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ACT

Enact Holdings, Inc.

ACT

Enact Holdings, Inc. • NASDAQ
$38.71 ▼ -0.49% (-0.19)
Market Cap $5.59 B
52w High $39.47
52w Low $30.79
Dividend Yield 0.81%
P/E 8.88
Volume 226.92K
Outstanding Shares 144.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $311.455M ▲ $12.897M ▲ $163.497M ▼ 52.495% ▼ $1.11 ▼ $222.726M ▼
Q2-2025 $304.617M ▼ $12.023M ▼ $167.808M ▲ 55.088% ▲ $1.12 ▲ $226.798M ▲
Q1-2025 $306.891M ▲ $12.406M ▼ $165.778M ▲ 54.019% ▲ $1.09 ▲ $223.712M ▲
Q4-2024 $301.934M ▼ $12.42M ▲ $162.738M ▼ 53.899% ▼ $1.06 ▼ $220.116M ▼
Q3-2024 $309.588M $12.29M $180.669M 58.358% $1.16 $241.747M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.281B ▲ $6.876B ▲ $1.559B ▲ $5.317B ▲
Q2-2025 $2.215B ▲ $6.773B ▲ $1.55B ▼ $5.223B ▲
Q1-2025 $2.171B ▲ $6.722B ▲ $1.602B ▲ $5.119B ▲
Q4-2024 $2.129B ▼ $6.522B ▼ $1.525B ▼ $4.996B ▼
Q3-2024 $2.273B $6.597B $1.561B $5.036B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $163.497M ▼ $192.011M ▲ $-121.259M ▼ $-140.142M ▼ $-69.39M ▼ $192.011M ▲
Q2-2025 $167.808M ▲ $119.518M ▼ $-25.612M ▲ $-116.208M ▼ $-22.302M ▼ $119.518M ▼
Q1-2025 $165.778M ▲ $226.724M ▲ $-89.575M ▲ $-101.312M ▲ $35.837M ▲ $226.724M ▲
Q4-2024 $162.738M ▼ $166.13M ▼ $-136.901M ▼ $-103.16M ▲ $-73.931M ▼ $166.13M ▼
Q3-2024 $180.669M $188.136M $-102.346M $-111.462M $-25.672M $188.136M

Five-Year Company Overview

Income Statement

Income Statement Enact shows a pattern of steady revenue with only modest ups and downs, which is common for a specialty insurer tied to the housing cycle. Profitability looks strong and consistent: operating earnings and net income have stayed healthy over several years, and earnings per share have climbed steadily since before the IPO. This suggests disciplined underwriting, good pricing, and tight cost control. Overall, the income statement paints a picture of a mature, profitable business rather than a high‑growth but volatile one.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative. Total assets and shareholder equity have grown over time, indicating that profits are being retained and the capital base is strengthening. Debt sits at a moderate level relative to the size of the company and has been very stable, which points to a cautious use of leverage. Cash levels are healthy and have generally trended up, giving the company flexibility to handle insurance claims, manage downturns in the housing market, and fund capital returns without stretching the balance sheet.

Cash Flow

Cash Flow Cash generation appears to be a strong point. Operating cash flow has been consistently positive and has generally risen alongside earnings, which supports the quality of reported profits. Free cash flow is also solid in most years, with only one year showing a dip due to unusually high capital spending; otherwise, the business requires limited ongoing investment to keep running. This pattern is typical of a mature insurance platform and supports both resilience and the ability to return capital when management chooses.

Competitive Edge

Competitive Edge Enact operates in a concentrated private mortgage insurance market where scale, data, and regulatory expertise matter. Its long operating history, deep relationships with a broad base of lenders, and strong capital position provide a meaningful competitive edge. The firm’s reputation for disciplined risk management and use of reinsurance helps reassure lenders and counterparties. Key vulnerabilities include dependence on housing activity, sensitivity to interest rates, and reliance on a few large lender relationships, where losing a major customer could have a noticeable impact. Overall, it competes more on reliability, risk discipline, and integration with lender workflows than on headline pricing alone.

Innovation and R&D

Innovation and R&D Innovation at Enact is focused on process, risk analytics, and digital connectivity rather than flashy new products. The company has invested in integrating directly with lenders’ loan systems and digital platforms, making it easy for partners to quote and bind mortgage insurance within their normal workflows. Sophisticated risk models and an enterprise‑wide risk framework help it price and transfer risk more precisely. Looking ahead, the logical next steps are deeper use of data analytics and artificial intelligence to sharpen underwriting, speed decisions, and enhance the lender experience. This is incremental, efficiency‑driven innovation that strengthens the moat rather than disruptive R&D aimed at entirely new lines of business.

Summary

Putting it together, Enact looks like a financially strong, well‑run specialty insurer anchored in the U.S. mortgage market. Earnings and cash flow are stable and robust, backed by a conservative balance sheet with growing equity and manageable debt. The company’s edge comes from disciplined risk management, long‑standing lender relationships, and technology that is tightly woven into lender systems. The main watchpoints are housing‑cycle exposure, interest‑rate sensitivity, regulatory shifts, and concentration among a few large customers. At its core, this is a steady, capital‑intensive business focused on prudent underwriting and incremental technological improvement rather than rapid, high‑risk expansion.

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