Enact Holdings, Inc.

ACT
Price: $49.94Market Cap: $6.9B

Company Profile

Industry: Insurance
SIC Sector: Insurance Agents & Brokers
Size: Mid Cap($6.9B)
Revenue: $1.2B+2.8% YoY
Net Income: $674.2M-2.0% YoY

Financial Snapshot

Operating Margin--
Return on Equity12.6%
Debt / Equity0.14
Current Ratio--
EPS (Diluted)$4.52+3.4%
Buybacks (1y)$382.4M
Buybacks (2y)$626.4M
Shares Retired6.6% / 10.8% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC
$360.6B
PGRPROGRESSIVE CORP/OH/
$121.9B
ELVElevance Health, Inc.
$86.8B
CICigna Group
$74.7B

Shareholder Return

Fiscal 2025

Retired 6.6% of shares last year, 10.8% over two.

Buybacks
$382.4M
Dividends
$120.8M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
28.3% = 28.8% + −0.4%
FY23
−4.6% = −5.5% + 0.9%
FY24
6.3% = 3.4% + 2.8%
FY25
3.4% = −2.0% + 5.6%
Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$6.9B$5.0Best.$4.3Best.$3.7Best.$3.0Best.
Revenue$1.2B↑3%$1.2B↑4%$1.2B↑5%$1.1B↓2%$1.1B
Operating Income----------
Net Income$674.2M↓2%$688.1M↑3%$665.5M↓5%$704.2M↑29%$546.7M
EPS (Diluted)$4.52↑3%$4.37↑6%$4.11↓5%$4.31↑28%$3.36
Gross Margin—————
Operating Margin—————
ROE12.6%↓9%13.8%↓4%14.4%↓16%17.2%↑29%13.3%
Total Debt$744.5M$743.0M$745.4M$742.8M$740.4M
Shareholders' Equity$5.4B↑7%$5.0B↑8%$4.6B↑13%$4.1B$4.1B
Current Ratio—————
Debt / Equity0.14↓7%0.15↓8%0.16↓11%0.180.18
Operating Cash Flow$724.5M↑6%$686.3M↑9%$632.0M↑13%$560.5M↓2%$572.1M
Free Cash Flow----------
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDFAILPASSBUYBUYBUYPASSPASSNot rankedPASSFAILPASS
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/A
Margin of Safety+14.0%+52.7%+29.8%N/A-12.7%N/AN/A-32.6%N/A+25.2%N/A+19.3%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Efficiency

    All 6 investors flag ACT's efficiency

    ROIC (high and growing)
    ✗AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital
    ✗Munger> 15%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY0.18x -> 0.18x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    Current Ratio
    ✗Graham>= 2.0

Where They Disagree

  • Profitability

    3 of 11 pass — Akre, Druckenmiller, Ackman +5 more object

    Discount to Intrinsic Value35.6% (IV=$65.00 vs Price=$41.84)
    ✓Marks>= 20% below intrinsic value
    Positive Net Income Frequency7/7 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity13.6% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: 3.4%, Prior: 6.3%
    ✗DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=9.3x, P/B=1.1x
    ✓SpierP/E < 15 AND P/B < 2.0✓PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity12.6%
    ✗Ackman>= 15%
    Net Income / Total Assets9.78%
    ✓PiotroskiROA > 0
    ROA Change YoY10.55% -> 9.78% (delta: -0.77%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=10.51%, ROA=9.78%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR14.8%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE12.6%
    ✗Lynch> 15%
    Net Income Positive (10+ years)7/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (5-yr avg)14.2%
    ✗Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)0.19
    ✓BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)7/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)34.8%
    ✓Graham>= 33% growth
  • Debt & Leverage

    4 of 8 pass — Marks, Lynch, Buffett +1 more object

    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels0.14
    ✓AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity0.14
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change11.39% -> 10.80%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity0.14
    ✓Lynch< 0.33
    Cash - Long-term Debt$-162.0M
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.14, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    7 of 9 pass — Ackman and Greenblatt object

    P/B or P/E vs. Historical AverageP/E=9.3x, P/B=1.1x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value35.6% (IV=$65.00 vs Price=$41.84)
    ✓Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=9.3x, P/B=1.1x
    ✓SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=9.3x
    ✓PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=9.3x, OE Yield=11.3%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share
    ✗Ackman<= 25
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate0.63
    ✓Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS9.7x
    ✓Graham<= 15x
    Price-to-Book Ratio1.1x
    ✓Graham<= 1.5x
    P/E x P/B10.70
    ✓Graham<= 22.5
  • Cash Flow

    2 of 6 pass — Marks, Ackman, Lynch +1 more object

    FCF Positive
    ✗MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=9.3x
    ✓PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$724.5M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=10.51%, ROA=9.78%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing
    ✗LynchPositive and growing
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
  • Growth

    3 of 5 pass — Druckenmiller and Ackman object

    Positive Net Income Frequency7/7 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: 3.4%, Prior: 6.3%
    ✗DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: 2.8%, Prior: 4.2%
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth4.2%
    ✗Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate0.63
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR14.8%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)34.8%
    ✓Graham>= 33% growth
  • Verdicts

    Split decision: 5 PASS · 3 BUY · 2 FAIL · 1 HOLD

    Overall verdict
    •MarksHOLD (6/8)✗AkreFAIL (2/7)✓DruckenmillerPASS (4/7)✓SpierBUY (8/8)✓PabraiBUY (7/8)✓MungerBUY (6/7)✓AckmanPASS (4/9)✓PiotroskiPASS (F-Score 5)•GreenblattNot ranked✓LynchPASS (PEG 0.63)✗BuffettFAIL (1/9)✓GrahamPASS (5/9)
  • Valuation models

    Models split on ACT at $49.94 — fair values range $37.66–$105.51

    Marks fair value$58.07
    ✓Marks+14.0% margin vs $49.94
    Akre fair value$105.51
    ✓Akre+52.7% margin vs $49.94
    Druckenmiller fair value$71.10
    ✓Druckenmiller+29.8% margin vs $49.94
    Pabrai fair value$44.33
    ✗Pabrai-12.7% margin vs $49.94
    Show 3 more metrics ▾
    Piotroski fair value$37.66
    ✗Piotroski-32.6% margin vs $49.94
    Lynch fair value$66.75
    ✓Lynch+25.2% margin vs $49.94
    Graham fair value$61.88
    ✓Graham+19.3% margin vs $49.94

Historical Score Timeline

Industry Peers

Similar companies in Insurance

ACT vs Peers — Financial Grading

Revenue$1.2BBottom 25%
Net Income$674.2MBottom 25%
ROE12.6%Median
D/E0.14Median
Op. Margin—
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
UNITEDHEALTH GROUP INCUNH$360.6B$401.73$447.6B$12.1B12.0%0.784.2%0.793/96/91/70/3F-Score 7
PROGRESSIVE CORP/OH/PGR$121.9B$209.60$87.7B$11.3B37.3%0.00——3/93/96/70/3F-Score 6
Elevance Health, Inc.ELV$86.8B$400.32$199.1B$5.7B12.9%0.753.6%1.545/95/92/71/3F-Score 6
Cigna GroupCI$74.7B$282.56$274.9B$6.0B14.3%0.013.3%0.851/94/93/71/3F-Score 8
AEGON LTD.AEFC$28.5B$18.36—$1.1B10.4%———0/91/91/70/3F-Score 5
PRINCIPAL FINANCIAL GROUP INCPFG$24.4B$113.98$15.6B$1.2B10.0%0.33——2/93/93/70/3F-Score 5
MARKEL GROUP INC.MKL$22.9B$1847.24$15.5B$2.1B11.3%0.2320.6%—4/96/95/71/3F-Score 5
Fidelity National Financial, Inc.FNF$13.3B$49.47$14.4B$602.0M8.1%0.59——2/92/92/70/3F-Score 5