Latest Ratios: P/E Ratio 14.4x · EV/EBITDA 10.1x · ROE 18.5%. (1995–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $663M | $733M | $988M | $899M | $1.0B | $1.0B | $1.1B | $1.3B | $1.1B | $1.2B | $1.2B |
| Enterprise Value | $601M | $671M | $943M | $861M | $943M | $974M | $1.1B | $1.2B | $1.1B | $1.1B | $1.1B |
| P/E Ratio → | 14.35 | 15.55 | 17.83 | 14.48 | 18.05 | 15.88 | 12.85 | 13.76 | 15.28 | 25.67 | 15.40 |
| P/S Ratio | 2.09 | 2.31 | 3.19 | 2.93 | 3.41 | 3.31 | 3.28 | 3.45 | 2.90 | 3.16 | 3.02 |
| P/B Ratio | 2.69 | 2.91 | 3.84 | 3.08 | 3.16 | 2.62 | 2.53 | 2.97 | 2.67 | 2.79 | 2.62 |
| P/FCF | 74.32 | 82.15 | 42.29 | 30.71 | 38.47 | 28.48 | 17.80 | 16.40 | 11.26 | 9.10 | 10.64 |
| P/OCF | 59.90 | 66.21 | 40.82 | 30.14 | 35.62 | 27.51 | 17.54 | 16.19 | 11.13 | 9.06 | 10.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.12 | 3.05 | 2.80 | 3.20 | 3.08 | 3.09 | 3.33 | 2.79 | 3.01 | 2.87 |
| EV / EBITDA | 10.09 | 11.26 | 13.45 | 10.92 | 13.67 | 12.11 | 9.73 | 10.58 | 11.89 | 13.58 | 9.99 |
| EV / EBIT | 10.21 | 11.40 | 13.66 | — | 13.94 | 12.26 | 9.82 | 10.67 | 12.03 | 13.74 | 10.09 |
| EV / FCF | — | 75.21 | 40.41 | 29.39 | 36.11 | 26.55 | 16.81 | 15.84 | 10.84 | 8.67 | 10.11 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.4% | 46.4% | 41.4% | 44.1% | 48.3% | 49.1% | 100.0% | 45.6% | 38.8% | 37.6% | 43.2% |
| Operating Margin | 18.6% | 18.6% | 22.3% | 25.2% | 23.0% | 25.1% | 31.5% | 31.2% | 23.2% | 21.9% | 28.4% |
| Net Profit Margin | 14.9% | 14.9% | 17.9% | 20.2% | 18.9% | 20.8% | 25.5% | 25.0% | 19.0% | 12.3% | 19.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.5% | 18.5% | 20.2% | 20.4% | 15.5% | 15.7% | 19.9% | 22.1% | 17.2% | 10.5% | 17.1% |
| ROA | 4.1% | 4.1% | 4.6% | 5.0% | 4.2% | 4.7% | 6.2% | 6.5% | 5.0% | 3.2% | 5.4% |
| ROIC | 21.9% | 21.9% | 22.2% | 22.8% | 17.4% | 16.9% | 21.0% | 22.9% | 17.8% | 16.1% | 21.6% |
| ROCE | 13.0% | 13.0% | 13.6% | 14.6% | 12.0% | 13.4% | 7.6% | 8.1% | 6.1% | 5.7% | 7.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.17 | -0.13 | -0.19 | -0.18 | -0.14 | -0.10 | -0.10 | -0.13 | -0.13 |
| Net Debt / EBITDA | -1.04 | -1.04 | -0.63 | -0.49 | -0.89 | -0.88 | -0.57 | -0.38 | -0.46 | -0.67 | -0.52 |
| Debt / FCF | — | -6.94 | -1.89 | -1.32 | -2.35 | -1.93 | -0.99 | -0.56 | -0.42 | -0.43 | -0.52 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($62M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.61 | 0.61 | 0.59 | 0.59 | 0.87 | 0.92 | — | — | — | — | — |
| Quick Ratio | 0.61 | 0.61 | 0.59 | 0.59 | 0.87 | 0.92 | — | — | — | — | — |
| Cash Ratio | 0.21 | 0.21 | 0.19 | 0.19 | 0.53 | 0.59 | — | — | — | — | — |
| Asset Turnover | — | 0.28 | 0.27 | 0.25 | 0.23 | 0.23 | 0.25 | 0.26 | 0.27 | 0.26 | 0.27 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.2% | 6.6% | 8.7% | 10.4% | 10.0% | 9.6% | 8.0% | 6.8% | 7.7% | 7.0% | 6.4% |
| Payout Ratio | 103.1% | 103.1% | 154.1% | 150.2% | 180.6% | 152.0% | 102.5% | 93.9% | 118.0% | 178.8% | 97.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 6.4% | 5.6% | 6.9% | 5.5% | 6.3% | 7.8% | 7.3% | 6.5% | 3.9% | 6.5% |
| FCF Yield | 1.3% | 1.2% | 2.4% | 3.3% | 2.6% | 3.5% | 5.6% | 6.1% | 8.9% | 11.0% | 9.4% |
| Buyback Yield | 1.8% | 1.7% | 0.6% | 0.2% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.0% | 8.3% | 9.2% | 10.6% | 11.2% | 9.6% | 8.0% | 6.8% | 7.7% | 7.0% | 6.4% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M |
Medical cost inflation volatility
According to current market data, AMSF trades at a P/B of 2.56, which represents a significant premium over peers like EIG, suggesting that investors are pricing in the company's superior underwriting discipline and its specialized, high-hazard niche dominance rather than mere book value growth.
The elevated P/B multiple appears to be a direct reflection of the market's confidence in the company's ability to maintain underwriting profitability in segments where competitors struggle. While the valuation is high, it warrants investigation into whether this premium is sustainable if revenue growth remains stagnant or if medical inflation begins to compress the underwriting margin.
As reported in quarterly financial statements, AMSF has consistently maintained a combined ratio well below the 100% threshold, with a notable low of 74.2% in 2024Q1, indicating that the firm's specialized safety-focused model effectively mitigates the inherent risks of its high-hazard client base.
The trajectory of the combined ratio suggests that the company's underwriting engine is highly efficient, though the volatility in the loss ratio—ranging from 35.5% to 63.6%—indicates that reserve adjustments and claim severity remain significant variables. Investors should monitor whether the expense ratio, which has shown recent upward pressure, begins to erode the underwriting margin.
Based on historical performance data, AMSF's ROE has fluctuated between 1.2% and 6.1% over the last ten quarters, reflecting a profitability profile that is heavily reliant on underwriting margins rather than financial leverage, given the company's debt-free capital structure and conservative investment approach.
The ROE appears to be structurally constrained by the company's refusal to utilize debt, which limits the potential for levered returns but provides a fortress-like stability. This suggests that future ROE expansion will likely depend on the company's ability to improve investment yields on its float or achieve greater scale in its core niches.
The P/E ratio is frequently misapplied to AMSF, as it obscures the non-cash volatility inherent in reserve development and the impact of investment income on float, which can lead to a distorted view of the company's true, ongoing underwriting profitability and operational performance.
Analysts should prioritize the combined ratio and P/B as more reliable indicators of value, as the P/E ratio is highly sensitive to the timing of reserve releases and market-driven investment gains. Relying on P/E may lead to an incorrect assessment of the company's long-term franchise value, which is better captured by its underwriting margin and capital strength.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying AMSF stock.
AMERISAFE, Inc.'s current P/E ratio is 14.4x. The historical average is 14.4x. This places it at the 40th percentile of its historical range.
AMERISAFE, Inc.'s current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
AMERISAFE, Inc.'s return on equity (ROE) is 18.5%. The historical average is 22.6%.
Based on historical data, AMERISAFE, Inc. is trading at a P/E of 14.4x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AMERISAFE, Inc.'s current dividend yield is 7.19% with a payout ratio of 103.1%.
AMERISAFE, Inc. has 46.4% gross margin and 18.6% operating margin. Operating margin between 10-20% is typical for established companies.