AMERISAFE Inc
NASDAQ: AMSF · FINANCIAL SERVICES · INSURANCE - SPECIALTY
Updated 2026-06-05
AMERISAFE Inc (AMSF) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $332.72M | $338.32M | $302.38M | $282.21M | $248.16M | $280.66M | $321.25M | $356.33M | $404.02M | $401.62M | $396.66M | $375.21M | $377.75M | $370.37M | $339.50M | $316.01M | $294.69M | $306.91M | $309.11M | $317.25M |
| Revenue growth (YoY) | — | +1.7% | -10.6% | -6.7% | -12.1% | +13.1% | +14.5% | +10.9% | +13.4% | -0.6% | -1.2% | -5.4% | +0.7% | -2.0% | -8.3% | -6.9% | -6.7% | +4.1% | +0.7% | +2.6% |
| Cost of revenue | $52.26M | $224.80M | $35.34M | $163.32M | $173.74M | $208.21M | $242.05M | $39.29M | $272.79M | $242.08M | $225.27M | $234.14M | $231.05M | $201.35M | $48.76M | $160.80M | $152.32M | $148.26M | $181.02M | $169.94M |
| Gross profit | $280.46M | $113.52M | $267.03M | $118.89M | $74.42M | $72.45M | $79.20M | $317.05M | $131.23M | $159.54M | $171.39M | $141.07M | $146.70M | $169.02M | $339.50M | $155.22M | $142.38M | $306.91M | $128.09M | $147.31M |
| Gross margin | 84.3% | 33.6% | 88.3% | 42.1% | 30.0% | 25.8% | 24.7% | 89.0% | 32.5% | 39.7% | 43.2% | 37.6% | 38.8% | 45.6% | 100.0% | 49.1% | 48.3% | 100.0% | 41.4% | 46.4% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $17.23M | $18.90M | $20.41M | $21.45M | $21.41M | $19.91M | $20.84M | $22.86M | $24.52M | $24.44M | $24.88M | $25.63M | $25.99M | $27.12M | $27.93M | $25.95M | $26.51M | $27.36M | $31.50M | $33.26M |
| Operating income | $52.45M | $71.09M | $83.85M | $62.36M | $44.22M | $27.36M | $37.14M | $59.20M | $73.75M | $100.97M | $112.82M | $82.24M | $87.58M | $115.52M | $106.92M | $79.45M | $67.65M | $77.38M | $69.06M | $58.85M |
| Operating margin | 15.8% | 21.0% | 27.7% | 22.1% | 17.8% | 9.7% | 11.6% | 16.6% | 18.3% | 25.1% | 28.4% | 21.9% | 23.2% | 31.2% | 31.5% | 25.1% | 23.0% | 25.2% | 22.3% | 18.6% |
| EBITDA | $60.17M | $76.37M | $67.74M | $65.33M | $46.80M | $29.68M | $38.82M | $60.50M | $75.05M | $102.31M | $114.00M | $83.22M | $88.58M | $116.46M | $106.92M | $80.47M | $68.95M | $78.80M | $70.15M | $59.59M |
| EBITDA margin | 18.1% | 22.6% | 22.4% | 23.2% | 18.9% | 10.6% | 12.1% | 17.0% | 18.6% | 25.5% | 28.7% | 22.2% | 23.4% | 31.4% | 31.5% | 25.5% | 23.4% | 25.7% | 22.7% | 18.8% |
| EBIT | $55.94M | $74.64M | $66.55M | $64.17M | $45.77M | $28.67M | $37.71M | $59.20M | $73.75M | $100.97M | $112.82M | $82.24M | $87.58M | $115.52M | $106.92M | $79.45M | $67.65M | $77.38M | $69.06M | $58.85M |
| Interest expense | $3.50M | $3.54M | $2.46M | $1.81M | $1.55M | $1.31M | $566000.00 | $566000.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $37.36M | $50.22M | $43.85M | $46.43M | $34.52M | $24.18M | $29.35M | $43.64M | $53.67M | $70.46M | $77.86M | $46.23M | $71.63M | $92.69M | $86.60M | $65.76M | $55.60M | $62.11M | $55.44M | $47.15M |
| Net income growth (YoY) | — | +34.4% | -12.7% | +5.9% | -25.7% | -30.0% | +21.4% | +48.7% | +23.0% | +31.3% | +10.5% | -40.6% | +54.9% | +29.4% | -6.6% | -24.1% | -15.4% | +11.7% | -10.7% | -15.0% |
| Profit margin | 11.2% | 14.8% | 14.5% | 16.5% | 13.9% | 8.6% | 9.1% | 12.2% | 13.3% | 17.5% | 19.6% | 12.3% | 19.0% | 25.0% | 25.5% | 20.8% | 18.9% | 20.2% | 17.9% | 14.9% |
Frequently asked questions
What is AMERISAFE Inc's revenue?
AMERISAFE Inc's trailing twelve-month revenue is $324.78M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is AMSF?
In its most recent fiscal year, AMSF ran a gross margin of 46.43%, an operating margin of 18.55%, and a net margin of 14.86%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does AMSF generate?
AMSF produced $8.92M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is AMSF's balance sheet healthy?
AMSF holds $61.93M in cash and equivalents against — in long-term debt, on $251.60M of shareholder equity. That debt is best read against the cash flow the business throws off each year.