Enact

ACT · Nasdaq · Financials · Financials, fiscal 2019 to 2025

ACT · Last close · November 6, 2026

$46.43

Enact's revenue rose 2.8% to $1.2 billion in fiscal 2025. Its net margin was 54.6%, down from 57.2% a year earlier. It paid out $503 million in dividends and buybacks. The diluted share count fell 5.2%.

Enact Holdings, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001823529-26-000060 Updated November 6, 2026

Revenue

$1.2B

2.8%

Net margin

54.6%

2.7 pts

Net income

$674M

2.0%

Free cash flow

—

Return on capital

13.4%

1.3 pts

Market cap

$6.4B

Nov 6 close

P/E

9.7x

On $4.80 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Enact does

Enact is a private mortgage insurance company that has served the United States housing market since 1981 and operates in all 50 states and the District of Columbia. Its insurance covers part of the unpaid balance on low down payment loans, where the borrower puts down only a small share of the home's value. It protects lenders and investors against losses when a borrower stops paying.

Its customers are the lenders that originate home loans and choose which mortgage insurer to use: national banks, non-bank mortgage lenders, local mortgage bankers, community banks and credit unions. It earns money from premiums paid on the insurance it writes, and from investing its assets. It competes with other private mortgage insurers on price, reputation and other factors.

In 2025 it wrote new insurance of $51.5 billion. Loans it insures can be sold into the secondary market, including to Fannie Mae and Freddie Mac. It must meet capital rules set by those two government-sponsored companies and by state regulators.

Its biggest risks, as it describes them

Changes to the charters or practices of Fannie Mae and Freddie Mac could cut use of mortgage insurance.
A recession or falling home prices could raise its claims.
Its loss models and reserves may prove wrong.
Fierce competition from other private mortgage insurers.
Alternatives to private mortgage insurance could reduce its revenue.

From Enact's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2019 to 2025, earnings per share grew 1.4% a year and net income fell 0.1% a year, as buybacks cut the share count by 8%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	426	517	636	603	582
Debt incl. finance leases	740	743	745	743	744
Net debt (negative means net cash)	315	226	110	140	162
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.2x	0.2x	0.2x	0.1x	0.1x
Interest coverage	14.6x	18.4x	17.4x	18.2x	18.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Enact's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Enact's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Enact's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Enact shares on the open market, and 6 insiders sold $325.5 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 3, 2026	Genworth Holdings Inc.10% owner	Sold	990,583	$45.62	$45.2 million	Form 4
Aug 31, 2026	Genworth Holdings Inc.10% owner	Sold	687,379	$49.40	$34.0 million	Form 4
Aug 17, 2026	Evan StoloveEVP, Gen. Counsel & Secretary	Sold	20,024	$49.52	$991,588	Form 4
Jul 31, 2026	Genworth Holdings Inc.10% owner	Sold	523,226	$45.92	$24.0 million	Form 4
Jun 30, 2026	Genworth Holdings Inc.10% owner	Sold	605,067	$42.28	$25.6 million	Form 4
Jun 1, 2026	Brian GouldEVP & Chief Operations Officer	Sold	23,000	$41.18	$947,140	Form 4
May 29, 2026	Genworth Holdings Inc.10% owner	Sold	602,440	$42.91	$25.9 million	Form 4
Apr 30, 2026	Genworth Holdings Inc.10% owner	Sold	560,453	$42.55	$23.8 million	Form 4
Mar 31, 2026	Genworth Holdings Inc.10% owner	Sold	820,567	$40.92	$33.6 million	Form 4
Mar 6, 2026	James McMullenController	Sold	2,500	$41.64	$104,100	Form 4
Mar 2, 2026	Michael DerstineEVP and Chief Risk Officer	Sold	9,000	$42.21	$379,890	Form 4
Feb 27, 2026	Genworth Holdings Inc.10% owner	Sold	398,731	$42.19	$16.8 million	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	0.6%	0.0%	−0.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Enact side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Enact	FY25	2.8%	—	—	13.4%	—	—
Walker & Dunlop	FY25	9.0%	—	−55.1%	—	—	—	Compare
Essent Group	FY25	1.4%	—	67.3%	—	—	—	Compare
NMI	FY25	8.5%	—	58.4%	—	—	—	Compare
Rocket Companies	FY25	31.2%	—	−60.0%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	979	1,106	1,118	1,095	1,154	1,202	1,236
Revenue growth	—	13.0%	1.0%	−2.0%	5.4%	4.2%	2.8%
Gross profit	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—
Net income	678	370	547	704	666	688	674
Diluted EPS (US$)	4.16	2.27	3.36	4.31	4.11	4.37	4.52
Diluted shares (millions)	163	163	163	163	162	158	149
Cash flow
Cash from operations	500	704	572	560	632	686	724
Capital expenditure	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—
Dividends paid	250	437	200	251	213	112	121
Share buybacks	0	0	0	2	88	244	382
Acquisitions	0	0	0	0	0	0	0
Stock-based compensation	0	0	2	10	15	19	19
Balance sheet at fiscal year end
Cash and short-term investments	585	453	426	517	636	603	582
Debt incl. finance leases	—	738	740	743	745	743	744
Total assets	—	5,653	5,866	5,709	6,190	6,522	6,894
Total liabilities	—	1,771	1,760	1,608	1,558	1,525	1,538
Shareholders' equity	3,827	3,882	4,106	4,101	4,632	4,996	5,355
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—
Net margin	69.2%	33.5%	48.9%	64.3%	57.7%	57.2%	54.6%
Free cash flow margin	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—
Return on capital	—	—	13.7%	17.0%	15.6%	14.7%	13.4%
Return on equity	—	—	13.7%	17.2%	15.2%	14.3%	13.0%
Return on assets	—	—	9.5%	12.2%	11.2%	10.8%	10.1%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Enact's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Enact.