Enact Holdings, Inc.

ACT

Price: $45.39Market Cap: $6.1B

Investment snapshot

25%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

7 / 5

NEUTRAL / FAIL

Median fair value

$62.04

+36.7% vs price

Models with upside

5 / 16

Positive margin of safety

Strongest signal

Models split on ACT at $45.39 — fair values range $34.29–$106.03

Key risk

All 4 investors flag ACT's efficiency

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	BUY	FAIL	FAIL	NEUTRAL	BUY	NEUTRAL	NEUTRAL	FAIL	FAIL	PASS	NEUTRAL	FAIL	NEUTRAL	PASS	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)		N/A		N/A		N/A				N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	+26.8%	N/A	+32.0%	N/A	+30.2%	N/A	-1.9%	+57.2%	+21.8%	N/A	-32.4%	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14

Where It Passes

Valuation models71% pass✓ 5✗ 2▾
Models split on ACT at $45.39 — fair values range $34.29–$106.03
Graham fair value$62.04
✓Graham+26.8% margin vs $45.39
Lynch fair value$66.75
✓Lynch+32.0% margin vs $45.39
Dreman fair value$65.00
✓Dreman+30.2% margin vs $45.39
Pabrai fair value$44.54
✗Pabrai-1.9% margin vs $45.39
Akre fair value$106.03
✓Akre+57.2% margin vs $45.39
Marks fair value$58.07
✓Marks+21.8% margin vs $45.39
Templeton fair value$34.29
✗Templeton-32.4% margin vs $45.39
Debt & Leverage64% pass✓ 9✗ 4▾
7 of 11 pass — Lynch, Marks, Asness +1 more object
Debt/Equity & Interest CoverageD/E: 0.14, IC: 18.3x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.14
✓Lynch< 0.33
Cash - Long-term Debt$-241.0M
✗LynchPositive preferred
LT Debt / Total Assets Change11.39% -> 10.80%
✓PiotroskiDecreased YoY
Total Debt / Shareholders' Equity0.14
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.14
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=18.2x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.14
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.1435; #1476/4210 (top 35.1%)
✗AsnessTop 30% of eligible cross-section
Current Assets / Current Liabilities
✗SchlossCurrent ratio >= 1.50x (app cutoff)
Growth63% pass✓ 8✗ 4▾
5 of 8 pass — Dreman, Ackman and Sleep object
EPS Growth (3-yr avg, 10-yr window)34.8%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.68
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR14.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
EPS Growth Direction$4.16 (2019) -> $4.52 (2025)
✓DremanPositive over recent years
EPS CAGR1.4% CAGR over 6 years
✗Dreman> 5% annualized
Positive Net Income Frequency7/7 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth4.2%
✗Ackman>= 5%
Positive EPS Growth Frequency4/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR14.8% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR2.2%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR14.8% over 5 years
✓Neff7%-20% annualized
Valuation58% pass✓ 18✗ 8▾
7 of 12 pass — Dreman, Ackman, Templeton +2 more object
Price / Book Value per Share1.2x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS10.5x
✓Graham<= 15x
Price-to-Book Ratio1.2x
✓Graham<= 1.5x
P/E x P/B12.60
✓Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.68
✓Lynch< 1.0 (ideally < 0.5)
Price / EPS10.0x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)8.9x
✗Dreman< 8x
Valuation ReasonablenessP/E=10.0x
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=10.0x
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=10.0x, P/B=1.2x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value30.2% (IV=$65.00 vs Price=$45.39)
✓Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low134% of trailing low ($33.78)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+11.12%; #552/6340 (top 8.7%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.8517; #1799/6449 (top 27.9%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS10.0x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E1.66
✓Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share1.20x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+58.7%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.2056; #3751/5247 (top 71.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+8.25%; #1952/6202 (top 31.5%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Efficiency0% pass✗ 5▾
All 4 investors flag ACT's efficiency
Revenue / Total Assets Change YoY0.18x -> 0.18x
✗PiotroskiImproved YoY
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Cash Flow30% pass✓ 4✗ 8▾
7 of 10 flag ACT's cash flow — Buffett, Lynch, Dreman +4 more
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing
✗LynchPositive and growing
Operating Cash Flow$724.5M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=10.51%, ROA=9.78%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)8.9x
✗Dreman< 8x
P/E or FCF YieldP/E=10.0x
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency7/7 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Profitability40% pass✓ 18✗ 14▾
9 of 15 flag ACT's profitability — Graham, Buffett, Lynch +6 more
Positive EPS (10 years)7/8 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)34.8%
✓Graham>= 33% growth
Net Income Positive (10+ years)7/8 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)14.2%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)0.19
✓BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.68
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR14.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE13.1%
✗Lynch> 15%
Net Income / Total Assets9.78%
✓PiotroskiROA > 0
ROA Change YoY10.55% -> 9.78% (delta: -0.77%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=10.51%, ROA=9.78%
✓PiotroskiCFO/Assets > ROA
Pre-Tax Income / Revenue68.5%
✓Dreman>= 8%
Net Income / Shareholders' Equity13.1%
✓Dreman> 12%
Margin of SafetyP/E=10.0x, P/B=1.2x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity13.6% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value30.2% (IV=$65.00 vs Price=$45.39)
✓Marks>= 20% below intrinsic value
Positive Net Income Frequency7/7 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity13.1%
✗Ackman>= 15%
5-Year EPS CAGR14.8% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+11.12%; #552/6340 (top 8.7%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+13.06%; #1372/5226 (top 26.3%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0103; #848/5884 (top 14.4%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR14.8% over 5 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years7/7 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts44% pass✓ 4✗ 5▾
Split decision: 7 NEUTRAL · 5 FAIL · 2 BUY · 2 PASS
Overall verdict
✓GrahamBUY (5/7)✗BuffettFAIL (2/7)✗LynchFAIL (3/6)•PiotroskiNEUTRAL (F-Score 5)✓DremanBUY (7/10)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✓AckmanPASS (4/9)•TempletonNEUTRAL (6/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✓NeffPASS (5/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Insurance

SIC Sector: Insurance Agents & Brokers

Size: Mid Cap($6.1B)

Revenue: $1.2B+2.8% YoY

Net Income: $674.2M-2.0% YoY

Financial Snapshot

Operating Margin--

Return on Equity12.6%

Debt / Equity0.14

Current Ratio--

EPS (Diluted)$4.52+3.4% 1y

Buybacks (1y)$382.4M

Buybacks (2y)$626.4M

Shares Retired6.8% / 11.1% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC

$365.1B

PGRPROGRESSIVE CORP/OH/

$136.6B

MRSHMARSH & MCLENNAN COMPANIES, INC.

$98.8B

CILJFCHINA LIFE INSURANCE CO LTD

$85.1B

Sector-adjusted criteria: Insurer

Insurers file unclassified balance sheets with no inventory or current accounts, so those criteria are omitted rather than failed for missing data. Return-on-invested-capital tests are omitted too: float funds the balance sheet but never appears in invested capital, and the portfolio it is invested in would be subtracted as spare cash. Debt tests are kept — an insurer’s borrowings are real leverage on top of underwriting.

Shareholder Return

Fiscal 2025

Retired 6.8% of shares last year, 11.1% over two.

Buybacks: $382.4M
Dividends: $120.8M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

28.3% = 28.8% + −0.4%

FY23

−4.6% = −5.5% + 0.9%

FY24

6.3% = 3.4% + 2.8%

FY25

3.4% = −2.0% + 5.6%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-02-27 10-Q · 2026-05-06 10-Q · 2026-08-06 10-Q · 2026-11-05 Derived from cumulative filings: revenue, net income, pre tax income, interest expense, operating cash flow, dividends paid, buybacks.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-05 Derived from cumulative filings: operating cash flow, dividends paid, buybacks.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-06 Derived from cumulative filings: operating cash flow, dividends paid, buybacks.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-06	FY 2025 Sources 10-K · 2026-02-27	FY 2024 Sources 10-K · 2025-02-28	FY 2023 Sources 10-K · 2024-02-29	FY 2022 Sources 10-K · 2023-02-28	FY 2021 Sources 10-K · 2022-02-28
Market Cap	$6.1Bcurrent	--	--	--	$5.6Best.	$5.0Best.	$4.3Best.	$3.7Best.	$3.0Best.
Revenue	$1.3B↑2%	$312.9M	$317.3M↑4%	$312.1M↑2%	$1.2B↑3%	$1.2B↑4%	$1.2B↑5%	$1.1B↓2%	$1.1B
Operating Income	--	--	--	--	--	--	--	--	--
Net Income	$678.7M↑3%	$158.9M↓3%	$174.8M↑4%	$167.8M↑1%	$674.2M↓2%	$688.1M↑3%	$665.5M↓5%	$704.2M↑29%	$546.7M
EPS (Diluted)	--	$1.15↑5%	$1.25↑13%	$1.18↑9%	$4.52↑3%	$4.37↑6%	$4.11↓5%	$4.31↑28%	$3.36
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—	—	—
ROE	13.1%↑5%	—	—	—	12.6%↓9%	13.8%↓4%	14.4%↓16%	17.2%↑29%	13.3%
Total Debt	$745.6M	$745.6M	$745.2M	$744.9M	$744.5M	$743.0M	$745.4M	$742.8M	$740.4M
Shareholders' Equity	$5.2B↓2%	$5.2B↓2%	$5.4B↑3%	$5.3B↑4%	$5.4B↑7%	$5.0B↑8%	$4.6B↑13%	$4.1B	$4.1B
Current Ratio	—	—	—	—	—	—	—	—	—
Debt / Equity	0.14↑3%	0.14↑3%	0.14↓3%	0.14↓4%	0.14↓7%	0.15↓8%	0.16↓11%	0.18	0.18
Operating Cash Flow	$712.7M↑1%	$183.9M↓4%	$118.5M↓1%	$224.0M↓1%	$724.5M↑6%	$686.3M↑9%	$632.0M↑13%	$560.5M↓2%	$572.1M
Free Cash Flow	--	--	--	--	--	--	--	--	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Insurance

ACT vs Peers — Financial Grading

Revenue$1.2BBottom 25%

Net Income$674.2MBottom 25%

ROE12.6%Median

D/E0.14Top 25%

Op. Margin—

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Piotroski	Dreman
UNITEDHEALTH GROUP INCUNH	$365.1B	$407.46	$447.6B	$12.1B	12.0%	0.78	4.2%	0.79	3/7	4/7	2/6	F-Score 6	3/10
PROGRESSIVE CORP/OH/PGR	$136.6B	$235.78	$87.7B	$11.3B	37.3%	0.23	—	—	2/7	2/7	4/6	F-Score 6	8/10
MARSH & MCLENNAN COMPANIES, INC.MRSH	$98.8B	$207.78	$27.0B	$4.2B	27.2%	1.28	23.1%	1.10	3/7	3/7	2/6	F-Score 6	5/10
CHINA LIFE INSURANCE CO LTDCILJF	$85.1B	$3.01	—	—	—	—	—	—	5/7	1/7	3/6	F-Score 5	5/10
Aon plcAON	$71.8B	$338.31	$17.2B	$3.7B	39.5%	1.63	25.3%	1.11	2/7	4/7	3/6	F-Score 6	3/10
HUMANA INCHUM	$54.0B	$450.00	$129.7B	$1.2B	6.7%	0.70	2.1%	2.00	3/7	2/7	1/6	F-Score 4	4/10
SUN LIFE FINANCIAL INCSLF	$40.5B	$72.93	$30.6B	$2.6B	14.5%	0.33	—	—	3/7	3/7	2/6	F-Score 6	6/10
HARTFORD INSURANCE GROUP, INC.HIG	$36.8B	$137.48	$28.4B	$3.8B	20.2%	0.23	—	—	3/7	3/7	4/6	F-Score 7	8/10