RADIAN GROUP INC RDN
As a leading U.S. private mortgage insurer, Radian provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. As of December 31, 2025, we had one reportable business segment, Mortgage Insurance.
Our Mortgage Insurance segment aggregates, manages and distributes U.S. mortgage credit risk for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans.
In September 2025, following a comprehensive strategic review, we announced that we had entered into a definitive agreement to acquire Inigo, a Lloyd's specialty insurer, as part of the Company's planned strategic transformation to a global multi-line specialty insurer. The acquisition was completed on February 2, 2026; see "Inigo Acquisition" below for additional information. Also, following this comprehensive strategic review, in September 2025 we announced the planned divestiture of our Mortgage Conduit, Title and Real Estate Services businesses, which is expected to be completed no later than the end of the third quarter of 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.20B | $1.21B | $1.18B | $1.19B | $1.33B | $1.44B | $1.53B | $1.27B | $1.22B | $1.24B |
| Cost of revenue | — | $38.3M | $38.5M | $82.4M | $103.7M | $86.1M | $108.3M | $98.1M | $104.6M | $114.2M |
| Gross profit | — | $1.17B | $1.14B | $1.11B | $1.23B | $1.35B | $1.42B | $1.17B | $1.12B | $1.12B |
| Total operating expenses | $405.9M | $360.7M | $313.4M | $237.9M | $565.1M | $959.2M | $678.0M | $588.8M | $874.9M | $754.8M |
| Interest expense | $68.3M | $88.0M | $86.2M | $84.5M | $84.3M | $71.2M | $56.3M | $61.5M | $62.8M | $81.1M |
| Pre-tax income | $791.2M | $845.6M | $863.9M | $952.8M | $764.8M | $479.4M | $849.0M | $684.2M | $346.7M | $483.7M |
| Income tax | $173.0M | $185.3M | $188.0M | $209.8M | $164.2M | $85.8M | $176.7M | $78.2M | $225.6M | $175.4M |
| Net income | $582.6M | $604.4M | $603.1M | $742.9M | $600.7M | $393.6M | $672.3M | $606.0M | $121.1M | $308.3M |
| EPS, basic | 4.18 | 3.96 | 3.81 | 4.42 | 3.19 | 2.01 | 3.22 | 2.83 | 0.56 | 1.46 |
| EPS, diluted | 4.14 | 3.92 | 3.77 | 4.35 | 3.16 | 2.00 | 3.20 | 2.77 | 0.55 | 1.37 |
| Shares, diluted (wtd. avg.) | $140.8M | $154.2M | $160.1M | $170.7M | $190.3M | $196.6M | $210.3M | $218.6M | $220.4M | $229.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $24.8M | $19.2M | $20.1M | $56.6M | $152.6M | $94.1M | $96.3M | $107.0M | $96.2M | $61.8M |
| Property, plant and equipment | $17.2M | $23.4M | $63.8M | $71.0M | $75.1M | $80.5M | $87.9M | $37.1M | $38.3M | $70.7M |
| Goodwill | — | $0 | $0 | $9.8M | $9.8M | $9.8M | — | — | — | — |
| Other intangibles | — | $0 | $0 | — | $9.8M | $13.2M | $18.4M | $44.9M | $53.3M | $81.1M |
| Total assets | $8.12B | $8.69B | $7.59B | $7.06B | $7.84B | $7.95B | $6.81B | $6.31B | $5.90B | $5.86B |
| Long-term debt | — | — | — | — | — | — | — | — | $1.03B | $1.07B |
| Total liabilities | $3.34B | $4.07B | $3.20B | $3.14B | $3.58B | $3.66B | $2.76B | $2.83B | $2.90B | $2.99B |
| Retained earnings | $5.13B | $4.70B | $4.24B | $3.79B | $3.18B | $2.68B | $2.39B | $1.72B | $1.12B | $997.9M |
| Total equity | $4.78B | $4.62B | $4.40B | $3.92B | $4.26B | $4.28B | $4.05B | $3.49B | $3.00B | $2.87B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $119.9M | -$663.6M | $529.4M | $388.3M | $557.1M | $658.4M | $694.4M | $677.8M | $360.6M | $381.7M |
| Depreciation and amortisation | $10.0M | $15.0M | $12.0M | $15.0M | $16.0M | $18.3M | $20.8M | $19.4M | $58.0M | $5.6M |
| Capital expenditure | $4.2M | $1.6M | $8.5M | $17.7M | $12.6M | — | — | — | — | — |
| Investing cash flow | $127.3M | $327.7M | -$300.8M | -$5.2M | -$1.9M | -$883.2M | -$302.0M | -$689.4M | -$201.5M | -$176.1M |
| Financing cash flow | -$243.1M | $357.2M | -$265.1M | -$479.2M | -$496.8M | $222.6M | -$403.1M | $22.4M | -$125.1M | -$203.3M |
| Dividends paid | $145.6M | $152.0M | $145.9M | $135.4M | $103.3M | $97.5M | $2.1M | $2.1M | $2.2M | $2.1M |
| Buybacks | $431.9M | $225.1M | $133.3M | $400.2M | $399.1M | $226.3M | $300.2M | $50.1M | $6.0K | $100.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-061383.
Others in SIC 6351
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ORI | OLD REPUBLIC INTERNATIONAL CORP | $10.00B | 11.1x | 11.0% |
| MTG | MGIC INVESTMENT CORP | $6.36B | 9.9x | 0.5% |
| ESNT | Essent Group Ltd. | $6.22B | 10.0x | 1.5% |
| NMIH | NMI Holdings, Inc. | $3.37B | 9.1x | 8.5% |
| AGO | ASSURED GUARANTY LTD | $3.33B | 7.4x | — |
| MBI | MBIA INC | $243.3M | — | 90.5% |
| OSG | OCTAVE SPECIALTY GROUP INC | $223.9M | — | 55.8% |