Essent Group Ltd. ESNT
We serve the housing finance industry by providing private mortgage insurance and reinsurance, and title insurance and settlement services to mortgage lenders, borrowers and investors to support homeownership. We conduct our operations through two primary business segments: Mortgage Insurance and Reinsurance.
Our Mortgage Insurance segment offers private mortgage insurance for mortgages secured by residential properties located in the United States. We provide private mortgage insurance on residential first-lien mortgage loans in the U.S. ("mortgage insurance") through Essent Guaranty, a Pennsylvania-domiciled monoline mortgage guaranty insurance company licensed in all 50 states and the District of Columbia and approved by Fannie Mae and Freddie Mac, and also offer other credit risk management solutions, including contract underwriting, to our customers. For the years ended December 31, 2025, 2024 and 2023, we generated private mortgage insurance new insurance written, or NIW, of approximately $46.6 billion, $45.6 billion and $47.7 billion, respectively. As of December 31, 2025, we had approximately $248.4 billion of private mortgage insurance in force.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.26B | $1.24B | $1.11B | $1.00B | $1.03B | $955.2M | $867.6M | $719.4M | $576.5M | $458.3M |
| Interest expense | $32.7M | $35.3M | $30.1M | $15.6M | $8.3M | $9.1M | $10.2M | $10.2M | $5.2M | $426.0K |
| Pre-tax income | $821.9M | $855.5M | $823.0M | $988.2M | $822.3M | $490.1M | $659.1M | $546.7M | $398.6M | $311.9M |
| Income tax | $131.9M | $126.1M | $126.6M | $156.8M | $140.5M | $77.1M | $103.3M | $79.3M | $18.8M | $89.3M |
| Net income | $690.0M | $729.4M | $696.4M | $831.4M | $681.8M | $413.0M | $555.7M | $467.4M | $379.7M | $222.6M |
| EPS, basic | 6.97 | 6.92 | 6.56 | 7.75 | 6.13 | 3.89 | 5.68 | 4.80 | 4.07 | 2.45 |
| EPS, diluted | 6.90 | 6.85 | 6.50 | 7.72 | 6.11 | 3.88 | 5.66 | 4.77 | 3.99 | 2.41 |
| Shares, diluted (wtd. avg.) | $100.0M | $106.5M | $107.1M | $107.7M | $111.6M | $106.4M | $98.2M | $98.0M | $95.2M | $92.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $123.0M | $131.5M | $141.8M | $81.2M | $81.5M | $102.8M | $71.3M | $64.9M | $43.5M | $27.5M |
| Short-term investments | — | — | — | — | — | — | $315.4M | $154.4M | $312.7M | $132.3M |
| Property, plant and equipment | — | — | $41.3M | $19.6M | $11.9M | $15.1M | $17.3M | $7.6M | $7.0M | $8.1M |
| Goodwill | $48.8M | $48.8M | $50.0M | $0 | — | — | — | — | — | — |
| Total assets | $7.44B | $7.11B | $6.43B | $5.72B | $5.72B | $5.20B | $3.87B | $3.15B | $2.67B | $1.88B |
| Total liabilities | $1.68B | $1.51B | $1.32B | $1.26B | $1.49B | $1.34B | $888.6M | $784.3M | $733.9M | $539.2M |
| Retained earnings | $5.26B | $4.69B | $4.08B | $3.49B | $2.75B | $2.15B | $1.81B | $1.28B | $815.1M | $436.3M |
| Total equity | $5.76B | $5.60B | $5.10B | $4.46B | $4.24B | $3.86B | $2.98B | $2.37B | $1.94B | $1.34B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $856.1M | $861.5M | $763.0M | $588.8M | $709.3M | $727.9M | $589.8M | $625.3M | $368.6M | $274.6M |
| Depreciation and amortisation | $5.2M | $5.8M | $4.5M | $3.0M | $3.4M | $3.3M | $3.8M | $3.4M | $3.9M | $4.1M |
| Stock-based compensation | $20.8M | $24.8M | $18.4M | $18.4M | $20.8M | $18.5M | $16.6M | $15.1M | $18.7M | $16.9M |
| Capital expenditure | $7.4M | $6.8M | $4.0M | $4.0M | $2.5M | $2.4M | $3.4M | $4.1M | $2.8M | $3.2M |
| Investing cash flow | -$154.7M | -$706.9M | -$525.6M | -$398.9M | -$583.2M | -$1.15B | -$545.1M | -$546.9M | -$690.1M | -$365.3M |
| Financing cash flow | -$709.7M | -$164.9M | -$176.9M | -$190.2M | -$147.4M | $458.0M | -$38.4M | -$57.0M | $337.6M | $93.7M |
| Dividends paid | $122.1M | $118.0M | $106.2M | $92.1M | $77.7M | $69.4M | $29.3M | $0 | $0 | — |
| Buybacks | $587.7M | $111.5M | $70.7M | $97.9M | $163.9M | $6.4M | $9.0M | $31.4M | $7.6M | $4.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001448893-26-000009.
Others in SIC 6351
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|---|---|---|---|---|
| ORI | OLD REPUBLIC INTERNATIONAL CORP | $10.00B | 11.1x | 11.0% |
| MTG | MGIC INVESTMENT CORP | $6.36B | 9.9x | 0.5% |
| RDN | RADIAN GROUP INC | $4.85B | 8.9x | -0.8% |
| NMIH | NMI Holdings, Inc. | $3.37B | 9.1x | 8.5% |
| AGO | ASSURED GUARANTY LTD | $3.33B | 7.4x | — |
| MBI | MBIA INC | $243.3M | — | 90.5% |
| OSG | OCTAVE SPECIALTY GROUP INC | $223.9M | — | 55.8% |