Essent Group (ESNT) FY2020 results: revenue $955 million, up 10.1% on the year
Essent Group Ltd. (ESNT) reported revenue of $955 million for fiscal 2020, the year ended 31 December 2020, up 10.1% on the year before. Net income was $413 million, down 25.7%, and diluted earnings per share $3.88. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$955 million
+10.1% on the year
FY2013FY2020
Operating margin
51.3%
76.0% a year earlier
FY2013FY2020
Net income
$413 million
-25.7% on the year
FY2013FY2020
Diluted EPS
$3.88
-31.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
955
868
719
+10.1%
Operating income
490
659
547
-25.6%
Operating margin
51.3%
76.0%
76.0%
Interest expense
9.1
10.2
10.2
-10.6%
Pre-tax income
490
659
547
-25.6%
Income tax
77.1
103
79.3
-25.4%
Effective tax rate
15.7%
15.7%
14.5%
Net income
413
556
467
-25.7%
Net margin
43.2%
64.1%
65.0%
Diluted EPS
$3.88
$5.66
$4.77
-31.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
728
590
625
+23.4%
Capital expenditure
2.4
3.4
4.1
-28.2%
Free cash flow
725
586
621
+23.7%
Free cash flow margin
76.0%
67.6%
86.4%
Cash from investing
-1,154
-545
-547
Cash from financing
458
-38.4
-57.0
Depreciation and amortisation
3.3
3.8
3.4
-11.7%
Share-based compensation
18.5
16.6
15.1
+11.3%
Buybacks
6.4
9.0
31.4
-29.4%
Dividends paid
69.4
29.3
0.0
+136.5%
Dividend per share
$0.64
$0.30
n/a
+113.3%
Diluted shares, weighted
106m
98m
98m
+8.3%
Shares outstanding at period end
112m
98m
98m
+14.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,863
2,985
2,366
+29.4%
Debt
325
225
225
+44.4%
Other liabilities
1,015
664
559
+53.0%
Total liabilities and equity
5,203
3,873
3,150
+34.3%
Fixed assets
15.1
17.3
7.6
-12.8%
Investments
n/a
315
154
Securities held for sale or to maturity
4,565
n/a
n/a
Cash and equivalents
103
71.3
64.9
+44.1%
Other assets
519
3,469
2,923
-85.0%
Total assets
5,203
3,873
3,150
+34.3%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.