% | 4.7% | 6.2% | 5.8% | 4.6% | 4.2% | 5.0% | 4.6% | 4.1% | 4.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 141M | 93M | 114M | 131M | 98M | 79M | 63M | 38M | 28M | 30M | 24M | 11M | 10M |
| Free Cash Flow | 140M | 92M | 113M | 130M | 97M | 78M | 62M | 37M | 26M | 29M | 23M | 8.9M | 8.0M |
| Owner Earnings | 138M | 90M | 111M | 128M | 95M | 76M | 59M | 35M | 24M | 27M | 20M | 7.4M | -11M |
| CapEx | 989K | 953K | 1.6M | 478K | 1.1M | 1.0M | 921K | 1.3M | 2.1M | 553K | 840K | 2.1M | 2.2M |
| Maint. CapEx | 1.3M | 1.3M | 1.2M | 984K | 996K | 942K | 1.0M | 1.0M | 1.3M | 1.4M | 1.1M | 742K | 19M |
| Growth CapEx | 0 | 0 | 457K | 0 | 130K | 76K | 0 | 279K | 780K | 0 | 0 | 1.4M | 0 |
| D&A | 1.3M | 1.3M | 1.2M | 984K | 996K | 942K | 1.0M | 1.0M | 1.3M | 1.4M | 1.1M | 742K | 19M |
| CapEx/OCF | 0.7% | 1.0% | 1.4% | 0.4% | 1.1% | 1.3% | 1.5% | 3.4% | 7.4% | 1.9% | 3.5% | 19.4% | 21.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 37M | 69M | 76M | 83M | 84M | 87M | 89M | 100M | 100M | 93M | 85M | 49M | 49M |
| Dividend Yield | 11.5% | 17.4% | 14.8% | 14.3% | 13.5% | 12.4% | 11.9% | 13.0% | 14.2% | 11.7% | 10.3% | 5.8% | 8.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12M | 2.2M | 5.1M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.6% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.5M | 1.2M | 1.6M | 2.0M | 2.1M | 2.4M | 3.3M | 2.3M | 2.5M | 1.6M | 2.9M | 2.9M | 2.4M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | -61M | -35M | -465M | -181M | -219M | -363M | -19M | -24M | -355M | -49M |
| Cash & Equiv. | 91M | 69M | 59M | 56M | 40M | 44M | 62M | 71M | 61M | 39M | 44M | 62M | 49M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 2.26 | 2.31 | 2.33 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.07 | 0.08 | 0.08 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | 28879.3 | 53459.5 | 13241.5 | 7516.2 | 9672.1 | 6277.8 | 6539.0 | 6539.0 |
| Equity | 447M | 454M | 456M | 425M | 410M | 430M | 439M | 399M | 317M | 292M | 257M | 252M | 247M |
| Total Assets | 1.5B | 1.5B | 1.5B | 1.5B | 1.5B | 1.5B | 1.5B | 1.4B | 1.3B | 1.2B | 1.2B | 1.1B | 1.1B |
| Total Liabilities | 1.0B | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 1.0B | 1.0B | 952M | 937M | 900M | 879M | 876M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 267M | 269M | 270M | 234M | 221M | 227M | 225M | 190M | 146M | 114M | 84M | 83M | 83M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.84 | 3.69 | 4.05 | 2.40 | 3.71 | 4.80 | 4.47 | 3.39 | 2.88 | 3.23 | 2.89 | 2.47 | 2.45 |
| Owner EPS | 7.30 | 4.73 | 5.80 | 6.63 | 4.93 | 3.91 | 3.05 | 1.79 | 1.26 | 1.40 | 1.05 | 0.39 | -0.61 |
| Book Value | 23.65 | 23.77 | 23.73 | 22.09 | 21.22 | 22.28 | 22.65 | 20.59 | 16.44 | 15.21 | 13.42 | 13.18 | 13.18 |
| Cash Flow/Share | 7.44 | 4.86 | 5.94 | 6.79 | 5.09 | 4.08 | 3.27 | 1.96 | 1.46 | 1.55 | 1.26 | 0.58 | 3.50 |
| Dividends/Share | 1.96 | 3.59 | 3.96 | 4.29 | 4.38 | 4.51 | 4.58 | 5.15 | 5.20 | 4.85 | 4.45 | 2.55 | 2.62 |
| Shares Out. | 18.9M | 19.1M | 19.2M | 19.3M | 19.3M | 19.3M | 19.4M | 19.4M | 19.3M | 19.2M | 19.2M | 19.1M | 18.7M |
| Valuation | |||||||||||||
| P/E Ratio | 6.4 | 6.5 | 7.7 | 13.6 | 8.6 | 8.3 | 8.5 | 11.2 | 14.3 | 12.6 | 16.8 | 15.6 | 12.4 |
| P/FCF | 2.5 | 5.0 | 5.3 | 4.8 | 6.4 | 9.9 | 11.8 | 20.1 | 30.4 | 26.8 | 39.9 | 82.4 | 71.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.8 | 1.0 | 1.3 | 1.5 | 1.5 | 1.8 | 1.7 | 1.8 | 2.5 | 2.7 | 3.6 | 2.9 | 2.3 |
| Price/Sales | 0.8 | 1.0 | 1.3 | 1.5 | 1.7 | 1.9 | 2.2 | 2.4 | 2.4 | 2.6 | 2.7 | 2.6 | 1.8 |
| FCF Yield | 40.5% | 20.1% | 18.8% | 20.8% | 15.7% | 10.1% | 8.5% | 5.0% | 3.3% | 3.7% | 2.5% | 1.2% | 1.4% |
| Market Cap | 345M | 457M | 600M | 627M | 620M | 772M | 738M | 737M | 793M | 784M | 932M | 735M | 569M |
| Avg. Price | 16.98 | 20.58 | 26.71 | 30.05 | 32.34 | 36.37 | 38.46 | 39.51 | 36.59 | 41.62 | 43.44 | 43.72 | 30.41 |
| Year-End Price | 18.27 | 23.93 | 31.22 | 32.56 | 32.09 | 39.99 | 38.08 | 38.01 | 41.06 | 40.80 | 48.57 | 38.53 | 30.41 |
AMERISAFE INC passes 3 of 9 quality checks, indicating weak fundamentals.
AMERISAFE INC trades at 12.3x trailing earnings, compared to its 15-year median P/E of 11.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 64.1x vs a median of 16.0x. The company's 5-year average ROIC is 18.1% with a gross margin of 22.8%. Total shareholder yield (dividends) is 8.6%. At current prices, the estimated annualized return to fair value is -26.8%.
AMERISAFE INC (AMSF) has a net profit margin of 14.9%. This is a healthy margin.
AMERISAFE INC (AMSF) generated $9 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AMERISAFE INC (AMSF) has a debt-to-equity ratio of 0.08. This indicates a conservatively financed balance sheet.
AMERISAFE INC (AMSF) reported earnings per share (EPS) of $2.47 in its most recent fiscal year.
AMERISAFE INC (AMSF) has a return on equity (ROE) of 18.5%. This indicates the company generates strong returns for shareholders.
AMERISAFE INC (AMSF) has a 5-year average gross margin of 22.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for AMERISAFE INC (AMSF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AMERISAFE INC (AMSF) has a book value per share of $13.18, based on its most recent annual SEC filing.