Enact Holdings, Inc. (ACT) 10-Year Financial Performance & Capital Metrics

ACT • • Insurance & Managed Care

Financial ServicesSpecialty InsuranceMortgage InsurancePrivate Mortgage Insurers

AboutEnact Holdings, Inc. operates as a private mortgage insurance company in the United States. The company is involved in writing and assuming residential mortgage guaranty insurance. It offers private mortgage insurance products primarily insuring prime-based, individually underwritten residential mortgage loans; and contract underwriting services for mortgage lenders. The company was formerly known as Genworth Mortgage Holdings, Inc. and changed its name to Enact Holdings, Inc. in May 2021. Enact Holdings, Inc. was founded in 1981 and is headquartered in Raleigh, North Carolina. Enact Holdings, Inc. is a subsidiary of Genworth Holdings, Inc.Show more

Revenue $1.2B +4.2%
Combined Ratio 26.95% +2.9%
Net Income $688M +3.4%
Return on Equity 14.29% -6.2%
Medical Cost Ratio 21.77% +0.3%
Operating Margin 73.05% -1.0%
Net Margin 57.25% -0.8%
ROA 10.83% -3.2%
Equity / Assets 76.61% +2.4%
Book Value per Share 31.71 +10.8%
Tangible BV/Share 31.56 +10.3%
Debt/Equity 0.15 -7.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 26.9% combined ratio
✓Low loss ratio of 21.8%
✓Good 3Y average ROE of 15.6%
✓Share count reduced 2.7% through buybacks
✓Trading at only 1.2x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y4.19%

3Y2.38%

TTM2.4%

Profit (Net Income) CAGR

10Y-

5Y0.31%

3Y7.97%

TTM-3.34%

EPS CAGR

10Y-

5Y4.84%

3Y9.16%

TTM0.93%

ROCE

10Y Avg14.36%

5Y Avg13.32%

3Y Avg14.97%

Latest15.09%

Peer Comparison

Private Mortgage Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTGMGIC Investment Corporation	5.86B	26.20	9.07	4.56%	61.96%	14.57%	12.35%	0.12
ESNTEssent Group Ltd.	5.91B	61.13	8.92	12.03%	53.73%	12.25%	14.47%	0.09
ACTEnact Holdings, Inc.	5.58B	38.66	8.85	4.18%	53.87%	12.41%	12.29%	0.15
NMIHNMI Holdings, Inc.	2.89B	37.62	8.49	12.43%	55.02%	15.14%	13.37%	0.19
RDNRadian Group Inc.	4.46B	32.95	8.41	4.04%	45.61%	12.38%		0.51

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	841.1M	978.85M	1.11B	1.12B	1.09B	1.15B	1.2B
Revenue Growth %	-	0.16%	0.13%	0.01%	-0.02%	0.05%	0.04%
Medical Costs & Claims+	0	260.68M	615.8M	371.63M	145.13M	250.31M	261.63M
Medical Cost Ratio %	-	-	-	-	-	-	-
Gross Profit+	841.1M	718.17M	490.66M	748.55M	949.75M	903.38M	940.31M
Gross Margin %	-	-	-	-	-	-	-
Gross Profit Growth %	-	-0.15%	-0.32%	0.53%	0.27%	-0.05%	0.04%
Operating Expenses+	191.02M	0	18.24M	53.34M	51.53M	51.87M	62.24M
OpEx / Revenue %	-	-	-	-	-	-	-
Depreciation & Amortization	-613.67M	0	0	0	0	0	0
Combined Ratio %	-	-	-	-	-	-	-
Operating Income+	613.67M	718.17M	472.42M	695.22M	898.22M	851.51M	878.06M
Operating Margin %	-	-	-	-	-	-	-
Operating Income Growth %	-	0.17%	-0.34%	0.47%	0.29%	-0.05%	0.03%
EBITDA+	0	718.17M	490.66M	746.23M	949.92M	903.38M	929.22M
EBITDA Margin %	-	-	-	-	-	-	-
Interest Expense	0	0	18.24M	51.01M	51.7M	51.87M	51.16M
Non-Operating Income	227.43M	0	-18.24M	-51.01M	-51.7M	-51.87M	-51.16M
Pretax Income+	613.67M	718.17M	472.42M	695.22M	898.22M	851.51M	878.06M
Pretax Margin %	-	-	-	-	-	-	-
Income Tax+	129.81M	155.83M	102M	148.53M	194.06M	186M	189.99M
Effective Tax Rate %	-	-	-	-	-	-	-
Net Income+	483.86M	677.63M	370.42M	546.68M	704.16M	665.51M	688.07M
Net Margin %	-	-	-	-	-	-	-
Net Income Growth %	-	0.4%	-0.45%	0.48%	0.29%	-0.05%	0.03%
EPS (Diluted)+	2.97	3.45	2.27	3.36	4.31	4.11	4.37
EPS Growth %	-	0.16%	-0.34%	0.48%	0.28%	-0.05%	0.06%
EPS (Basic)	2.97	3.45	2.27	3.36	4.32	4.14	4.40
Diluted Shares Outstanding	162.84M	162.84M	162.84M	162.88M	163.29M	161.85M	157.55M

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.1B	4.5B	5.65B	5.87B	5.71B	6.19B	6.52B
Asset Growth %	-	0.1%	0.26%	0.04%	-0.03%	0.08%	0.05%
Total Investment Assets+	424.76M	7.53B	5.05B	5.27B	4.89B	5.29B	5.63B
Long-Term Investments	424.76M	3.76B	5.05B	0	0	5.29B	4.1B
Short-Term Investments	0	3.76B	5.05B	5.27B	4.89B	5.29B	1.53B
Total Current Assets+	369.31M	4.39B	0	5.73B	10.6B	0	6.22B
Cash & Equivalents	159.05M	585.06M	452.79M	425.83M	513.77M	615.68M	599.43M
Receivables	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	369.31M	650.38M	-5.55B	739.2M	-5.44B	-5.95B	4.04B
Goodwill & Intangibles+	28.1M	30.33M	0	14.7M	0	0	23.77M
Goodwill	0	0	0	0	0	0	0
Intangible Assets	28.1M	30.33M	0	14.7M	0	0	23.77M
PP&E (Net)	3.08B	22.6M	0	5.25B	0	0	8.8M
Other Assets	80.38M	-108.03M	-5.05B	0	0	-5.29B	-4.13B
Total Liabilities	825.07M	727.97M	1.77B	1.76B	1.61B	1.56B	1.53B
Total Debt+	0	23.4M	738.16M	740.42M	742.83M	745.42M	743.05M
Net Debt	-159.05M	-561.66M	285.37M	314.59M	229.06M	129.73M	143.62M
Long-Term Debt	0	0	738.16M	740.42M	742.83M	-4.58M	743.05M
Short-Term Debt	0	0	0	0	0	750M	0
Total Current Liabilities+	297.88M	235.06M	0	144.53M	0	0	536.62M
Accounts Payable	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	-1.42M	0	0	0
Other Current Liabilities	297.88M	235.06M	0	145.95M	0	-750M	536.62M
Deferred Taxes	1000K	1000K	1000K	1000K	0	0	0
Other Liabilities	499.18M	600.33M	-774.97M	1.02B	-735.66M	4.58M	0
Total Equity+	3.27B	3.83B	3.88B	4.11B	4.1B	4.63B	5B
Equity Growth %	-	0.17%	0.01%	0.06%	-0%	0.13%	0.08%
Shareholders Equity	3.27B	3.83B	3.88B	4.11B	4.1B	4.63B	5B
Minority Interest	0	0	0	0	0	0	0
Retained Earnings	942.41M	1.37B	1.3B	1.65B	2.1B	2.55B	3.13B
Common Stock	0	1.63M	1.63M	1.63M	1.63M	1.59M	1.52M
Accumulated OCI	-26.52M	93.43M	208.38M	83.58M	-382.74M	-230.4M	-207.46M
Return on Equity (ROE)	0.15%	0.19%	0.1%	0.14%	0.17%	0.15%	0.14%
Return on Assets (ROA)	0.12%	0.16%	0.07%	0.09%	0.12%	0.11%	0.11%
Equity / Assets	-	-	-	-	-	-	-
Debt / Equity	-	0.01x	0.19x	0.18x	0.18x	0.16x	0.15x
Book Value per Share	20.10	23.50	23.84	25.21	25.11	28.62	31.71
Tangible BV per Share	-	-	-	-	-	-	-

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	511.12M	500.02M	704.35M	572.12M	560.51M	632.04M	686.26M
Operating CF Growth %	-	-0.02%	0.41%	-0.19%	-0.02%	0.13%	0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-
Net Income	483.86M	677.63M	370.42M	546.68M	704.16M	665.51M	688.07M
Depreciation & Amortization	0	-2.9M	0	3.33M	-749K	0	0
Stock-Based Compensation	4.1M	2.9M	0	1.5M	9.88M	15.28M	18.77M
Deferred Taxes	0	56.73M	11.13M	-1.42M	-2.3M	-1.83M	4.46M
Other Non-Cash Items	179.53M	-78.14M	12.91M	907K	7.74M	14.62M	27.99M
Working Capital Changes	-152.28M	-156.2M	309.89M	21.13M	-158.22M	-61.54M	-53.03M
Cash from Investing+	-498.18M	175.99M	-1.14B	-398.78M	-220.25M	-229.4M	-320.51M
Capital Expenditures	0	-175.99M	0	-685.65M	6.62M	0	0
Acquisitions	0	510.25M	0	-27.3M	-6.52M	0	0
Purchase of Investments	-1.26B	-951.28M	-1.94B	-1.58B	-1.22B	-1.04B	-1.61B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-498.18M	175.99M	0	685.65M	-6.62M	-13.93M	-21.1M
Cash from Financing+	-50M	-250M	300.3M	-200.29M	-252.31M	-300.73M	-382M
Dividends Paid	-50M	-250M	-437.35M	-200.29M	-250.78M	-212.96M	-111.72M
Share Repurchases	0	0	0	0	-1.53M	-87.76M	-243.97M
Stock Issued	0	0	0	0	0	0	0
Debt Issuance (Net)	0	0	1000K	0	0	0	-1000K
Other Financing	0	0	0	0	0	0	-18.46M
Net Change in Cash+	-37.06M	426.01M	-132.26M	-26.97M	87.95M	101.91M	-16.25M
Exchange Rate Effect	0	0	0	-7K	0	0	0
Cash at Beginning	196.11M	159.05M	585.06M	452.79M	425.83M	513.77M	615.68M
Cash at End	159.05M	585.06M	452.79M	425.83M	513.77M	615.68M	599.43M
Free Cash Flow+	511.12M	324.03M	704.35M	-113.53M	567.13M	632.04M	686.26M
FCF Growth %	-	-0.37%	1.17%	-1.16%	6%	0.11%	0.09%
FCF Margin %	-	-	-	-	-	-	-
FCF per Share	3.14	1.99	4.33	-0.7	3.47	3.91	4.36

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	22.71%	26.63%	57.3%	37.94%	17.96%	26.19%	26.95%
Medical Cost Ratio	0%	26.63%	55.65%	33.18%	13.25%	21.7%	21.77%
Return on Equity (ROE)	14.78%	19.09%	9.61%	13.69%	17.16%	15.24%	14.29%
Return on Assets (ROA)	11.8%	15.76%	7.29%	9.49%	12.17%	11.19%	10.83%
Equity / Assets	79.87%	84.99%	68.67%	69.99%	71.83%	74.83%	76.61%
Book Value / Share	20.1	23.5	23.84	25.21	25.11	28.62	31.71
Debt / Equity	-	0.01x	0.19x	0.18x	0.18x	0.16x	0.15x
Revenue Growth	-	16.38%	13.04%	1.24%	-2.26%	5.37%	4.18%

Frequently Asked Questions

Valuation & Price

Enact Holdings, Inc. (ACT) has a price-to-earnings (P/E) ratio of 8.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Enact Holdings, Inc. (ACT) grew revenue by 4.2% over the past year. Growth has been modest.

Yes, Enact Holdings, Inc. (ACT) is profitable, generating $659.8M in net income for fiscal year 2024 (57.2% net margin).

Dividend & Returns

Yes, Enact Holdings, Inc. (ACT) pays a dividend with a yield of 1.83%. This makes it attractive for income-focused investors.

Enact Holdings, Inc. (ACT) has a return on equity (ROE) of 14.3%. This is reasonable for most industries.

Industry Metrics

Enact Holdings, Inc. (ACT) has a combined ratio of 26.9%. A ratio below 100% indicates underwriting profitability.

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