At a glance
Essent Group Ltd is worth $5.90B, about 10 times its fiscal 2025 earnings. Revenue grew 1.5% to $1.26B in fiscal 2025, with 54.7% kept as profit; over 5 years it has grown 5.7% a year. It pays a 2.07% dividend yield, raised every year for at least 6 years, and returned $1.55B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +12.1% over the past year with dividends reinvested and +8.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.3% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The business in plain English
Essent Group sells private mortgage insurance, which protects lenders and mortgage investors if a homeowner stops paying. Fannie Mae and Freddie Mac are the government-sponsored enterprises (GSEs) that purchase home loans from lenders. They generally need this protection on loans with less than 20% down. The borrower usually pays the premium. If an insured loan defaults, Essent covers part of the unpaid balance.
Mortgage Insurance is the core segment. It runs through Essent Guaranty, a Pennsylvania insurer licensed in all 50 states and Washington, D.C. It wrote about $46.6 billion of new coverage in 2025. As of December 31, 2025, it insured about $248.4 billion of loan balances. On average, Essent is on the hook for about 27% of that amount.
The second segment, Reinsurance, takes on risk from other companies. Bermuda-based Essent Re mainly reinsures U.S. mortgage risk that the GSEs pass to private investors. It covered about $2.3 billion of risk at the end of 2025. In late 2025 it entered the Lloyd's of London market to reinsure some property and casualty risks from early 2026. Essent also offers title insurance (protection against problems with a property's ownership records) and settlement services. These come through Essent Title Insurance and Boston National Title, both acquired on July 1, 2023. Total revenue was about $1.26 billion in fiscal 2025.
Price history
The interactive chart needs JavaScript.
ESNT +12.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $362.7M, up 13.6% from a year earlier, and net income was $189.7M (-2.9%).
- For fiscal 2025, revenue was $1.26B (+1.5% year over year; +5.7% a year from FY2020 to FY2025) with a 54.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.7% good |
|---|---|
| Free cash flow margin | 67.3% good |
| Return on equity (FY2025) | 12% watch |
| Return on assets (FY2025) | 9.3% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $955.2M | $413.0M | $725.5M |
| FY2021 | $1.03B | $681.8M | $706.8M |
| FY2022 | $1.00B | $831.4M | $584.8M |
| FY2023 | $1.11B | $696.4M | $759.0M |
| FY2024 | $1.24B | $729.4M | $854.8M |
| FY2025 | $1.26B | $690.0M | $848.7M |
Valuation snapshot
| Market value | $5.90B |
|---|---|
| P/E ratio | 9.5 |
| Dividend yield | 2.07% |
Rank among 1514 US companies
Market value at each year end
Essent Group Ltd’s market value went from $3.01B at the end of 2016 to $5.90B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.90B | -6.1% |
| 2025 | $6.28B | +8.7% |
| 2024 | $5.78B | +2.7% |
| 2023 | $5.63B | +34.5% |
| 2022 | $4.19B | -16.7% |
| 2021 | $5.03B | +3.5% |
| 2020 | $4.86B | -5.1% |
| 2019 | $5.12B | +52.5% |
| 2018 | $3.35B | -21.5% |
| 2017 | $4.27B | +41.8% |
| 2016 | $3.01B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ESNT price data to Oct 28, 2026 | +2.7% | +12.1% | +14.9% | +8.9% | +11.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.7% |
| 2025 | +21.9% |
| 2024 | +5.2% |
| 2023 | +38.6% |
| 2022 | -12.8% |
| 2021 | +7.1% |
| 2020 | -15.5% |
| 2019 | +53.0% |
| 2018 | -21.3% |
| 2017 | +34.1% |
| 2016 | +47.9% |
| 2015 | -14.9% |
| 2014 | +6.9% |
| 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 | Lost 57.7% over that stretch · deepest drop along the way 59.3%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.7% over that stretch · deepest drop along the way 28.8%, back to its old high 9.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 15 sales ($14.1M), 14 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 14, 2026 | Mark Casale Chairman, CEO and President, Director | sell (plan) | $5.1M |
| Jul 7, 2026 | Mark Casale Chairman, CEO and President, Director | sell (plan) | $1.9M |
| Jul 13, 2026 | Mark Casale Chairman, CEO and President, Director | sell (plan) | $1.6M |
| Aug 19, 2026 | Mark Casale Chairman, CEO and President, Director | sell (plan) | $1.5M |
| Aug 18, 2026 | Mark Casale Chairman, CEO and President, Director | sell (plan) | $1.4M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.3% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.91% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.2% | Mar 31, 2025 |
| Vanguard Capital Management | 5.1% | Mar 31, 2026 |
| Capital World Investors | 4.9% | Dec 31, 2025 |
| FMR LLC | 3.2% | Jun 30, 2026 |
ETFs with the most weight in ESNT
| FTDS First Trust Dividend Strength ETF | 2.14% |
| FDIV MarketDesk Focused U.S. Dividend ETF | 2.07% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 1.93% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 1.31% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 1.2% |
| KBE SPDR S&P Bank ETF | 1.16% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.11% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 1.02% |
What could go wrong
- A few large lenders drive new business. The top ten customers produced 59.3% of new insurance written in 2025, up from 39.9% in 2023. One customer topped 10% of revenue. Lenders aren't required to use Essent and can switch insurers.
- Dependence on Fannie Mae and Freddie Mac. Demand for private mortgage insurance rests largely on these two companies' charters and rules. Changes by lawmakers, regulators or the companies themselves, including stricter standards for insurers, could shrink Essent's revenue.
- A housing slump could bring more claims. A weaker economy, falling home prices or natural disasters could push more insured borrowers into default. Essent then pays part of the loan balance. It also expects claims to rise as its policies age.
- Losses can hit earnings suddenly. Essent sets aside money for claims only after a borrower defaults, not when it writes a policy. A spike in defaults can hit earnings fast, and final losses may differ sharply from reserves.
- Price competition and government alternatives. Six private mortgage insurers are approved to insure loans sold to Fannie Mae and Freddie Mac. Rivals may cut prices or loosen standards, and the Federal Housing Administration offers government-backed insurance too.
- Interest rates cut both ways. High mortgage rates and home prices weighed on home lending in 2025, and fewer low down payment loans mean less new insurance. But falling rates end policies sooner as borrowers refinance, cutting future premiums.
Recent events
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Essent has raised its dividend at least six years in a row through fiscal 2025. Dividends per share rose from $0.64 in 2020 to $1.24 in 2025, about 14% a year. The dividend takes a small slice of profit: 17.7% of 2025 earnings and 14.4% of free cash flow (cash left after running the business). The dividend yield was 2.07% as of October 28, 2026. Share buybacks are bigger: about $588 million in 2025, versus $122 million in dividends. Shares outstanding fell 19.7% from August 2021 to July 2026.
Price swings have been steep. The stock fell 59.3% in the 2020 COVID crash and took about 10 months to recover. It dropped 28.8% in the 2022 bear market, recovering by July 2023. Its price history does not reach back to 2008, when mortgage insurers suffered heavy losses. Dividends depend on cash its insurance subsidiaries can send the parent. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Essent Group make money?
Mostly by selling private mortgage insurance. Fannie Mae and Freddie Mac generally require this coverage on loans they purchase when buyers put down less than 20%. Essent collects premiums, usually paid by the borrower, and in return covers part of the loss if the loan defaults. It also earns money reinsuring mortgage risk through Bermuda-based Essent Re and selling title insurance. Total revenue was about $1.26 billion in fiscal 2025, with net income of about $690 million.
Does Essent Group raise its dividend every year?
Yes, so far. Essent has raised its dividend at least six years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $0.64 in 2020 to $1.24 in 2025, about 14.1% a year. The dividend used only 17.7% of 2025 earnings, though past increases don't guarantee future ones. The dividend yield was 2.07% as of October 28, 2026.
What is Essent Group's P/E ratio?
About 9.5 as of October 28, 2026, based on 2025 earnings of $6.90 per share. The P/E, or price-to-earnings ratio, compares the share price with a year's profit per share. A low P/E can reflect doubts that profits will hold up, and mortgage insurers' profits swing with home prices and borrower defaults. Earnings per share edged up in 2025 even though net income fell 5.4%, helped by buybacks that shrank the share count.
How did Essent stock hold up in past market crashes?
It fell sharply, then recovered within about 10 months each time. In the 2020 COVID crash, ESNT dropped 59.3% between February 20 and March 18, 2020, and regained its prior high by January 8, 2021. In the 2022 bear market it fell 28.8% and recovered by July 13, 2023. Its deepest decline over about 13 years of price history was 64.7%. That record does not reach back to the 2008 financial crisis, when mortgage insurers faced record claims and large losses.
Is Essent Group a U.S. company?
Legally, no. Essent Group Ltd. is organized in Bermuda, with its registered office in Hamilton, and its shares trade on the New York Stock Exchange. Its main insurer, Essent Guaranty, is a Pennsylvania company that insures U.S. home loans. Its annual report warns that the Bermuda setup can create tax complications for U.S. shareholders. One example is if Essent were treated as a passive foreign investment company. The report also warns that lower tax rates on qualified dividends may not always be available.