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Enact Holdings

ACT
67
Insurance - Specialty · Financial Services
Price
$46.28
+0.61 (+1.34%)
Market Cap
$6.36B
Exchange
NASDAQ
Winston Score
67
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Good
10/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

67 of 100 counted points = Winston Score 67.

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Share count falling — buybacks

−8.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 162.9M (2021) → 149.3M (2025)

§Winston Score History

The full picture

Enact Holdings is a private mortgage insurance (PMI) company based in the United States. It sells insurance policies that protect mortgage lenders when homebuyers put down less than 20% on a home purchase. Its main customers are banks, credit unions, and other mortgage lenders, and it operates almost entirely within the U.S. residential housing market.

Enact makes money by collecting premiums from lenders and borrowers in exchange for covering potential losses if a homeowner defaults on their mortgage. The company is one of the largest private mortgage insurers in the U.S. and is majority-owned by Genworth Financial. Its competitive position benefits from long-standing lender relationships and the specialized, regulated nature of the PMI industry, which limits new competition. The key risk Enact faces is a rise in mortgage defaults, which tends to happen during economic downturns or when home prices fall sharply — either scenario could significantly increase the claims it must pay out.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

80.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.6B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Enact Holdings is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
0.0%
Thin — 0.0% gross margin
Profit after running costs
Operating Margin
55.9%
Excellent — 55.9% operating margin
Return on the money invested
ROCE
15.3%
Strong — 15.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+2.4%
Nearly flat sales (+2.4% YoY)
Profit growth
EPS YoY
+7.7%
Modest earnings growth (+7.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
106%
Turns 106% of profit into real cash
Spare cash per sale
FCF Margin
57.6%
Converts sales into free cash efficiently (57.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.14
Conservative — low debt load (0.14)
Covers its interest
Interest Cover
16.40x
Comfortably covers interest (16.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.7x
Attractive valuation — P/E 9.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-0.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.09%
Moderate income — 2.09% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+13.9%
Dividend growing fast (13.9% YoY)
Payout Ratio
18%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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