At a glance
AMERISAFE Inc is worth $468.9M, about 10 times its fiscal 2025 earnings. Revenue grew 2.7% to $317.3M in fiscal 2025, with 14.9% kept as profit; over 5 years it has grown 1.3% a year. It pays a 10.36% dividend yield, raised every year for at least 9 years, and returned $442.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −32.6% over the past year with dividends reinvested and −9.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.9% in the 2020 crash (S&P 500: 33.7%) and 19.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 55 months and 8 months after the lows.
The business in plain English
AMERISAFE offers one product: workers' compensation insurance. It pays the benefits that state and federal laws require employers to give workers hurt on the job, including medical care, lost wages and death benefits. The employer pays the premium. AMERISAFE targets small to mid-sized employers in hazardous industries, mainly construction, trucking, logging and lumber, agriculture, services, manufacturing and maritime. Their claims are less frequent but often severe, so they pay well above-average rates per dollar of payroll.
Profit comes from two sources. First, underwriting profit: taking in more in premiums than it pays out in claims and costs. It inspects most new customers' worksites before quoting, handles nearly all claims in-house and does not give underwriting authority to the independent agencies that market its policies. Its expense ratio (running costs as a share of premiums) was 30.4% in 2025. Second, it invests premiums until claims are paid. That portfolio, mostly bonds and cash, was $796.8 million at the end of 2025 and earned $27.0 million in net investment income.
Revenue totaled $317.3 million in 2025. AMERISAFE actively markets in 27 states, and six of them supplied 53.6% of premiums on policies in force in 2025. Its ten largest policyholders, out of more than 10,200, made up just 2.1% of in-force premiums at the end of 2025.
Price history
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AMSF -32.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $79.8M, down 2.6% from a year earlier, and net income was $7.2M (-47.9%).
- For fiscal 2025, revenue was $317.3M (+2.7% year over year; -1.3% a year from FY2020 to FY2025) with a 14.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -1.3% weak |
|---|---|
| Free cash flow margin | 2.8% watch |
| Return on equity (FY2025) | 18.7% good |
| Return on assets (FY2025) | 4.2% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $339.5M | $86.6M | $62.5M |
| FY2021 | $315.9M | $65.8M | $36.7M |
| FY2022 | $294.7M | $55.6M | $26.1M |
| FY2023 | $306.9M | $62.1M | $29.3M |
| FY2024 | $309.0M | $55.4M | $23.4M |
| FY2025 | $317.3M | $47.1M | $8.9M |
Valuation snapshot
| Market value | $468.9M |
|---|---|
| P/E ratio | 10.2 |
| Dividend yield | 10.36% |
Rank among 1514 US companies
Market value at each year end
AMERISAFE’s market value went from $1.20B at the end of 2016 to $468.9M on Oct 28, 2026, down 61%; since the end of 2025 it is down 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $468.9M | -35.5% |
| 2025 | $726.9M | -26.0% |
| 2024 | $981.8M | +9.4% |
| 2023 | $897.3M | -9.9% |
| 2022 | $995.5M | -4.5% |
| 2021 | $1.04B | -6.1% |
| 2020 | $1.11B | -12.9% |
| 2019 | $1.27B | +16.7% |
| 2018 | $1.09B | -7.8% |
| 2017 | $1.19B | -1.1% |
| 2016 | $1.20B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMSF price data to Oct 28, 2026 | -31.3% | -32.6% | -13.1% | -9.1% | -1.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -31.3% |
| 2025 | -20.7% |
| 2024 | +19.7% |
| 2023 | -0.9% |
| 2022 | -1.0% |
| 2021 | +2.3% |
| 2020 | -6.1% |
| 2019 | +24.4% |
| 2018 | -6.6% |
| 2017 | +0.2% |
| 2016 | +30.4% |
| 2015 | +29.1% |
| 2014 | +5.1% |
| 2013 | +56.4% |
| 2012 | +17.2% |
| 2011 | +32.9% |
| 2010 | -2.6% |
| 2009 | -12.5% |
| 2008 | +32.4% |
| 2007 | +0.3% |
| 2006 | +53.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 14.7% over that stretch · deepest drop along the way 38.9%, back to its old high 24.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.5% over that stretch · deepest drop along the way 32.9%, back to its old high 55.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.9% over that stretch · deepest drop along the way 19.6%, back to its old high 8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($50K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 20, 2025 | Anastasios Omiridis EVP-CFO | sell | $50K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.1% | Sep 30, 2026 |
| BlackRock Portfolio Management LLC | 6% | Sep 30, 2026 |
| Goldman Sachs Asset Management, L.P. | 5.8% | Jun 30, 2026 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
| Millennium Management LLC | 5.1% | Sep 23, 2026 |
| Victory Capital Management, Inc. | 0.02% | Sep 30, 2025 |
ETFs with the most weight in AMSF
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.15% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.14% |
| OASC OneAscent Small Cap Core ETF | 0.62% |
| OUSM ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF | 0.61% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.48% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.42% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.41% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.29% |
What could go wrong
- One product, tied to hazardous industries. AMERISAFE writes only workers' compensation insurance, mostly for construction, trucking, logging and similar employers. Premiums track payrolls, so a slowdown in those industries could shrink revenue. Competitors may have greater financial resources.
- Prices are set before costs are known. Premium rates are set when coverage begins. Inaccurate claims history from a customer's previous insurer, rising medical costs or unexpected court rulings could leave prices too low to cover losses.
- Claim reserves could prove too small. AMERISAFE sets aside reserves, which is money for future claim payments, based on estimates. Severe injuries such as paralysis can mean years of medical and wage payments. If costs exceed estimates, topping up reserves cuts earnings.
- A ratings downgrade could cost business. All three insurance subsidiaries hold an “A” (Excellent) rating from A.M. Best, which rates insurers' financial strength. A downgrade would likely reduce the amount of business AMERISAFE can write.
- Dividends depend on regulated subsidiaries. AMERISAFE is a holding company. Its dividends and buybacks rely on cash its insurance subsidiaries pass up to it, and regulators limit how much those subsidiaries can pay.
- Investment income can swing with markets. Investment income is an important part of profit. The $796.8 million portfolio, mostly bonds and cash at December 31, 2025, is exposed to interest-rate moves, market volatility and economic conditions.
Recent events
- Quarterly results released
- Quarterly results released
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
AMERISAFE's regular dividend has risen for at least nine consecutive years through 2025. It grew from $1.08 per share in 2020 to $1.56 in 2025, about 7.6% a year. Payouts outran profits: total cash dividends paid in 2025, $48.6 million, were 103.1% of net income and 544.8% of free cash flow (cash left after business spending). Buybacks were small, $14.6 million over 2021–2025, and the share count fell 4.3% between July 2021 and July 2026.
Between the market's October 2007 peak and March 2009 low, the stock lost 14.7%, but its steepest fall was 38.9% and took about 24 months to recover. In the 2020 COVID crash it fell 32.9% and took about 55 months to recover. A 19.6% drop in 2022 took 8 months to recover. Its largest fall in the three years to October 28, 2026, was 54.1%, the deepest in nearly 21 years of trading. Single stocks carry more risk than diversified funds.
Questions investors ask
How does AMERISAFE make money?
AMERISAFE makes money by providing workers' compensation insurance to small and mid-sized employers in hazardous industries such as construction, trucking, logging and lumber, agriculture and maritime. It aims to take in more in premiums than it pays in claims and running costs. It also invests premiums until claims come due. That portfolio was $796.8 million at the end of 2025 and produced $27.0 million of net investment income. In 2025, revenue was $317.3 million and net income was $47.1 million.
Does AMERISAFE raise its dividend every year?
Yes, it has so far. The regular dividend has risen for at least nine consecutive years through 2025, from $1.08 per share in 2020 to $1.56 in 2025, or about 7.6% a year. Past increases do not guarantee future ones. Total cash dividends paid in 2025 were $48.6 million, or 103.1% of net income. The company's ability to pay depends on cash from its insurance subsidiaries, which is subject to regulatory limits.
Why is AMSF's dividend yield so high?
Largely because the share price has fallen. The yield was 10.36% as of October 28, 2026. That figure compares total 2025 dividends of $48.6 million with a market value of about $469 million. The stock had dropped 31.3% since the start of 2026. Those 2025 payments were 103.1% of net income, so a yield based on past payouts may overstate future income. The regular dividend was $1.56 per share in 2025.
How much has AMERISAFE stock fallen?
The share price fell 32.6% in the year to October 28, 2026, including a 31.3% drop since the start of 2026. It also fell 20.7% in 2025 and lost an average of 9.1% a year over five years. Net income fell 15% in 2025 to $47.1 million. In the quarter ended June 30, 2026, though, revenue rose 13.4% and net income rose 4.6% from a year earlier. On October 28, 2026, the shares traded at 10.2 times 2025 earnings.
Who owns the most AMERISAFE stock?
Large asset managers hold the biggest stakes. In regulatory filings, BlackRock, Inc. reported 8.1% as of September 30, 2026. Goldman Sachs Asset Management reported 5.8% as of June 30, 2026, Vanguard Capital Management 5.29% as of March 31, 2026, and Millennium Management 5.1% as of September 23, 2026. Insider trading was light. In the 12 months to October 29, 2026, there were no insider purchases and one sale of about $50,142, by chief financial officer Anastasios Omiridis on November 20, 2025.