EIG

MKT CAP:$983M

Employers Holdings, Inc.

Market Cap

$983M

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

Financials·Insurance·🇺🇸·NYSE

Stock Price

$41.54-$1.30 (-3.03%)

Apr 22, 2026

Company Details

Employers Holdings, Inc., through its subsidiaries, operates in the commercial property and casualty insurance industry primarily in the United States. It offers workers' compensation insurance to small businesses in low to medium hazard in...

CEO

Katherine Holt Antonello

IPO Date

Jan 31, 2007

Website

www.employers.com

Key Metrics TTM

Revenue

$858M

-2.5% YoY

Net Income

$11M

EPS (Diluted)

$0.42

Free Cash Flow

$43M

Revenue / Share

$35.56

Gross Margin

32.2%

Operating Margin

1.4%

Net Margin

1.3%

FCF Margin

5.0%

P/S

1.1x

P/E

91.0x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 26, 2026

$858M-2.6%EPS $0.45

Q4 2025

Feb 26, 2026

$170M-21.4%EPS -$0.97

Q3 2025

Oct 31, 2025

$239M+6.8%EPS -$0.36

Q2 2025

Aug 1, 2025

$246M+13.5%EPS $1.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$200M	$108M	$68M
Q1 22	$152M	$37M	-$3M
Q3 22	$204M	$67M	$24M
Q4 22	$222M	$105M	$56M
Q1 23	$207M	$76M	$29M
Q2 23	$215M	$101M	$44M
Q3 23	$204M	$62M	$17M
Q4 23	$226M	$107M	$58M
Q1 24	$223M	$82M	$35M
Q2 24	$217M	$82M	$40M
Q3 24	$224M	$80M	$37M
Q4 24	$217M	$81M	$35M
Q1 25	$203M	$59M	$16M
Q2 25	$246M	$80M	$37M
Q3 25	$239M	$30M	-$11M
Q4 25	$170M	$108M	-$30M

Valuation

Quarter	P/S	P/E
Q4 21	1.4x	8.2x
Q1 22	1.4x	10.5x
Q3 22	1.4x	11.4x
Q4 22	1.3x	8.3x
Q1 23	1.3x	11.2x
Q2 23	1.2x	7.9x
Q3 23	1.2x	8.2x
Q4 23	1.2x	8.3x
Q1 24	1.1x	8.0x
Q2 24	1.1x	8.2x
Q3 24	1.1x	7.2x
Q4 24	1.1x	8.3x
Q1 25	1.1x	9.5x
Q2 25	1.1x	9.7x
Q3 25	1.1x	15.7x
Q4 25	1.1x	91.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$20M	$19M
Q1 22	$17M	$16M
Q3 22	$30M	$29M
Q4 22	$32M	$32M
Q1 23	$4M	$4M
Q2 23	-$8M	-$8M
Q3 23	$25M	$24M
Q4 23	$28M	$27M
Q1 24	$600.0K	-$700.0K
Q2 24	$12M	$11M
Q3 24	$51M	$50M
Q4 24	$13M	$11M
Q1 25	$15M	$14M
Q2 25	$0	-$900.0K
Q3 25	$29M	$29M
Q4 25	$700.0K	$500.0K

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$800.0K
Q3 22	$700.0K
Q4 22	$400.0K
Q1 23	$500.0K
Q2 23	$100.0K
Q3 23	$900.0K
Q4 23	$700.0K
Q1 24	$1M
Q2 24	$1M
Q3 24	$900.0K
Q4 24	$2M
Q1 25	$500.0K
Q2 25	$900.0K
Q3 25	$600.0K
Q4 25	$200.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+4.6%	+18.7%
Q1 22	-7.1%	+13.6%
Q3 22	+19.3%	+29.9%
Q4 22	+31.8%	+10.8%
Q1 23	+3.4%	+35.1%
Q2 23	+41.6%	+10.9%
Q3 23	-0.4%	+3.0%
Q4 23	+1.8%	+1.0%
Q1 24	+8.0%	+5.8%
Q2 24	+0.8%	+3.3%
Q3 24	+10.1%	+0.6%
Q4 24	-4.0%	+8.6%
Q1 25	-9.2%	-0.6%
Q2 25	+13.5%	+18.2%
Q3 25	+6.8%	+33.7%
Q4 25	-21.4%	+9.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	1.2%
Q1 22	$2M	1.1%
Q3 22	$1M	0.5%
Q4 22	$2M	0.8%
Q1 23	$2M	0.9%
Q2 23	$1M	0.7%
Q3 23	$1M	0.6%
Q4 23	$2M	0.8%
Q1 24	$2M	0.7%
Q2 24	$1M	0.6%
Q3 24	$2M	0.8%
Q4 24	$2M	0.8%
Q1 25	$1M	0.6%
Q2 25	$2M	0.6%
Q3 25	$1M	0.5%
Q4 25	$1M	0.6%

Revenue Segments

Quarter	Cerity Segment	Corporate Segment	Employers Segment	Insurance Operations
Q4 21	$1M	$400.0K	$198M	—
Q1 22	$900.0K	-$500.0K	$152M	—
Q3 22	$2M	$900.0K	$202M	—
Q4 22	$3M	$3M	$216M	—
Q1 23	$3M	$2M	$202M	—
Q2 23	$3M	$1M	$211M	—
Q3 23	$3M	$100.0K	$200M	—
Q1 24	—	—	—	$223M
Q2 24	—	—	—	$217M
Q3 24	—	—	—	$224M
Q4 24	—	—	—	$217M
Q1 25	—	—	—	$203M
Q2 25	—	—	—	$246M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$131M	$2.3B	$2.4B
Q2 22	$129M	$2.2B	$2.3B
Q3 22	$148M	$2.2B	$2.4B
Q4 22	$89M	$2.3B	$2.4B
Q1 23	$87M	$2.3B	$2.4B
Q2 23	$66M	$2.2B	$2.2B
Q3 23	$109M	$766M	$875M
Q4 23	$226M	$687M	$913M
Q1 24	$114M	$741M	$855M
Q2 24	$96M	$761M	$856M
Q3 24	$143M	$848M	$991M
Q4 24	$68M	$949M	$1.0B
Q1 25	$100M	$958M	$1.1B
Q2 25	$69M	$945M	$1.0B
Q3 25	$167M	$924M	$1.1B
Q4 25	$160M	$1.0B	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	28M	-1.0%	-3.6%
Q1 22	28M	-0.4%	-3.1%
Q3 22	27M	-2.3%	-4.8%
Q4 22	27M	-0.0%	-3.6%
Q1 23	27M	-0.2%	-2.8%
Q2 23	27M	-2.2%	-4.5%
Q3 23	26M	-2.6%	-4.8%
Q4 23	26M	-1.2%	-6.0%
Q1 24	26M	-1.0%	-6.8%
Q2 24	25M	-0.7%	-5.4%
Q3 24	25M	-1.5%	-4.4%
Q4 24	25M	+0.0%	-3.2%
Q1 25	25M	-0.0%	-2.2%
Q2 25	24M	-3.4%	-4.8%
Q3 25	24M	0.0%	-3.4%
Q4 25	24M	0.0%	-3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$328.6K	608
Q1 22	$250.0K	608
Q3 22	$336.2K	608
Q4 22	$328.1K	676
Q1 23	$305.5K	676
Q2 23	$318.3K	676
Q3 23	$301.0K	676
Q4 23	$314.8K	717
Q1 24	$311.2K	717
Q2 24	$302.6K	717
Q3 24	$312.4K	717
Q4 24	$302.9K	715
Q1 25	$283.4K	715
Q2 25	$344.5K	715
Q3 25	$334.7K	715
Q4 25	$273.2K	623

Revenue / Employee