Safety Insurance Group Inc. (SAFT) intrinsic value & 10-year financials
Safety Insurance Group Inc. (SAFT) has a Graham intrinsic value of $108.44 per share. At $104.03 on Oct 17, 2026, the stock trades 4% below that value. Over the last 10 fiscal years revenue grew 4.9% a year to $1.3B, with an average return on invested capital of 7.7%.
- Graham intrinsic value
- $108.44
- Share price (Oct 17, 2026)
- $104.03
- Price vs Graham value
- 4% below
- Market cap
- $1.5B
- Revenue (FY2025)
- $1.3B
- Revenue growth (10-yr CAGR)
- 4.9%
- ROIC (10-yr avg)
- 7.7%
- Free cash flow (FY2025)
- $192.0M
SAFT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | $99.3M | $6.70 | $192.0M | — | 11.9% |
| FY2024 | $1.1B | $70.7M | $4.78 | $124.3M | — | 8.9% |
| FY2023 | $931.0M | $18.9M | $1.28 | $50.3M | — | 2.4% |
| FY2022 | $797.6M | $46.6M | $3.15 | $42.2M | — | — |
| FY2021 | $884.9M | $130.7M | $8.80 | $133.2M | — | — |
| FY2020 | $846.2M | $138.2M | $9.18 | $99.5M | — | — |
| FY2019 | $877.8M | $99.6M | $6.46 | $102.9M | — | — |
| FY2018 | $836.5M | $83.2M | $5.43 | $116.5M | — | — |
| FY2017 | $839.1M | $62.4M | $4.10 | $76.1M | — | — |
| FY2016 | $819.8M | $64.6M | $4.27 | $93.9M | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SAFETY INSURANCE GROUP INC has demonstrated mature, steady growth, with revenue compounding at 4.9% annually over the past decade.
SAFETY INSURANCE GROUP INC has historically struggled to out-earn its cost of capital, averaging just 7.7% ROIC.
SAFETY INSURANCE GROUP INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SAFETY INSURANCE GROUP INC is modeled at 5.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $108.44 per share.