Employers Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Employers Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	780	801	800	836	711	703	714	851	881	859
Operating expenses	639	657	631	642	564	556	658	703	734	847
Interest expense	1.6	1.4	1.5	0.6	0.4	0.5	3.5	5.8
Interest income	76.3	78
Pre-tax income	141	144	170	194	148	147	55.8	148	147	12
Income tax	34	42.8	28.2	36.7	27.9	27.7	7.4	30.3	28.1	1.2
Net income	107	101	141	157	120	119	48.4	118	119	10.8
EPS, basic	3.29	3.11	4.30	4.89	4.01	4.22	1.76	4.48	4.73	0.46
EPS, diluted	3.24	3.06	4.24	4.83	3.97	4.17	1.75	4.45	4.71	0.46
Shares, basic (weighted)	32.4	32.5	32.9	32.1	29.9	28.3	27.5	26.4	25.1	23.4
Shares, diluted (weighted)	33	33.1	33.3	32.5	30.2	28.6	27.7	26.5	25.2	23.5
Dividend per share	0.36	0.60	0.80	0.88	1.00	1.00	3.28	1.10	1.18	1.26

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	67.2	73.3	101	155	160	75.1	89.2	226	68.3	160
Short-term investments	16	4	25	0	26.6	10.5	119	33.1	0.1	10.1
Property, plant and equipment	22.2	13.9	18.2	21.9	19.1	14.7	12	6.5	7.8	6.5
Lease right-of-use assets			0	15.9	17.4	14.2	11.5	5.1	3.7	3.7
Goodwill	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2
Intangible assets	8.2	7.9	7.7	13.6	13.6	13.6	13.6	13.6	13.6	13.6
Total assets	3,773	3,840	3,919	4,004	3,923	3,783	3,717	3,550	3,541	3,437
Short-term debt									0	16
Total liabilities	2,933	2,892	2,901	2,838	2,710	2,570	2,773	2,537	2,473	2,481
Total debt									0	19
Paid-in capital	350	350	349	363	363	363	243	243	243	428
Retained earnings	777	842	1,031	1,159	1,248	1,339	1,296	1,384	1,473	1,454
Treasury stock	-384	-384	-388	-455	-555	-597	-628	-705	-747	-934
Other comprehensive income	74.5	107	-13.7	65.3	115	60.6	-139	-86	-82.5	7.3
Shareholders' equity	841	948	1,018	1,166	1,213	1,213	944	1,014	1,069	956
Total equity	841	948	1,018	1,166	1,213	1,213	944	1,014	1,069	956
Total liabilities and equity	3,773	3,840	3,919	4,004	3,923	3,783	3,717	3,550	3,541	3,437
Shares outstanding	32.1	32.6	32.8	31.4	28.6	27.7	27.2	25.4	24.6	20.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	107	101	141	157	120	119	48.4	118	119	10.8
Depreciation and amortization	8.5	8.2	6.3	9	8.2	7.4	21.7	21.5	16.7	14.2
Stock-based compensation	5.8	6.8	9.4	10.1	9.7	9.1	5.1	6.2	6.3	5
Deferred income tax	13.4	24.2	14.4	8.6	-0.4	6.7	-17.3	5.1	4.2	0.1
Change in payables	-4.2	-7	19.1	-8.1	-4	-2.5	7.2	3.7	3.3	-6.2
Cash from operations	123	142	180	123	33	10.8	99.8	49.4	76.4	44.7
Capital expenditures	-0.7	-0.4	-0.3	-0.7	-0.1	-0.3	-0.1	0	-0.1	-0.1
Acquisitions		0	0	-16.1	0	0
Purchases of investments	-467	-592	-637	-359	-646	-517	-611	-416	-722	-770
Sales and maturities of investments	231	216	329	310	359	374	195	163	215	213
Cash from investing	-87.5	-113	-120	49.2	84.3	-1.7	-146	377	-160	226
Share buybacks	-21.1	0	-4.2	-67.5	-99.4	-42.6	-30.4	-76.1	-42.6	-183
Dividends paid	-11.5	-19.7	-26.7	-28.3	-30.5	-29	-90.3	-29.7	-30.3	-29.9
Cash from financing	-23.6	-26	-32.9	-119	-112	-94.4	60.4	-290	-74.8	-179
Net change in cash	11.7	3.5	27.7	53.2	5.4	-85.3	14.1	137	-158	91.5
Free cash flow	122	142	180	122	32.9	10.5	99.7	49.4	76.3	44.6
Interest paid						0.3	2.6	5.8	0.1	0.5
Income taxes paid	13.7	21.3	4.2	37.8	18.5	28.2	15.1	30.4	31	11.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $47.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	0.9%	Net income / revenue.
Operating cash flow margin	2.6%	Cash from operations / revenue.
Return on equity (ROE)	0.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.2%	Net income / average total assets.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-90.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-39.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-38.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-90.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-35.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-35.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-41.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-23.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-41.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-23.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-27.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.7%	Total debt / total assets.
Liabilities / assets	74.6%	Total liabilities / total assets.
Net debt	-$10.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	1.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$809.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.
Fixed asset turnover	135x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$45.80	Revenue / diluted weighted shares.
Operating cash flow per share	$1.20	Cash from operations / diluted weighted shares.
Book value per share	$47.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$45.06	Tangible book value / shares outstanding.
Cash per share	$7.52	(Cash + short-term investments) / shares outstanding.
Payout ratio	356.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$849.5M	Share price x shares outstanding.
Enterprise value	$839.5M	Market cap + total debt - cash - short-term investments.
P/E	112x	Market cap / net income. Only when net income is positive.
P/S	1.01x	Market cap / revenue.
P/B	0.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.05x	Market cap / tangible book value, when positive.
P/OCF	38.6x	Market cap / cash from operations, when positive.
EV/Sales	1.00x	Enterprise value / revenue.
Earnings yield	0.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	32.5%	(Dividends paid + share buybacks) / market cap.

What was Employers Holdings, Inc.'s revenue in fiscal 2025?

Employers Holdings, Inc. reported revenue of $858.7M for fiscal 2025, 2.5% lower than the year before.

Was Employers Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $10.8M, a net margin of 1.3%.

How much free cash flow did Employers Holdings, Inc. generate in fiscal 2025?

Cash from operations of $44.7M minus capital expenditures of $100.0K left free cash flow of $44.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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