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AMERISAFE, Inc.

AMSF Financial Insurance Specialty

AMERISAFE, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $317.3 million, up 2.66% from fiscal 2024.

Revenue
−2.64%
EPS
−46.6%
Free cash flow
−71.3%

Quarter to September 2026, against a year earlier

19.56 0.77 −3.79%
Market cap
$376.8M
P/E
9.4×
Fwd P/E
9.6×
Dividend yield
6.06%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.98%

Capital & Financial Ratios $m

Size
Market Cap 376.77
Revenue ttm 333.46
Net income ttm 40.36
Free cash flow ttm 12.33
Net debt Q (39.68)
Valuation
P/E 9.39
Forward P/E 9.64
Price / sales 1.13
Forward P/S Powerpack
Price / FCF 30.48
Price / book 1.58
Financial health
Current ratio Q 0.41
Debt / equity Q 0.00
Interest coverage Q 0.00
Growth
Revenue growth Q −2.64% (below 0%: shrinking)
Operating income growth Q −48.53% (below 0%: shrinking)
EPS, this year −14.38% (below 0%: weak)
EPS, next year A 0.00%
Revenue, next year A +5.66%
EPS, past 5 yrs −11.19% (below 0%: weak)
EPS, next 5 yrs A −7.20% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 0.04%
10-year low 10-year high
P/S against its own 10 years 0.04%
10-year low 10-year high
P/B against its own 10 years 0.04%
10-year low 10-year high

Dividends raised 3 years running

Yield
6.06%
Annual rate
1.23
Payout ratio
57.2%
Growth, 2017–25
+4.87%/yr
  1. 0.80 ’17
  2. 0.88 ’18 +10
  3. 1.00 ’19 +14
  4. 1.08 ’20 +8
  5. 1.16 ’21 +7
  6. 0.93 ’22 −20
  7. 1.02 ’23 +10
  8. 1.11 ’24 +9
  9. 1.17 ’25 +5
  10. 1.64 ’26e +40
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 39 44 62 40
Receivables 263 260 269 287
Inventory — — — —
Other — — — —
302 304 331 327
2023 2024 2025 Q'26
Payables 866 846 822 806
ST’ Debt — — — —
Other — — — —
866 846 822 806

Compound Annual Growth %

10y 5y 3y
Sales (2.31%) (1.35%) 2.48%
Cash Flow (19.16%) (29.46%) (26.77%)
Earnings (3.94%) (11.45%) (5.35%)
Book Value (5.73%) (10.53%) (7.46%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.47 Actual 0.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.57 0.51 Miss by 0.06
Q1 FY26 0.52 0.50 Miss by 0.02
Q2 FY26 0.53 0.44 Miss by 0.09
Q3 FY26 0.47 0.40 Miss by 0.07
Q4 FY26 0.49 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.43 0.78 0.39 — —
’25 0.47 0.73 0.72 0.55 2.47
’24 0.88 0.57 0.75 0.69 2.89
’23 0.90 0.81 0.52 1.00 3.23
’22 0.89 0.32 0.59 1.08 2.88
’21 0.99 1.23 0.99 0.18 3.39
’20 0.56 1.24 1.21 1.47 4.47
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 80 92 80 — —
’25 73 81 82 82 317
’24 80 76 79 74 309
’23 78 76 73 80 307
’22 76 68 71 80 295
’21 83 81 73 78 316
’20 79 89 83 88 339
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 2 3 — —
’25 (2) (8) 11 11 11
’24 8 (3) 8 11 24
’23 13 7 5 4 30
’22 7 18 11 (8) 28
’21 17 9 3 9 38
’20 15 27 9 13 63
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 2 3 — —
’25 (2) (10) 10 10 9
’24 7 (3) 8 11 23
’23 13 7 5 4 29
’22 7 17 10 (8) 26
’21 16 9 3 8 37
’20 15 27 9 12 62
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 397 375 378 370 339 316 295 307 309 317 333 (2.5%) 335 344 362 +4.5%
Gross margin, % 35.78 30.05 31.16 39.64 40.73 34.51 32.88 35.08 33.38 29.82 26.32 (6.0) pt
EBT 113 82 88 116 107 79 68 77 69 59 50 (7.0%)
EBT margin, % 28.44 21.92 23.18 31.19 31.50 25.15 22.95 25.22 22.35 18.55 15.03 (9.9) pt
Net income 78 46 72 93 87 66 56 62 55 47 40 (5.4%)
Per share, $
Per share, $ Revenue 20.76 19.58 19.67 19.24 17.60 16.34 15.32 16.02 16.20 16.72 18.01 (2.4%)
Earnings 4.08 2.41 3.73 4.82 4.49 3.40 2.89 3.24 2.91 2.48 2.16 (5.4%)
Cash flow 5.98 6.83 5.12 4.10 3.29 1.96 1.47 1.56 1.27 0.58 0.68 (22.8%)
Capex (0.09) (0.02) (0.06) (0.05) (0.05) (0.07) (0.11) (0.03) (0.04) (0.11) (0.01) +3.1%
Free cash flow 5.89 6.80 5.06 4.04 3.24 1.90 1.36 1.53 1.22 0.47 0.67 (24.5%)
Book value 23.87 22.20 21.33 22.35 22.75 20.66 16.50 15.27 13.49 13.26 12.81 (6.3%)
Shares, m 19 19 19 19 19 19 19 19 19 19 19 (0.1%)
Valuation, ×
Valuation, × P/E 15.45 24.81 15.20 13.70 12.79 15.83 18.01 14.46 17.71 15.49 9.39 16.3
P/S 3.04 3.05 2.88 3.43 3.26 3.29 3.41 2.93 3.18 2.30 1.13 3.1
P/B 2.64 2.69 2.66 2.95 2.52 2.61 3.16 3.08 3.82 2.90 1.58 2.9
EV/Sales 2.89 2.91 2.78 3.31 3.08 3.07 3.20 2.81 3.04 2.10 — 2.9
EV/FCF 10.18 8.37 10.79 15.77 16.74 26.42 36.13 29.41 40.21 74.77 — 26.9
Cash, $m
Cash, $m Operating cash flow 114 131 98 79 63 38 28 30 24 11 13 (22.8%)
Capex (2) 0 (1) (1) (1) (1) (2) (1) (1) (2) 0 +3.1%
Free cash flow 113 130 97 78 62 37 26 29 23 9 12 (24.5%)
Balance, $m
Balance, $m Working capital (660) (695) (718) (701) (646) (611) (577) (565) (542) (491) (480) (3.2%)
Net debt (59) (56) (40) (44) (62) (71) (61) (39) (44) (62) (40) +0.6%
Shareholders’ equity 456 425 410 430 439 399 317 292 257 252 237 (6.4%)
Returns, %
Returns, % ROA 5.16 3.04 4.72 6.16 5.84 4.58 4.16 4.97 4.64 4.12 3.55 (1.0) pt
ROIC 17.75 13.90 14.82 18.68 17.72 15.11 16.52 19.06 20.23 19.39 15.85 +1.6 pt
ROE 17.11 10.49 17.15 22.07 19.93 15.69 15.51 20.37 20.17 18.53 15.76 +1.4 pt
People
People Employees 439 438 429 434 395 379 366 362 370 — — (2.1%)
Revenue/emp, $m 0.90 0.86 0.88 0.85 0.86 0.83 0.81 0.85 0.84 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

AMERISAFE, Inc. vs peers in Insurance Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RDN Radian Group Inc. $4.9B 9.5× 8.8× +92.58% (above 0%: growing) −17.48% (below 0%: shrinking) +147.96% (above 0%: growing) 50.35% 30.09% Compare
NMIH NMI Holdings Inc $3.3B 8.5× 8.0× +8.12% (above 0%: growing) +13.82% (above 0%: growing) +10.69% (above 0%: growing) 93.00% 76.67% Compare
AGO Assured Guaranty Ltd. $3.2B 9.6× 11.1× −30.60% (below 0%: shrinking) −57.89% (below 0%: shrinking) −48.72% (below 0%: shrinking) 97.95% 42.05% Compare
EIG Employers Holdings Inc $826.5M 27.7× 13.0× −20.89% (below 0%: shrinking) n/m −142.36% (below 0%: shrinking) 8.35% 8.35% Compare
ITIC Investors Title Company $493.3M 12.2× 5.6× +17.45% (above 0%: growing) +19.05% (above 0%: growing) −18.47% (below 0%: shrinking) 55.58% 22.48% Compare
AMSF AMERISAFE, Inc. $376.8M 9.4× 9.6× −2.64% (below 0%: shrinking) −46.58% (below 0%: shrinking) −71.31% (below 0%: shrinking) 23.88% 11.27%
OSG Octave Specialty Group, Inc. $231.6M — (loss-making) — (loss-making) +51.02% (above 0%: growing) n/m −576.08% (below 0%: shrinking) 76.26% (0.47%) Compare
MBI MBIA, Inc. $227.5M — (loss-making) — (loss-making) +73.33% (above 0%: growing) n/m −181.11% (below 0%: shrinking) 0.00% 0.00% Compare
JRVR James River Group Holdings, Ltd. $185.0M 7.8× 5.5× −7.72% (below 0%: shrinking) +66.67% (above 0%: growing) −124.07% (below 0%: shrinking) 38.58% 9.26% Compare
Median of peers $659.9M 9.5× 8.4× +12.79% +13.82% −86.39% 52.97% 15.87%

All 15 Insurance Specialty stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.37m 2.75m 102.32
2024 2.29m 2.71m 129.04
2023 2.10m 2.37m 107.82
2022 1.53m 2.19m 108.79
2021 1.93m 1.06m 102.25

Ownership

Directors and executive officers, together 1.95%
Blackrock, Inc 15.50%
Neuberger Berman Group LLC 9.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

AMERISAFE, Inc. (AMSF) Latest News

29 Oct

Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript

28 Oct

Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Business Wire earnings

30 Sep

Impact 3 · · Zacks

22 Jul

Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 · · Moby transcript

21 Jul

Impact 3 ·

16 Jul

Impact 3 ·

13 Jul

Impact 3 ·

9 Jul

Impact 3 ·

23 Apr

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · GuruFocus.com

22 Apr

Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Feb

Impact 4 ·
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 3 ·

25 Feb

Impact 4 · · Business Wire
Impact 3 · · ZacksZacksAssociated Press FinanceZacksZacksZacksZacksZacks
Impact 3 ·
stockrow.com/AMSF · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com