At a glance
Enact Holdings Inc is worth $6.57B, about 11 times its fiscal 2025 earnings. Revenue grew 2.8% to $1.24B in fiscal 2025, with 54.6% kept as profit; over 5 years it has grown 2.2% a year. It pays a 1.88% dividend yield, and returned $1.61B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +37.8% over the past year with dividends reinvested and +21.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 20.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The business in plain English
Enact Holdings sells private mortgage insurance in the United States. When a home loan is larger than 80% of the home's value, usually because of a small down payment, Enact's policy covers part of the loss for lenders and investors if the borrower stops paying. It has written this coverage since 1981, in all 50 states and the District of Columbia, often for first-time home buyers.
Its customers are mortgage lenders, from national banks and non-bank lenders to community banks and credit unions. About 1,600 of them received new coverage in 2025. Lenders usually pick the insurer. Fannie Mae and Freddie Mac, the government-sponsored companies that purchase home loans, generally require credit protection on low-down-payment loans, and that protection is most often private mortgage insurance. They held or guaranteed about 53% of US home mortgage debt as of September 30, 2025.
Enact earns premiums for carrying this risk and pays claims when insured loans default. In 2025 it wrote $51.5 billion of new insurance, with net income of $674 million on revenue of about $1.24 billion. Credit risk transfer deals pass part of its risk to reinsurers and investors. The annual report gives no revenue split by segment or region. The business centers on US mortgage insurance; a closed block tied to Mexico is too small to affect results.
Price history
The interactive chart needs JavaScript.
ACT +37.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $317.3M, up 4.1% from a year earlier, and net income was $174.8M (+4.2%).
- For fiscal 2025, revenue was $1.24B (+2.8% year over year; +2.2% a year from FY2020 to FY2025) with a 54.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.2% watch |
|---|---|
| Return on equity (FY2025) | 12.6% watch |
| Return on assets (FY2025) | 9.8% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.11B | $370.4M | — |
| FY2021 | $1.12B | $546.7M | — |
| FY2022 | $1.10B | $704.2M | — |
| FY2023 | $1.15B | $665.5M | — |
| FY2024 | $1.20B | $688.1M | — |
| FY2025 | $1.24B | $674.2M | — |
Valuation snapshot
| Market value | $6.57B |
|---|---|
| P/E ratio | 10.6 |
| Dividend yield | 1.88% |
Rank among 1514 US companies
Market value at each year end
Enact Holdings’s market value went from $3.37B at the end of 2021 to $6.57B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.57B | +14.7% |
| 2025 | $5.72B | +15.1% |
| 2024 | $4.97B | +7.8% |
| 2023 | $4.61B | +17.5% |
| 2022 | $3.93B | +16.7% |
| 2021 | $3.37B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ACT price data to Oct 28, 2026 | +22.4% | +37.8% | +25.3% | +21.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.4% |
| 2025 | +25.2% |
| 2024 | +15.6% |
| 2023 | +25.7% |
| 2022 | +24.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9.3% over that stretch · deepest drop along the way 20.3%, back to its old high 8.3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($121.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 30, 2026 | Genworth Holdings, Inc. 10% owner | sell | $37.1M |
| Aug 31, 2026 | Genworth Holdings, Inc. 10% owner | sell | $34.0M |
| Jun 30, 2026 | Genworth Holdings, Inc. 10% owner | sell | $25.6M |
| Jul 31, 2026 | Genworth Holdings, Inc. 10% owner | sell | $24.0M |
| Aug 17, 2026 | Evan Stolove EVP, Gen. Counsel & Secretary | sell | $992K |
Who owns it
Large shareholders (13G filings)
| Genworth Holdings, Inc. | 81% | Dec 31, 2024 |
ETFs with the most weight in ACT
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.08% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.75% |
| VUSE Vident U.S. Equity Strategy ETF | 0.57% |
| FPX First Trust US Equity Opportunities ETF | 0.53% |
| SVAL iShares US Small Cap Value Factor ETF | 0.52% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.49% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.44% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 0.37% |
What could go wrong
- Genworth controls the company. Genworth owned about 81% of Enact as of December 31, 2024, and can steer major decisions. Trouble at Genworth could spill over, and Enact can be held liable for the Genworth group's federal taxes.
- Losing approval from Fannie Mae and Freddie Mac. These government-sponsored companies set financial and other eligibility rules for mortgage insurers, called PMIERs. If Enact fell short, it could be barred from insuring the loans they purchase, the main market for its policies.
- A housing slump would raise claims. A severe recession or falling home prices could push more insured borrowers into default and enlarge claims. Because Enact's risk is concentrated in US home loans, a national slump would hit much of the portfolio.
- Reserves and models could prove wrong. Enact sets aside reserves based on estimates of how many defaulted loans become claims and how big they are. If those estimates, or the models used to price policies, miss, losses could exceed reserves.
- Demand for private mortgage insurance could shrink. Fannie Mae and Freddie Mac could change their charters or practices and use less private mortgage insurance. Lenders could also turn to government-backed loans, risk-sharing deals or lower coverage instead.
- Competition could squeeze premiums. Enact competes with other private mortgage insurers, plus the government's FHA and VA programs, on price and underwriting standards. Competition could cost market share, force lower premiums or lead to looser credit standards.
Recent events
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Quarterly results released
For income and retirement investors
Enact pays a dividend, with a yield of 1.88% as of October 28, 2026. Dividends per share rose to $0.815 in 2025 from $0.715 in 2024, a one-year streak of increases. They were higher in earlier years: $2.69 in 2020, when Genworth owned all the shares, and $1.33 in 2023. Dividends took 17.9% of 2025 earnings. Buybacks, where a company purchases its own shares, have grown larger than the dividend: $382 million in 2025, against $121 million in dividends. The share count fell 15.6% from October 2021 to August 2026. The company warns that neither is guaranteed.
The shares began trading in 2021, so they have no record from the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market (January 3 to October 12), the stock gained 9.3%. Even so, it fell 20.3% in August and September and took about eight months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Enact Holdings make money?
Enact makes money by selling private mortgage insurance to US mortgage lenders. The coverage protects lenders and investors against part of the loss if a borrower whose loan exceeds 80% of the home's value stops paying. Enact collects premiums, invests its capital and pays claims on loans that default. In 2025 it wrote $51.5 billion of new insurance for about 1,600 lender customers. Revenue was about $1.24 billion and net income was $674 million.
Is Enact Holdings owned by Genworth?
Mostly, yes. Genworth owned about 81% of Enact's shares as of December 31, 2024. Enact was a wholly owned Genworth subsidiary until September 2021, when an initial public offering sold 18.4% of the stock to outside investors. Enact warns that Genworth can heavily influence its decisions and that problems at Genworth could affect Enact. Insider filings show Genworth Holdings sold Enact shares each month from June through September 2026, including about $37 million on September 30, 2026.
Does Enact Holdings pay a dividend?
Yes. Enact's dividend yield was 1.88% as of October 28, 2026. It paid $0.815 per share in 2025, up from $0.715 in 2024, and those dividends took 17.9% of 2025 earnings. The longer record is less steady. Per-share dividends shrank about 21% a year on average from 2020, before its 2021 public listing, to 2025. Enact has leaned more on buybacks (repurchases of its own shares), spending $382 million on them in 2025 versus $121 million on dividends.
Who are Enact Holdings' competitors?
Enact's main rivals are Arch Capital Group, Essent Group, MGIC Investment, NMI Holdings and Radian Group. Its annual report, filed February 27, 2026, counts six active US private mortgage insurers, including Enact. Since 2012, Enact's quarterly share of new private mortgage insurance has ranged from 12.0% to 20.4%. It also competes with the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). They held 35% and 26% of the mortgage insurance market in the first three quarters of 2025.
How has Enact Holdings stock performed?
The shares have risen sharply since they began trading in 2021. Measured by share price, Enact rose 37.8% in the year to October 28, 2026, and about 21.3% a year over five years. Calendar-year gains were 24.3% in 2022, 25.7% in 2023, 15.6% in 2024 and 25.2% in 2025. Its deepest drop from a peak was 20.3%, in 2022. It traded at about 10.6 times 2025 earnings on October 28, 2026. Past returns do not predict future results.