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Insurance - Specialty · Financial Services · Fiscal year ends Dec 31
Essent reported revenue of $1.3B in the fiscal year ended Dec 2025, up 1.5% from the year before. Operating income was $855M, an operating margin of 67.8%, and net income was $690M. Operating cash flow of $856M less capital expenditure of $7M left free cash flow of $849M.
Ranks among the 10 insurance - specialty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,029 | 1,001 | 1,110 | 1,243 | 1,261 |
| Operating incomederived: pre-tax income + interest | 831 | 1,004 | 853 | 891 | 855 |
| Interest expense | 8.3 | 15.6 | 30.1 | 35.3 | 32.7 |
| Pre-tax income | 822 | 988 | 823 | 855 | 822 |
| Income tax | 141 | 157 | 127 | 126 | 132 |
| Net income | 682 | 831 | 696 | 729 | 690 |
| Diluted EPS | 6.11 | 7.72 | 6.50 | 6.85 | 6.90 |
| Diluted shares | 112 | 108 | 107 | 107 | 100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 81.5 | 81.2 | 142 | 131 | 123 |
| Net PP&E | 11.9 | 19.6 | 41.3 | 41.9 | 49.2 |
| Goodwill | – | 0.0 | 50.0 | 48.8 | 48.8 |
| Total assets | 5,722 | 5,724 | 6,427 | 7,112 | 7,441 |
| Total liabilities | 1,486 | 1,261 | 1,324 | 1,508 | 1,684 |
| Shareholders' equity | 4,236 | 4,462 | 5,103 | 5,604 | 5,757 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 709 | 589 | 763 | 862 | 856 |
| Capital expenditure | 2.5 | 4.0 | 4.0 | 6.8 | 7.4 |
| Free cash flow | 707 | 585 | 759 | 855 | 849 |
| Depreciation & amortisation | 3.4 | 3.0 | 4.5 | 5.8 | 5.2 |
| Stock-based compensation | 20.8 | 18.4 | 18.4 | 24.8 | 20.8 |
| Acquisitions | 0.0 | 0.0 | 86.8 | 0.0 | 0.0 |
| Share buybacks | 164 | 97.9 | 70.7 | 112 | 588 |
| Dividends paid | 77.7 | 92.1 | 106 | 118 | 122 |
| Dividend per share | 0.70 | 0.86 | 1.00 | 1.12 | 1.24 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.7% | 10.9% | 12.0% | 1.5% |
| Operating income growth (YoY) | – | 20.9% | −15.0% | 4.4% | −4.1% |
| EPS growth (YoY) | – | 26.4% | −15.8% | 5.4% | 0.7% |
| Operating margin | 80.8% | 100.3% | 76.9% | 71.7% | 67.8% |
| Net margin | 66.3% | 83.1% | 62.8% | 58.7% | 54.7% |
| Return on equityBlank when equity is negative | 16.1% | 18.6% | 13.6% | 13.0% | 12.0% |
| Free cash flow margin | 68.7% | 58.4% | 68.4% | 68.8% | 67.3% |
| Cash conversion (CFO ÷ net income) | 1.04x | 0.71x | 1.10x | 1.18x | 1.24x |
| Interest cover | 100x | 64.3x | 28.3x | 25.2x | 26.1x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.