AMERISAFE (AMSF) Cash Flow: Operating & Free Cash Flow

AMERISAFE (AMSF) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), AMERISAFE generated $11.07M of operating cash flow and spent $2.15M on capital expenditures. That left free cash flow of $8.92M, down 61.8% from $23.35M a year earlier, or 2.8% of revenue. It returned $61.53M to shareholders through $48.61M in dividends and $12.92M in share buybacks.

AMERISAFE Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for AMERISAFE, Inc. (AMSF) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	47.15	55.44	62.11	55.60	65.76	86.60	92.69	71.63	46.23
Depreciation & Amortization	0.74	1.09	1.43	1.31	1.02	1.01	0.94	1.00	0.98
Deferred Income Tax	0.37	1.40	0.63	-1.14	1.27	1.66	0.87	-1.46	12.80
Stock Based Compensation	2.91	2.94	1.56	2.48	2.32	3.30	2.35	2.07	2.02
Change in Working Capital	-33.86	-29.34	-31.04	-41.50	-27.14	-32.04	-22.02	10.63	54.11
Change in Accounts Receivable	-18.24	-12.06	-8.49	13.39	21.66	1.19	4.53	11.76	8.77
Change in Inventory	0.00	0.00	-19.12	0.00	-31.98	-24.01	-37.61	24.33	26.37
Change in Accounts Payable	1.86	-2.23	0.31	0.97	-2.24	-6.75	-5.02	4.27	-2.38
Change in Other Working Capital	-14.72	-16.88	-3.74	-55.86	-41.97	-2.48	16.09	-29.73	21.35
Other Operating Activities	-5.86	-5.94	-4.84	11.44	-3.97	2.87	3.98	14.41	14.66
Net Cash from Operating Activities	11.07	24.19	29.84	28.19	37.98	63.40	78.82	98.27	130.81
Investing Activities
Capital Expenditures	-2.15	-0.84	-0.55	-2.09	-1.30	-0.92	-1.02	-1.13	-0.48
Acquisitions	0.00	0.00	-44.44	-85.01	0.02	-104.56	-159.70	-100.11	-78.90
Purchases of Investments	-67.00	-110.70	-133.68	-215.48	-271.18	-320.95	-345.90	-368.27	-401.81
Sales/Maturities of Investments	137.57	183.91	178.12	293.00	343.41	365.24	358.61	340.34	350.75
Other Investing Activities	65.02	71.07	44.44	85.01	0.00	104.56	159.70	100.11	78.90
Net Cash from Investing Activities	68.42	72.37	43.88	75.43	70.96	43.37	11.69	-29.06	-51.54
Financing Activities
Debt Repayment	-0.09	-0.09	-0.09	-0.06	-0.04	-0.05	-0.05	0.00	0.00
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.07	0.00
Common Stock Repurchased	-12.92	-5.68	-2.17	-12.39	0.00	0.00	-0.02	0.00	0.00
Dividends Paid	-48.61	-85.44	-93.31	-100.43	-99.93	-88.78	-87.02	-84.49	-82.65
Other Financing Activities	-0.09	-0.09	-0.94	0.00	-0.04	0.00	0.02	0.07	0.00
Net Cash from Financing Activities	-61.61	-91.20	-96.51	-112.87	-99.97	-88.83	-87.04	-84.42	-82.65
Summary
Net Change in Cash	17.88	5.36	-22.79	-9.25	8.97	17.94	3.47	-15.22	-3.38
Cash at Beginning of Period	44.05	38.68	61.47	70.72	61.76	43.81	40.34	55.56	58.94
Cash at End of Period	61.93	44.05	38.68	61.47	70.72	61.76	43.81	40.34	55.56
Free Cash Flow	8.92	23.35	29.29	26.11	36.68	62.48	77.81	97.14	130.33
Supplemental Disclosures
Income Taxes Paid	-	11.75	13.95	7.79	18.20	20.56	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About AMERISAFE Cash Flow

What is AMERISAFE's free cash flow?

AMERISAFE generated free cash flow of $8.92M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $11.07M minus $2.15M of capital expenditures. That was down 61.8% from $23.35M a year earlier. Free cash flow equaled 2.8% of revenue.

How much does AMERISAFE spend on capital expenditures?

AMERISAFE spent $2.15M on capital expenditures in fiscal 2025, compared with $840.00K a year earlier. That equals 19.4% of operating cash flow.

Does AMERISAFE pay dividends or buy back shares?

Yes. In fiscal 2025 AMERISAFE returned $48.61M in dividends and $12.92M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition