Enact Holdings Inc ACT

FinancialsInsuranceUnited States of America

Last close 47.18 USD on Nov 1, 2026, +20.9% year to date

Quant rating

Quant rating B Rank 148 of 799 in Financials

Growth C 444 of 799
Valuation C 433 of 799
Quality B 132 of 799
Revisions B 263 of 799
Momentum B 203 of 799

Wall Street consensus Hold (3.29)Average target 43.99 USD −6.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.5B
Enterprise value: 6.8B
52-week range: 35.25 – 50.52
3-year range: 26.45 – 50.52
Dividend yield: 2.03%
Beta (5 years): 0.50
Shares outstanding: 137M
Next earnings: Nov 4, 2026

About the company

Enact Holdings, Inc. operates principally through its wholly owned subsidiary, Enact Mortgage Insurance Corporation, a private mortgage insurance provider. The Company is engaged in the business of writing and assuming residential mortgage guaranty insurance. The insurance protects lenders and investors against certain losses resulting from nonpayment of loans secured by mortgages, deeds of trust, or other instruments constituting a lien on residential real estate. It facilitates the sale of mortgages to the secondary market, including to private investors, as well as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It has a diverse customer base and maintains enduring relationships across the mortgage origination market, including with national banks, non-bank mortgage lenders, local mortgage bankers, community banks and credit unions. Fannie Mae and Freddie Mac are government-sponsored enterprises.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	986	984	960	942	979	–
Revenue growth	0.2%	2.5%	2.0%	−3.8%	0.2%	0.2%
EPS (basic, normalized)	4.61	4.56	4.11	4.31	3.36	–
EPS growth	1.1%	10.9%	−4.6%	28.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	54.6%	57.3%	57.7%	64.3%	48.9%	56.5%
ROE	13.3%	14.9%	14.6%	17.2%	13.7%	14.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	745
Net debt (mil)	–
Total equity (mil)	5,396
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	986	+0.2%	6.9x	37.66	+15.2%	1.3x	4.61	+1.1%	10.2x
2026	1,268	+28.6%	5.3x	40.42	+7.3%	1.2x	4.81	+4.4%	9.8x
2027	1,277	+0.7%	5.3x	44.04	+9.0%	1.1x	5.00	+3.9%	9.4x
2028	1,270	−0.5%	5.3x	48.64	+10.4%	1.0x	5.15	+3.0%	9.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,268	0.0%	+0.2%	−0.3%	4.81	0.0%	+1.6%	+1.8%
2027	1,277	−0.1%	−0.4%	−1.8%	5.00	−0.5%	+1.2%	+0.7%
2028	1,270	−0.3%	−2.6%	−3.6%	5.15	−1.4%	−0.5%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	292	299	310	302	307	305	311	313	312	317
Sales mean (mil)	294	299	306	309	302	308	312	317	315	316
Surprise	−0.9%	0.0%	+1.2%	−2.4%	+1.5%	−0.9%	−0.2%	−1.3%	−1.0%	+0.5%
EPS reported	1.04	1.27	1.16	1.09	1.10	1.15	1.12	1.23	1.21	1.26
EPS mean	0.96	0.99	1.00	1.03	1.08	1.10	1.09	1.09	1.17	1.19
Surprise	+8.7%	+28.3%	+16.2%	+5.3%	+2.2%	+4.2%	+2.8%	+12.6%	+3.4%	+5.6%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
ACT Enact Holdings Inc	6.5B	13.3%	54.6%	1.21x	9.8x	9.4x	1.2x	1.1x
FNF Fidelity National Financial Inc	10.9B	17.8%	4.2%	1.46x	8.2x	7.5x	1.2x	1.1x
FAF First American Financial Corp	6.5B	12.0%	8.3%	1.21x	9.3x	9.3x	1.2x	1.1x
ESNT Essent Group Ltd.	6.0B	12.2%	54.7%	1.06x	8.8x	8.5x	1.0x	0.9x
MTG MGIC Investment Corporation	5.8B	14.3%	60.8%	1.17x	8.7x	8.3x	1.1x	1.0x
RDN Radian Group Inc.	4.7B	13.1%	51.6%	0.99x	7.4x	6.9x	0.9x	0.8x
Mean		13.8%	39.0%	1.18x	8.7x	8.3x	1.1x	1.0x
Median		13.2%	53.1%	1.19x	8.8x	8.4x	1.1x	1.0x

Technical analysis

1M+0.5%
3M−1.2%
1Y+36.1%
3Y+92.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Enact Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	986	984	960	942	979	977
Other revenue	250	218	193	153	139	131
Total revenue	1,236	1,202	1,154	1,095	1,118	1,108
Losses, benefits and adjustments	318	252	240	133	357	595
Amortization of policy acquisition costs	9.2	9.7	10.7	12.4	14.7	20.9
Selling, general & administrative expenses	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	0	10.9	0	0	0	1.7
Operating income	909	929	903	950	746	491
Net interest income (expense)	−49.9	−51.2	−51.9	−51.7	−51.0	−18.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	859	878	852	898	695	472
Provision for taxes	185	190	186	194	149	102
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	0	0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	674	688	666	704	547	370
Extraordinary items	–	–	–	–	–	–
Net income	674	688	666	704	547	370
Basic weighted average shares (mil)	148	156	161	163	163	163
Diluted weighted average shares (mil)	149	158	162	163	163	163
Basic EPS, normalized	4.61	4.56	4.11	4.31	3.36	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Enact Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	6.6	8.8	11.3	13.6	15.5	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Insurance receivables	46.1	53.0	45.1	41.7	42.3	46.5
Long-term investments	6,051	5,628	5,286	4,888	5,266	5,047
Note receivable	–	–	–	–	–	–
Other long-term assets	20.0	65.0	88.5	127	–	–
Deferred policy acquisition costs	22.2	23.8	25.0	26.1	27.2	28.9
Other assets	165	143	119	98.6	88.6	78.0
Total assets	6,893	6,522	6,190	5,709	5,866	5,653
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	7.8	10.6	13.5	15.9	17.7	–
Policy liabilities	664	639	668	722	888	863
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	744	743	745	743	740	738
Minority interest	–	–	–	–	–	–
Other liabilities	122	132	132	128	114	170
Total liabilities	1,538	1,525	1,558	1,608	1,760	1,771
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.4	1.5	1.6	1.6	1.6	1.6
Additional paid-in capital	1,706	2,077	2,311	2,382	2,372	2,369
Retained earnings (accumulated deficit)	3,677	3,125	2,550	2,100	1,648	1,303
Treasury stock	–	–	–	–	–	–
Other equity	−30.1	−207	−230	−383	83.6	208
Total equity	5,355	4,996	4,632	4,101	4,106	3,882
Total liabilities & shareholders' equity	6,893	6,522	6,190	5,709	5,866	5,653

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Enact Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	674	688	666	704	547	370
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	7.8	4.5	−1.8	−2.3	−1.4	11.1
Non-cash items	10.5	24.0	15.9	14.8	3.6	9.6
Changes in working capital	32.0	−30.2	−47.5	−156	23.2	313
Cash from operations	725	686	632	561	572	704
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−226	−321	−229	−220	−399	−1,137
Cash from investing	−226	−321	−229	−220	−399	−1,137
Financing activities
Financing cash flow items	−11.8	−18.5	–	–	−200	−437
Cash dividends paid	−121	−112	−213	−251	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−382	−252	−87.8	−1.5	0	738
Cash from financing	−515	−382	−301	−252	−200	300
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−16.9	−16.3	102	87.9	−27.0	−132
Free cash flow	725	686	632	561	572	704

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.