AMERISAFE, Inc. (AMSF) Key Metrics
AMSF valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $468.0M
- Enterprise value
- $386.2M
- P/E (TTM)
- 10.2 10-yr median 15.5
- Forward P/E
- 22.4
- PEG ratio
- 1.81
- Price / sales
- 1.4 10-yr median 3.2
- Price / book
- 1.8 10-yr median 2.8
- EV / EBITDA
- — 10-yr median 10.0
- Dividend yield
- 6.50% $1.64 a year
- Beta
- 0.27
AMSF key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAMSF valuation Price multiples at each fiscal year-end price.
AMSF returns How much profit the business earns on the capital it uses.
AMSF per-share figures Results divided by the shares outstanding at year-end.
AMSF financial health Debt, liquidity and how easily interest is covered.
AMSF efficiency & capital use Working capital cycle and where the cash goes.
AMSF valuation history
AMSF returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AMSF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AMSF cash returned to shareholders
AMSF price vs earnings per share
AMSF key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $732.9M | $987.5M | $899.4M | $1.00B | $1.04B | $1.11B | $1.28B | $1.09B | $1.19B | $1.20B |
| Enterprise value | $584.1M | $857.4M | $766.2M | $607.8M | $575.3M | $1.05B | $1.23B | $1.09B | $1.17B | $1.17B |
| P/E ratio | 15.5 | 17.8 | 14.5 | 18.1 | 15.9 | 12.8 | 13.8 | 15.3 | 25.6 | 15.4 |
| Price / sales | 2.3 | 3.2 | 2.9 | 3.4 | 3.3 | 3.3 | 3.4 | 2.9 | 3.2 | 3.0 |
| Price / book | 2.9 | 3.8 | 3.1 | 3.2 | 2.6 | 2.5 | 3.0 | 2.7 | 2.8 | 2.6 |
| Price / free cash flow | 82.2 | 42.3 | 30.7 | 38.5 | 28.5 | 17.8 | 16.4 | 11.3 | 9.1 | 10.6 |
| Price / operating cash flow | 66.2 | 40.8 | 30.1 | 35.6 | 27.5 | 17.5 | 16.2 | 11.1 | 9.1 | 10.5 |
| EV / sales | 1.8 | 2.8 | 2.5 | 2.1 | 1.8 | 3.1 | 3.3 | 2.9 | 3.1 | 3.0 |
| EV / EBITDA | 9.8 | 12.2 | 9.7 | 8.8 | 7.1 | 9.7 | 10.6 | 12.4 | 14.0 | 10.3 |
| EV / free cash flow | 65.5 | 36.7 | 26.2 | 23.3 | 15.7 | 16.8 | 15.8 | 11.3 | 9.0 | 10.4 |
| Earnings yield | 6.4% | 5.6% | 6.9% | 5.5% | 6.3% | 7.8% | 7.3% | 6.5% | 3.9% | 6.5% |
| Free cash flow yield | 1.2% | 2.4% | 3.3% | 2.6% | 3.5% | 5.6% | 6.1% | 8.9% | 11.0% | 9.4% |
| Dividend yield | 6.6% | 8.7% | 10.4% | 10.0% | 9.6% | 8.0% | 6.8% | 7.7% | 7.0% | 6.4% |
| Shareholder yield (dividends + buybacks) | 8.3% | 9.2% | 10.6% | 11.2% | 9.6% | 8.0% | 6.8% | 7.7% | 7.0% | 6.4% |
| Share price at fiscal year-end | $38.41 | $51.54 | $46.78 | $51.97 | $53.83 | $57.43 | $66.03 | $56.69 | $61.60 | $62.35 |
| Per share | ||||||||||
| Revenue per share | $16.63 | $16.13 | $15.96 | $15.25 | $16.28 | $17.53 | $19.16 | $19.58 | $19.50 | $20.66 |
| Earnings per share | $2.47 | $2.89 | $3.23 | $2.88 | $3.39 | $4.47 | $4.80 | $3.71 | $2.40 | $4.05 |
| Operating cash flow per share | $0.58 | $1.26 | $1.55 | $1.46 | $1.96 | $3.27 | $4.08 | $5.09 | $6.80 | $5.95 |
| Free cash flow per share | $0.47 | $1.22 | $1.52 | $1.35 | $1.89 | $3.23 | $4.03 | $5.04 | $6.77 | $5.86 |
| Cash per share | $7.83 | $6.81 | $6.94 | $20.53 | $24.21 | $3.19 | $2.27 | $2.09 | $2.89 | $3.07 |
| Book value per share | $13.18 | $13.43 | $15.21 | $16.43 | $20.57 | $22.66 | $22.26 | $21.24 | $22.10 | $23.75 |
| Tangible book value per share | $12.08 | $12.43 | −$28.21 | $15.53 | −$31.20 | −$33.19 | −$35.37 | −$36.29 | $21.05 | $22.75 |
| Dividends per share | $2.55 | $4.46 | $4.85 | $5.20 | $5.15 | $4.58 | $4.50 | $4.38 | $4.29 | $3.96 |
| Capex per share | $0.11 | $0.04 | $0.03 | $0.11 | $0.07 | $0.05 | $0.05 | $0.06 | $0.02 | $0.09 |
| Debt per share | $0.03 | $0.02 | $0.01 | $0.02 | $0.02 | $0.03 | $0.03 | $2.15 | $1.93 | $1.67 |
| Shares outstanding | 19.1M | 19.2M | 19.2M | 19.3M | 19.4M | 19.4M | 19.3M | 19.3M | 19.2M | 19.2M |
| Change in shares outstanding | −0.4% | −0.3% | −0.5% | −0.4% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.5% | 20.2% | 20.4% | 15.5% | 15.7% | 19.9% | 22.1% | 17.2% | 10.5% | 17.1% |
| Return on invested capital (ROIC) | 41.0% | 38.7% | 154.6% | — | — | 22.7% | 23.2% | 17.5% | 11.1% | 18.0% |
| Return on assets (ROA) | 4.1% | 4.6% | 5.0% | 4.2% | 4.7% | 6.2% | 6.5% | 5.0% | 3.2% | 5.3% |
| Return on tangible assets | 4.2% | 4.9% | 15.8% | 4.4% | 16.5% | 28.6% | 30.8% | 23.0% | 3.3% | 5.5% |
| Free cash flow margin | 2.8% | 7.6% | 9.5% | 8.9% | 11.6% | 18.4% | 21.0% | 25.7% | 34.7% | 28.4% |
| Income quality (OCF / net income) | 0.23 | 0.44 | 0.48 | 0.51 | 0.58 | 0.73 | 0.85 | 1.37 | 2.83 | 1.47 |
| Financial health | ||||||||||
| Total debt | $491,000 | $428,000 | $267,000 | $336,000 | $395,000 | $499,000 | $484,000 | $41.4M | $37.1M | $32.2M |
| Cash & short-term investments | $149.4M | $130.6M | $133.4M | $396.7M | $469.9M | $61.8M | $43.8M | $40.3M | $55.6M | $58.9M |
| Net debt | −$148.9M | −$130.1M | −$133.2M | −$396.4M | −$469.5M | −$61.3M | −$43.3M | $1.0M | −$18.5M | −$26.8M |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | 0.09 | 0.07 |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.03 | 0.02 |
| Net debt / EBITDA | −2.50 | −1.85 | −1.69 | −5.75 | −5.84 | −0.57 | −0.37 | 0.01 | −0.22 | −0.23 |
| Current ratio | 0.61 | 0.59 | 0.59 | 0.87 | 0.92 | 15.52 | 9.73 | 5.25 | 130.49 | 60.23 |
| Quick ratio | 0.61 | 0.59 | 0.99 | 0.78 | 0.88 | 43.78 | 26.38 | 1.69 | 156.78 | 72.92 |
| Working capital | −$272.3M | −$281.0M | −$281.4M | −$93.9M | −$61.3M | $204.4M | $181.0M | $164.2M | $228.0M | $237.9M |
| Invested capital | $102.7M | $127.2M | $159.3M | −$78.9M | −$70.2M | $377.6M | $386.9M | $410.8M | $406.9M | $429.4M |
| Tangible asset value | $230.5M | $238.2M | −$542.4M | $300.0M | −$605.5M | −$729.0M | −$761.3M | −$795.2M | $321.6M | $361.8M |
| Net current asset value | −$450.5M | −$500.7M | −$530.4M | −$297.9M | −$263.3M | −$813.5M | −$860.9M | −$903.3M | −$863.0M | −$820.8M |
| Graham number | $27.07 | $29.57 | $33.25 | $32.61 | $39.60 | $47.75 | $49.01 | $42.12 | $34.56 | $46.55 |
| Graham net-net per share | −$27.26 | −$29.65 | −$38.20 | −$16.98 | −$16.18 | −$54.31 | −$55.51 | −$45.36 | −$48.31 | −$46.45 |
| Capital allocation | ||||||||||
| Dividends paid | $48.6M | $85.4M | $93.3M | $100.4M | $99.9M | $88.8M | $87.0M | $84.5M | $82.6M | $76.1M |
| Share buybacks (net) | $12.1M | $5.7M | $2.2M | $12.4M | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 103.1% | 154.1% | 150.2% | 180.6% | 152.0% | 102.5% | 93.9% | 118.0% | 178.8% | 97.7% |
| Dividends + buybacks / free cash flow | 680.5% | 390.2% | 326.0% | 432.2% | 272.4% | 142.1% | 111.8% | 87.0% | 63.4% | 67.6% |
| Capex / revenue | 0.7% | 0.3% | 0.2% | 0.7% | 0.4% | 0.3% | 0.3% | 0.3% | 0.1% | 0.4% |
| Capex / operating cash flow | 19.4% | 3.5% | 1.9% | 7.4% | 3.4% | 1.5% | 1.3% | 1.1% | 0.4% | 1.4% |
| Capex / depreciation | 2.89 | 0.77 | 0.39 | 1.60 | 1.27 | 0.91 | 1.08 | 1.13 | 0.49 | 1.39 |
| Stock-based compensation / revenue | 0.9% | 1.0% | 0.5% | 0.8% | 0.7% | 1.0% | 0.6% | 0.5% | 0.5% | 0.4% |
| SG&A / revenue | 10.5% | 10.3% | 9.0% | 9.1% | 8.3% | 8.3% | 7.4% | 7.0% | 7.0% | 6.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 315.4 | 320.0 | 315.2 | 326.6 | 246.5 | 169.2 | 157.9 | 162.7 | 173.8 | 211.4 |
| Days of inventory on hand | — | — | -216.1 | 122.3 | -413.3 | -2,781.5 | -188.2 | 72.1 | -75.8 | -137.3 |
| Days payables outstanding | — | — | — | 91.0 | 87.1 | 295.6 | 71.3 | 59.8 | 28.9 | 24.8 |
| Cash conversion cycle (days) | — | — | — | 357.9 | -253.8 | -2,907.9 | -101.6 | 175.0 | 69.0 | 49.2 |
| Receivables turnover | 1.16 | 1.14 | 1.16 | 1.12 | 1.48 | 2.16 | 2.31 | 2.24 | 2.10 | 1.73 |
| Payables turnover | — | — | — | 4.01 | 4.19 | 1.23 | 5.12 | 6.11 | 12.62 | 14.69 |
| Inventory turnover | — | — | — | 2.98 | — | — | — | 5.06 | — | — |
| Asset turnover | 0.28 | 0.26 | 0.25 | 0.22 | 0.23 | 0.24 | 0.26 | 0.26 | 0.26 | 0.27 |
| Average receivables | $274.1M | $271.0M | $265.1M | $263.7M | $213.5M | $157.4M | $160.2M | $168.4M | $178.6M | $229.7M |
| Average payables | — | — | — | $38.0M | $38.4M | $39.5M | $39.4M | $37.8M | $18.6M | $15.3M |
| Average inventory | — | — | −$101.7M | $51.0M | −$182.1M | −$371.6M | −$103.8M | $45.7M | −$48.6M | −$84.8M |
| Intangibles / total assets | 1.9% | 1.7% | 67.9% | 1.4% | 71.6% | 78.1% | 78.7% | 78.1% | 1.4% | 1.3% |
Computed from AMSF's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AMSF valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), AMERISAFE traded at 15.5 times earnings, against a 10-year median of 15.5. Based on the latest twelve months, the trailing P/E is 10.2 and the forward P/E is 22.4. AMERISAFE earned a return on equity of 18.5% and a return on invested capital of 41.0% in fiscal 2025. It ended the year with $0.5 million of debt and $149.4 million in cash and short-term investments, a net cash position of $148.9 million. It returned $60.7 million to shareholders: $48.6 million in dividends and $12.1 million in share buybacks, 680% of free cash flow.
See the AMSF income statement, the AMSF chart for price history, or the AMSF stock overview for the latest quote and news.
AMSF key metrics FAQ
What is AMERISAFE's P/E ratio?
AMERISAFE's trailing P/E ratio is 10.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.4. At the end of fiscal 2025 it was 15.5, compared with a 10-year median of 15.5.
What is AMERISAFE's EV/EBITDA?
AMERISAFE's enterprise value was 9.8 times EBITDA at the end of fiscal 2025 (enterprise value $584.1 million, EBITDA $59.6 million).
What is AMERISAFE's return on equity?
AMERISAFE's return on equity (ROE) was 18.5% in fiscal 2025: net income of $47.1 million on average shareholders' equity of $254.5 million.
What is AMERISAFE's ROIC?
AMERISAFE's return on invested capital was 41.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AMERISAFE have?
AMERISAFE had total debt of $0.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is AMERISAFE's dividend yield?
AMERISAFE's forward dividend yield is 6.50%. AMERISAFE paid $48.6 million in dividends in fiscal 2025 ($2.55 per share), a payout ratio of 103.1%.
Does AMERISAFE buy back its shares?
Yes. AMERISAFE spent $12.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.4% over the year, to 19.1M..
What is AMERISAFE's free cash flow yield?
AMERISAFE generated $8.9 million of free cash flow in fiscal 2025, a free cash flow yield of 1.2% on its market value at year-end ($732.9 million).
What is AMERISAFE's current ratio?
AMERISAFE's current ratio was 0.61 at the end of fiscal 2025: current assets were 0.61 times current liabilities.