At a glance
Employers Holdings Inc is worth $901.6M, about 112 times its fiscal 2025 earnings. Revenue fell 2.5% to $858.7M in fiscal 2025, with 1.3% kept as profit; over 5 years it has grown 3.8% a year. It pays a 2.57% dividend yield, raised every year for at least 3 years, and returned $583.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +30.3% over the past year with dividends reinvested and +9.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.4% in the 2020 crash (S&P 500: 33.7%) and 21.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and within a month after the lows.
The business in plain English
Based in Reno, Nevada, Employers Holdings owns five insurance companies that write just one line of coverage: workers' compensation, which pays medical bills and lost wages when employees are hurt on the job. Its customers are small and mid-sized businesses in lower-hazard industries, reached mainly through traditional and specialty insurance agents and brokers, plus some direct sales. It operates in every state except North Dakota, Ohio, Washington and Wyoming, where state funds provide this coverage. In February 2026 it launched excess workers' compensation, which protects self-insured employers (those paying their own claims) against very large losses.
It earns money two ways: from premiums, when claims and expenses cost less than it collects, and from investing those premiums until claims are paid. Workers' compensation claims can take years to settle, so this pool of money, called float, is large. Net investment income was $116.7 million in 2025, up from $107.0 million in 2024. Total 2025 revenue was $858.7 million, down 2.5%.
The 10-K singles out its concentration in California. The company has expanded into industries such as landscaping, janitorial work and home healthcare. Renewals bring in most premiums: $556.0 million in 2025, versus $200.1 million from new business, which fell from $236.0 million in 2024. Policies in force rose 2% to 133,605 at the end of 2025.
Price history
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EIG +30.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $189.3M, down 20.9% from a year earlier, and net income was $11.6M.
- For fiscal 2025, revenue was $858.7M (-2.5% year over year; +3.8% a year from FY2020 to FY2025) with a 1.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.8% watch |
|---|---|
| Free cash flow margin | 5.2% watch |
| Return on equity (FY2025) | 1.1% weak |
| Return on assets (FY2025) | 0.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $711.4M | $119.8M | $32.9M |
| FY2021 | $703.1M | $119.3M | $10.5M |
| FY2022 | $713.5M | $48.4M | $99.7M |
| FY2023 | $850.9M | $118.1M | $49.4M |
| FY2024 | $880.7M | $118.6M | $76.3M |
| FY2025 | $858.7M | $10.8M | $44.6M |
Valuation snapshot
| Market value | $901.6M |
|---|---|
| P/E ratio | 111.8 |
| Dividend yield | 2.57% |
Rank among 1514 US companies
Market value at each year end
Employers Holdings’s market value went from $1.27B at the end of 2016 to $901.6M on Oct 28, 2026, down 29%; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $901.6M | -7.1% |
| 2025 | $970.4M | -23.4% |
| 2024 | $1.27B | +24.9% |
| 2023 | $1.01B | -13.6% |
| 2022 | $1.17B | +1.4% |
| 2021 | $1.16B | +23.9% |
| 2020 | $934.2M | -29.7% |
| 2019 | $1.33B | -3.5% |
| 2018 | $1.38B | -4.4% |
| 2017 | $1.44B | +13.3% |
| 2016 | $1.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EIG price data to Oct 28, 2026 | +21.8% | +30.3% | +14.6% | +9.5% | +8.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.8% |
| 2025 | -13.3% |
| 2024 | +33.3% |
| 2023 | -6.1% |
| 2022 | +12.6% |
| 2021 | +31.9% |
| 2020 | -20.5% |
| 2019 | +1.6% |
| 2018 | -3.7% |
| 2017 | +13.7% |
| 2016 | +46.9% |
| 2015 | +17.2% |
| 2014 | -24.9% |
| 2013 | +55.2% |
| 2012 | +15.3% |
| 2011 | +5.0% |
| 2010 | +15.8% |
| 2009 | -5.1% |
| 2008 | +0.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.8% over that stretch · deepest drop along the way 60.1%, back to its old high 23.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.2% over that stretch · deepest drop along the way 26.4%, back to its old high 12.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.7% over that stretch · deepest drop along the way 21.9%, back to its old high 0.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 4.98% | Sep 30, 2026 |
| Vanguard Portfolio Management | 4.42% | Jun 30, 2026 |
ETFs with the most weight in EIG
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.12% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.09% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 1.03% |
| WCEO Hypatia Women CEO ETF | 0.78% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.52% |
| SVAL iShares US Small Cap Value Factor ETF | 0.51% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.42% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.41% |
What could go wrong
- Heavy exposure to California. Much of the business is concentrated in California, so the state's economy, laws, regulators, competitors and natural disasters have an outsized effect on results. A harmful change there could hurt the whole company.
- Only one product in a crowded market. Employers sells only workers' compensation insurance. Bigger rivals that sell many kinds of coverage can bundle policies and cut prices, and the annual report says excess industry capacity is holding down rates.
- Old claims from before 1995. Losses incurred before July 1, 1995 are covered by reinsurance (insurance that insurers buy). If that coverage proves too small or the reinsurers fail to pay, Employers could owe those claims itself.
- Customers are small, economy-sensitive employers. The company focuses on small and mid-sized businesses, which can be hit hardest in a downturn. Layoffs or closures shrink premiums, and changes in taxes, labor conditions or regulation can hurt these customers.
- Prices and reserves rest on estimates. Premiums and reserves (money set aside for future claims) depend on loss estimates. Workers' compensation claims can pay out over many years, so mistakes or fraud may show up late and cut profits.
- Earnings lean on the investment portfolio. Employers invests premiums until claims are paid, earning $116.7 million of net investment income in 2025. Falling interest rates or weak stock and bond markets could cut that income or cause losses.
Recent events
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
For income and retirement investors
Employers Holdings' regular dividends rose in each of 2023, 2024 and 2025, to $1.26 a share, up from $1.00 in 2020 (about 4.7% a year); 2022 also brought a one-time special dividend. The yield was 2.57% as of October 28, 2026. Dividends equaled 277% of 2025 earnings, which fell to $0.46 a share, but 67% of free cash flow (cash left after running and maintaining the business). Share repurchases were larger: $374.5 million over fiscal 2021–2025, including $182.8 million in 2025, versus $209.2 million in dividends; the share count fell 36% from October 2021 to July 2026.
In downturns, the shares fell about 60% from October 2007 to March 2009 and took roughly two years from that low to regain their peak. They dropped 26% in the 2020 COVID crash, regaining their peak by March 2021, and slid 22% from June to October 2022 before recovering by late October. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Employers Holdings make money?
By collecting workers' compensation insurance premiums and investing that money until claims are paid. Workers' compensation covers medical bills and lost wages for employees hurt on the job. Its five insurance companies cover small and mid-sized businesses in lower-hazard industries, mainly through insurance agents and brokers. Because injury claims can take years to settle, the company holds a large pool of money, called float, to invest. Total revenue was $858.7 million in 2025, and net investment income was $116.7 million.
Does Employers Holdings raise its dividend every year?
Not every year, but it raised its regular dividend in each of 2023, 2024 and 2025. Regular dividends were $1.00 a share in both 2020 and 2021 and reached $1.26 in 2025, growth of about 4.7% a year. The company also paid a one-time special dividend in 2022. The yield was 2.57% as of October 28, 2026. In 2025, dividends were 277% of earnings, which fell sharply, but 67% of free cash flow.
Why is EIG's P/E ratio so high?
Mainly because 2025 earnings were unusually low. As of October 28, 2026, the price-to-earnings (P/E) ratio, the share price divided by a year's earnings per share, was 111.8, based on 2025 diluted earnings of $0.46 a share, down from $4.71 in 2024. Net income fell 90.9% to $10.8 million. For comparison, net income was $29.1 million in the single quarter ended June 30, 2026, down 2% from a year earlier.
Does Employers Holdings have a lot of debt?
No, not relative to its size. As of June 30, 2026, total debt was $125 million, compared with shareholders' equity of $858.8 million and total assets of about $3.38 billion. For an insurer, the larger obligations are usually reserves for future claim payments rather than borrowings. In its 10-K filed February 26, 2026, the company said each of its five insurance subsidiaries held an A (Excellent) financial strength rating from an independent rating agency.
How has EIG stock performed over the long term?
It has gained over time, with sharp swings. Based on share prices as of October 28, 2026, the stock returned 30.3% over one year, about 9.5% a year over five years and 8.3% a year over ten years. Calendar years vary widely: it rose 33.3% in 2024, then fell 13.3% in 2025. Over nearly 20 years of price history, its worst drop from a peak was 63.9%.