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    Essent (ESNT)

    Market Price (10/4/2026): $60.18 | Market Cap: $5.5 BilSector: Financials | Industry: Commercial & Residential Mortgage Finance

    Essent (ESNT)

    Market Price (10/4/2026): $60.18
    Market Cap: $5.5 Bil
    Sector: Financials
    Industry: Commercial & Residential Mortgage Finance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 15%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -105%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 62%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 62%

    Stock buyback support
    Stock Buyback 3Y Total is 1.1 Bil

    Low stock price volatility
    Vol 12M is 24%

    Megatrend and thematic drivers
    Megatrends include Financial System Resilience. Themes include Mortgage Credit Risk Management, and Housing Market Stability.

    Weak multi-year price returns
    2Y Excs Rtn is -36%, 3Y Excs Rtn is -49%

    Key risks
    ESNT key risks include [1] adverse changes to its essential partners Fannie Mae and Freddie Mac (the GSEs), Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 15%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -105%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 62%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 62%
    3 Stock buyback support
    Stock Buyback 3Y Total is 1.1 Bil
    4 Low stock price volatility
    Vol 12M is 24%
    5 Megatrend and thematic drivers
    Megatrends include Financial System Resilience. Themes include Mortgage Credit Risk Management, and Housing Market Stability.
    6 Weak multi-year price returns
    2Y Excs Rtn is -36%, 3Y Excs Rtn is -49%
    7 Key risks
    ESNT key risks include [1] adverse changes to its essential partners Fannie Mae and Freddie Mac (the GSEs), Show more.

    ESNT in ETFs

    Weight = ESNT's share of each fund

    VTI0.01%
    ITOT0.01%
    IWM0.19%
    IJH0.17%
    VYM0.02%
    VB0.07%
    AVUV0.54%
    IJJ0.20%
    +18 more covered ETFs

    Valuation & Metrics

    FYE: 12/31ESNT [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.3 Bil—
    FY 2026 Sales$1.3 Bil—
    FY 2027 Sales$1.4 Bil—
    FY 2026 Sales Growth0.8%—
    FY 2027 Sales Growth5.2%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$680.7 Mil—
    FY 2026 Net Income (Non-GAAP)$747.0 Mil—
    FY 2027 Net Income (Non-GAAP)$774.1 Mil—
    FY 2027 Net Income Growth3.6%18.2%
    FY 2026 EPS (Non-GAAP)$7.50—
    FY 2027 EPS (Non-GAAP)$7.76—
    FY 2027 EPS Growth3.5%—
    VALUATION
    FY 2026 P/S4.11.7
    FY 2027 P/S3.9—
    FY 2026 P/E7.37.8
    FY 2027 P/E7.1—

    [1] ESNT forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    null

    AI Analysis | Feedback

    MetricValueDateSource
    New insurance written$12.2 billion9302025Link
    Insurance in force$248.8 billion9302025Link
    Annual persistency rate86.0%9302025Link
    Default rate2.29%9302025Link
    Number of loans in default18,5839302025Link
    Combined Ratio33.9%9302025Link

    Price Chart

    Upcoming
    11/06/2026Earnings ReleaseRev: $339 Mil (E)
    EPS: $1.84 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Essent (ESNT) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. Macroeconomic headwinds from rising interest rates impacted the broader mortgage insurance sector. Higher interest rates typically increase mortgage costs, which can lead to reduced home-buying activity and elevated default risks, directly affecting mortgage insurers like Essent. This macroeconomic concern contributed to a sector-wide selloff and a 12-session losing streak for Essent's stock, resulting in a 15.8% cumulative decline by September 30, 2026, and reducing its market value by approximately $988 million.

    2. Increased loss provisions and a higher mortgage insurance loss ratio signaled growing loan pressure. For fiscal Q2 2026, Essent reported an increase in loss provisions to $48.96 million. Concurrently, the mortgage insurance loss ratio rose to 13.6% in fiscal Q2 2026, compared to 7% in the same period a year prior, indicating heightened pressure from delayed loans.

    Show more
    Updated on 10/1/2026

    Essent (ESNT) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. Macroeconomic headwinds from rising interest rates impacted the broader mortgage insurance sector. Higher interest rates typically increase mortgage costs, which can lead to reduced home-buying activity and elevated default risks, directly affecting mortgage insurers like Essent. This macroeconomic concern contributed to a sector-wide selloff and a 12-session losing streak for Essent's stock, resulting in a 15.8% cumulative decline by September 30, 2026, and reducing its market value by approximately $988 million.

    2. Increased loss provisions and a higher mortgage insurance loss ratio signaled growing loan pressure. For fiscal Q2 2026, Essent reported an increase in loss provisions to $48.96 million. Concurrently, the mortgage insurance loss ratio rose to 13.6% in fiscal Q2 2026, compared to 7% in the same period a year prior, indicating heightened pressure from delayed loans.

    3. Decreased profitability and increased risk were observed from reinsurance expansion. While Essent's fiscal Q2 2026 earnings per share (EPS) of $2.08 exceeded analyst expectations, net income for the quarter decreased to $189.7 million from $195.3 million in fiscal Q2 2025. The company's profit margin also declined to 52% from 61% year-over-year due to higher expenses. Furthermore, the reinsurance segment's combined ratio significantly jumped to 74.6% in the first half of fiscal 2026, from 18.1% in the first half of fiscal 2025, reflecting increased insurance risk and reduced profitability associated with its expansion into property and casualty reinsurance.

    4. Significant insider selling activity occurred during the period. In the last three months (fiscal Q3 2026), corporate insiders at Essent sold approximately 100,720 shares of company stock, valued at roughly $6.9 million. Across the past year, total insider selling activity amounted to $16.8 million, with no insider purchases reported.

    Show less
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    Stock Movement Drivers

    Fundamental Drivers

    The -8.0% change in ESNT stock from 6/30/2026 to 10/1/2026 was primarily driven by a -10.2% change in the company's P/E Multiple.
    (LTM values as of)630202610012026Change
    Stock Price ($)63.9558.86-8.0%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2931,3373.4%
    Net Income Margin (%)53.1%50.9%-4.1%
    P/E Multiple8.77.8-10.2%
    Shares Outstanding (Mil)94913.4%
    Cumulative Contribution-8.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    ESNT-8.0% 
    Market (SPY)2.3%-0.7%
    Sector (XLF)-0.3%27.9%

    Fundamental Drivers

    The 1.8% change in ESNT stock from 3/31/2026 to 10/1/2026 was primarily driven by a 5.5% change in the company's Shares Outstanding (Mil).
    (LTM values as of)331202610012026Change
    Stock Price ($)57.7958.861.8%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2751,3374.9%
    Net Income Margin (%)54.1%50.9%-5.9%
    P/E Multiple8.07.8-2.2%
    Shares Outstanding (Mil)96915.5%
    Cumulative Contribution1.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    ESNT1.8% 
    Market (SPY)17.8%-5.0%
    Sector (XLF)8.7%34.2%

    Fundamental Drivers

    The -5.3% change in ESNT stock from 9/30/2025 to 10/1/2026 was primarily driven by a -9.8% change in the company's P/E Multiple.
    (LTM values as of)930202510012026Change
    Stock Price ($)62.1658.86-5.3%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2811,3374.3%
    Net Income Margin (%)55.8%50.9%-8.7%
    P/E Multiple8.77.8-9.8%
    Shares Outstanding (Mil)1009110.2%
    Cumulative Contribution-5.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    ESNT-5.3% 
    Market (SPY)15.6%1.1%
    Sector (XLF)0.4%37.5%

    Fundamental Drivers

    The 32.5% change in ESNT stock from 9/30/2023 to 10/1/2026 was primarily driven by a 30.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202310012026Change
    Stock Price ($)44.4158.8632.5%
    Change Contribution By: 
    Total Revenues ($ Mil)1,0261,33730.3%
    Net Income Margin (%)65.2%50.9%-21.9%
    P/E Multiple7.17.811.1%
    Shares Outstanding (Mil)1069117.1%
    Cumulative Contribution32.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    ESNT32.5% 
    Market (SPY)84.9%33.3%
    Sector (XLF)68.2%55.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ESNT Return7%-13%39%5%22%-9%51%
    Peers Return14%13%38%19%17%-5%133%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    ESNT Win Rate50%42%67%42%67%44% 
    Peers Win Rate58%58%71%62%65%51% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    ESNT Max Drawdown-21%-29%-17%-18%-10%-17% 
    Peers Max Drawdown-18%-23%-14%-15%-13%-17% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: MTG, ACT, RDN, ACGL, NMIH. See ESNT Returns vs. Peers.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/1/2026 (YTD)

    How Low Can It Go

    EventESNTS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-14.9%-6.7%
      % Gain to Breakeven17.5%7.1%
      Time to Breakeven53 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-22.8%-24.5%
      % Gain to Breakeven29.5%32.4%
      Time to Breakeven232 days427 days
    2020 COVID-19 Crash
      % Loss-58.6%-33.7%
      % Gain to Breakeven141.3%50.9%
      Time to Breakeven295 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-28.3%-19.2%
      % Gain to Breakeven39.5%23.8%
      Time to Breakeven53 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-41.5%-12.2%
      % Gain to Breakeven70.9%13.9%
      Time to Breakeven273 days62 days
    2014-2016 Oil Price Collapse
      % Loss-20.9%-6.8%
      % Gain to Breakeven26.5%7.3%
      Time to Breakeven79 days15 days

    Compare to MTG, ACT, RDN, ACGL, NMIH

    In The Past

    Essent's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventESNTS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-22.8%-24.5%
      % Gain to Breakeven29.5%32.4%
      Time to Breakeven232 days427 days
    2020 COVID-19 Crash
      % Loss-58.6%-33.7%
      % Gain to Breakeven141.3%50.9%
      Time to Breakeven295 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-28.3%-19.2%
      % Gain to Breakeven39.5%23.8%
      Time to Breakeven53 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-41.5%-12.2%
      % Gain to Breakeven70.9%13.9%
      Time to Breakeven273 days62 days
    2014-2016 Oil Price Collapse
      % Loss-20.9%-6.8%
      % Gain to Breakeven26.5%7.3%
      Time to Breakeven79 days15 days

    Compare to MTG, ACT, RDN, ACGL, NMIH

    In The Past

    Essent's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Essent (ESNT)

    ```html

    Essent Group Ltd. (ESNT) is a Bermuda-based company that primarily operates within the United States residential mortgage market. Founded in 2008, its core business revolves around providing private mortgage insurance and reinsurance. Essentially, Essent helps protect lenders from potential financial losses if borrowers default on mortgages secured by residential properties.

    The company offers a range of mortgage insurance products, including primary, pool, and master policies, which are critical tools for risk management for mortgage originators. In addition to these insurance offerings, Essent provides supplementary services. These include information technology maintenance and development, customer support, underwriting consulting, and contract underwriting services, further supporting its clients in the mortgage lending ecosystem.

    Essent's primary customers are the originators of residential mortgage loans in the United States. This includes a broad spectrum of financial institutions such as regulated depository institutions, mortgage banks, credit unions, and various other lenders. By providing essential risk mitigation and support services, Essent plays a vital role in enabling these institutions to confidently and securely operate in the U.S. housing finance market.

    ```

    AI Analysis | Feedback

    Essent is like Chubb for mortgage lenders, insuring them against borrower defaults.

    Think of Essent as a private sector Fannie Mae focused on insuring banks' mortgage loans.

    AI Analysis | Feedback

    • Mortgage Insurance: Provides private mortgage insurance and reinsurance (including primary, pool, and master policies) to protect lenders against financial losses from mortgage defaults on residential properties.
    • Information Technology Services: Offers maintenance and development services related to information technology.
    • Customer Support Services: Provides services focused on customer assistance and support.
    • Underwriting Consulting: Delivers advisory services pertaining to mortgage underwriting processes.
    • Contract Underwriting Services: Offers outsourced underwriting services for residential mortgage loans on a contractual basis.

    AI Analysis | Feedback

    Essent Group Ltd. (ESNT) primarily sells its private mortgage insurance and reinsurance products to other companies. Based on the provided background information, Essent serves the originators of residential mortgage loans, which include the following categories of customers:
    • Regulated depository institutions
    • Mortgage banks
    • Credit unions
    • Other lenders
    The provided background information does not list the specific names of major customer companies.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Mark A. Casale, CEO & Chairman

    Mr. Casale is the founder, Chief Executive Officer, and Chairman of the Board of Directors of Essent Group Ltd.. He has over 25 years of experience in financial services, including senior roles in mortgage banking, mortgage insurance, bond insurance, and capital markets. Mr. Casale founded Essent Group Ltd. in 2008 with $500 million of equity funding. Under his leadership, Essent has grown significantly and manages approximately $240 billion of insurance in force.

    David Weinstock, Senior Vice President, Chief Financial Officer

    Mr. Weinstock was appointed Chief Financial Officer in March 2023, after serving as interim Chief Financial Officer since June 2022, and as Vice President and Chief Accounting Officer since 2009. He brings over 25 years of experience in finance, accounting, and controls. Before joining Essent, Mr. Weinstock held senior management positions at Advanta Corp., including chief accounting officer and vice president of investor relations. He began his career as a senior manager at Arthur Andersen LLP.

    Christopher G. Curran, President, Essent Guaranty, Inc.

    Mr. Curran has served as President of Essent Guaranty since 2021, having previously been Senior Vice President of Corporate Development since 2011. He has over 30 years of experience in mortgage insurance, mortgage banking, and financial services. As President, Mr. Curran oversees Essent's mortgage insurance business, including risk management, business development, information technology, operations, marketing, and public policy. He began his career as a CPA with Arthur Andersen LLP, specializing in financial services.

    Paul Wollmann, President and Chief Underwriting Officer, Essent Reinsurance Ltd.

    Mr. Wollmann has served as President and Chief Underwriting Officer of Essent Reinsurance Ltd. since May 2021, and has been with Essent Re since 2009. He has extensive experience in structured finance and reinsurance. Prior to joining Essent Re, he was a managing director, structured & asset-backed finance at RAM Holdings Ltd. from 2007 to 2009. Mr. Wollmann was also a managing director at RCS Limited and Ritchie Capital Management (Bermuda) Limited, alternative asset management firms, from 2004 to 2007.

    AI Analysis | Feedback

    Here are the key risks to Essent Group Ltd. (ESNT):

    1. Market Volatility and Economic Uncertainty: Essent's business is highly susceptible to fluctuations in the broader economic environment and housing market. Factors such as interest rate changes, unemployment rates, and shifts in housing values directly influence the demand for mortgage insurance, the value of the company's investment portfolio, and the frequency and severity of claims and loss reserves. Economic downturns or instability can lead to reduced mortgage originations and increased borrower delinquencies.
    2. Regulatory Changes and Government-Sponsored Enterprises (GSEs): As a private mortgage insurer, Essent operates within a highly regulated industry. Changes in federal legislation or policies, particularly those affecting Fannie Mae and Freddie Mac (GSEs), or alterations to mortgage insurer eligibility requirements, could significantly impact Essent's operations, market position, and profitability.
    3. Credit Quality Deterioration and Intense Competition: The company faces risks associated with the credit quality of insured mortgages, including rising delinquency rates which necessitate higher loss provisions and directly impact profitability. This risk is compounded by an intensely competitive landscape, where rivals may employ aggressive pricing strategies or relaxed underwriting guidelines to gain market share, potentially eroding Essent's position and pressuring its financial performance.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    The addressable markets for Essent Group Ltd.'s main products and services are in the United States.

    Private Mortgage Insurance (PMI)

    The U.S. private mortgage insurance (PMI) market is a significant component of the housing finance system. At the end of 2023, the industry insured nearly $1.6 trillion in outstanding mortgages with active private MI coverage. In 2024, private mortgage insurers supported approximately $300 billion in mortgage originations. Globally, the private mortgage insurance market is projected to reach $6.84 billion in 2025 and is forecast to grow to $9.71 billion by 2029. North America currently represents the largest share of the global PMI market.

    Mortgage Reinsurance

    The U.S. mortgage reinsurance market facilitates the transfer of credit risk for private mortgage insurers. U.S. private mortgage insurers consistently cede a meaningful portion of their premiums to reinsurance. In 2024, the average amount of premiums ceded by private mortgage insurers was 31.5%. Since 2015, the private mortgage insurance industry has transferred nearly $80.7 billion in risk exposure through various credit risk transfer mechanisms, including insurance-linked notes and traditional reinsurance transactions. This includes the transfer of over $75.2 billion in risk on more than $3.5 trillion of insurance-in-force (IIF) through MI Credit Risk Transfer (MI-CRT) structures.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for Essent Group Ltd. (ESNT) over the next 2-3 years:
    1. Growth in Mortgage Insurance in Force and New Insurance Written: Essent's core business relies on its mortgage insurance portfolio. While the near-term mortgage origination market may experience modest growth due to high interest rates, the long-term outlook remains positive due to favorable demographic trends, particularly millennials entering the first-time homebuyer age. The company has consistently shown an increase in its mortgage insurance in force.
    2. Increased Net Investment Income: Essent maintains a substantial consolidated cash and investment portfolio. The company has seen increases in its net investment income, driven by a modest increase in the overall portfolio yield, with new money yields around 5%. This strong investment performance is expected to continue contributing to revenue.
    3. Expansion of Reinsurance Activities (Essent Re): Essent is expanding its reinsurance operations, particularly through Essent Re. Notably, the company entered into quota share reinsurance agreements to reinsure certain property and casualty (P&C) risks in the Lloyd's market, effective in the first quarter of 2026. These agreements are expected to generate $100 million-$150 million in written premium in 2026, with approximately two-thirds expected to be earned in the same year. This expansion provides a new avenue for revenue growth and diversification.
    4. High Persistency Rates: Elevated mortgage interest rates are anticipated to maintain high persistency rates for Essent's existing mortgage insurance policies in the near term. High persistency means policyholders are less likely to refinance or move, keeping existing insurance policies in force longer and contributing to a stable stream of earned premiums.

    AI Analysis | Feedback

    Share Repurchases

    • In January 2026, Essent Group authorized a new $500 million share repurchase program extending through year-end 2027.
    • The company repurchased 9.9 million common shares for $576 million in 2025.
    • Year-to-date through October 31, 2025, Essent repurchased nearly 9 million shares for over $500 million.

    Outbound Investments

    • Essent acquired Agents National Title Holding Company and Boston National Holdings LLC in 2023 or 2024, thereby expanding its service portfolio into title insurance and settlement services.
    • Essent Re strategically entered the Lloyd's of London market and initiated new property & casualty reinsurance agreements effective in 2026, as part of a diversification strategy.
    • These P&C reinsurance agreements through Essent Re are expected to generate between $100 million and $150 million in written premium for 2026.

    Capital Expenditures

    • Essent's capital expenditures were approximately $4.002 million in 2024 and $6.766 million in 2025.
    • Projected capital expenditures for 2026 are approximately $7.364 million.
    • Capital expenditures include technology investments, such as EssentEDGE, focused on enhancing underwriting processes, risk assessment, and customer service.

    Peer Outperformance in Commercial & Residential Mortgage Finance

    null
    Share of Commercial & Residential Mortgage Finance constituents that ESNT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Commercial & Residential Mortgage Finance is ESNT's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 5 26.6%69.2%134.7% SPNT 161% · RNR 140% · RGA 135%
    Investment Banking & Brokerage 13 -3.5%98.2%105.0% IBKR 446% · SNEX 235% · GS 166%
    Life & Health Insurance 12 15.5%55.9%97.6% JXN 531% · UNM 296% · FG 192%
    Property & Casualty Insurance 25 -0.4%66.9%76.1% TRV 161% · ACGL 160% · UFCS 160%
    Multi-Sector Holdings 3 0.5%43.8%70.0% BRK-B 82% · VOYA 70% · JEF 46%
    Asset Management & Custody Banks 24 10.2%59.5%67.2% WT 347% · VCTR 273% · AAMI 264%
    Multi-line Insurance 8 4.0%63.4%54.9% GNW 140% · L 93% · AIZ 82%
    Commercial & Residential Mortgage Finance ← 3 -0.9%33.7%43.7% ACT 154% · ESNT 44% · WD -65%
    Diversified Banks 7 9.3%116.2%41.0% JPM 126% · C 112% · WFC 93%
    Regional Banks 89 16.4%79.9%39.4% FBP 135% · OFG 126% · NIC 125%
    Consumer Finance 14 2.7%111.7%35.5% ENVA 378% · EZPW 297% · FCFS 151%
    Financial Exchanges & Data 13 -2.0%44.0%30.3% VIRT 168% · CBOE 140% · CME 66%
    Insurance Brokers 8 -25.3%-10.5%19.6% AJG 60% · ERIE 33% · WTW 29%
    Specialized Finance 3 6.8%38.3%-12.0% EFC 18% · CACC -12% · HASI -17%
    Mortgage REITs 9 -18.7%4.0%-14.1% RITM 33% · AGNC 13% · NLY 10%
    Transaction & Payment Processing Services 17 -3.5%-9.0%-45.4% V 62% · MA 57% · CPAY 46%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    QUREuniQure1.5-39.0%-2.3%
    EMATEvolution Metals & Technologies1.3-32.9%-89.9%
    CYPHCypherpunk Technologies0.5-28.4%151.7%
    OCULOcular Therapeutix1.6-25.8%-40.0%
    GLASGlass House Brands0.5-25.6%-39.9%
    FICOFair Isaac15.0-22.7%-60.9%
    NKTRNektar Therapeutics1.6-20.9%11.1%
    BXBLBOXABL9.6-20.3%-67.3%
    WGSGeneDx2.1-19.8%-45.4%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    KODKodiak Sciences6.2165.7%252.1%
    SECZSecuritize2.0119.8%11.7%
    PACBPacific Biosciences of California0.896.1%34.2%
    DNAGinkgo Bioworks0.880.4%50.4%
    VICRVicor14.275.3%181.6%
    IOVAIovance Biotherapeutics6.471.9%421.2%
    CYPHCypherpunk Technologies0.570.8%151.7%
    GRALGRAIL5.766.1%54.9%
    MXLMaxLinear8.360.0%428.5%
    COHUCohu3.359.3%202.3%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva8.4-85.7%-81.1%
    LQDALiquidia2.5-58.2%-18.8%
    XNDUXanadu Quantum Technologies1.3-54.9%-61.0%
    QUREuniQure1.5-51.2%-2.3%
    ALHCAlignment Healthcare1.6-43.0%-60.8%
    RAREUltragenyx Pharmaceutical1.5-42.9%-35.9%
    METCRamaco Resources0.5-40.5%-53.7%
    FICOFair Isaac15.0-40.0%-60.9%
    EMATEvolution Metals & Technologies1.3-38.8%-89.9%
    GLASGlass House Brands0.5-37.3%-39.9%

    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    ESNTMTGACTRDNACGLNMIHMedian
    NameEssent MGIC Inv.Enact Radian Arch Cap.NMI  
    Mkt Price58.8626.3844.1431.2194.2538.0841.11
    Mkt Cap5.35.56.24.232.32.95.4
    Rev LTM1,3371,1961,2541,63118,5957311,295
    Op Inc LTM-------
    FCF LTM8267067211,3906,055442773
    FCF 3Y Avg8297316991376,282400715
    CFO LTM8347087211,3936,100449777
    CFO 3Y Avg8397326991416,330408716

    Growth & Margins

    ESNTMTGACTRDNACGLNMIHMedian
    NameEssent MGIC Inv.Enact Radian Arch Cap.NMI  
    Rev Chg LTM4.3%-1.9%2.5%37.3%0.2%7.5%3.4%
    Rev Chg 3Y Avg9.5%1.0%4.1%11.8%17.5%10.4%10.0%
    Rev Chg Q13.6%-2.9%4.2%92.6%-9.7%8.1%6.1%
    QoQ Delta Rev Chg LTM3.4%-0.7%1.0%20.4%-2.5%2.0%1.5%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM62.4%59.2%57.5%85.4%32.8%61.4%60.3%
    CFO/Rev 3Y Avg65.3%61.1%57.3%1.2%36.9%60.3%58.8%
    FCF/Rev LTM61.8%59.1%57.5%85.2%32.6%60.4%59.8%
    FCF/Rev 3Y Avg64.6%61.0%57.3%0.8%36.7%59.2%58.2%

    Valuation

    ESNTMTGACTRDNACGLNMIHMedian
    NameEssent MGIC Inv.Enact Radian Arch Cap.NMI  
    Mkt Cap5.35.56.24.232.32.95.4
    P/S4.04.64.92.61.73.94.0
    P/Op Inc-------
    P/EBIT6.36.06.75.36.15.46.0
    P/E7.87.89.07.96.97.37.8
    P/CFO6.47.88.53.05.36.46.4
    Total Yield15.1%15.2%13.1%16.1%14.5%13.7%14.8%
    Dividend Yield2.3%2.4%2.0%3.4%0.0%0.0%2.2%
    FCF Yield 3Y Avg13.9%12.0%12.6%2.5%18.0%13.2%12.9%
    D/E0.10.10.10.30.10.10.1
    Net D/E-1.1-1.0-0.3-1.3-0.3-0.1-0.6

    Returns

    ESNTMTGACTRDNACGLNMIHMedian
    NameEssent MGIC Inv.Enact Radian Arch Cap.NMI  
    1M Rtn-13.6%-14.1%-8.9%-12.8%-4.4%-14.0%-13.2%
    3M Rtn-8.8%-6.1%-2.2%-17.1%-7.8%-7.2%-7.5%
    6M Rtn0.6%0.6%7.9%-5.9%-2.6%1.4%0.6%
    12M Rtn-3.2%-4.0%19.1%-9.6%4.4%1.5%-0.9%
    3Y Rtn33.7%69.3%75.7%36.3%24.9%13.6%35.0%
    1M Excs Rtn-14.0%-14.5%-9.3%-13.3%-4.9%-14.4%-13.6%
    3M Excs Rtn-11.2%-8.5%-4.6%-19.6%-10.2%-9.7%-9.9%
    6M Excs Rtn-14.4%-15.0%-6.6%-20.7%-17.9%-14.6%-14.8%
    12M Excs Rtn-19.9%-19.6%2.9%-25.9%-10.7%-15.3%-17.4%
    3Y Excs Rtn-49.2%-11.3%-2.6%-42.8%-57.4%-65.8%-46.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/7/20265/8/20262/18/202611/7/20258/8/20255/9/20252/19/202511/5/20248/6/20245/7/20242/16/202411/7/2023
    Key Financials Quarterly            
    Total Revenue363336319319319318322323319304319296
    Net Income190172155164195175168176204182175178
    EPS2.091.831.621.691.951.711.601.671.931.721.661.68
    Key Financials TTM            
    Total Revenue TTM1,3371,2931,2751,2771,2811,2811,2671,2641,2371,1791,1311,060
    Net Income TTM681686690703715723729737739707696668
    Growth Rates Quarterly            
    Total Revenue Growth13.6%5.8%-0.7%-1.3%0.2%4.5%0.9%9.1%22.5%18.6%28.7%13.1%
    Net Income Growth-2.9%-2.1%-7.7%-6.8%-4.1%-3.5%-4.3%-1.0%18.2%6.4%19.0%-0.1%
    Margins Quarterly            
    Net Income Margin52.3%51.1%48.5%51.5%61.2%55.2%52.2%54.5%63.9%59.8%55.0%60.1%
    Cash & Debt            
    Total Cash6,1136,1776,2276,1816,0596,0906,0086,0605,6525,5335,4065,094
    Total Debt496496495495495494494494422422422422
    Net Debt / (Cash)-5,617-5,681-5,732-5,686-5,564-5,596-5,514-5,566-5,230-5,111-4,984-4,673
    Cash Flows Quarterly            
    FCF from Operations197192229216190222227229189217215195
    Cash Flows TTM            
    FCF from Operations TTM834827856854867866862850816795763720
    Returns to Shareholders Quarterly            
    Dividends323329303132292930302626
    Share Repurchases19217112612217116966102214155
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Mortgage Insurance1,0541,0309551,005 
    Corporate & Other11811657-4 
    Reinsurance909798  
    Ceding commission272421  
    Single Segment    1,029
    Total1,2881,2671,1311,0011,029


    Price Behavior

    Price Behavior
    Market Price$58.86 
    Market Cap ($ Bil)5.3 
    First Trading Date10/31/2013 
    Distance from 52W High-15.5% 
       50 Days200 Days
    DMA Price$66.94$62.38
    DMA Trendupup
    Distance from DMA-12.1%-5.6%
     3M1YR
    Volatility26.3%23.9%
    Downside Capture102.885.72
    Upside Capture39.190.91
    Correlation (SPY)-1.0%1.0%
    ESNT Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.190.51-0.02-0.100.020.50
    Up Beta-1.13-0.45-0.910.010.330.62
    Down Beta-3.40-2.13-1.43-0.73-0.240.45
    Up Capture-7%63%29%2%-2%17%
    Bmk +ve Days6162766132424
    Stock +ve Days5152760122397
    Down Capture245%194%96%5%8%71%
    Bmk -ve Days16263760120328
    Stock -ve Days17273766129352

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ESNT
    ESNT-5.3%23.9%-0.29-
    Sector ETF (XLF)0.5%14.8%-0.1937.5%
    Equity (SPY)15.7%13.0%0.851.1%
    Gold (GLD)7.7%29.6%0.25-6.9%
    Commodities (DBC)43.7%20.8%1.64-20.9%
    Real Estate (VNQ)1.2%13.6%-0.1632.9%
    Bitcoin (BTCUSD)-27.0%44.5%-0.58-12.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ESNT
    ESNT7.9%25.2%0.28-
    Sector ETF (XLF)8.8%18.3%0.3566.2%
    Equity (SPY)13.0%17.2%0.5751.8%
    Gold (GLD)18.6%18.9%0.80-1.0%
    Commodities (DBC)10.3%19.6%0.404.4%
    Real Estate (VNQ)0.4%18.9%-0.0854.2%
    Bitcoin (BTCUSD)13.2%52.3%0.4320.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ESNT
    ESNT9.5%38.6%0.36-
    Sector ETF (XLF)12.7%22.1%0.5261.4%
    Equity (SPY)15.3%17.9%0.7249.7%
    Gold (GLD)11.6%16.4%0.58-2.8%
    Commodities (DBC)8.2%18.1%0.3715.7%
    Real Estate (VNQ)4.4%20.7%0.1750.7%
    Bitcoin (BTCUSD)63.9%66.2%1.0413.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity2.9 Mil
    Short Interest: % Change Since 831202620.6%
    Average Daily Volume0.6 Mil
    Days-to-Cover Short Interest4.6 days
    Basic Shares Quantity90.7 Mil
    Short % of Basic Shares3.2%

    Returns Analyses

    Earnings Returns History

    Updated 9/10/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/7/20264.9%5.8%6.1%
    5/8/20262.5%-2.3%-7.2%
    2/13/2026-6.4%-8.0%-11.2%
    11/7/20250.5%0.7%2.0%
    8/8/20255.7%10.2%12.5%
    5/9/2025-0.3%0.5%-1.5%
    2/14/2025-2.6%-3.0%-4.8%
    11/1/2024-10.4%-7.9%-4.5%
    ...
    SUMMARY STATS   
    # Positive151313
    # Negative91111
    Median Positive1.9%2.1%5.2%
    Median Negative-2.2%-2.9%-7.2%
    Max Positive5.7%10.2%12.5%
    Max Negative-10.4%-8.0%-11.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/7/20264.9%5.8%6.1%
    5/8/20262.5%-2.3%-7.2%
    2/13/2026-6.4%-8.0%-11.2%
    11/7/20250.5%0.7%2.0%
    8/8/20255.7%10.2%12.5%
    5/9/2025-0.3%0.5%-1.5%
    2/14/2025-2.6%-3.0%-4.8%
    11/1/2024-10.4%-7.9%-4.5%
    8/2/2024-2.1%-2.9%5.4%
    5/3/20240.5%4.1%7.0%
    2/9/2024-2.2%1.1%5.2%
    11/2/20230.6%0.5%3.2%
    8/4/20233.2%1.9%-0.2%
    5/5/20233.9%6.3%10.3%
    2/10/2023-0.2%2.1%-9.9%
    11/4/2022-1.3%3.8%0.1%
    8/5/20220.6%0.8%-8.3%
    5/6/20221.7%-2.6%4.0%
    2/11/20220.4%-1.8%-7.9%
    11/5/20212.1%-0.4%-7.7%
    8/6/20213.6%2.7%1.7%
    5/7/20210.6%-3.9%-1.2%
    2/19/20211.9%-5.0%0.7%
    11/6/2020-2.2%-0.0%8.0%
    SUMMARY STATS   
    # Positive151313
    # Negative91111
    Median Positive1.9%2.1%5.2%
    Median Negative-2.2%-2.9%-7.2%
    Max Positive5.7%10.2%12.5%
    Max Negative-10.4%-8.0%-11.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/16/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/10/202310-Q
    12/31/202202/17/202310-K
    09/30/202211/08/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/16/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/10/202310-Q
    12/31/202202/17/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/08/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/16/202210-K
    09/30/202111/08/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/07/202110-Q
    12/31/202002/26/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/08/202010-Q
    12/31/201902/18/202010-K
    09/30/201911/08/201910-Q

    Insider Activity

    Updated 9/17/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Weinstock, David BSVP and CFODirectSell917202668.545,500376,9702,055,789Form
    2Kasmar, Roy James Roy J. Kasmar Living Trust U/A DTD 07/31/1990Sell914202668.714,837332,3721,467,810Form
    3Casale, MarkChairman, CEO and PresidentDirectSell908202670.0179855,868142,742,899Form
    4Pauls, Douglas J Douglas J. Pauls Revocable Trust U/A Dated Jan 30 2013Sell825202669.702,500174,2502,101,734Form
    5Casale, MarkChairman, CEO and PresidentDirectSell820202670.0721,6071,514,002142,921,148Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Weinstock, David BSVP and CFODirectSell917202668.545,500376,9702,055,789Form
    2Kasmar, Roy James Roy J. Kasmar Living Trust U/A DTD 07/31/1990Sell914202668.714,837332,3721,467,810Form
    3Casale, MarkChairman, CEO and PresidentDirectSell908202670.0179855,868142,742,899Form
    4Pauls, Douglas J Douglas J. Pauls Revocable Trust U/A Dated Jan 30 2013Sell825202669.702,500174,2502,101,734Form
    5Casale, MarkChairman, CEO and PresidentDirectSell820202670.0721,6071,514,002142,921,148Form
    6Casale, MarkChairman, CEO and PresidentDirectSell820202670.1820,2461,420,864144,661,894Form
    7Bhasin, VijaySVP and Chief Risk OfficerDirectSell818202670.0014,175992,25012,899,180Form
    8Bhasin, VijaySVP and Chief Risk OfficerDirectSell811202670.0048333,81013,891,430Form
    9Gibbons, Mary LourdesSVP and Chief Legal OfficerDirectSell720202667.044,678313,61315,329,232Form
    10Casale, MarkChairman, CEO and PresidentDirectSell715202665.2378,6995,133,536135,779,115Form
    11Casale, MarkChairman, CEO and PresidentDirectSell715202665.0723,9001,555,173140,567,012Form
    12Casale, MarkChairman, CEO and PresidentDirectSell708202665.3529,3291,916,650142,733,745Form
    13Casale, MarkChairman, CEO and PresidentDirectSell708202665.081,24581,025144,052,758Form
    14Casale, MarkChairman, CEO and PresidentDirectSell702202665.013,763244,633143,978,752Form
    15Weinstock, David BSVP and CFODirectSell630202663.515,500349,3052,254,224Form
    16Casale, MarkChairman, CEO and PresidentDirectSell430202665.0513,064849,813144,312,124Form
    17Gibbons, Mary LourdesSVP and Chief Legal OfficerDirectSell430202665.014,250276,29215,169,173Form
    18Gibbons, Mary LourdesSVP and Chief Legal OfficerDirectSell421202663.017,628480,64014,970,294Form
    19Gibbons, Mary LourdesSVP and Chief Legal OfficerDirectSell421202663.0087254,93615,448,482Form
    20Gibbons, Mary LourdesSVP and Chief Legal OfficerDirectSell1222202567.004,352291,58415,939,032Form
    21Kasmar, Roy James Roy J. Kasmar Living Trust U/A DTD 07/31/1990Sell1118202561.443,250199,6801,448,325Form
    22Dutt, Aditya DirectSell1113202561.493,250199,8421,766,116Form
    23Bhasin, VijaySVP and Chief Risk OfficerDirectSell922202565.0011,479746,13512,799,930Form
    24Gibbons, Mary LourdesSVP and Chief Legal OfficerDirectSell922202565.004,000260,00015,796,495Form
    25Weinstock, David BSVP and CFODirectSell917202563.332,500158,3251,574,700Form

    Investor Activity (13F)

    Updated Oct 4, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Renaissancere Holdings LTD$97.4 Mil24.0%5Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Renaissancere Holdings LTD$97.4 Mil24.0%5Hold13F

    Industry Resources

    External Quote Links


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