Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Enact Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Enact Holdings's Piotroski F-Score or its related term are showing as below:
ACT'
s Piotroski F-Score Range Over the Past 10 Years
Min: 6 Med: 6 Max: 6
Current: 6
During the past 3 years, the highest Piotroski F-Score of Enact Holdings was 6. The lowest was 6. And the median was 6.
Enact Holdings Piotroski F-Score Historical Data
The historical data trend for Enact Holdings's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* Premium members only.
Enact Holdings Annual Data
Trend
Dec19
Dec20
Dec21
Piotroski F-Score
N/A
N/A
N/A
Enact Holdings Quarterly Data
Dec19
Sep20
Dec20
Mar21
Jun21
Sep21
Dec21
Mar22
Jun22
Piotroski F-Score
N/A
N/A
N/A
N/A
6.00
Competitive Comparison
For the Insurance - Specialty subindustry, Enact Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Enact Holdings Piotroski F-Score Distribution
For the Insurance industry and Financial Services sector, Enact Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Enact Holdings's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun22) TTM:
Last Year (Jun21) TTM:
Net Income was 137.208 + 153.534 + 164.63 + 204.735 = $660 Mil. Cash Flow from Operations was 147.975 + 161.035 + 160.8 + 140.945 = $611 Mil. Revenue was 280.44 + 272.881 + 269.415 + 273.541 = $1,096 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(5652.71 + 5991.306 + 5865.773 + 5792.407 + 5760.433) / 5 = $5812.5258 Mil. Total Assets at the begining of this year (Jun21) was $5,653 Mil. Long-Term Debt & Capital Lease Obligation was $742 Mil. Total Assets was $5,760 Mil. Total Liabilities was $1,680 Mil.
Net Income was 138.015 + 91.181 + 125.131 + 130.812 = $485 Mil.
Revenue was 284.336 + 285.514 + 289.436 + 276.121 = $1,135 Mil.
Average Total Assets from the begining of last year (Dec19)
to the end of last year (Jun21) was
(4502.924 + 0 + 5652.71 + 0 + 5652.71) / 5 = $5269.448 Mil. Total Assets at the begining of last year (Dec19) was $4,503 Mil. Long-Term Debt & Capital Lease Obligation was $738 Mil. Total Assets was $5,653 Mil. Total Liabilities was $1,771 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Enact Holdings's current Net Income (TTM) was 660.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Enact Holdings's return on assets of this year was 0.11677709. Enact Holdings's return on assets of last year was 0.10773866.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Enact Holdings's current Net Income (TTM) was 660. Enact Holdings's current Cash Flow from Operations (TTM) was 611.
==> 611 <= 660 ==> CFROA <= ROA ==> Score 0.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Enact Holdings's gearing of this year was 0.12758687. Enact Holdings's gearing of last year was 0.14008336.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Enact Holdings's current ratio of this year was 3.42896592. Enact Holdings's current ratio of last year was 3.19200022.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Enact Holdings's number of shares in issue this year was 163.225. Enact Holdings's number of shares in issue last year was 162.84.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Enact Holdings's net margin of this year was 0.60213523. Enact Holdings's net margin of last year was 0.42728202.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Enact Holdings's asset turnover of this year was 0.19393831. Enact Holdings's asset turnover of last year was 0.25214883.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
1
+
0
+
1
+
1
+
0
+
1
+
0
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Enact Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Enact Holdings Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Enact Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Enact Holdings Inc is a private mortgage insurance company serving the United States housing finance market. The principal mortgage insurance customers are originators of residential mortgage loans who determine which mortgage insurer or insurers they will use for the placement of mortgage insurance written on loans they originate. The company is engaged in the business of writing and assuming residential mortgage guaranty insurance.
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