Essent Group (ESNT) FY2016 results: revenue $458 million, up 29.7% on the year
Essent Group Ltd. (ESNT) reported revenue of $458 million for fiscal 2016, the year ended 31 December 2016, up 29.7% on the year before. Net income was $223 million, up 41.5%, and diluted earnings per share $2.41. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2017.
Revenue
$458 million
+29.7% on the year
FY2012FY2016
Operating margin
68.1%
64.6% a year earlier
FY2012FY2016
Net income
$223 million
+41.5% on the year
FY2012FY2016
Diluted EPS
$2.41
+40.1% on the year
FY2012FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
458
353
239
+29.7%
Operating income
312
228
136
+36.6%
Operating margin
68.1%
64.6%
56.8%
Interest expense
0.4
0.0
n/a
Pre-tax income
312
228
136
+36.6%
Income tax
89.3
71.1
47.4
+25.6%
Effective tax rate
28.6%
31.1%
34.9%
Net income
223
157
88.5
+41.5%
Net margin
48.6%
44.5%
37.0%
Diluted EPS
$2.41
$1.72
$1.03
+40.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
275
227
154
+21.2%
Capital expenditure
3.2
5.0
3.9
-36.2%
Free cash flow
271
222
150
+22.5%
Free cash flow margin
59.2%
62.7%
62.6%
Cash from investing
-365
-221
-728
Cash from financing
93.7
-5.7
121
Depreciation and amortisation
4.1
3.2
2.5
+26.3%
Share-based compensation
16.9
13.6
12.5
+23.8%
Buybacks
4.0
5.2
2.5
-22.1%
Diluted shares, weighted
92m
92m
86m
+0.6%
Shares outstanding at period end
93m
93m
n/a
+0.5%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,344
1,119
956
+20.1%
Other liabilities
539
350
226
+54.1%
Total liabilities and equity
1,883
1,469
1,181
+28.2%
Fixed assets
8.1
9.0
5.8
-10.0%
Investments
132
86.0
211
+53.9%
Cash and equivalents
27.5
24.6
24.4
+11.9%
Other assets
1,715
1,349
941
+27.1%
Total assets
1,883
1,469
1,181
+28.2%
10-K for the year ended 31 December 2016, filed 16 February 2017: the filing.