ACT

MKT CAP:$6B

Enact Holdings, Inc.

Market Cap

$6B

Financial Services·Insurance - Specialty·🇺🇸 United States·NASDAQ

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$43.35+$3.73 (+9.41%)

Apr 22, 2026

Company Details

Enact 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 ins...

CEO

Rohit Gupta

IPO Date

Sep 16, 2021

Website

www.enactmi.com

Key Metrics TTM

Revenue

$1.2B

+2.7% YoY

Net Income

$674M

EPS (Diluted)

$4.51

Free Cash Flow

$725M

Revenue / Share

$8.50

Gross Margin

78.3%

Operating Margin

69.6%

Net Margin

54.6%

FCF Margin

58.7%

P/S

5.0x

P/E

9.2x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 27, 2026

$1.2B+2.4%EPS $4.52

Q4 2025

Feb 27, 2026

$312M+3.2%EPS $1.22

Q3 2025

Oct 1, 2025

$311M+0.6%EPS $1.10

Q2 2025

Aug 1, 2025

$305M+1.9%EPS $1.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$270M	$223M	$210M
Q2 22	$274M	$274M	$261M
Q3 22	$275M	$258M	$245M
Q4 22	$277M	$196M	$183M
Q1 23	$281M	$238M	$225M
Q2 23	$278M	$227M	$214M
Q3 23	$299M	$226M	$213M
Q4 23	$296M	$213M	$200M
Q1 24	$292M	$219M	$206M
Q2 24	$299M	$259M	$235M
Q3 24	$310M	$242M	$229M
Q4 24	$302M	$220M	$208M
Q1 25	$307M	$224M	$211M
Q2 25	$305M	$227M	$215M
Q3 25	$311M	$223M	$210M
Q4 25	$312M	$294M	$223M

Valuation

Quarter	P/S	P/E
Q1 22	5.6x	10.6x
Q2 22	5.6x	9.4x
Q3 22	5.7x	8.7x
Q4 22	5.7x	8.8x
Q1 23	5.6x	8.7x
Q2 23	5.6x	9.1x
Q3 23	5.5x	9.5x
Q4 23	5.4x	9.3x
Q1 24	5.3x	9.5x
Q2 24	5.2x	9.3x
Q3 24	5.2x	9.1x
Q4 24	5.1x	9.0x
Q1 25	5.1x	8.9x
Q2 25	5.1x	9.1x
Q3 25	5.1x	9.4x
Q4 25	5.0x	9.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$161M	$161M
Q2 22	$141M	$141M
Q3 22	$100M	$100M
Q4 22	$158M	$158M
Q1 23	$119M	$119M
Q2 23	$168M	$168M
Q3 23	$155M	$155M
Q4 23	$190M	$190M
Q1 24	$187M	$187M
Q2 24	$145M	$145M
Q3 24	$188M	$188M
Q4 24	$166M	$166M
Q1 25	$227M	$227M
Q2 25	$120M	$120M
Q3 25	$192M	$192M
Q4 25	$186M	$186M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-6.9%	-54.2%
Q2 22	-1.4%	-88.6%
Q3 22	-1.9%	-71.2%
Q4 22	+1.4%	+20.3%
Q1 23	+4.2%	-5.5%
Q2 23	+1.5%	+400.8%
Q3 23	+8.7%	+182.4%
Q4 23	+7.1%	+2.7%
Q1 24	+3.8%	+51.8%
Q2 24	+7.7%	+1.0%
Q3 24	+3.5%	-6.7%
Q4 24	+1.9%	-2.5%
Q1 25	+5.2%	+11.4%
Q2 25	+1.9%	+40.8%
Q3 25	+0.6%	+26.8%
Q4 25	+3.2%	-6.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	1.0%
Q2 22	$2M	0.8%
Q3 22	$2M	0.9%
Q4 22	$2M	0.9%
Q1 23	$2M	0.8%
Q2 23	$3M	1.2%
Q3 23	$4M	1.4%
Q4 23	$6M	2.0%
Q1 24	$4M	1.4%
Q2 24	$3M	1.0%
Q3 24	$6M	2.1%
Q4 24	$5M	1.8%
Q1 25	$4M	1.3%
Q2 25	$4M	1.4%
Q3 25	$5M	1.4%
Q4 25	$0	0.0%

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$440M	$0	$440M
Q2 22	$584M	$0	$584M
Q3 22	$536M	$0	$536M
Q4 22	$514M	$0	$514M
Q1 23	$622M	$0	$622M
Q2 23	$691M	$0	$691M
Q3 23	$678M	$0	$678M
Q4 23	$616M	$0	$616M
Q1 24	$614M	$0	$614M
Q2 24	$699M	$0	$699M
Q3 24	$673M	$0	$673M
Q4 24	$599M	$0	$599M
Q1 25	$635M	$0	$635M
Q2 25	$613M	$0	$613M
Q3 25	$544M	$0	$544M
Q4 25	$582M	$0	$582M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	163M	+0.1%	+0.1%
Q2 22	163M	+0.1%	+0.2%
Q3 22	163M	+0.1%	+0.3%
Q4 22	164M	+0.1%	+0.4%
Q1 23	163M	-0.2%	+0.1%
Q2 23	162M	-0.6%	-0.6%
Q3 23	161M	-0.6%	-1.4%
Q4 23	161M	-0.2%	-1.6%
Q1 24	160M	-0.5%	-1.9%
Q2 24	159M	-0.9%	-2.2%
Q3 24	157M	-1.0%	-2.6%
Q4 24	155M	-1.6%	-3.9%
Q1 25	153M	-1.1%	-4.5%
Q2 25	151M	-1.4%	-4.9%
Q3 25	148M	-1.6%	-5.5%
Q4 25	145M	-2.1%	-6.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$536.0K	503
Q2 22	$543.8K	503
Q3 22	$546.9K	503
Q4 22	$557.8K	496
Q1 23	$566.4K	496
Q2 23	$559.5K	496
Q3 23	$602.9K	496
Q4 23	$637.0K	465
Q1 24	$627.1K	465
Q2 24	$642.7K	465
Q3 24	$665.8K	465
Q4 24	$717.2K	421
Q1 25	$729.0K	421
Q2 25	$723.6K	421
Q3 25	$739.8K	421
Q4 25	$743.5K	419

Revenue / Employee