ESNT vs FAF: Essent Group and First American compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- First American is the larger company, worth $6.3B, close to Essent Group's $5.9B.
- First American grew revenue faster over the last year (+15.0% vs +13.6%).
- Essent Group keeps more of each dollar of revenue as operating profit (62.0% vs 12.3%).
- On earnings, Essent Group is the cheaper stock (9.2x vs 9.5x).
- First American's price assumes faster free cash flow growth: about -7% a year, against -9% for Essent Group (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ESNT | FAF |
|---|---|---|
| Market cap | $5.9B | $6.3B |
| Share price | $62.49 | $61.20 |
| Revenue (last fiscal year) | $1.3B | $7.5B |
| Free cash flow (last fiscal year) | $849M | $762M |
| Revenue growth, last year | +13.6% | +15.0% |
| Revenue growth per year, last 5 fiscal years | +5.2% | -5.2% |
| Operating margin | 62.0% | 12.3% |
| Net margin | 51.5% | 9.3% |
| Return on equity | 12.0% | 13.3% |
| P/E (trailing) | 9.18x | 9.50x |
| Price / free cash flow | 7.01x | 8.25x |
| EV / EBITDA | 7.36x | 5.74x |
| FCF growth the price implies | -9.1% | -6.8% |
| Dividend yield | 2.0% | 3.5% |
| Debt / equity | 0.34x | 2.37x |
| Fundamental grade | B | C |
| Superinvestors holding it | 2 | 5 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Essent Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.0B | $707M | 80.0% |
| 2022 | $1.0B | $585M | 98.7% |
| 2023 | $1.1B | $759M | 74.2% |
| 2024 | $1.2B | $855M | 68.8% |
| 2025 | $1.3B | $849M | 65.2% |
First American
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.2B | $1.1B | 17.8% |
| 2022 | $7.6B | $518M | 4.3% |
| 2023 | $6.0B | $91M | 4.6% |
| 2024 | $6.1B | $679M | 2.7% |
| 2025 | $7.5B | $762M | 11.1% |
Where the revenue comes from
Essent Group · by segments, 2025
Mortgage Insurance$1.1B92%
Reinsurance$90M8%
First American · by segments, 2025
Title Insurance and Services$7.0B94%
Home warranty$443M6%
Corporate And Eliminations$32M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ESNT in InvestinglyQuestions
Which is bigger, Essent Group or First American?
First American (FAF), at $6.3B against $5.9B.
Is ESNT or FAF cheaper?
By trailing P/E, Essent Group (9.18x) is cheaper than First American (9.50x). A lower multiple can also mean the market expects less growth.
Which grows faster, ESNT or FAF?
First American: revenue grew +15.0% over the last year, against +13.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.