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Friday 6 November 2026
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Enact Holdings, Inc.
ACT Financial Insurance Specialty
Enact Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 2.83% from fiscal 2024.
- Revenue
- +0.45%
- EPS
- +4.50%
- Free cash flow
- −4.21%
- Total debt
- +0.20%
Quarter to September 2026, against a year earlier
46.48
1.29
−2.70%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 841 | 979 | 1,106 | 1,118 | 1,095 | 1,154 | 1,202 | 1,236 | 1,255 | +5.7% | 76 | 77 | 77 | (60.3%) | |
| Gross margin, % | — | — | 0.00 | 74.91 | 46.24 | 68.07 | 87.88 | 79.23 | 79.03 | 74.28 | 0.00 | +74.3 pt | ||||||
| EBT | — | — | 614 | 718 | 472 | 695 | 898 | 852 | 878 | 859 | 859 | +4.9% | ||||||
| EBT margin, % | — | — | 73.01 | 73.37 | 42.70 | 62.19 | 82.03 | 73.81 | 73.06 | 69.49 | 68.49 | (3.5) pt | ||||||
| Net income | — | — | 484 | 678 | 370 | 547 | 704 | 666 | 688 | 674 | 679 | +4.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 5.16 | 6.01 | 6.79 | 6.86 | 6.72 | 7.17 | 7.69 | 8.33 | 9.14 | +7.1% | |||||
| Earnings | — | — | 2.79 | 4.16 | 2.27 | 3.35 | 4.32 | 4.14 | 4.40 | 4.54 | 4.82 | +7.2% | ||||||
| Cash flow | — | — | 3.14 | 3.07 | 4.33 | 3.51 | 3.44 | 3.93 | 4.39 | 4.88 | 5.19 | +6.5% | ||||||
| Capex | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | 3.14 | 3.07 | 4.33 | 3.51 | 3.44 | 3.93 | 4.39 | 4.88 | 5.19 | +6.5% | ||||||
| Book value | — | — | 20.09 | 23.50 | 23.84 | 25.21 | 25.18 | 28.80 | 31.97 | 36.09 | 37.84 | +8.7% | ||||||
| Shares, m | — | — | 163 | 163 | 163 | 163 | 163 | 161 | 156 | 148 | 142 | (1.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 6.88 | 6.88 | 6.88 | 6.17 | 5.60 | 6.92 | 7.36 | 8.71 | 9.91 | 6.9 | |||||
| P/S | — | — | 2.94 | 2.94 | 2.94 | 3.01 | 3.60 | 4.00 | 4.21 | 4.76 | 5.23 | 3.5 | ||||||
| P/B | — | — | 0.82 | 0.82 | 0.82 | 0.82 | 0.96 | 1.00 | 1.01 | 1.10 | 1.26 | 0.9 | ||||||
| EV/Sales | — | — | 3.21 | 3.21 | 3.21 | 3.29 | 3.81 | 4.11 | 4.33 | 4.89 | — | 3.8 | ||||||
| EV/FCF | — | — | 5.85 | 5.85 | 5.85 | 6.43 | 7.44 | 7.50 | 7.58 | 8.34 | — | 6.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 511 | 500 | 704 | 572 | 561 | 632 | 686 | 725 | 713 | +5.1% | |||||
| Capex | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Free cash flow | — | — | 511 | 500 | 704 | 572 | 561 | 632 | 686 | 725 | 713 | +5.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 8 | (363) | (420) | (166) | (7) | 13 | (35) | (124) | n/m | |||||
| Net debt | — | — | — | (562) | 285 | 315 | 229 | 130 | 144 | 162 | 241 | n/m | ||||||
| Shareholders’ equity | — | — | 3,274 | 3,827 | 3,882 | 4,106 | 4,101 | 4,632 | 4,996 | 5,355 | 5,197 | +7.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 11.19 | 15.76 | 7.29 | 9.49 | 12.17 | 11.19 | 10.83 | 10.05 | 9.93 | (1.1) pt | |||||
| ROIC | — | — | 0.00 | 13.75 | 7.09 | 9.83 | 12.97 | 11.18 | 10.81 | 9.73 | 9.88 | +9.7 pt | ||||||
| ROE | — | — | 13.63 | 19.09 | 9.61 | 13.69 | 17.16 | 15.24 | 14.29 | 13.03 | 12.91 | (0.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 500 | 503 | 496 | 465 | 421 | 419 | — | (3.5%) | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 2.21 | 2.22 | 2.21 | 2.48 | 2.85 | 2.95 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Enact Holdings, Inc. vs peers in Insurance Specialty (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| FNF Fidelity National Financial, Inc. | $11.5B | 15.2× | 9.3× | +11.44% (above 0%: growing) | +9.80% (above 0%: growing) | −1.24% (below 0%: shrinking) | 53.15% | 9.85% | Compare |
| AXS Axis Capital Holdings Limited | $7.7B | 8.0× | 8.2× | +6.91% (above 0%: growing) | −24.09% (below 0%: shrinking) | +31.71% (above 0%: growing) | 24.75% | 14.68% | Compare |
| FAF First American Financial Corporation | $7.0B | 9.5× | 9.6× | +5.34% (above 0%: growing) | −6.52% (below 0%: shrinking) | −12.25% (below 0%: shrinking) | 100.00% | 14.30% | Compare |
| ACT Enact Holdings, Inc. | $6.6B | 9.9× | 9.8× | +0.45% (above 0%: growing) | +4.50% (above 0%: growing) | −4.21% (below 0%: shrinking) | 0.00% | 0.00% | |
| ESNT Essent Group Ltd. | $6.2B | 9.5× | 8.8× | +13.64% (above 0%: growing) | +7.18% (above 0%: growing) | +3.88% (above 0%: growing) | 65.75% | 65.75% | Compare |
| MTG MGIC Investment Corporation | $6.0B | 9.1× | 8.7× | −1.78% (below 0%: shrinking) | +2.41% (above 0%: growing) | +0.56% (above 0%: growing) | 77.43% | 76.97% | Compare |
| RDN Radian Group Inc. | $4.9B | 9.5× | 8.8× | +92.58% (above 0%: growing) | −17.48% (below 0%: shrinking) | +147.96% (above 0%: growing) | 50.35% | 30.09% | Compare |
| NMIH NMI Holdings Inc | $3.3B | 8.5× | 8.0× | +8.12% (above 0%: growing) | +13.82% (above 0%: growing) | +10.69% (above 0%: growing) | 93.00% | 76.67% | Compare |
| AGO Assured Guaranty Ltd. | $3.2B | 9.6× | 11.1× | −30.60% (below 0%: shrinking) | −57.89% (below 0%: shrinking) | −48.72% (below 0%: shrinking) | 97.95% | 42.05% | Compare |
| Median of peers | $6.1B | 9.5× | 8.8× | +7.52% | −2.05% | +2.22% | 71.59% | 36.07% |
From the latest earnings call
- CEO Rohit Gupta said mortgage rates pressured housing activity and demand, while Enact’s recent insurance books performed in line with expectations.
- Gupta said Enact raised its expected 2026 capital returns to approximately $600 million, while forecasting expenses at the low end of its range.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
21.54%
Held by the ten largest
13.83%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 4.78m | 3.46% | +115.82k |
| Vanguard | 3.28m | 2.38% | −28.00k |
| Dimensional Fund Advisors | 3.11m | 2.25% | +105.73k |
| First Trust | 1.62m | 1.17% | +227.01k |
| Glendon Capital Management LP | 1.30m | 0.94% | 0.00 |
| State Street | 1.26m | 0.91% | +52.12k |
| LSV ASSET MANAGEMENT | 1.01m | 0.73% | −20.30k |
| American Century | 965.68k | 0.70% | +89.08k |
| Geode Capital Management | 900.99k | 0.65% | +26.67k |
| Arrowstreet Capital | 877.58k | 0.64% | −115.40k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 25 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.87m | 22.86m | 239.06 |
| 2024 | 9.96m | 19.05m | 190.95 |
| 2023 | 8.08m | 13.94m | 166.54 |
| 2022 | 7.85m | 9.52m | 132.49 |
| 2021 | 11.01m | 14.08m | 106.61 |
Ownership
Directors and executive officers, together
less than 1%
Genworth Holdings, Inc.
81.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Enact Holdings, Inc. (ACT) Latest News
5 Nov
20 Oct
1 Oct
18 Sep
6 Aug
5 Aug
12 May
5 May
28 Apr
ACT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Enact Holdings is a private mortgage insurer serving the US housing finance market. It sells coverage primarily to lenders that originate residential mortgages, operating nationwide and in the District of Columbia. Rohit Gupta is president and chief executive officer.
Its insurance is generally used on loans where the borrower makes a low down payment. If the borrower does not pay, the policy protects the lender or investor against a portion of the resulting loss. The lender typically chooses the insurer when it originates the loan; the borrower usually pays the premium as part of the mortgage payment.