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    AMERISAFE (AMSF)

    Market Price (11/4/2026): $20.52 | Market Cap: $380.3 MilSector: Financials | Industry: Property & Casualty Insurance

    AMERISAFE (AMSF)

    Market Price (11/4/2026): $20.52
    Market Cap: $380.3 Mil
    Sector: Financials
    Industry: Property & Casualty Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39%

    Low stock price volatility
    Vol 12M is 32%

    Megatrend and thematic drivers
    Megatrends include Renewable Energy Transition, and Offshore Wind Development. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -85%, 3Y Excs Rtn is -130%

    Expensive valuation multiples
    P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -2.6%

    Key risks
    AMSF key risks include [1] heightened claim severity from its specialization in high-hazard industries, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37%
    2 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39%
    3 Low stock price volatility
    Vol 12M is 32%
    4 Megatrend and thematic drivers
    Megatrends include Renewable Energy Transition, and Offshore Wind Development. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.
    5 Weak multi-year price returns
    2Y Excs Rtn is -85%, 3Y Excs Rtn is -130%
    6 Expensive valuation multiples
    P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x
    7 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -2.6%
    8 Key risks
    AMSF key risks include [1] heightened claim severity from its specialization in high-hazard industries, Show more.

    AMSF in ETFs

    Weight = AMSF's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.01%
    SCHD0.01%
    IWN0.03%
    FNDA0.02%
    VTWO0.01%
    SCHA0.01%
    +4 more covered ETFs

    Valuation & Metrics

    FYE: 12/31AMSF [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$333.5 Mil—
    FY 2026 Sales$328.2 Mil—
    FY 2027 Sales$340.6 Mil—
    FY 2026 Sales Growth-1.6%—
    FY 2027 Sales Growth3.8%8.6%
    EARNINGS
    LTM Net Income (GAAP) [3]$40.4 Mil—
    FY 2026 Net Income (Non-GAAP)$34.5 Mil—
    FY 2027 Net Income (Non-GAAP)$34.7 Mil—
    FY 2027 Net Income Growth0.6%13.8%
    FY 2026 EPS (Non-GAAP)$1.88—
    FY 2027 EPS (Non-GAAP)$1.88—
    FY 2027 EPS Growth0.0%—
    VALUATION
    FY 2026 P/S1.23.1
    FY 2027 P/S1.1—
    FY 2026 P/E11.018.0
    FY 2027 P/E11.0—

    [1] AMSF forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    AMSFS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.3
    Rev Chg Q-2.6%8.9%
    Rev Chg LTM7.7%8.5%
    Rev Chg 3Y Avg2.9%6.2%
    PROFITABILITYFAIR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM3.8%21.6%
    Net Inc Mgn12.1%13.4%
    VALUATIONLOW
    P/S1.13.3
    P/CFO30.215.2
    P/FCF30.820.4
    P/E9.422.8

    AI Analysis | Feedback

    MetricValueDateSource
    Net Loss Ratio58.5%9302025Link
    Underwriting Expense Ratio31.1%9302025Link
    Net Combined Ratio88.7%12312024Link
    Favorable Prior Year Loss Reserve Development34.9 million USD12312024Link
    Gross Premiums Written Growth3.1%12312024Link
    Policy Renewal Rate on Voluntary Business Quoted for Renewal93.8%12312022Link
    Number of Voluntary Business Policyholdersmore than 8,10012312022Link
    Percentage of New Voluntary Business Policyholders Inspected Prior to Quote89.5%12312015Link

    Price Chart

    Upcoming
    12/04/2026DividendAmount: $0.41
    Payment On: 12/11/2026
    2/24/2027Earnings ReleaseRev: $72 Mil (E)
    EPS: $0.49 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    AMERISAFE (AMSF) stock has lost about 30% since 7/31/2026 because of the following key factors:

    1. AMERISAFE reported a substantial miss on both earnings and revenue for fiscal Q3 2026, which ended September 30, 2026. The company's net income for fiscal Q3 2026 fell by 47.9% to $7.2 million, compared to $13.8 million in fiscal Q3 2025. Diluted earnings per share (EPS) were $0.39, significantly below the $0.72 reported in the prior-year quarter and missing analyst consensus estimates of $0.47 to $0.48 per share. Revenue for the quarter was $73.321 million, also falling short of analyst expectations ranging from $83.15 million to $84.72 million.

    2. The company faced an increasingly competitive workers' compensation market, leading to pricing pressure and a decline in gross written premiums. Management characterized some market behavior as "irrational," citing aggressive pricing and commission structures. Gross written premiums decreased by 4.5% to $76.7 million in fiscal Q3 2026 from $80.3 million in fiscal Q3 2025. Furthermore, loss-cost declines across states were averaging approximately 5% to 6%, with North Carolina experiencing a 10.8% decline.

    Show more
    Updated on 11/1/2026

    AMERISAFE (AMSF) stock has lost about 30% since 7/31/2026 because of the following key factors:

    1. AMERISAFE reported a substantial miss on both earnings and revenue for fiscal Q3 2026, which ended September 30, 2026. The company's net income for fiscal Q3 2026 fell by 47.9% to $7.2 million, compared to $13.8 million in fiscal Q3 2025. Diluted earnings per share (EPS) were $0.39, significantly below the $0.72 reported in the prior-year quarter and missing analyst consensus estimates of $0.47 to $0.48 per share. Revenue for the quarter was $73.321 million, also falling short of analyst expectations ranging from $83.15 million to $84.72 million.

    2. The company faced an increasingly competitive workers' compensation market, leading to pricing pressure and a decline in gross written premiums. Management characterized some market behavior as "irrational," citing aggressive pricing and commission structures. Gross written premiums decreased by 4.5% to $76.7 million in fiscal Q3 2026 from $80.3 million in fiscal Q3 2025. Furthermore, loss-cost declines across states were averaging approximately 5% to 6%, with North Carolina experiencing a 10.8% decline.

    3. Unfavorable payroll audit adjustments and higher operating expenses negatively impacted profitability during fiscal Q3 2026. Payroll audits and related adjustments reduced premiums by $1.6 million during the quarter, a reversal from a $2.5 million increase in the same period of the prior year. This indicated softer audit premiums, potentially due to slower wage growth and pressure on small and midsize employers' margins. Additionally, total underwriting and other expenses rose to $23.8 million from $22.1 million in fiscal Q3 2025, increasing the expense ratio to 32.5% from 31.1%.

    4. Analyst sentiment turned negative following the fiscal Q3 2026 results, resulting in lowered price targets. For example, Citizens reduced its price target on AMERISAFE shares to $35 from $40 after the company missed expectations on both revenue and earnings. Another firm, Truist, also lowered its price target to $27 from $32 in October 2026.

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    Stock Movement Drivers

    Fundamental Drivers

    The -28.2% change in AMSF stock from 7/31/2026 to 11/3/2026 was primarily driven by a -16.8% change in the company's P/E Multiple.
    (LTM values as of)731202611032026Change
    Stock Price ($)28.5620.49-28.2%
    Change Contribution By: 
    Total Revenues ($ Mil)336333-0.6%
    Net Income Margin (%)14.0%12.1%-13.5%
    P/E Multiple11.39.4-16.8%
    Shares Outstanding (Mil)19190.3%
    Cumulative Contribution-28.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/3/2026
    ReturnCorrelation
    AMSF-28.2% 
    Market (SPY)1.0%20.3%
    Sector (XLF)0.4%20.6%

    Fundamental Drivers

    The -30.3% change in AMSF stock from 4/30/2026 to 11/3/2026 was primarily driven by a -21.0% change in the company's P/E Multiple.
    (LTM values as of)430202611032026Change
    Stock Price ($)29.4120.49-30.3%
    Change Contribution By: 
    Total Revenues ($ Mil)3253332.7%
    Net Income Margin (%)14.3%12.1%-15.2%
    P/E Multiple11.99.4-21.0%
    Shares Outstanding (Mil)19191.3%
    Cumulative Contribution-30.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/3/2026
    ReturnCorrelation
    AMSF-30.3% 
    Market (SPY)5.2%-6.5%
    Sector (XLF)10.1%20.9%

    Fundamental Drivers

    The -44.7% change in AMSF stock from 10/31/2025 to 11/3/2026 was primarily driven by a -33.3% change in the company's P/E Multiple.
    (LTM values as of)1031202511032026Change
    Stock Price ($)37.0720.49-44.7%
    Change Contribution By: 
    Total Revenues ($ Mil)3103337.7%
    Net Income Margin (%)16.1%12.1%-24.9%
    P/E Multiple14.19.4-33.3%
    Shares Outstanding (Mil)19192.5%
    Cumulative Contribution-44.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/3/2026
    ReturnCorrelation
    AMSF-44.7% 
    Market (SPY)11.5%-4.6%
    Sector (XLF)10.5%19.6%

    Fundamental Drivers

    The -47.8% change in AMSF stock from 10/31/2023 to 11/3/2026 was primarily driven by a -41.8% change in the company's Net Income Margin (%).
    (LTM values as of)1031202311032026Change
    Stock Price ($)39.2420.49-47.8%
    Change Contribution By: 
    Total Revenues ($ Mil)3063338.8%
    Net Income Margin (%)20.8%12.1%-41.8%
    P/E Multiple11.89.4-20.4%
    Shares Outstanding (Mil)19193.5%
    Cumulative Contribution-47.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/3/2026
    ReturnCorrelation
    AMSF-47.8% 
    Market (SPY)86.6%12.1%
    Sector (XLF)84.5%33.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    AMSF Return2%6%-1%20%-21%-44%-43%
    Peers Return28%16%6%28%19%8%159%
    S&P 500 Return27%-19%24%23%16%10%101%

    Monthly Win Rates [3]
    AMSF Win Rate50%50%42%58%50%27% 
    Peers Win Rate57%53%55%60%60%55% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    AMSF Max Drawdown-18%-20%-13%-20%-27%-46% 
    Peers Max Drawdown-11%-21%-18%-11%-17%-15% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: EIG, ORI, WRB, MKL, TRV.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/3/2026 (YTD)

    How Low Can It Go

    EventAMSFS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-15.5%-24.5%
      % Gain to Breakeven18.3%32.4%
      Time to Breakeven127 days427 days
    2020 COVID-19 Crash
      % Loss-27.8%-33.7%
      % Gain to Breakeven38.4%50.9%
      Time to Breakeven364 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.4%-17.9%
      % Gain to Breakeven25.6%21.8%
      Time to Breakeven30 days123 days
    2008-2009 Global Financial Crisis
      % Loss-24.8%-53.4%
      % Gain to Breakeven32.9%114.4%
      Time to Breakeven90 days1085 days
    Summer 2007 Credit Crunch
      % Loss-35.0%-8.6%
      % Gain to Breakeven54.0%9.5%
      Time to Breakeven508 days47 days

    Compare to EIG, ORI, WRB, MKL, TRV

    In The Past

    AMERISAFE's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventAMSFS&P 500
    2020 COVID-19 Crash
      % Loss-27.8%-33.7%
      % Gain to Breakeven38.4%50.9%
      Time to Breakeven364 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.4%-17.9%
      % Gain to Breakeven25.6%21.8%
      Time to Breakeven30 days123 days
    2008-2009 Global Financial Crisis
      % Loss-24.8%-53.4%
      % Gain to Breakeven32.9%114.4%
      Time to Breakeven90 days1085 days
    Summer 2007 Credit Crunch
      % Loss-35.0%-8.6%
      % Gain to Breakeven54.0%9.5%
      Time to Breakeven508 days47 days

    Compare to EIG, ORI, WRB, MKL, TRV

    In The Past

    AMERISAFE's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About AMERISAFE (AMSF)

    AMERISAFE, Inc. (AMSF) is an insurance holding company primarily focused on underwriting workers' compensation insurance across the United States. Essentially, it helps businesses protect their employees and themselves financially in case of work-related injuries or illnesses.

    The company's core product is workers' compensation insurance policies. These policies provide crucial benefits to injured employees, covering temporary or permanent disability, death benefits, and medical and hospital expenses resulting from workplace incidents. This ensures that employees receive necessary care and financial support while also providing a framework for employers to manage these risks.

    AMERISAFE specializes in serving small to mid-sized employers operating in high-hazard industries. Its customer base includes businesses in sectors such as construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications, and maritime. By focusing on these specific industries, AMERISAFE tailors its services to the unique risks associated with more dangerous work environments.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for AMERISAFE (AMSF):

    • It's like State Farm or Allstate, but instead of insuring personal cars or homes, they exclusively provide workers' compensation insurance for businesses operating in dangerous jobs.

    • Think of it as a highly specialized Travelers or The Hartford, focusing only on workers' compensation for hazardous industries.

    AI Analysis | Feedback

    • Workers' Compensation Insurance: Provides benefits to injured employees for temporary or permanent disability, death, and medical and hospital expenses.

    AI Analysis | Feedback

    AMERISAFE (AMSF) underwrites workers' compensation insurance policies primarily for other companies, specifically small to mid-sized employers. Due to the nature of the insurance business, which typically involves a large and diversified customer base, AMERISAFE does not publicly disclose specific "major customers" or individual company names that represent a significant portion of its revenue. As such, no specific public customer companies or their symbols can be identified.

    Their customer base is comprised of employers engaged in various hazardous industries, including:

    • Construction
    • Trucking
    • Logging and lumber
    • Agriculture
    • Manufacturing
    • Telecommunications
    • Maritime

    AI Analysis | Feedback

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    AI Analysis | Feedback

    G. Janelle Frost, President and Chief Executive Officer

    Ms. Frost has been with AMERISAFE since 1992, starting as a staff accountant. She advanced through various financial roles, including Controller (2004–2008) and Executive Vice President and Chief Financial Officer (2008–2013). She served as Chief Operating Officer from May 2013 to April 2015, and has held the position of Chief Executive Officer since April 2015 and President since September 2013. Ms. Frost is also a director on the board of the Federal Reserve Bank of Atlanta and the National Council on Compensation Insurance, Inc.

    Chief Financial Officer (Transitioning)

    Anastasios Omiridis served as Executive Vice President and Chief Financial Officer from September 1, 2022, until his resignation effective November 30, 2025, to pursue another opportunity. He brought over 23 years of experience in the insurance industry, including previous roles as Senior Vice President, Deputy Chief Financial Officer, and Principal Accounting Officer of Kemper Corporation, and Senior Vice President and CFO with Chubb Life. As of March 14, 2026, AMERISAFE is actively searching for a new Executive Vice President and Chief Financial Officer, with CEO G. Janelle Frost temporarily overseeing financial duties.

    Kathryn H. Shirley, Executive Vice President, Chief Administrative Officer and Secretary

    Ms. Shirley joined AMERISAFE in 2012. She has served as Executive Vice President, Chief Administrative Officer and Secretary since February 2020. Her prior roles at the company include Executive Vice President, General Counsel and Secretary from February 2016 to February 2020, and Senior Vice President, General Counsel and Secretary from May 2012 to February 2016. Before joining AMERISAFE, Ms. Shirley practiced law at Christian & Small LLP from 2009 to May 2012.

    Vincent J. Gagliano, Executive Vice President and Chief Risk Officer

    Mr. Gagliano has been with AMERISAFE since 2001. He has held the position of Executive Vice President and Chief Risk Officer since March 2016. His previous roles include Executive Vice President and Chief Technology Officer from January 2013 to February 2016, and Senior Vice President of Information Technology from September 2009 to January 2013.

    Raymond F. Wise, Executive Vice President and Chief Sales Officer

    Mr. Wise serves as Executive Vice President and Chief Sales Officer at AMERISAFE. He joined the company with over 30 years of experience in the insurance industry, focusing on driving results through customer experience.

    AI Analysis | Feedback

    The key risks to AMERISAFE's business are:

    1. Rising Claim Costs and Higher Loss Severity: AMERISAFE specializes in workers' compensation insurance for hazardous industries, such as construction, trucking, and logging, where injuries can be severe, including death, dismemberment, paraplegia, and quadriplegia. This focus exposes the company to a higher potential for significant claim costs and increased loss severity. The industry is experiencing increasing claim costs, partly due to medical inflation, which directly impacts AMERISAFE's profitability and loss ratios.

    2. Cyclical Nature of the Workers' Compensation Insurance Industry and Intense Competition: The workers' compensation insurance market is characterized by stiff competition and has historically been cyclical. This means the industry experiences periods of lower premium rates and excess underwriting capacity followed by periods of higher rates and reduced capacity. These fluctuations can adversely affect AMERISAFE's financial performance by creating pressure on pricing and making it challenging to maintain underwriting profitability.

    3. Regulatory and Legal Uncertainties: AMERISAFE operates in a highly regulated environment, subject to extensive state and federal insurance laws and regulations. Changes in these regulations, increased federal oversight, or the imposition of new assessments and premium surcharges from state guaranty funds and other mandatory pooling arrangements could increase the company's operational costs and limit its profitability. Additionally, the complex nature of insurance claims can lead to litigation risks.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    The addressable market for AMERISAFE's main product, workers' compensation insurance, in the United States is estimated to be in the tens of billions of dollars annually. Specifically, the market size of the Workers' Compensation Insurance industry in the United States is projected to be $51.2 billion in 2026. In 2025, the United States Workers Compensation Insurance Market Sales Revenue was approximately $45.588 billion. For 2024, the total direct premiums written in the workers' compensation market in the U.S. were reported at $57.48 billion.

    AI Analysis | Feedback

    Here are the expected drivers of future revenue growth for AMERISAFE (AMSF) over the next 2-3 years:
    1. Sustained Premium Growth through New Business Acquisition and High Policy Retention: AMERISAFE has demonstrated a consistent track record of top-line growth, with gross premiums written increasing over multiple consecutive quarters. This growth is fueled by both successful acquisition of new businesses and strong retention rates for existing policies, supporting an overall increase in its in-force policy count. The company attributes new business opportunities to deepening relationships with agents aligned with its target classes and providing strong service levels to support renewals.
    2. Specialized Underwriting Expertise and Disciplined Risk Selection: The company's core strategy centers on its ability to identify and insure profitable high-hazard risks within its niche industries, such as construction, trucking, and logging. This specialized underwriting expertise, coupled with careful risk assessment and competitive pricing, is crucial for maintaining robust underwriting margins and sustaining profitability, particularly in a challenging market with declining workers' compensation rates.
    3. Strategic Investments in Technology and Data Analytics: AMERISAFE is leveraging technological innovation to enhance its operations and risk management. This includes the deployment of AI-driven underwriting algorithms that analyze various risk factors and significant investments in data analytics technologies. These advancements aim to improve efficiency, optimize risk assessment, and contribute to future profitable growth.
    4. Deepening Market Penetration within Existing Geographical Footprint: Rather than expanding geographically into new states, AMERISAFE's growth strategy emphasizes increasing its market share and policy count within its existing operational framework and risk appetite. This approach allows the company to capitalize on its established presence and expertise in specific hazardous industries across the states where it currently operates, driving incremental growth through increased penetration and customer relationships.

    AI Analysis | Feedback

    Share Repurchases

    • In 2025, AMERISAFE repurchased $12.1 million of its common stock.
    • As of December 31, 2025, the remaining outstanding share repurchase authorization under the program was $16.9 million.
    • On July 23, 2025, the Board of Directors reauthorized a share repurchase program for up to $25.0 million, which replaced the company's prior program.

    Peer Outperformance in Property & Casualty Insurance

    AMSF has trailed 95% of its 41 Property & Casualty Insurance peers over 5Y. Among the peers that beat it are THG, CNA and MKL. Property & Casualty Insurance ranks 6th of 18 industries in Financials by median 5Y return.
    Share of Property & Casualty Insurance constituents that AMSF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    0%
    of 46 industry peers · -44.3% return
    3Y
    0%
    of 43 industry peers · -48.4% return
    5Y
    5%
    of 41 industry peers · -48.2% return
    Property & Casualty Insurance peers with revenue growth within 4pp of AMSF's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    AMSF AMERISAFE 2.9% 9.4x -44.3%-48.4%-48.2% —
    THG Hanover Insurance 4.8% 11.5x 47.7%126.8%113.7% +162pp
    CNA CNA Financial 6.0% 10.3x 16.3%50.3%49.1% +97pp
    MKL Markel 2.3% 13.1x -2.9%42.0%44.8% +93pp
    AGO Assured Guaranty -0.5% 9.0x -10.7%14.4%38.0% +86pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is AMSF's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 35.2%72.0%118.9% SPNT 161% · RGA 140% · RNR 136%
    Diversified Banks 12 31.5%140.5%88.8% CM 139% · RY 128% · JPM 124%
    Investment Banking & Brokerage 13 -2.7%90.2%82.6% IBKR 321% · SNEX 164% · GS 142%
    Multi-Sector Holdings 4 17.1%58.2%79.6% BRK-B 93% · VOYA 66% · JEF 35%
    Life & Health Insurance 20 16.2%49.9%74.4% JXN 538% · UNM 301% · FG 186%
    Property & Casualty Insurance ← 42 22.7%71.8%65.8% TRV 171% · PGR 169% · ACGL 162%
    Multi-line Insurance 9 10.6%66.6%53.7% GNW 108% · L 95% · AIZ 95%
    Regional Banks 264 31.7%87.7%47.4% CBC 263% · FCNCA 177% · NIC 138%
    Financial Exchanges & Data 15 19.6%33.5%33.1% CBOE 173% · VIRT 120% · CME 70%
    Insurance Brokers 15 5.7%10.6%27.8% LIFE 364% · ARX 89% · AJG 79%
    Asset Management & Custody Banks 85 -7.4%19.4%9.1% VCTR 257% · WT 217% · AAMI 195%
    Diversified Financial Services 4 -2.5%20.9%3.9% FRHC 167% · EQH 81%
    Consumer Finance 30 6.5%73.5%2.1% ENVA 390% · FCFS 138% · AXP 101%
    Commercial & Residential Mortgage Finance 14 -49.9%18.2%-2.2% FNMA 457% · FMCC 405% · ACT 155%
    Specialized Finance 3 5.2%28.7%-22.4% HASI -22% · CACC -29%
    Transaction & Payment Processing Services 17 11.0%16.3%-25.2% V 110% · MA 102% · CPAY 68%
    Mortgage REITs 35 -19.7%-8.4%-36.2% RITM 32% · DX 15% · AGNC 8%
    Diversified Capital Markets 20 -49.7%5.2%-64.9% LPLA 76% · TW 38% · WULF -57%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyCategory1W RtnYTD Rtn
    IYJiShares U.S. Industrials ETFEquity3.1%9.6%
    AKREAkre Focus ETFEquity3.0%-8.4%
    IYRiShares U.S. Real Estate ETFReal Estate2.9%8.3%
    XLREState Street Real Estate Select Secto...Real Estate2.9%9.9%
    VNQVanguard Real Estate ETFReal Estate2.8%10.4%
    XLVState Street Health Care Select Secto...Equity2.7%19.9%
    USRTiShares Core U.S. REIT ETFReal Estate2.6%14.4%
    SCHHSchwab U.S. REIT ETFReal Estate2.6%13.0%
    MOATVanEck Morningstar Wide Moat ETFEquity2.6%10.2%
    XLFState Street Financial Select Sector ...Equity2.3%5.3%

    Top Losers

    TickerCompanyCategory1W RtnYTD Rtn
    PALLETFS Physical Palladium SharesCommodity-9.6%-41.7%
    IGViShares Expanded Tech-Software Sector...Equity-8.2%-2.9%
    PPLTETFS Physical Platinum SharesCommodity-8.0%-31.2%
    URAGlobal X Uranium ETFEquity-7.8%-22.7%
    SOXQInvesco PHLX Semiconductor ETFEquity-7.7%49.9%
    EWZiShares MSCI Brazil ETFEquity-7.5%-0.1%
    AGIXKraneShares Artificial Intelligence ETFEquity-7.4%14.1%
    SLViShares Silver TrustCommodity-7.3%-30.4%
    ARKWARK Next Generation Internet ETFEquity-7.1%-1.2%
    SMHVanEck Semiconductor ETFEquity-7.1%44.0%

    Top Gainers

    TickerCompanyCategory1M RtnYTD Rtn
    ETHAiShares Ethereum Trust ETFCryptocurrency153.5%130.9%
    AKREAkre Focus ETFEquity11.7%-8.4%
    XLVState Street Health Care Select Secto...Equity9.9%19.9%
    USOUnited States Oil Fund LPCommodity9.8%128.7%
    XLPState Street Consumer Staples Select ...Equity9.8%16.0%
    SDYState Street SPDR S&P Dividend ETFEquity9.1%17.3%
    NOBLProShares S&P 500 Dividend Aristocrat...Equity8.9%15.4%
    SCHDSchwab US Dividend Equity ETFEquity8.6%31.7%
    XLUState Street Utilities Select Sector ...Equity8.6%3.1%
    EDVVanguard World Funds Extended Duratio...Bond8.6%-5.9%

    Top Losers

    TickerCompanyCategory1M RtnYTD Rtn
    EWZiShares MSCI Brazil ETFEquity-26.2%-0.1%
    PALLETFS Physical Palladium SharesCommodity-20.4%-41.7%
    GDEWisdomTree Efficient Gold Plus Equity...Equity-20.3%-16.7%
    NASATema Space Innovators ETFEquity-19.5%-19.0%
    SOXQInvesco PHLX Semiconductor ETFEquity-19.5%49.9%
    EWYiShares MSCI South Korea ETFEquity-19.0%59.5%
    SMHVanEck Semiconductor ETFEquity-18.2%44.0%
    URAGlobal X Uranium ETFEquity-17.8%-22.7%
    PPLTETFS Physical Platinum SharesCommodity-17.7%-31.2%
    SLViShares Silver TrustCommodity-17.3%-30.4%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    AMSFEIGORIWRBMKLTRVMedian
    NameAMERISAFEEmployersOld Repu.WR Berkl.Markel Traveler. 
    Mkt Price20.5247.4338.8075.131,899.14399.9061.28
    Mkt Cap0.40.89.329.223.682.716.4
    Rev LTM3337889,71614,91816,17448,92112,317
    Op Inc LTM-------
    FCF LTM12-211,2803,4701,80210,6771,541
    FCF 3Y Avg13401,1713,4002,2729,9251,721
    CFO LTM13-191,2803,6032,05310,6771,666
    CFO 3Y Avg14431,1713,5012,5239,9251,847

    Growth & Margins

    AMSFEIGORIWRBMKLTRVMedian
    NameAMERISAFEEmployersOld Repu.WR Berkl.Markel Traveler. 
    Rev Chg LTM7.7%-13.0%12.1%4.8%0.2%1.1%2.9%
    Rev Chg 3Y Avg2.9%-2.1%8.6%8.7%2.3%7.0%5.0%
    Rev Chg Q-2.6%-20.9%13.4%2.7%-11.3%-0.5%-1.6%
    QoQ Delta Rev Chg LTM-0.6%-6.0%3.1%0.7%-3.0%-0.1%-0.4%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM3.8%-2.4%13.2%24.2%12.7%21.8%12.9%
    CFO/Rev 3Y Avg4.3%4.7%13.5%25.1%15.2%20.8%14.4%
    FCF/Rev LTM3.7%-2.7%13.2%23.3%11.1%21.8%12.2%
    FCF/Rev 3Y Avg4.0%4.3%13.5%24.4%13.7%20.8%13.6%

    Valuation

    AMSFEIGORIWRBMKLTRVMedian
    NameAMERISAFEEmployersOld Repu.WR Berkl.Markel Traveler. 
    Mkt Cap0.40.89.329.223.682.716.4
    P/S1.11.11.02.01.51.71.3
    P/Op Inc-------
    P/EBIT-23.46.111.59.37.69.3
    P/E9.430.98.215.213.19.911.5
    P/CFO30.2-45.27.38.111.57.77.9
    Total Yield23.6%6.3%22.0%8.2%7.6%11.4%9.8%
    Dividend Yield13.0%3.1%9.8%1.6%0.0%1.2%2.3%
    FCF Yield 3Y Avg1.9%3.4%12.9%13.4%10.4%15.9%11.7%
    D/E0.00.20.20.10.20.10.1
    Net D/E-0.4-1.1-0.2-0.9-0.3-1.0-0.6

    Returns

    AMSFEIGORIWRBMKLTRVMedian
    NameAMERISAFEEmployersOld Repu.WR Berkl.Markel Traveler. 
    1M Rtn-13.0%-3.5%1.9%8.9%9.3%11.0%5.4%
    3M Rtn-29.9%-5.8%-10.0%5.4%0.6%6.4%-2.6%
    6M Rtn-28.9%15.5%0.4%14.2%7.6%33.7%10.9%
    12M Rtn-44.3%35.6%7.5%7.6%-2.9%51.7%7.5%
    3Y Rtn-48.3%32.8%69.3%79.4%42.0%149.9%55.7%
    1M Excs Rtn-8.9%0.2%5.7%10.7%13.0%13.9%8.2%
    3M Excs Rtn-27.7%-3.6%-7.8%6.7%3.5%7.3%-0.0%
    6M Excs Rtn-32.8%11.6%-3.5%10.3%3.7%29.8%7.0%
    12M Excs Rtn-54.9%18.1%-3.1%-2.0%-14.1%40.8%-2.5%
    3Y Excs Rtn-130.2%-44.5%-6.1%3.2%-50.6%77.8%-25.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End9/30/20266/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date10/30/20267/23/20264/23/20262/27/202610/30/20257/25/20254/30/20252/28/202510/25/20247/30/20244/26/20242/23/2024
    Key Financials Quarterly            
    Total Revenue809280828281737479768080
    Net Income715810141491314111719
    EPS0.390.790.430.550.730.730.470.690.750.580.891.00
    Key Financials TTM            
    Total Revenue TTM333336325317310306301309315309309307
    Net Income TTM404746475050475561576262
    Growth Rates Quarterly            
    Total Revenue Growth-2.6%13.4%10.3%10.2%4.2%6.9%-9.8%-7.6%8.3%0.2%2.6%0.4%
    Net Income Growth-47.9%4.6%-9.0%-21.0%-3.5%26.9%-47.1%-31.2%43.8%-29.7%-2.4%-7.7%
    Margins Quarterly            
    Net Income Margin9.0%15.9%10.2%12.8%16.9%17.2%12.3%17.8%18.2%14.5%21.0%23.9%
    Cash & Debt            
    Total Cash140125124149144140138131159166428133
    Total Debt000000000000
    Net Debt / (Cash)-140-125-124-149-144-140-138-131-159-166-428-133
    Cash Flows Quarterly            
    FCF from Operations32-31111-8-2118-384
    Cash Flows TTM            
    FCF from Operations TTM13201011119152417142430
    Returns to Shareholders Quarterly            
    Dividends888268776477774
    Share Repurchases064813-001-0-02
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-------8337.4%---983.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-------8757.7%---796.1%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Insurance Operations317309307295 
    Single Segment    316
    Total317309307295316


    Price Behavior

    Price Behavior
    Market Price$20.49 
    Market Cap ($ Bil)0.4 
    First Trading Date11/18/2005 
    Distance from 52W High-46.7% 
       50 Days200 Days
    DMA Price$24.57$30.00
    DMA Trenddowndown
    Distance from DMA-16.6%-31.7%
     3M1YR
    Volatility34.9%32.1%
    Downside Capture157.9239.15
    Upside Capture-52.35-35.71
    Correlation (S&P 500)18.1%-3.5%
    AMSF Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta0.970.780.68-0.18-0.120.21
    Up Beta-2.75-0.100.37-0.13-0.280.26
    Down Beta2.501.811.66-0.17-0.100.10
    Up Capture-44%-8%-23%-42%-22%2%
    Bmk +ve Days12182862130427
    Stock +ve Days11172556114353
    Down Capture138%145%152%33%40%65%
    Bmk -ve Days10253664121325
    Stock -ve Days11253869135394

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AMSF
    AMSF-44.9%32.1%-1.82-
    Sector ETF (XLF)10.6%14.6%0.4619.6%
    Equity (SPY)11.6%12.8%0.57-4.6%
    Gold (GLD)-2.4%28.6%-0.10-13.9%
    Commodities (DBC)42.0%20.9%1.56-15.4%
    Real Estate (VNQ)10.6%13.7%0.4819.9%
    Bitcoin (BTCUSD)-29.9%43.5%-0.70-2.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AMSF
    AMSF-11.4%26.4%-0.47-
    Sector ETF (XLF)8.9%18.3%0.3539.3%
    Equity (SPY)12.0%17.1%0.5223.7%
    Gold (GLD)16.5%19.0%0.69-5.4%
    Commodities (DBC)8.3%19.6%0.31-2.0%
    Real Estate (VNQ)1.0%18.9%-0.0630.8%
    Bitcoin (BTCUSD)5.0%51.5%0.2810.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AMSF
    AMSF-2.1%27.5%-0.04-
    Sector ETF (XLF)13.3%22.1%0.5449.3%
    Equity (SPY)15.2%17.9%0.7138.4%
    Gold (GLD)11.5%16.5%0.57-2.4%
    Commodities (DBC)7.8%18.1%0.348.4%
    Real Estate (VNQ)5.4%20.7%0.2241.5%
    Bitcoin (BTCUSD)61.1%66.2%1.0110.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.6 Mil
    Short Interest: % Change Since 930202620.4%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest1.4 days
    Basic Shares Quantity18.5 Mil
    Short % of Basic Shares3.1%

    Returns Analyses

    Earnings Returns History

    Updated 8/21/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-8.3%-9.9%-23.0%
    4/22/2026-9.6%-4.3%-5.4%
    2/25/2026-8.8%-3.3%-9.5%
    10/29/20250.5%1.0%1.6%
    7/24/20256.1%2.8%7.6%
    4/29/2025-6.7%-5.5%-5.4%
    2/26/2025-0.1%-0.0%5.0%
    10/23/202410.6%7.8%14.3%
    ...
    SUMMARY STATS   
    # Positive101313
    # Negative141111
    Median Positive4.5%4.7%5.0%
    Median Negative-4.9%-4.3%-7.3%
    Max Positive10.6%8.5%14.3%
    Max Negative-13.3%-14.0%-23.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-8.3%-9.9%-23.0%
    4/22/2026-9.6%-4.3%-5.4%
    2/25/2026-8.8%-3.3%-9.5%
    10/29/20250.5%1.0%1.6%
    7/24/20256.1%2.8%7.6%
    4/29/2025-6.7%-5.5%-5.4%
    2/26/2025-0.1%-0.0%5.0%
    10/23/202410.6%7.8%14.3%
    7/29/2024-3.7%-6.1%-0.7%
    4/24/2024-10.0%-8.4%-12.8%
    2/21/20242.9%7.7%3.4%
    10/26/2023-1.5%0.1%2.6%
    7/27/2023-5.2%-3.8%-7.9%
    4/26/20234.0%4.7%-2.7%
    2/21/2023-0.1%0.1%-9.6%
    10/26/20229.4%6.6%9.0%
    7/28/2022-4.6%-3.2%3.1%
    4/27/20226.9%5.7%9.9%
    2/22/2022-13.3%-14.0%-7.3%
    10/27/20215.0%8.5%2.1%
    7/28/20210.6%-0.7%-1.6%
    4/29/2021-0.5%4.9%5.0%
    2/24/2021-0.1%0.2%8.4%
    10/28/20203.4%3.1%2.4%
    SUMMARY STATS   
    # Positive101313
    # Negative141111
    Median Positive4.5%4.7%5.0%
    Median Negative-4.9%-4.3%-7.3%
    Max Positive10.6%8.5%14.3%
    Max Negative-13.3%-14.0%-23.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    09/30/202610/30/202610-Q
    06/30/202607/23/202610-Q
    03/31/202604/23/202610-Q
    12/31/202502/27/202610-K
    09/30/202510/30/202510-Q
    06/30/202507/25/202510-Q
    03/31/202504/30/202510-Q
    12/31/202402/28/202510-K
    09/30/202410/25/202410-Q
    06/30/202407/30/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/23/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/21/202310-K
     Collapse to Preview
    Report DateFiling DateFiling
    09/30/202610/30/202610-Q
    06/30/202607/23/202610-Q
    03/31/202604/23/202610-Q
    12/31/202502/27/202610-K
    09/30/202510/30/202510-Q
    06/30/202507/25/202510-Q
    03/31/202504/30/202510-Q
    12/31/202402/28/202510-K
    09/30/202410/25/202410-Q
    06/30/202407/30/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/23/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/21/202310-K
    09/30/202210/28/202210-Q
    06/30/202207/29/202210-Q
    03/31/202204/29/202210-Q
    12/31/202102/25/202210-K
    09/30/202110/29/202110-Q
    06/30/202107/30/202110-Q
    03/31/202104/30/202110-Q
    12/31/202002/26/202110-K
    09/30/202010/30/202010-Q
    06/30/202007/31/202010-Q
    03/31/202004/30/202010-Q
    12/31/201902/25/202010-K

    Insider Activity

    Updated 8/4/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Omiridis, AnastasiosEVP-CFODirectSell1120202540.211,24750,142102,093Form
    2Omiridis, AnastasiosEVP-CFODirectSell1110202540.741,23550,314154,242Form
    3Omiridis, AnastasiosEVP-CFODirectSell805202544.751,34360,099100,822Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Omiridis, AnastasiosEVP-CFODirectSell1120202540.211,24750,142102,093Form
    2Omiridis, AnastasiosEVP-CFODirectSell1110202540.741,23550,314154,242Form
    3Omiridis, AnastasiosEVP-CFODirectSell805202544.751,34360,099100,822Form

    Industry Resources

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    Core Cache Last Updated: 11/3/2026