Start here if you're new
what it is
AMERISAFE sells workers' comp insurance to risky businesses like trucking, logging, and construction across 27 states.
how it gets paid
Last year Amerisafe made $317M in revenue. construction was the main engine at $95M, or 30% of sales.
why it's growing
Revenue grew 2.7% last year. Quarterly EPS history from shows FY2024 ended at $3.00 versus $3.23 in FY2023.
what just happened
The clean takeaway is that quarterly profit weakened, with Q4 FY2024 EPS at $0.69 versus $1.00 a year earlier.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
65/100 earnings predictability — reasonably predictable
14.5x trailing p/e — the market's not buying it — or you found a deal
5.0% dividend yield — cash in your pocket every quarter
$3.00 fy2024 eps est
xvary composite: 62/100 — average
What they do
AMERISAFE sells workers' comp insurance to risky businesses like trucking, logging, and construction across 27 states.
This is boring on purpose. AMERISAFE stays in hazardous industries where underwriting discipline matters more than a catchy app, and it has built that niche across 27 states. Workers' comp underwriting (pricing accident risk) → deciding what each policy should cost → if they price better than rivals, your dividend survives soft markets.
How they make money
$317M
annual revenue · their business grew +2.7% last year
construction
$95M
trucking
$63M
agriculture
$48M
logging and sawmills
$41M
oil, gas, and maritime
$35M
other hazardous industries
$35M
The products that matter
insures hazardous employers
voluntary workers' comp
+10.2% premium growth in 2025
this is the core book. premiums grew 10.2% in 2025 and policy renewals held at 93.7%, which says customers stayed even while pricing stayed competitive.
93.7% renewal rate
state-assigned coverage
assigned risk pools
part of a $317M revenue base
this helps fill out the book, but the investment case does not sit here. you are still underwriting the quality of a $317M workers' comp specialist, not waiting for a side segment to bail it out.
supporting book
Key numbers
$3.00
2024 EPS
EPS → profit per share → so what: at $37.74, you're paying about 12.6x this 2024 profit figure, which is cheaper than many niche insurers.
5.0%
dividend yield
Dividend yield → cash paid back to you each year as a share of the stock price → so what: the income is doing real work while you wait.
14.5x
trailing p/e
P/E → price divided by past earnings → so what: the market is not pricing AMERISAFE like a fast grower.
$317M
annual revenue
Revenue → total sales → so what: this is still a small insurer, which is why one bad underwriting year matters more here than at a giant carrier.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 85 / 100
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AMSF right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The clean takeaway is that quarterly profit weakened, with Q4 FY2024 EPS at $0.69 versus $1.00 a year earlier.
Quarterly EPS history from shows FY2024 ended at $3.00 versus $3.23 in FY2023. Separate SEC-sourced figures show a latest quarter with $236M revenue and $1.92 EPS, so you should treat timing and reserve comparisons carefully.
$236M
revenue
$1.92
eps
+187%
revenue vs. last year
the number that mattered
Q4 FY2024 EPS of $0.69 matters because it was down from $1.00 a year earlier, which tells you the 5.0% yield is leaning on stable underwriting, not growth magic.
source: company earnings report, 2026
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What could go wrong
the #1 risk is medical inflation in hazardous-industry workers' comp claims.
high
medical cost inflation
rising claims severity is the cleanest way to break this story. management is targeting a 72% loss ratio. if medical costs keep rising, that pressure runs straight through a business that earned a 14.9% net margin on $317M of revenue.
hits underwriting margins first and valuation second
med
soft pricing that lasts longer
workers' comp pricing is already under pressure. that matters more when your best proof point is 10.2% premium growth in one core book. if pricing stays soft while claims trend up, retention stops being enough.
pressures growth and leaves less room to absorb worse claims
med
underwriting cushion keeps shrinking
a 91.3% combined ratio is profitable, but it is not a fortress. below 100% means the insurer is making money on underwriting. closer to 100% means the buffer is disappearing. in a one-line insurer, small ratio moves matter.
even a few bad points change how cheap 13.5x earnings looks
med
management turnover
the CFO resignation in november 2025 is not a thesis-breaker by itself. it is still a governance loose end for a $617M insurer where reserving discipline and capital allocation carry more weight than a flashy growth plan.
adds execution risk while investors are already focused on underwriting quality
if loss costs push the combined ratio toward 100%, the stock stops looking discounted and starts looking accurately priced for a niche insurer with no second engine.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next earnings
combined ratio versus the 91.3% baseline
this is the main tell. if the combined ratio moves the wrong way from 91.3%, the market will assume claims inflation is outrunning pricing.
premium trend
whether 10.2% growth holds up
voluntary premium growth did the confidence-building in 2025. if that slips while pricing stays soft, the good retention story carries less weight.
dividend declaration
income support still matters here
the board raised the quarterly dividend to $0.41 for q1 2026, payable march 28. with a 5.0% yield, the payout is part of your return case, not a side note.
management stability
permanent CFO appointment
the CFO resigned in november 2025. for a $617M insurer, finance leadership matters because reserve discipline and capital decisions are the story when growth is modest.
Analyst rankings
earnings predictability
65 / 100
middle of the road. in human-speak, this is steadier than most small caps but still exposed to claim trends in a way software companies are not.
risk rank
2
that places the stock in the safer bucket. translation: balance-sheet risk looks manageable even if underwriting stays the main variable.
source: institutional data
Institutional activity
institutional ownership data for AMSF is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$38
current price
n/a
target midpoint · n/a from current
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