AMERISAFE, Inc. (AMSF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+184.6%

$58.91

vs $20.70 price

Levered DCF

$35.85

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.16

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.49×	17.71×	14.51×	17.98×	15.83×	12.79×	13.7×	15.2×
P/B	2.9×	3.82×	3.08×	3.15×	2.61×	2.52×	2.95×	2.66×
P/S	2.3×	3.18×	2.93×	3.39×	3.29×	3.26×	3.43×	2.88×
EV / EBITDA	11.19×	13.38×	0×	13.6×	12.05×	9.69×	10.54×	11.84×
Gross margin	46.4%	41.4%	44.1%	48.3%	49.1%	100.0%	45.6%	38.8%
Operating margin	18.6%	22.3%	25.2%	23.0%	25.1%	31.5%	31.2%	23.2%
Net margin	14.9%	17.9%	20.2%	18.9%	20.8%	25.5%	25.0%	19.0%
Current ratio	0.61×	0.59×	0.59×	0.87×	0.92×	0×	0×	0×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	6.7%	8.7%	10.4%	10.0%	9.6%	8.0%	6.8%	7.8%
Payout ratio	103.1%	154.1%	150.2%	180.6%	152.0%	102.5%	93.9%	118.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.7%	21.5%	21.2%	17.5%	16.5%	19.7%	21.5%	17.5%
Return on invested capital	11.0%	11.6%	11.5%	10.7%	10.9%	6.3%	6.5%	5.0%
Return on assets	4.2%	4.8%	5.1%	4.4%	4.7%	6.3%	6.5%	5.0%
Free cash flow yield	1.2%	2.4%	3.3%	2.6%	3.5%	5.6%	6.1%	8.9%
Earnings yield	6.5%	5.6%	6.9%	5.6%	6.3%	7.8%	7.3%	6.6%
Enterprise value	$667.1M	$938.9M	$861.3M	$938.1M	$969.9M	$1B	$1.2B	$1B
Net debt / EBITDA	-1.04×	-0.63×	0×	-0.89×	-0.88×	-0.57×	-0.38×	-0.46×
Cash conversion cycle (days)	321	318	325	227	226	169	83	96