Amerisafe Financials
This page shows Amerisafe (AMSF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A shrinking equity base and weakening cash conversion are now shaping results more than modest revenue movement.
Return on equity remained high at18.7% in FY2025 even though net income fell to$47.1M , so the headline return metric flatters the underlying earnings trend. That persistence says more about a smaller capital cushion than stronger earning power, because equity has been cut since FY2021 to$251.6M from$399.3M .
The business kept revenue roughly flat, at
Cash generation weakened much faster than earnings: operating cash flow fell to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Amerisafe's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Amerisafe's revenue grew a modest 2.7% year-over-year to $317.3M. This slow but positive growth earns a score of 36/100.
Amerisafe has a moderate D/E ratio of 3.49. This balance of debt and equity financing earns a leverage score of 31/100.
Amerisafe has a free cash flow margin of 2.8%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.
Amerisafe's ROE of 18.7% shows moderate profitability relative to equity, earning a score of 56/100. This is down from 21.5% the prior year.
Amerisafe passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Amerisafe generates $0.24 in operating cash flow ($11.1M OCF vs $47.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Amerisafe generated $317.3M in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.
Amerisafe reported $47.1M in net income in fiscal year 2025. This represents a decrease of 15.0% from the prior year.
Amerisafe earned $2.47 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 14.5% from the prior year.
Cash & Balance Sheet
Amerisafe generated $8.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 61.8% from the prior year.
Amerisafe held $61.9M in cash against $0 in long-term debt as of fiscal year 2025.
Amerisafe paid $1.56 per share in dividends in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Amerisafe had 19M shares outstanding in fiscal year 2025. This represents a decrease of 1.3% from the prior year.
Margins & Returns
Amerisafe's net profit margin was 14.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.1 percentage points from the prior year.
Amerisafe's ROE was 18.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.8 percentage points from the prior year.
Capital Allocation
Amerisafe invested $2.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 155.7% from the prior year.
AMSF Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $80.1M-1.8% | $81.6M-0.5% | $82.0M+1.1% | $81.1M+11.7% | $72.6M-1.9% | $74.0M-5.9% | $78.7M+3.8% | $75.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $8.0M-13.1% | $9.2M+10.4% | $8.3M+11.6% | $7.5M-10.0% | $8.3M-8.1% | $9.0M+16.3% | $7.7M+7.0% | $7.2M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $2.0M-11.3% | $2.3M-38.0% | $3.7M+4.7% | $3.5M+54.0% | $2.3M-36.5% | $3.6M+3.2% | $3.5M+26.1% | $2.8M |
| Net Income | $8.1M-21.5% | $10.4M-24.9% | $13.8M-1.0% | $14.0M+55.9% | $8.9M-32.0% | $13.2M-8.1% | $14.3M+30.3% | $11.0M |
| EPS (Diluted) | $0.43 | N/A | $0.72-1.4% | $0.73+55.3% | $0.47 | N/A | $0.75+31.6% | $0.57 |
AMSF Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B-0.7% | $1.1B-3.0% | $1.2B+0.9% | $1.2B-0.1% | $1.2B-0.1% | $1.2B-7.7% | $1.3B+1.7% | $1.2B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $34.2M-44.7% | $61.9M+13.1% | $54.7M+13.0% | $48.5M+8.3% | $44.8M+1.6% | $44.0M-30.8% | $63.7M+108.0% | $30.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $876.4M-0.3% | $878.9M-1.3% | $890.2M+0.1% | $889.5M-0.7% | $895.9M-0.5% | $900.5M-4.2% | $940.4M+0.8% | $932.5M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $246.6M-2.0% | $251.6M-8.4% | $274.8M+3.5% | $265.6M+1.8% | $260.8M+1.3% | $257.3M-18.1% | $314.4M+4.4% | $301.0M |
| Retained Earnings | $83.3M+0.5% | $82.8M-15.9% | $98.5M+6.9% | $92.1M+7.6% | $85.6M+1.8% | $84.1M-37.8% | $135.3M+5.7% | $128.0M |
AMSF Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7M-125.4% | $10.6M-0.6% | $10.7M+226.5% | -$8.4M-371.1% | -$1.8M-116.6% | $10.8M+28.1% | $8.4M+426.0% | -$2.6M |
| Capital Expenditures | $26K-85.0% | $173K-80.6% | $891K-17.7% | $1.1M+54000.0% | $2K-85.7% | $14K-41.7% | $24K-57.1% | $56K |
| Free Cash Flow | -$2.7M-126.1% | $10.4M+6.7% | $9.8M+202.8% | -$9.5M-430.9% | -$1.8M-116.6% | $10.8M+28.3% | $8.4M+418.2% | -$2.6M |
| Investing Cash Flow | -$12.5M-140.6% | $30.7M+567.1% | $4.6M-80.1% | $23.1M+132.6% | $9.9M-70.5% | $33.8M+2.8% | $32.8M+185.7% | $11.5M |
| Financing Cash Flow | -$12.5M+63.4% | -$34.2M-279.5% | -$9.0M+17.9% | -$11.0M-47.4% | -$7.4M+88.4% | -$64.2M-679.7% | -$8.2M+29.4% | -$11.7M |
| Dividends Paid | $7.8M-80.7% | $40.3M+436.9% | $7.5M+0.2% | $7.5M+0.8% | $7.4M-85.1% | $49.7M+601.2% | $7.1M-0.1% | $7.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AMSF Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 10.2%-2.6pp | 12.7%-4.1pp | 16.9%-0.4pp | 17.2%+4.9pp | 12.3%-5.4pp | 17.8%-0.4pp | 18.2%+3.7pp | 14.5% |
| Return on Equity | 3.3%-0.8pp | 4.1%-0.9pp | 5.0%-0.2pp | 5.3%+1.8pp | 3.4%-1.7pp | 5.1%+0.5pp | 4.6%+0.9pp | 3.6% |
| Return on Assets | 0.7%-0.2pp | 0.9%-0.3pp | 1.2%-0.0pp | 1.2%+0.4pp | 0.8%-0.4pp | 1.1%0.0pp | 1.1%+0.3pp | 0.9% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 3.55+0.1 | 3.49+0.3 | 3.24-0.1 | 3.35-0.1 | 3.44-0.1 | 3.50+0.5 | 2.99-0.1 | 3.10 |
| FCF Margin | -3.4%-16.2pp | 12.8%+0.9pp | 11.9%+23.7pp | -11.8%-9.3pp | -2.5%-17.1pp | 14.6%+3.9pp | 10.7%+14.2pp | -3.5% |
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Frequently Asked Questions
What is Amerisafe's annual revenue?
Amerisafe (AMSF) reported $317.3M in total revenue for fiscal year 2025. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Amerisafe's revenue growing?
Amerisafe (AMSF) revenue grew by 2.7% year-over-year, from $309.0M to $317.3M in fiscal year 2025.
Is Amerisafe profitable?
Yes, Amerisafe (AMSF) reported a net income of $47.1M in fiscal year 2025, with a net profit margin of 14.8%.
What is Amerisafe's net profit margin?
Amerisafe (AMSF) had a net profit margin of 14.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Amerisafe pay dividends?
Yes, Amerisafe (AMSF) paid $1.56 per share in dividends during fiscal year 2025.
What is Amerisafe's return on equity (ROE)?
Amerisafe (AMSF) has a return on equity of 18.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Amerisafe's free cash flow?
Amerisafe (AMSF) generated $8.9M in free cash flow during fiscal year 2025. This represents a -61.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Amerisafe's operating cash flow?
Amerisafe (AMSF) generated $11.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Amerisafe's total assets?
Amerisafe (AMSF) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Amerisafe's capital expenditures?
Amerisafe (AMSF) invested $2.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Amerisafe's debt-to-equity ratio?
Amerisafe (AMSF) had a debt-to-equity ratio of 3.49 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Amerisafe's return on assets (ROA)?
Amerisafe (AMSF) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Amerisafe's Piotroski F-Score?
Amerisafe (AMSF) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Amerisafe's earnings high quality?
Amerisafe (AMSF) has an earnings quality ratio of 0.24x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Amerisafe?
Amerisafe (AMSF) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.