What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does AMERISAFE (AMSF) spend its free cash flow?

For TTM through Q1 2026, AMERISAFE generated $10.2M of operating cash flow and $7.99M of free cash flow — a free cash flow margin of 78.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did AMERISAFE (AMSF) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent AMERISAFE's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

AMERISAFE (AMSF) Cash Flow Waterfall

Operating CF

$10.2M

Capex

-$2.17M

Free Cash Flow

$7.99M

FCF Margin

+78.6%

Cash flow waterfall for AMERISAFE (AMSF) — TTM through Q1 2026

Free cash flow: $7.99M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for AMERISAFE (AMSF) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$10.2M	$10.2M
Capital Expenditure	-$2.17M	$7.99M
Free Cash Flow	$7.99M	$7.99M
Other Investing	$48.2M	$56.2M
Share Buybacks	-$16.1M	$40M
Dividends Paid	-$48.9M	-$8.92M
Other Financing & FX	-$1.61M	-$10.5M
Net Cash Decrease	-$10.5M	-$10.5M

Operating Cash Flow$10.2M
Capital Expenditure-$2.17M
Free Cash Flow$7.99M
Other Investing$48.2M
Share Buybacks-$16.1M
Dividends Paid-$48.9M
Other Financing & FX-$1.61M
Net Cash Decrease-$10.5M

Want to see what drove the FCF change?Free Cash Flow Bridge

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