SAFETY INSURANCE GROUP INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SAFETY INSURANCE GROUP 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	820	839	836	878	846	885	798	931	1,120	1,264
Operating expenses	233	248	247	244	266	258
Interest expense	0.09	0.09	0.09	0.09	0.44	0.52	0.52	0.82	0.51	1.53
Pre-tax income	93.3	86.7	104	124	175	164	59.6	24.4	89.9	127
Income tax	28.7	24.3	21.1	24.1	36.6	33.6	13	5.55	19.1	27.4
Net income	64.6	62.4	83.2	99.6	138	131	46.6	18.9	70.7	99.3
EPS, basic	4.29	4.13	5.48	6.52	9.25	8.85	3.17	1.28	4.79	6.72
EPS, diluted	4.27	4.10	5.43	6.46	9.18	8.80	3.15	1.28	4.78	6.70
Shares, basic (weighted)	14.9	15	15.1	15.2	15	14.8	14.6	14.7	14.7	14.7
Shares, diluted (weighted)	15	15.1	15.2	15.3	15.1	14.9	14.7	14.7	14.7	14.7
Dividend per share	2.80	3.00	3.20	3.40	3.60	3.60	3.60	3.60	3.60	3.64

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20.1	41.7	37.6	44.4	53.8	63.6	25.3	38.2	59	73.9
Short-term investments	0	0	0	0	0.44	0	0	0
Property, plant and equipment	8.95	9.87	15.6	20	22.1	23.4	18.1	11.7	4.54	7.08
Lease right-of-use assets				34	31	27.1	23.3	19.8	15.7	11.9
Goodwill							17.1	17.1	17.1	17.1
Intangible assets							7.86	7.55	7.73	6.78
Total assets	1,758	1,807	1,856	2,023	2,054	2,117	1,973	2,094	2,270	2,471
Short-term debt									30
Total liabilities	1,088	1,106	1,138	1,214	1,170	1,190	1,161	1,290	1,442	1,579
Total debt								30		50
Paid-in capital	185	190	196	202	210	216	222	226	231	236
Retained earnings	554	571	617	662	745	822	815	781	799	844
Treasury stock	-83.8	-83.8	-83.8	-83.8	-124	-135	-145	-150	-150	-170
Other comprehensive income	15.8	24.3	-10.7	28.2	53.5	24.6	-80.5	-53.2	-51	-17.1
Shareholders' equity	671	701	719	808	885	927	812	804	828	892
Total equity	671	701	719	808	885	927	812	804	828	892
Total liabilities and equity	1,758	1,807	1,856	2,023	2,054	2,117	1,973	2,094	2,270	2,471

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	64.6	62.4	83.2	99.6	138	131	46.6	18.9	70.7	99.3
Depreciation and amortization	4.38	5.04	5.46	5.17	7.53	6.9	7.88	7.84	11.5	5.83
Stock-based compensation	4.3	5.17	6.58	6.03	7.46	6.29	5.98	4.33	4.48	4.83
Deferred income tax	1.68	2.09	-5.6	4.76	5.16	5.32	-8.37	1.66	0.38	-1.93
Change in receivables	-9.13	-2.95	0.59	-3.31	14.2	8.19	-21.6	-64.1	-49.8	-13.7
Change in payables	14.1	-6.33	10.7	3.4	4.31	-2.88	-2.68	-9.34	13.2	3.1
Cash from operations	98.8	82	128	112	109	141	44.3	52.1	129	194
Capital expenditures	-4.91	-5.96	-11.2	-9.59	-9.95	-8.23	-2.09	-1.78	-4.37	-2.51
Acquisitions							-17.6	-2.11	-2.07
Purchases of investments	-295	-205	-305	-220	-217	-356	-215	-91.7	-270	-537
Sales and maturities of investments	99.9	37.9	63.6	58.7	86.4	145	86.4	19.5	60.6	70
Cash from investing	-84.3	-14.9	-83	-53	-35.5	-66	-20	24.3	-54.5	-126
Stock issued	0.26
Share buybacks					-40	-11.6	-14.6	-5.24		-20
Dividends paid	-42.3	-45.5	-48.8	-52.7	-54.6	-54	-53	-53.3	-53.3	-53.9
Cash from financing	-42	-45.5	-48.8	-52.7	-64.6	-65.6	-62.6	-63.5	-53.3	-53.9
Net change in cash	-27.4	21.7	-4.13	6.83	9.36	9.83	-38.3	12.9	20.8	14.9
Free cash flow	93.9	76.1	117	103	99.5	133	42.2	50.3	124	192
Interest paid	0.08	0.08	0.08	0.08	0.39	0.51	0.51	0.81	0.51	1.44
Income taxes paid	9.83	23.7	20.1	26.8	31.1	29.2	19.1	6.07	16.5	26.9

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 $103.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	6.8%	Pre-tax income / revenue.
Net margin	5.3%	Net income / revenue.
FCF margin	13.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.0%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	40.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	28.7%	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	-6.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	40.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	28.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-6.1%	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	51.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	63.7%	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	12.2%	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	54.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	65.7%	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	14.0%	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	1.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.4%	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	0.2%	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	7.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.2%	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	0.2%	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	8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.8%	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	3.8%	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	0.2%	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	0.1%	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	-0.5%	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	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.0%	Total debt / total assets.
Liabilities / assets	65.0%	Total liabilities / total assets.
Net debt	-$17.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$853.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
FCF conversion	256.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.71	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	$88.36	Revenue / diluted weighted shares.
FCF per share	$12.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.38	Cash from operations / diluted weighted shares.
Book value per share	$60.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$58.61	Tangible book value / shares outstanding.
Cash per share	$4.67	(Cash + short-term investments) / shares outstanding.
Payout ratio	78.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.52B	Share price x shares outstanding.
Enterprise value	$1.50B	Market cap + total debt - cash - short-term investments.
P/E	22.1x	Market cap / net income. Only when net income is positive.
P/S	1.18x	Market cap / revenue.
P/B	1.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.78x	Market cap / tangible book value, when positive.
P/FCF	8.65x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.43x	Market cap / cash from operations, when positive.
EV/Sales	1.17x	Enterprise value / revenue.
EV/FCF	8.55x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.6%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	3.6%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.77x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SAFETY INSURANCE GROUP INC's revenue in fiscal 2025?

SAFETY INSURANCE GROUP INC reported revenue of $1.26B for fiscal 2025, 12.8% higher than the year before.

Was SAFETY INSURANCE GROUP INC profitable in fiscal 2025?

Yes. Net income was $99.3M, a net margin of 7.9%.

How much free cash flow did SAFETY INSURANCE GROUP INC generate in fiscal 2025?

Cash from operations of $194.5M minus capital expenditures of $2.5M left free cash flow of $192.0M.

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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