Essent Group (ESNT) FY2023 results: revenue $1.1 billion, up 10.9% on the year
Essent Group Ltd. (ESNT) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, up 10.9% on the year before. Net income was $696 million, down 16.2%, and diluted earnings per share $6.50. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.
Revenue
$1.1 billion
+10.9% on the year
FY2016FY2023
Operating margin
74.2%
98.7% a year earlier
FY2016FY2023
Net income
$696 million
-16.2% on the year
FY2016FY2023
Diluted EPS
$6.50
-15.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
763
589
709
+29.6%
Capital expenditure
4.0
4.0
2.5
+0.5%
Free cash flow
759
585
707
+29.8%
Free cash flow margin
68.4%
58.4%
68.7%
Cash from investing
-526
-399
-583
Cash from financing
-177
-190
-147
Depreciation and amortisation
4.5
3.0
3.4
+49.6%
Share-based compensation
18.4
18.4
20.8
+0.4%
Buybacks
70.7
97.9
164
-27.8%
Dividends paid
106
92.1
77.7
+15.3%
Dividend per share
$1.00
$0.86
$0.70
+16.3%
Diluted shares, weighted
107m
108m
112m
-0.5%
Shares outstanding at period end
107m
108m
109m
-1.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
5,103
4,462
4,236
+14.3%
Debt
425
425
425
0.0%
Other liabilities
899
836
1,061
+7.5%
Total liabilities and equity
6,427
5,724
5,722
+12.3%
Fixed assets
41.3
19.6
11.9
+111.0%
Goodwill
50.0
0.0
n/a
Securities held for sale or to maturity
5,264
4,742
4,963
+11.0%
Cash and equivalents
142
81.2
81.5
+74.5%
Other assets
930
881
666
+5.5%
Total assets
6,427
5,724
5,722
+12.3%
10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.