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AMSF

AMERISAFE, Inc.

AMSF

AMERISAFE, Inc. • NASDAQ
$40.80 ▼ -0.27% (-0.11)
Market Cap $776.12 M
52w High $59.33
52w Low $39.09
Dividend Yield 4.54%
P/E 15.69
Volume 70.36K
Outstanding Shares 19.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $81.984M ▲ $16.625M ▼ $13.818M ▼ 16.855% ▼ $0.73 $17.664M ▲
Q2-2025 $81.1M ▲ $16.751M ▲ $13.955M ▲ 17.207% ▲ $0.73 ▲ $17.65M ▲
Q1-2025 $72.613M ▼ $15.178M ▼ $8.949M ▼ 12.324% ▼ $0.47 ▼ $11.435M ▼
Q4-2024 $74.049M ▼ $19.773M ▲ $13.194M ▼ 17.818% ▼ $0.69 ▼ $17.032M ▼
Q3-2024 $78.708M $16.126M $14.324M 18.199% $0.75 $18.07M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $144.237M ▲ $1.165B ▲ $890.171M ▲ $274.773M ▲
Q2-2025 $140.459M ▲ $1.155B ▼ $889.544M ▼ $265.57M ▲
Q1-2025 $138.065M ▲ $1.157B ▼ $895.904M ▼ $260.813M ▲
Q4-2024 $130.551M ▼ $1.158B ▼ $900.45M ▼ $257.341M ▼
Q3-2024 $378.777M $1.255B $940.356M $314.371M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.818M ▼ $10.682M ▲ $4.608M ▼ $-9.008M ▲ $6.282M ▲ $9.791M ▲
Q2-2025 $13.955M ▲ $-8.443M ▼ $23.131M ▲ $-10.976M ▼ $3.712M ▲ $-9.525M ▼
Q1-2025 $8.949M ▼ $-1.792M ▼ $9.945M ▼ $-7.445M ▲ $708K ▲ $-1.794M ▼
Q4-2024 $13.194M ▼ $10.827M ▲ $33.758M ▲ $-64.203M ▼ $-19.618M ▼ $10.813M ▲
Q3-2024 $14.324M $8.449M $32.837M $-8.234M $33.052M $8.425M

Five-Year Company Overview

Income Statement

Income Statement AMERISAFE’s income statement shows a steady, fairly predictable business rather than a fast‑growing one. Revenue has hovered in a narrow range over the last few years, and profits have been consistently positive. Margins were strongest a few years ago and have eased somewhat since then, but not dramatically. Earnings per share have trended a bit lower versus the peak year, suggesting either some pressure on profitability or a heavier return of capital to shareholders. Overall, it looks like a disciplined underwriting company that focuses on stable profitability more than aggressive top‑line growth.

Balance Sheet

Balance Sheet The balance sheet looks conservative and insurance‑centric. Total assets have edged down from earlier years, and shareholders’ equity has also drifted lower, likely reflecting sustained dividend payments or buybacks exceeding retained earnings. Importantly, the company carries essentially no financial debt, which reduces balance‑sheet risk and points to a cautious capital structure. Cash on hand is modest, but as an insurer, most financial resources are typically held in investment portfolios rather than in pure cash. The picture is one of a well‑capitalized, low‑leverage insurer, albeit with a slightly shrinking capital base.

Cash Flow

Cash Flow Cash generation is consistently positive and closely tracks reported profits. Operating cash flow and free cash flow are effectively the same because the business requires minimal spending on physical assets. Both have softened from earlier, stronger years but remain clearly positive, indicating that the core insurance operations still fund themselves comfortably. This is a cash‑generative, asset‑light model, but the gradual decline over time is worth watching as a signal of underlying profitability trends.

Competitive Edge

Competitive Edge AMERISAFE occupies a focused niche: workers’ compensation for high‑hazard industries that many large carriers avoid or serve less intensively. Its edge comes from deep underwriting expertise in these risky sectors, hands‑on claims management, and a strong safety‑services program that helps clients prevent accidents. These capabilities are hard to replicate quickly and have translated into high policyholder retention and a strong financial strength rating. On the other hand, the niche is naturally limited in size, exposed to economic cycles in construction, energy, and similar fields, and highly regulated. The company’s advantage is more about expert execution in a narrow lane than broad market dominance.

Innovation and R&D

Innovation and R&D This is not a classic research‑heavy company, but it is using technology to sharpen an already proven model. The agent portals, including AI‑enhanced tools, are aimed at making it easier for agents to work with AMERISAFE, speeding up underwriting and improving how the company targets and selects risks. Data analytics are being layered onto long‑standing human underwriting and safety expertise, which should support better risk selection and marketing efficiency over time. The innovation approach is incremental and practical—focused on making the existing system smarter and faster—rather than disruptive or product‑reinventing.

Summary

AMERISAFE comes across as a conservative, niche insurer that prioritizes underwriting discipline and service over rapid growth. Financially, it produces steady revenue, consistent profits, and solid free cash flow, with a very clean balance sheet and no financial debt, though profitability and equity levels have eased somewhat from earlier highs. Competitively, its strength lies in specialization: deep knowledge of hazardous industries, proactive safety programs, and intensive claims handling that support strong customer loyalty and historically favorable loss experience. Technology investments are designed to enhance this model rather than replace it. Key things to monitor going forward include the trajectory of underwriting margins, the sustainability of reserve quality, how well technology enhancements translate into better risk selection, and whether the company can grow within its niche without diluting its disciplined approach.

NEWS

November 3, 2025 · 4:37 PM UTC

AMERISAFE Announces Resignation of Chief Financial Officer

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October 29, 2025 · 4:06 PM UTC

AMERISAFE Declares Special Dividend of $1.00 Per Share and Regular Quarterly Dividend

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October 29, 2025 · 4:05 PM UTC

AMERISAFE Announces 2025 Third Quarter Results

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October 1, 2025 · 4:05 PM UTC

AMERISAFE Announces 2025 Third Quarter Earnings Release and Conference Call Schedule

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