AMERISAFE, Inc. Financial Ratios — AMSF Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	14.02	14.78	18.8	20.71	26.27	28.86	18.32	31.44	41.3	38.3	31.65	33.06	47.74	55.77	56.34
Return on Assets (%)	2.14	2.48	3.42	3.85	4.76	5.16	3.04	4.72	6.16	5.84	4.58	4.16	4.97	4.64	4.12
Return on Capital (%)	12.46	14.09	18.8	20.71	26.27	28.86	18.32	31.44	41.3	38.3	31.65	33.06	47.74	55.77	56.34
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	9.75	11.56	16.61	18.25	25.14	28.44	21.92	23.18	31.19	31.49	25.14	22.95	25.21	22.34	18.55
Profit Margin (%)	8.62	9.14	12.25	13.28	17.54	19.63	12.32	18.96	25.03	25.51	20.81	18.87	20.24	17.93	14.86
Net Income to Common Margin (%)	8.62	9.14	12.25	13.28	17.54	19.63	12.32	18.96	25.03	25.51	20.81	18.87	20.24	17.93	14.86
Effective Tax Rate (%)	11.61	20.97	26.29	27.23	30.21	30.98	43.79	18.21	19.76	19	17.23	17.8	19.73	19.72	19.89
Dvd Payout Ratio (%)	- -	- -	13.54	69.07	97.3	97.75	178.77	117.95	93.88	102.51	151.97	180.62	150.23	154.12	103.1
Sustainable Growth Rate (%)	14.02	14.78	16.26	6.4	0.71	0.65	-14.43	-5.64	2.53	-0.96	-16.45	-26.65	-23.98	-30.18	-1.75

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.86	-2.11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	16.07	17.46	18.88	18.35	17.91	17.82	15.42	14.61	15.23	15.29	13.59	11.48	9.31	7.28	7.35
Long-Term Debt/Equity (%)	7.38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	12.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	2.25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	7.38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	12.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	2.25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt to Equity	-5.65	-24.31	-29.53	-20.35	-15.3	-12.92	-13.06	-9.85	-10.18	-14.07	-17.71	-19.36	-13.23	-17.12	-24.61
Net Debt/Capital (%)	-12.04	-76.89	-96.26	-51.55	-34.81	-27.84	-31.12	-22.27	-23.87	-37.87	-58.95	-72.96	-51.02	-109.38	-293.04
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-1	-1	-1	-1	-1	-2	- -	-1	-1	-1	-1	-2	-1	-1	-2
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	16.07	17.46	18.88	18.35	17.91	17.82	15.42	14.61	15.23	15.29	13.59	11.48	9.31	7.28	7.35
Long-Term Debt/Equity (%)	7.38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	12.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	2.25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	7.38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	12.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	2.25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	5.5	9.65	14.16	13.93	8.86	10.75	11.97	8.88	7.42	6.14	3.79	2.96	3.19	2.69	1.26
CFO/CapEx	38.75	67.77	113.3	142.25	97.44	69.73	273.66	87.27	77.43	68.84	29.3	13.5	53.96	28.8	5.15
Altman's Z-Score	0.79	0.86	1.04	1	1.07	1.18	1.11	1.04	1.18	1.09	1.04	1.02	0.95	1.02	0.88

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	1.65	1.39	1.45	1.58	1.48	1.46	1.41	1.4	1.4	1.31	1.22	1.17	1.2	1.18	1.2
Days Sales Outstanding	221.12	261.74	251.06	231.15	245.95	249.88	258.3	260.33	260.34	277.61	299.28	311.53	303.39	308.49	304.11
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	424	495	776	790	964	1,191	1,181	1,089	1,271	1,108	1,041	1,000	896	983	729
- Cash & Cash Equivalents	46	93	123	91	69	59	56	40	44	62	71	61	39	44	62
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	257	184	331	334	507	624	634	556	729	586	571	603	762	852	580
Total Capital	210	213	251	267	269	271	234	222	227	225	191	146	114	84	83
Total Debt/Capital (%)	12.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt / EV	0.1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	0.92	0.57	0.93	0.83	1.26	1.57	1.69	1.47	1.97	1.73	1.81	2.05	2.48	2.76	1.83
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	5.73	2.26	2.56	2.37	5.46	5.46	4.84	5.65	9.25	9.24	15.03	21.38	25.55	35.24	52.36
EV/Free Cash Flow to Firm	5.58	2.23	2.54	2.36	5.4	5.38	4.83	5.59	9.14	9.11	14.53	19.91	25.08	34.05	43.85
Diluted Market Cap	435	506	792	802	973	1,197	1,186	1,094	1,276	1,112	1,045	1,004	899	987	733
Diluted Enterprise Value	415	413	669	711	904	1,138	1,130	1,053	1,232	1,050	974	943	861	943	671
EV per Share	14.08	10.14	18	17.91	26.76	32.64	33.06	28.93	37.9	30.37	29.52	31.34	39.81	44.69	30.54
TTM Sales	281	321	356	404	402	397	375	378	370	340	316	295	307	309	317
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	45	81	129	141	93	114	131	98	79	63	38	28	30	24	11
TTM Free Cash Flow to Firm	46	83	130	142	94	116	131	99	80	64	39	30	30	25	13

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	9.7	6.15	6.08	5.66	10.37	10.34	9.03	11	15.99	17.29	26.6	33.16	29.59	39.45	55.45
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	257	184	331	334	507	624	634	556	729	586	571	603	762	852	580
Low Price	15.58	21.56	27.62	35.15	39.59	46.88	51.2	50.45	53.43	48.02	50.56	44.06	45.34	41.97	36.34
EV/Sales	0.92	0.57	0.93	0.83	1.26	1.57	1.69	1.47	1.97	1.73	1.81	2.05	2.48	2.76	1.83
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	17.55	16.86	17.78	14.72	13.68	15.3	25.54	15.2	13.71	12.79	15.83	17.98	14.42	17.73	15.46
Price/Earnings Average	15.95	15.87	14.66	14.03	12.66	13.98	24.9	16.19	13.08	13.84	17.37	17.38	16.04	16.96	18.38
Price/Earnings High	20.94	17.58	18.74	15.97	15.38	16.27	28.77	18.22	14.95	17.96	19.73	20.92	17.59	20.72	21.45
Price/Earnings Low	11.76	13.34	11.63	12.21	10.64	11.5	21.23	13.53	11.1	10.7	14.86	15.24	13.98	14.44	14.63
Price/Book Value	2.31	2.32	3.09	2.95	3.58	4.4	5.04	4.92	5.59	4.93	5.46	6.86	7.82	11.66	8.78
Price/Book Value Average	2.1	2.18	2.55	2.82	3.32	4.02	4.92	5.23	5.33	5.33	5.99	6.63	8.7	11.15	10.43
Price/Book Value High	2.75	2.42	3.26	3.2	4.03	4.68	5.68	5.89	6.09	6.92	6.8	7.98	9.54	13.63	12.17
Price/Book Value Low	1.55	1.84	2.02	2.45	2.79	3.31	4.19	4.37	4.52	4.12	5.13	5.82	7.58	9.49	8.3
Price/Tangible Book Value	1.21	1.3	1.86	1.77	2.12	2.61	2.78	2.66	2.95	2.52	2.61	3.15	3.06	3.82	2.9
Price/Tangible Book Value Average	1.1	1.22	1.53	1.68	1.97	2.39	2.71	2.83	2.82	2.73	2.86	3.04	3.41	3.65	3.44
Price/Tangible Book Value High	1.45	1.35	1.96	1.92	2.39	2.78	3.13	3.19	3.22	3.55	3.25	3.67	3.74	4.46	4.02
Price/Tangible Book Value Low	0.81	1.03	1.22	1.47	1.65	1.96	2.31	2.37	2.39	2.11	2.45	2.67	2.97	3.11	2.74
Price/Sales	1.51	1.54	2.18	1.95	2.4	3	3.15	2.88	3.43	3.26	3.29	3.39	2.92	3.18	2.3
Price/Sales Average	1.37	1.45	1.8	1.86	2.22	2.74	3.07	3.07	3.27	3.53	3.61	3.28	3.25	3.04	2.73
Price/Sales High	1.8	1.61	2.29	2.12	2.7	3.19	3.54	3.46	3.74	4.58	4.1	3.95	3.56	3.72	3.19
Price/Sales Low	1.01	1.22	1.42	1.62	1.87	2.26	2.62	2.57	2.78	2.73	3.09	2.88	2.83	2.59	2.17
Price/Cash Flow	9.71	6.11	6.01	5.61	10.38	10.43	9.03	11.08	16.12	17.47	27.4	35.45	30.02	40.63	65.85
Price/Cash Flow Average	8.82	5.75	4.95	5.35	9.61	9.53	8.8	11.8	15.38	18.9	30.08	34.27	33.38	38.88	78.28
Price/Cash Flow High	11.59	6.37	6.33	6.09	11.67	11.09	10.17	13.28	17.58	24.54	34.16	41.26	36.61	47.49	91.33
Price/Cash Flow Low	6.51	4.83	3.93	4.66	8.08	7.84	7.5	9.86	13.05	14.61	25.74	30.06	29.09	33.09	62.3
Price/Free Cash Flow Average	8.81	5.79	5.01	5.4	9.6	9.44	8.8	11.72	15.25	18.7	29.2	32.06	32.9	37.75	65.91
Price/Free Cash Flow High	11.57	6.41	6.4	6.14	11.66	10.99	10.17	13.19	17.43	24.28	33.16	38.59	36.09	46.11	76.9
Price/Free Cash Flow Low	6.5	4.87	3.97	4.7	8.07	7.77	7.51	9.79	12.94	14.46	24.99	28.11	28.68	32.13	52.46
EV/Sales Average	1.3	1.16	1.45	1.64	2.05	2.6	2.92	2.96	3.16	3.35	3.39	3.07	3.12	2.9	2.54
EV/Sales High	1.73	1.32	1.95	1.9	2.52	3.04	3.4	3.35	3.62	4.4	3.88	3.74	3.43	3.57	2.99
EV/Sales Low	0.94	0.93	1.08	1.4	1.69	2.11	2.47	2.46	2.66	2.55	2.87	2.67	2.7	2.45	1.98
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	23.25	27.25	42.24	42.36	50.9	62.35	61.6	56.69	66.03	57.43	53.83	51.97	46.78	51.54	38.41
High Price	27.75	28.4	44.5	45.95	57.2	66.3	69.4	67.96	71.99	80.65	67.1	60.49	57.06	60.24	53.27
Enterprise Value Average	366	373	517	662	823	1,029	1,096	1,119	1,169	1,137	1,072	905	957	896	805
Enterprise Value High	487	423	695	766	1,014	1,208	1,275	1,265	1,342	1,494	1,226	1,102	1,054	1,105	949
Enterprise Value Low	265	299	384	564	680	837	926	929	985	865	907	786	830	756	628

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	18	18	19	19	19	19	19	19	19	19	19	19	19	19	19
Diluted Weighted Avg Shares	19	19	19	19	19	19	19	19	19	19	19	19	19	19	19
Basic Weighted Avg Shares	18	18	18	19	19	19	19	19	19	19	19	19	19	19	19
Revenue per Share	15.38	17.68	19.39	21.67	21.2	20.76	19.58	19.67	19.24	17.6	16.35	15.32	16.03	16.21	16.72
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.32	1.62	2.38	2.88	3.72	4.08	2.41	3.73	4.82	4.49	3.4	2.89	3.24	2.91	2.48
Basic EPS from Cont Ops	1.32	1.62	2.38	2.88	3.72	4.08	2.41	3.73	4.82	4.49	3.4	2.89	3.24	2.91	2.48
Diluted EPS, GAAP	1.29	1.58	2.33	2.84	3.69	4.05	2.4	3.71	4.8	4.47	3.39	2.88	3.23	2.89	2.47
Diluted EPS from Cont Ops	1.29	1.58	2.33	2.84	3.69	4.05	2.4	3.71	4.8	4.47	3.39	2.88	3.23	2.89	2.47
Dividend per Share	- -	- -	0.32	1.99	3.62	3.98	4.31	4.4	4.52	4.6	5.17	5.22	4.87	4.48	2.56
Cash Flow per Share	2.39	4.46	7.03	7.54	4.9	5.98	6.83	5.12	4.1	3.29	1.96	1.47	1.56	1.27	0.58
Free Cash Flow per Basic Share	2.33	4.4	6.97	7.49	4.85	5.89	6.8	5.06	4.04	3.24	1.9	1.36	1.53	1.22	0.47
Cash & Equivalents per Share	10.59	17.11	24.24	24.45	24.14	29.71	28.54	27.76	28.13	27.06	24.31	20.63	6.97	6.85	7.87
Book Value per Share	10.07	11.74	13.66	14.34	14.21	14.16	12.21	11.53	11.81	11.66	9.86	7.58	5.98	4.42	4.38
Tangible Book Value per Share	19.15	20.99	22.69	23.97	23.97	23.87	22.2	21.33	22.35	22.75	20.66	16.5	15.27	13.49	13.26

AMERISAFE, Inc.

Profitability (USD)

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Per Share Data Items (USD)