ACT Enact Holdings, Inc.

Overview and Growth

In fiscal 2025, Enact Holdings, Inc. recorded $1.24B of revenue, net income of $674.24M, and an operating cash inflow of $724.52M. The $1.24B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $1.20B in fiscal 2024, revenue recorded a 2.8% year-over-year increase. Diluted earnings per share were $4.52, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $4.37 in fiscal 2024, the current result was 3.4% higher. Diluted shares averaged 149.32M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 157.55M diluted shares in fiscal 2024, the current 149.32M base was 5.2% lower. Total assets stood at $6.89B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.18x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The bottom-line result was net income of $674.24M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 54.6% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $858.84M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 69.5%, relating income before taxes directly to revenue. The company recognized $184.59M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 21.5%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 12.6%, indicating the profitability achieved on book capital. Return on period-end assets was 9.8%, connecting net income with the company’s total asset base. Current net income of $674.24M was below fiscal 2024 net income of $688.07M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

At period end, the $6.89B asset base was financed through $1.54B of liabilities and $5.36B of equity. The company held $582.49M in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $744.48M, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.14x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 10.8%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 77.7%, placing book capital against the total resource base. Liabilities represented 22.3% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 8.4% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 5.7% higher than fiscal 2024 assets of $6.52B, measuring the company’s own balance-sheet change. Against $5.00B of equity in fiscal 2024, the current book-equity balance moved 7.2% and ended higher. Cash and equivalents were 2.8% lower than fiscal 2024 cash of $599.43M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was $724.52M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.07x, showing the relationship between accrual earnings and operating cash. Compared with $686.26M in fiscal 2024, current operating cash flow of $724.52M was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.