AMSF

MKT CAP:$572M

AMERISAFE, Inc.

Market Cap

$572M

Financial Services·Insurance - Specialty·🇺🇸 United States·NASDAQ

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$29.96-$7.62 (-20.28%)

Apr 22, 2026

Company Details

AMERISAFE, Inc., an insurance holding company, underwrites workers' compensation insurance in the United States. The company's workers' compensation insurance policies provide benefits to injured employees for temporary or permanent disabil...

CEO

Gerry Janelle Frost

IPO Date

Nov 18, 2005

Website

www.amerisafe.com

Key Metrics TTM

Revenue

$325M

+7.8% YoY

Net Income

$46M

EPS (Diluted)

$2.43

Free Cash Flow

$9M

Revenue / Share

$17.22

Gross Margin

47.6%

Operating Margin

17.8%

Net Margin

14.3%

FCF Margin

2.7%

P/S

1.8x

P/E

12.3x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$80M+10.3%EPS $0.43

FY 2025

Feb 27, 2026

$317M+2.6%EPS $2.47

Q4 2025

Feb 27, 2026

$82M+10.2%EPS $0.55

Q3 2025

Oct 30, 2025

$82M+4.2%EPS $0.72

Q2 2025

Jul 25, 2025

$81M+6.9%EPS $0.73

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$68M	$22M	$7M
Q3 22	$71M	$28M	$13M
Q4 22	$80M	$38M	$26M
Q1 23	$78M	$34M	$22M
Q2 23	$76M	$34M	$20M
Q3 23	$73M	$73M	$12M
Q4 23	$80M	$80M	$24M
Q1 24	$81M	$35M	$21M
Q2 24	$76M	$29M	$14M
Q3 24	$79M	$34M	$18M
Q4 24	$74M	$37M	$17M
Q1 25	$73M	$26M	$11M
Q2 25	$81M	$34M	$17M
Q3 25	$82M	$34M	$17M
Q4 25	$82M	$53M	$13M
Q1 26	$80M	$34M	$10M

Valuation

Quarter	P/S	P/E
Q2 22	1.9x	12.4x
Q3 22	1.9x	14.9x
Q4 22	1.9x	10.3x
Q1 23	1.9x	10.3x
Q2 23	1.9x	8.8x
Q3 23	1.9x	9.0x
Q4 23	1.9x	9.2x
Q1 24	1.9x	9.3x
Q2 24	1.8x	10.0x
Q3 24	1.8x	9.3x
Q4 24	1.8x	10.3x
Q1 25	1.9x	12.0x
Q2 25	1.9x	11.3x
Q3 25	1.8x	11.5x
Q4 25	1.8x	12.1x
Q1 26	1.8x	12.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$7M	$7M
Q2 22	$18M	$17M
Q3 22	$11M	$10M
Q4 22	-$8M	-$8M
Q1 23	$13M	$13M
Q2 23	$7M	$7M
Q3 23	$5M	$5M
Q4 23	$4M	$4M
Q1 24	$8M	$7M
Q2 24	-$3M	-$3M
Q3 24	$8M	$8M
Q4 24	$11M	$11M
Q1 25	-$2M	-$2M
Q2 25	-$8M	-$10M
Q3 25	$11M	$10M
Q4 25	$11M	$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$258.0K
Q2 22	$774.0K
Q3 22	$840.0K
Q4 22	$217.0K
Q1 23	$32.0K
Q2 23	$5.0K
Q3 23	$490.0K
Q4 23	$26.0K
Q1 24	$746.0K
Q2 24	$56.0K
Q3 24	$24.0K
Q4 24	$14.0K
Q1 25	$2.0K
Q2 25	$1M
Q3 25	$891.0K
Q4 25	$173.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-16.2%	+17.2%
Q3 22	-2.2%	+20.0%
Q4 22	+1.8%	-29.2%
Q1 23	+4.0%	+5.3%
Q2 23	+11.2%	-7.9%
Q3 23	+1.8%	+4.1%
Q4 23	+0.4%	+3.8%
Q1 24	+2.6%	+5.0%
Q2 24	+0.2%	+10.7%
Q3 24	+8.3%	+1.0%
Q4 24	-7.6%	+2.0%
Q1 25	-9.8%	+2.7%
Q2 25	+6.9%	+2.5%
Q3 25	+4.2%	+5.9%
Q4 25	+10.2%	+20.3%
Q1 26	+10.3%	+13.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	-$9.0K	-0.0%
Q2 22	$850.0K	1.2%
Q3 22	$671.0K	0.9%
Q4 22	$967.0K	1.2%
Q1 23	$216.0K	0.3%
Q2 23	$430.0K	0.6%
Q3 23	$470.0K	0.6%
Q4 23	$441.0K	0.6%
Q1 24	$688.0K	0.9%
Q2 24	$710.0K	0.9%
Q3 24	$763.0K	1.0%
Q4 24	$778.0K	1.1%
Q1 25	$0	0.0%
Q2 25	$2M	2.2%
Q3 25	$805.0K	1.0%
Q4 25	-$787.0K	-1.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$7M	—
Q3 22	$7M	—
Q4 22	$7M	—
Q1 23	$6M	—
Q2 23	$7M	—
Q3 23	$7M	—
Q4 23	$8M	$200.0K
Q1 24	$8M	—
Q2 24	$7M	—
Q3 24	$8M	—
Q4 24	$9M	$300.0K
Q1 25	$8M	—
Q2 25	$7M	—
Q3 25	$8M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$85M	$0	$85M
Q3 22	$91M	$0	$91M
Q4 22	$61M	$0	$61M
Q1 23	$41M	$0	$41M
Q2 23	$34M	$0	$34M
Q3 23	$59M	$0	$59M
Q4 23	$39M	$0	$39M
Q1 24	$33M	$0	$33M
Q2 24	$31M	$0	$31M
Q3 24	$64M	$0	$64M
Q4 24	$44M	$0	$44M
Q1 25	$45M	$0	$45M
Q2 25	$48M	$0	$48M
Q3 25	$55M	$0	$55M
Q4 25	$62M	$0	$62M
Q1 26	$34M	$0	$34M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	19M	-0.5%	-0.3%
Q3 22	19M	-0.3%	-0.7%
Q4 22	19M	-0.3%	-1.1%
Q1 23	19M	+0.1%	-1.0%
Q2 23	19M	-0.2%	-0.7%
Q3 23	19M	+0.1%	-0.2%
Q4 23	19M	-0.0%	+0.1%
Q1 24	19M	-0.0%	-0.1%
Q2 24	19M	-0.3%	-0.3%
Q3 24	19M	-0.2%	-0.6%
Q4 24	19M	+0.0%	-0.5%
Q1 25	19M	+0.2%	-0.3%
Q2 25	19M	-0.2%	-0.1%
Q3 25	19M	-0.2%	-0.2%
Q4 25	19M	-0.5%	-0.8%
Q1 26	19M	-0.5%	-1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$183.4K	371
Q3 22	$192.5K	371
Q4 22	$225.4K	354
Q1 23	$221.6K	354
Q2 23	$213.8K	354
Q3 23	$205.2K	354
Q4 23	$228.9K	350
Q1 24	$230.0K	350
Q2 24	$216.7K	350
Q3 24	$224.9K	350
Q4 24	$204.6K	362
Q1 25	$200.6K	362
Q2 25	$224.0K	362
Q3 25	$226.5K	362
Q4 25	$225.4K	362
Q1 26	$221.2K	362

Revenue / Employee