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Radian (RDN)

Market Price (7/10/2026): $37.66 | Market Cap: $5.2 BilSector: Financials | Industry: Property & Casualty Insurance

Radian (RDN)

Market Price (7/10/2026): $37.66
Market Cap: $5.2 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 6.5%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -108%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Low stock price volatility
Vol 12M is 24%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Online Banking & Lending, and Real Estate Data Analytics.

Trading close to highs
Dist 52W High is -1.4%, Dist 3Y High is -1.4%

Weak multi-year price returns
2Y Excs Rtn is -8.5%, 3Y Excs Rtn is -7.5%

Key risks
RDN key risks include [1] increased borrower defaults due to housing market cyclicality, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 6.5%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -108%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3 Low stock price volatility
Vol 12M is 24%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Online Banking & Lending, and Real Estate Data Analytics.
5 Trading close to highs
Dist 52W High is -1.4%, Dist 3Y High is -1.4%
6 Weak multi-year price returns
2Y Excs Rtn is -8.5%, 3Y Excs Rtn is -7.5%
7 Key risks
RDN key risks include [1] increased borrower defaults due to housing market cyclicality, Show more.

RDN in ETFs

Weight = RDN's share of each fund

VTI0.01%
ITOT0.01%
IWM0.16%
IJR0.27%
VYM0.02%
VB0.06%
AVUV0.60%
IWN0.34%
+15 more covered ETFs

Valuation & Metrics

FYE: 12/31RDN [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$1.4 Bil—
FY 2026 Sales$2.1 Bil—
FY 2027 Sales$2.3 Bil—
FY 2026 Sales Growth54.3%—
FY 2027 Sales Growth10.2%8.1%
EARNINGS
LTM Net Income (GAAP) [3]$562.2 Mil—
FY 2026 Net Income (Non-GAAP)$695.0 Mil—
FY 2027 Net Income (Non-GAAP)$747.5 Mil—
FY 2027 Net Income Growth7.6%16.3%
FY 2026 EPS (Non-GAAP)$5.04—
FY 2027 EPS (Non-GAAP)$5.41—
FY 2027 EPS Growth7.4%—
VALUATION
FY 2026 P/S2.43.3
FY 2027 P/S2.2—
FY 2026 P/E7.420.0
FY 2027 P/E6.9—

[1] RDN forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
RDNS&P 500
REVENUE GROWTHGOOD
Rev LTM ($ Bil)1.4
Rev Chg Q58.2%8.9%
Rev Chg LTM13.5%7.5%
Rev Chg 3Y Avg4.6%5.9%
PROFITABILITYVERY GOOD
Op Inc LTM ($ Bil)�
CFO LTM ($ Bil)0.3
Net Inc LTM ($ Bil)0.6
CFO/Rev LTM24.5%21.4%
Net Inc Mgn40.9%13.0%
VALUATIONLOW
P/S3.83.3
P/CFO15.315.4
P/FCF15.519.9
P/E9.224.4

AI Analysis | Feedback

MetricValueDateSource
Primary Mortgage Insurance in Force281,000,000,0009302025Link
New Insurance Written15,500,000,0009302025Link
Number of Primary Delinquent Loans23,8199302025Link

Price Chart

Upcoming
7/29/2026Earnings ReleaseRev: $556 Mil (E)
EPS: $1.38 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Radian (RDN) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Performance Significantly Exceeded Expectations.

Radian Group reported robust financial results for fiscal Q1 2026 (ending March 31, 2026), announcing earnings per share (EPS) of $1.27 on May 7, 2026. This surpassed analysts' consensus estimates of $1.17 by $0.10, or a 2.85% beat on some estimates. Additionally, quarterly revenue surged by 46.6% year-over-year to $466.34 million, notably exceeding analyst projections of $377.83 million. The company's adjusted net operating EPS also saw a 22% increase year-over-year, and its adjusted net operating return on equity rose to 14.7%.

2. Strategic Expansion into Global Multi-Line Specialty Insurance with the Inigo Acquisition.

Radian completed its $1.67 billion acquisition of Inigo, a Lloyd's specialty insurer, in February 2026, strategically transforming the company into a global multi-line specialty insurer and diversifying its revenue streams beyond mortgage insurance. This new Specialty segment immediately contributed, generating $164.4 million in net premiums during its first two months of ownership in fiscal Q1 2026. The company's long-term strategy and focus on this diversified value creation were highlighted during its Investor Day on June 4, 2026.

Show more
Updated on 7/1/2026

Radian (RDN) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Performance Significantly Exceeded Expectations.

Radian Group reported robust financial results for fiscal Q1 2026 (ending March 31, 2026), announcing earnings per share (EPS) of $1.27 on May 7, 2026. This surpassed analysts' consensus estimates of $1.17 by $0.10, or a 2.85% beat on some estimates. Additionally, quarterly revenue surged by 46.6% year-over-year to $466.34 million, notably exceeding analyst projections of $377.83 million. The company's adjusted net operating EPS also saw a 22% increase year-over-year, and its adjusted net operating return on equity rose to 14.7%.

2. Strategic Expansion into Global Multi-Line Specialty Insurance with the Inigo Acquisition.

Radian completed its $1.67 billion acquisition of Inigo, a Lloyd's specialty insurer, in February 2026, strategically transforming the company into a global multi-line specialty insurer and diversifying its revenue streams beyond mortgage insurance. This new Specialty segment immediately contributed, generating $164.4 million in net premiums during its first two months of ownership in fiscal Q1 2026. The company's long-term strategy and focus on this diversified value creation were highlighted during its Investor Day on June 4, 2026.

3. Positive Analyst Upgrades and Increased Price Targets.

The company received favorable attention from Wall Street analysts during the period. Wall Street Zen upgraded Radian Group's rating to "Buy" from "Hold" in late June 2026. In April 2026, Bank of America double upgraded Radian Group to "Buy" from "Underperform" and raised its price target from $35.00 to $43.00. Keefe Bruyette also increased its price target to $46 from $43 in early June 2026. The current consensus analyst rating for RDN is "Moderate Buy" or "Strong Buy," with an average 12-month price target ranging from $43.17 to $45.50, indicating significant potential upside.

4. Significant Insider Buying by the New CEO-Elect.

Michael S. Weinbach, Radian's CEO-Elect, demonstrated strong confidence in the company's prospects by purchasing 170,000 shares for approximately $5.77 million in early June 2026 (June 1-2). Although this purchase was contractually mandated as part of his employment agreement to unlock restricted stock units, it represents a substantial personal investment exceeding the $5 million threshold, signaling a strong alignment of interests with shareholders.

5. Favorable Trends in the Housing Market Supporting Mortgage Insurance Demand.

Despite some headwinds from higher interest rates, the broader housing market is experiencing a rebalance and anticipated rebound in 2026, which positively impacts Radian's core mortgage insurance business. Economists project a nationwide increase in home sales of approximately 14% and modest home price growth of 2% to 3% for 2026. Improved affordability, driven by expected lower mortgage rates and wage growth outpacing home price increases, is expected to support sustained demand for mortgage insurance.

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Stock Movement Drivers

Fundamental Drivers

The 14.7% change in RDN stock from 3/31/2026 to 7/9/2026 was primarily driven by a 18.9% change in the company's P/E Multiple.
(LTM values as of)33120267092026Change
Stock Price ($)32.8337.6614.7%
Change Contribution By: 
Total Revenues ($ Mil)1,2031,37414.3%
Net Income Margin (%)48.5%40.9%-15.6%
P/E Multiple7.79.218.9%
Shares Outstanding (Mil)1371370.0%
Cumulative Contribution14.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/9/2026
ReturnCorrelation
RDN14.7% 
Market (SPY)15.6%-13.9%
Sector (XLF)12.5%23.0%

Fundamental Drivers

The 6.2% change in RDN stock from 12/31/2025 to 7/9/2026 was primarily driven by a 14.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257092026Change
Stock Price ($)35.4537.666.2%
Change Contribution By: 
Total Revenues ($ Mil)1,1981,37414.7%
Net Income Margin (%)48.1%40.9%-14.9%
P/E Multiple8.49.28.9%
Shares Outstanding (Mil)1371370.0%
Cumulative Contribution6.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/9/2026
ReturnCorrelation
RDN6.2% 
Market (SPY)10.5%-4.8%
Sector (XLF)1.9%22.5%

Fundamental Drivers

The 7.7% change in RDN stock from 6/30/2025 to 7/9/2026 was primarily driven by a 13.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257092026Change
Stock Price ($)34.9737.667.7%
Change Contribution By: 
Total Revenues ($ Mil)1,2101,37413.5%
Net Income Margin (%)49.3%40.9%-17.0%
P/E Multiple8.59.27.5%
Shares Outstanding (Mil)1461376.3%
Cumulative Contribution7.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/9/2026
ReturnCorrelation
RDN7.7% 
Market (SPY)22.7%4.1%
Sector (XLF)7.3%30.2%

Fundamental Drivers

The 63.5% change in RDN stock from 6/30/2023 to 7/9/2026 was primarily driven by a 81.1% change in the company's P/E Multiple.
(LTM values as of)63020237092026Change
Stock Price ($)23.0337.6663.5%
Change Contribution By: 
Total Revenues ($ Mil)1,2081,37413.8%
Net Income Margin (%)59.6%40.9%-31.3%
P/E Multiple5.19.281.1%
Shares Outstanding (Mil)15813715.5%
Cumulative Contribution63.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/9/2026
ReturnCorrelation
RDN63.5% 
Market (SPY)75.6%35.4%
Sector (XLF)72.2%53.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RDN Return7%-6%55%15%17%6%120%
Peers Return14%11%34%17%18%4%141%
S&P 500 Return27%-19%24%23%16%9%99%

Monthly Win Rates [3]
RDN Win Rate58%42%75%67%67%43% 
Peers Win Rate56%58%69%57%65%43% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
RDN Max Drawdown-21%-26%-11%-14%-12%-13% 
Peers Max Drawdown-18%-24%-15%-16%-13%-13% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACGL, MTG, ESNT, ACT, NMIH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/9/2026 (YTD)

How Low Can It Go

EventRDNS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-13.3%-24.5%
  % Gain to Breakeven15.3%32.4%
  Time to Breakeven29 days427 days
2020 COVID-19 Crash
  % Loss-58.5%-33.7%
  % Gain to Breakeven141.2%50.9%
  Time to Breakeven342 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.0%-19.2%
  % Gain to Breakeven37.1%23.8%
  Time to Breakeven53 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-49.2%-12.2%
  % Gain to Breakeven96.8%13.9%
  Time to Breakeven345 days62 days
2014-2016 Oil Price Collapse
  % Loss-35.6%-6.8%
  % Gain to Breakeven55.3%7.3%
  Time to Breakeven268 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-40.2%-17.9%
  % Gain to Breakeven67.2%21.8%
  Time to Breakeven21 days123 days

Compare to ACGL, MTG, ESNT, ACT, NMIH

In The Past

Radian's stock fell -6.4% during the 2025 US Tariff Shock. Such a loss loss requires a 6.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventRDNS&P 500
2020 COVID-19 Crash
  % Loss-58.5%-33.7%
  % Gain to Breakeven141.2%50.9%
  Time to Breakeven342 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.0%-19.2%
  % Gain to Breakeven37.1%23.8%
  Time to Breakeven53 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-49.2%-12.2%
  % Gain to Breakeven96.8%13.9%
  Time to Breakeven345 days62 days
2014-2016 Oil Price Collapse
  % Loss-35.6%-6.8%
  % Gain to Breakeven55.3%7.3%
  Time to Breakeven268 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-40.2%-17.9%
  % Gain to Breakeven67.2%21.8%
  Time to Breakeven21 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-61.4%-15.4%
  % Gain to Breakeven159.3%18.2%
  Time to Breakeven1749 days125 days
2008-2009 Global Financial Crisis
  % Loss-93.7%-53.4%
  % Gain to Breakeven1479.1%114.4%
  Time to Breakeven443 days1085 days

Compare to ACGL, MTG, ESNT, ACT, NMIH

In The Past

Radian's stock fell -6.4% during the 2025 US Tariff Shock. Such a loss loss requires a 6.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Radian (RDN)

Radian Group Inc. (RDN) is a prominent provider of mortgage and real estate services across the United States. A core component of its business involves offering credit-related insurance coverage, primarily private mortgage insurance (PMI), for residential first-lien mortgage loans. This service is crucial for mortgage originators, including a variety of mortgage banks, commercial banks, and credit unions, as it helps them mitigate the financial risks associated with their lending portfolios.

Complementing its insurance offerings, Radian operates its Homegenius segment, which delivers a comprehensive suite of real estate services designed to facilitate property transactions. These services encompass a wide range of title offerings, including insurance, data, recording, and curative title services, alongside closing and settlement solutions. Homegenius also provides real estate valuation products, asset management services, and develops software-as-a-service (SaaS) technology to streamline real estate processes. This segment serves a diverse clientele, including individual consumers, mortgage lenders, real estate investors, government-sponsored enterprises, and real estate brokers and agents.

AI Analysis | Feedback

Here are 1-3 brief analogies for Radian (RDN):

  • It's like the 'Intel Inside' for the housing market, providing essential, behind-the-scenes insurance and services for mortgages and real estate.

  • It's like Amazon Web Services (AWS) for the real estate industry, providing a suite of essential digital services and infrastructure for transactions.

AI Analysis | Feedback

Major Products and Services of Radian (RDN)

  • Private Mortgage Insurance (PMI): Radian provides credit-related insurance coverage primarily for residential first-lien mortgage loans.
  • Mortgage Credit Risk Management: The company offers various solutions for credit risk management, contract underwriting, and fulfillment in the mortgage sector.
  • Title Services: Radian delivers a suite of services including title insurance, data, recording, and curative title solutions for real estate transactions.
  • Closing and Settlement Services: These services encompass electronic execution and traditional signing processes to finalize real estate transactions.
  • Real Estate Valuation Services: Radian provides products and services for professional assessment and valuation of real estate properties.
  • Real Estate Technology (SaaS): Through its Homegenius segment, Radian offers software-as-a-service solutions to facilitate real estate transactions.
  • Asset Management Services: The company also provides services for the management of real estate assets.

AI Analysis | Feedback

Radian (RDN) primarily sells its services to other companies and institutions. While specific names of individual customer companies are not provided in the company description, Radian's major customers fall into the following categories:

  • Mortgage Originators: This broad category includes mortgage banks, commercial banks, savings institutions, credit unions, and community banks, primarily served by Radian's Mortgage segment for credit-related insurance coverage and risk management solutions.
  • Mortgage Lenders: Served by the Homegenius segment for various title, valuation, and closing services.
  • Mortgage and Real Estate Investors: Customers of the Homegenius segment, utilizing its valuation, asset management, and technology solutions.
  • Government-Sponsored Enterprises (GSEs): These entities are served by the Homegenius segment, likely for services related to real estate transactions and data.
  • Real Estate Brokers and Agents: Beneficiaries of Homegenius's real estate technology products and services.

Although the Homegenius segment also serves individual consumers, the overall business model, particularly for its core mortgage insurance offerings, is predominantly business-to-business (B2B).

AI Analysis | Feedback

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AI Analysis | Feedback

Richard G. Thornberry, Chief Executive Officer

Rick Thornberry is the chief executive officer of Radian Group Inc., having joined the company in 2017. He has over 30 years of financial services leadership experience. Prior to joining Radian, he co-founded NexSpring Group in 2006, a financial services advisory and fintech firm serving private equity, lenders, and mortgage investors, where he served as chairman and chief executive officer until 2017. Before NexSpring Group, he co-founded Nexstar Financial Corporation in 1999, an end-to-end mortgage business process outsourcing firm, serving as its president and chief executive officer until it was sold to MBNA Home Finance in 2005. Thornberry also served as president and chief operating officer of Citicorp Mortgage Inc., and chief financial officer and managing director at Prudential Home Mortgage. Prudential Home Mortgage was sold in 1996. He also served as a senior advisor to leading private equity firms. He began his career as a CPA at Deloitte, focusing on financial services clients.

Daniel Kobell, Senior Executive Vice President, Interim Chief Financial Officer

Daniel Kobell was appointed Senior Executive Vice President and Interim Chief Financial Officer in February 2026, following the resignation of Sumita Pandit. He joined Radian in 2015 and has since held roles of increasing responsibility within the company's finance department, most recently as executive vice president, finance. In this previous role, he was responsible for financial planning and analysis, corporate development, treasury and investment portfolio management, and investor relations. Kobell possesses more than 25 years of experience in the financial services industry, including expertise in mortgage, banking, insurance, wealth management, and public accounting.

Emily Riley, Executive Vice President, Chief of Staff to the CEO

Emily Riley is the Executive Vice President and Chief of Staff to the CEO at Radian Group Inc. She is responsible for facilitating the implementation of the company's strategic initiatives and oversees key projects that are organizational priorities. Additionally, she co-chairs the Executive Inclusion Council, contributing to the company's inclusion efforts.

Ted Hoffman, Senior Executive Vice President, General Counsel

Ted Hoffman serves as Senior Executive Vice President and General Counsel for Radian. He is responsible for managing legal and regulatory compliance for the company. Since joining Radian in 2005, Hoffman has overseen SEC, NYSE, and Sarbanes-Oxley compliance, corporate governance, and other corporate matters. Before his tenure at Radian, he was a senior associate in the Corporate and Securities Group of Drinker Biddle & Reath LLP in Philadelphia.

Rob Quigley, Executive Vice President, Controller and Chief Accounting Officer

Rob Quigley is the Executive Vice President, Controller, and Chief Accounting Officer at Radian. He joined Radian in 2009 as senior vice president, assistant corporate controller, and has served as the company's chief accounting officer since November 2018. He was promoted to his current title in August 2020. Prior to joining Radian, Quigley spent 10 years with Capmark Financial Group, Inc., where he held positions of increasing responsibility, eventually becoming senior vice president, chief accounting officer for North American operations. He was also appointed to a senior executive role in the Finance function in February 2026.

AI Analysis | Feedback

The key risks to Radian Group Inc.'s business are primarily linked to the cyclical nature of the housing market and broader economic conditions, as well as the highly regulated environment in which it operates.

  1. Housing Market Downturn and Macroeconomic Sensitivity: Radian's profitability is highly dependent on the health of the U.S. housing market and general economic conditions. A significant downturn in the housing market, characterized by declining home values, reduced purchase volumes, and increased foreclosures, would directly lead to higher claims for Radian's private mortgage insurance segment. Economic recessions, prolonged affordability challenges, and persistently high interest rates can slow housing turnover and mortgage origination volumes, which pressures premium growth and persistence for its mortgage insurance business and impacts its real estate services segment.
  2. Regulatory and Legislative Changes: The mortgage insurance industry is subject to extensive regulation. Changes in government housing policy, shifts in the role or requirements of government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac, or modifications to capital requirements (such as PMIERs) could materially impact Radian's operations, business model, and financial performance.
  3. Competitive Intensity: The private mortgage insurance market is highly competitive, with policies often similar across providers. This competitive landscape can lead to pricing pressure, which may compress Radian's profit margins. The entry of new market participants can also affect Radian's market share.

AI Analysis | Feedback

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AI Analysis | Feedback

For Radian Group Inc. (RDN), the addressable markets for its main products and services in the United States are sized as follows:

Private Mortgage Insurance (PMI)

The private mortgage insurance (PMI) market in North America was estimated at approximately $6.24 billion in 2024 and is projected to grow to $6.84 billion in 2025. This market is expected to reach $9.71 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.5%. In 2024, the private mortgage insurance industry supported nearly $300 billion in mortgage originations. By the end of 2024, private mortgage insurers covered approximately $1.6 trillion in mortgages, including $1.4 trillion in loans backed by Fannie Mae and Freddie Mac. As of September 30, 2024, the total insurance-in-force for all types of mortgage insurance, including private MI and FHA, was $3.17 trillion, with private mortgage insurers holding 50.1% of this market share.

Title Services (Title Insurance)

The U.S. title insurance industry recorded over $16.5 billion in business in 2023. Although industry revenue saw a decline over the five years leading up to 2025, it is anticipated to increase by 1.8% in 2025, reaching $17.1 billion. The North American title insurance market was valued at an estimated $2 billion in 2023 and is forecast to reach $2.8 billion by 2032. The United States is a primary contributor to North America's significant share (approximately 70%) of the global title insurance market.

Real Estate Valuation (Real Estate Appraisal)

The real estate appraisal market in the U.S. was valued at $10.0 billion in 2025 and is projected to be $10.3 billion in 2026. In 2023, this market was estimated to be worth approximately $9.27 billion.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Radian (RDN)

Over the next 2-3 years, Radian's future revenue growth is anticipated to be driven by the following key factors:

  1. Expansion into Global Specialty Insurance via Inigo Acquisition: The most significant driver of future revenue growth for Radian is the strategic acquisition of Inigo, a Lloyd's specialty insurer, which was completed in February 2026. This acquisition is expected to double Radian's annual revenues and significantly expand the company's footprint into the global multi-line specialty insurance market.
  2. Growth in the Private Mortgage Insurance (MI) Market and Strategic Market Share Gains: Radian anticipates growth in the overall mortgage insurance market, with projections of approximately 10% growth in 2025, supported by an advantageous interest rate environment. The company is focused on achieving mid-to-high single-digit net insurance written (NIW) growth by expanding its lender distribution channels to top-50 banks, independent mortgage banks, and credit unions, as well as enhancing loan origination system (LOS) and point-of-sale (POS) integrations to increase its share of purchase originations.
  3. Optimized Product Mix and Risk-Based Pricing in Mortgage Insurance: Radian's strategy includes optimizing its product mix, featuring both borrower-paid and lender-paid mortgage insurance, and utilizing risk-based pricing. This approach is designed to maintain attractive risk-adjusted returns and contribute to sustainable net insurance written growth within its core mortgage insurance business.

AI Analysis | Feedback

Share Repurchases

  • Radian's board of directors authorized a new $750 million share repurchase program expiring on December 31, 2027. This increased the total outstanding repurchase authority to approximately $863 million as of May 20, 2025.
  • Since 2020, Radian has repurchased 74 million shares for a total cost of approximately $1.8 billion, representing more than 36% of its shares outstanding as of January 1, 2020.
  • In 2025, the company returned $430 million to stockholders through share repurchases.

Outbound Investments

  • Radian completed the strategic acquisition of Inigo Limited, a specialty insurance group, in February 2026 for a purchase price of $1.67 billion.
  • The Inigo acquisition was funded using Radian Group's available liquidity sources and an intercompany note, without issuing new equity.
  • Radian is divesting its Mortgage Conduit, Title, and Real Estate Services businesses, with completion expected by the end of the third quarter of 2026.

Capital Expenditures

  • Radian's capital expenditures were $13 million in 2021, $18 million in 2022, $16 million in 2023, $3.17 million in 2024, and $4.21 million in 2025.

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ENOVEnovis1.425.8%-5.3%
BVSBioventus0.824.1%64.2%
EWTXEdgewise Therapeutics5.223.5%94.8%
BANDBandwidth2.523.0%407.7%

Top Losers

TickerCompanyMkt Cap (B)1W RtnYTD Rtn
RXTRackspace Technology1.1-32.7%350.1%
FCELFuelCell Energy1.2-27.9%214.6%
SOLSSolstice Advanced Materials10.0-24.3%29.5%
VMETVersamet Royalties1.0-22.8%1.2%
MIDDMiddleby6.3-22.4%-10.3%
AIAIAIAI0.8-22.4%-25.2%
FBYDFalcons Beyond Global0.8-22.1%2.2%
CNTNCanton Strategic0.5-22.1%-24.4%
VPGVishay Precision1.5-21.2%194.8%
LPTHLightPath Technologies0.7-21.1%16.1%

Top Gainers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
RGNXRegenxbio0.8155.3%8.7%
CRNXCrinetics Pharmaceuticals8.7149.8%79.6%
BLZEBackblaze1.1134.6%282.6%
MBXMBX Biosciences3.1126.6%108.3%
DFTXDefinium Therapeutics, Inc.5.3110.5%258.6%
TRAXFirst Tracks Biotherapeutics1.1105.7%74.2%
STTKShattuck Labs0.880.3%92.6%
ABSIAbsci1.875.1%228.7%
TENXTenax Therapeutics0.873.8%50.3%
SLDBSolid Biosciences1.273.8%97.5%

Top Losers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
HTZHertz Global0.7-57.3%-57.8%
RDWRedwire2.0-43.6%37.8%
LUNRIntuitive Machines2.0-43.2%4.1%
NVTSNavitas Semiconductor3.3-42.1%98.6%
HYLNHyliion0.8-41.1%131.0%
PCTPureCycle Technologies1.3-37.9%-13.2%
AAOIApplied Optoelectronics9.3-37.9%250.6%
BLDPBallard Power Systems1.0-37.4%27.2%
AMPXAmprius Technologies1.6-36.9%50.6%
METCBRamaco Resources0.5-36.3%-34.0%

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Peer Comparisons

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Financials

RDNACGLMTGESNTACTNMIHMedian
NameRadian Arch Cap.MGIC Inv.Essent Enact NMI  
Mkt Price37.66101.7028.1964.5044.9841.0343.00
Mkt Cap5.235.96.16.16.43.16.1
Rev LTM1,37419,0781,2041,3001,2417171,271
Op Inc LTM-------
FCF LTM3335,859705819722428713
FCF 3Y Avg456,225717820716386717
CFO LTM3375,902706827722434714
CFO 3Y Avg516,273718829716394717

Growth & Margins

RDNACGLMTGESNTACTNMIHMedian
NameRadian Arch Cap.MGIC Inv.Essent Enact NMI  
Rev Chg LTM13.5%8.1%-1.2%1.5%2.0%7.3%4.6%
Rev Chg 3Y Avg4.6%21.3%1.2%9.0%3.9%10.3%6.8%
Rev Chg Q58.2%-4.7%-3.0%5.8%1.7%5.9%3.8%
QoQ Delta Rev Chg LTM14.3%-1.1%-0.8%1.4%0.4%1.4%0.9%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM24.5%30.9%58.6%63.6%58.2%60.6%58.4%
CFO/Rev 3Y Avg3.4%37.8%60.0%66.2%59.3%59.6%59.5%
FCF/Rev LTM24.3%30.7%58.5%63.0%58.2%59.7%58.4%
FCF/Rev 3Y Avg2.9%37.5%59.9%65.5%59.3%58.4%58.9%

Valuation

RDNACGLMTGESNTACTNMIHMedian
NameRadian Arch Cap.MGIC Inv.Essent Enact NMI  
Mkt Cap5.235.96.16.16.43.16.1
P/S3.81.95.14.75.14.44.5
P/Op Inc-------
P/EBIT6.26.56.57.17.06.06.5
P/E9.27.48.58.89.48.18.7
P/CFO15.36.18.67.38.87.28.0
Total Yield13.7%13.6%14.0%13.4%12.5%12.3%13.5%
Dividend Yield2.8%0.0%2.2%2.0%1.9%0.0%2.0%
FCF Yield 3Y Avg0.9%17.9%12.1%13.9%13.5%-13.5%
D/E0.30.10.10.10.10.10.1
Net D/E-1.1-0.3-0.9-0.9-0.3-0.0-0.6

Returns

RDNACGLMTGESNTACTNMIHMedian
NameRadian Arch Cap.MGIC Inv.Essent Enact NMI  
1M Rtn10.0%12.5%10.3%11.6%7.5%12.0%11.0%
3M Rtn9.7%2.9%2.1%5.5%5.9%4.3%4.9%
6M Rtn6.1%5.5%-2.0%1.0%11.8%1.4%3.4%
12M Rtn10.8%15.7%8.4%12.3%26.7%2.5%11.6%
3Y Rtn63.0%43.2%91.8%48.0%91.2%22.4%55.5%
1M Excs Rtn10.4%11.6%9.8%11.6%7.2%11.8%11.0%
3M Excs Rtn-1.5%-8.1%-7.9%-5.1%-4.3%-5.8%-5.4%
6M Excs Rtn-2.3%-0.3%-10.2%-6.9%4.8%-7.0%-4.6%
12M Excs Rtn-12.3%-8.4%-15.4%-10.4%2.4%-21.0%-11.4%
3Y Excs Rtn-7.5%-24.8%19.5%-24.1%22.5%-46.9%-15.8%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/8/20262/20/202611/6/20258/1/20255/2/20252/14/202511/7/20248/2/20245/3/20242/23/202411/3/20238/4/2023
Key Financials Quarterly            
Total Revenue466279311318295275320321319265313290
Net Income124155141142145148152152152143157146
EPS0.901.131.041.030.990.991.000.990.990.920.990.92
Key Financials TTM            
Total Revenue TTM1,3741,2031,1981,2071,2101,2351,2261,2181,1871,1771,2271,210
Net Income TTM562583576587597604599604598603623664
Growth Rates Quarterly            
Total Revenue Growth58.2%1.6%-2.8%-1.0%-7.7%3.6%2.3%10.9%3.1%-15.7%5.5%1.0%
Net Income Growth-14.2%4.4%-6.9%-6.7%-5.1%3.9%-3.0%4.0%-3.4%-12.1%-21.0%-27.4%
Margins Quarterly            
Net Income Margin26.6%55.5%45.5%44.6%49.0%54.0%47.5%47.3%47.7%53.8%50.1%50.4%
Cash & Debt            
Total Cash6,8855,8385,5905,4685,5275,3675,6365,8035,8505,7185,4665,581
Total Debt1,3021,1311,1543,2242,4031,1411,9621,9981,7201,5821,6581,594
Net Debt / (Cash)-5,583-4,706-4,436-2,245-3,124-4,226-3,674-3,804-4,130-4,136-3,808-3,987
Cash Flows Quarterly            
FCF from Operations285407358-71368-269-238-207512657572
Cash Flows TTM            
FCF from Operations TTM337120-557-1,153-647-664-129184464529371401
Returns to Shareholders Quarterly            
Dividends353535393737374138353640
Share Repurchases50-0-02232097649505063505
Return on Invested Capital (ROIC) Quarterly            
ROIC------------
Return on Invested Capital (ROIC) TTM            
ROIC TTM------------

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Mortgage Insurance1,1971,2111,1111,1381,152
Adjustments  10-8114
All Other  1202416
Inter-segment  -0-1-0
Homegenius   110149
Total1,1971,2111,2411,1911,330


Operating Income by Segment
$ Mil2015
Mortgage Insurance513
Mortgage and Real Estate Services-2
Eliminations-73
Total438


Net Income by Segment
$ Mil20152014201320122011
Mortgage Insurance8266626394
Financial Guaranty  465170
Total8266108114164


Assets by Segment
$ Mil20182017201620152014
Mortgage Insurance6,1395,7345,5065,2824,787
Services176167357  
Mortgage and Real Estate Services   361337
Total6,3155,9015,8635,6425,124


Price Behavior

Price Behavior
Market Price$37.66 
Market Cap ($ Bil)5.2 
First Trading Date10/30/1992 
Distance from 52W High-1.4% 
   50 Days200 Days
DMA Price$35.91$34.41
DMA Trendindeterminateup
Distance from DMA4.9%9.5%
 3M1YR
Volatility24.1%23.6%
Downside Capture-121.18-13.60
Upside Capture-35.761.68
Correlation (SPY)-16.9%3.1%
RDN Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.37-0.40-0.26-0.100.070.57
Up Beta-0.430.400.210.420.470.70
Down Beta0.610.390.350.200.040.65
Up Capture-7%-52%-16%-22%-0%20%
Bmk +ve Days11244067140429
Stock +ve Days12213567126398
Down Capture-129%-143%-163%-67%-18%65%
Bmk -ve Days10172358112321
Stock -ve Days9202857124344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RDN
RDN8.9%23.6%0.30-
Sector ETF (XLF)7.7%14.8%0.2929.2%
Equity (SPY)22.3%12.5%1.333.1%
Gold (GLD)24.4%27.8%0.77-5.1%
Commodities (DBC)23.6%18.7%1.00-6.7%
Real Estate (VNQ)13.2%13.9%0.6525.8%
Bitcoin (BTCUSD)-42.8%42.8%-1.18-7.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RDN
RDN14.8%25.6%0.52-
Sector ETF (XLF)10.5%18.6%0.4359.0%
Equity (SPY)13.4%17.1%0.6145.9%
Gold (GLD)18.0%18.3%0.800.7%
Commodities (DBC)7.5%19.5%0.2810.8%
Real Estate (VNQ)2.9%18.9%0.0649.3%
Bitcoin (BTCUSD)12.3%53.5%0.4221.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RDN
RDN16.9%37.7%0.53-
Sector ETF (XLF)14.1%22.1%0.5860.8%
Equity (SPY)15.8%17.9%0.7550.0%
Gold (GLD)11.7%16.1%0.59-2.4%
Commodities (DBC)6.1%18.0%0.2718.4%
Real Estate (VNQ)5.2%20.7%0.2250.8%
Bitcoin (BTCUSD)58.0%66.2%0.9813.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity5.5 Mil
Short Interest: % Change Since 531202643.8%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest4.2 days
Basic Shares Quantity137.0 Mil
Short % of Basic Shares4.0%

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/20265.3%2.6%-4.7%
2/19/20261.4%9.6%2.5%
11/5/2025-0.9%3.4%2.0%
7/31/2025-2.7%-0.1%4.2%
5/1/20251.9%5.9%6.9%
2/6/2025-1.8%-6.6%-5.6%
8/1/2024-4.0%-9.8%-2.7%
5/2/20241.9%3.3%3.5%
...
SUMMARY STATS   
# Positive131412
# Negative111012
Median Positive1.7%3.1%3.9%
Median Negative-3.5%-3.6%-3.3%
Max Positive5.3%9.6%11.3%
Max Negative-7.4%-9.8%-13.2%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/20265.3%2.6%-4.7%
2/19/20261.4%9.6%2.5%
11/5/2025-0.9%3.4%2.0%
7/31/2025-2.7%-0.1%4.2%
5/1/20251.9%5.9%6.9%
2/6/2025-1.8%-6.6%-5.6%
8/1/2024-4.0%-9.8%-2.7%
5/2/20241.9%3.3%3.5%
2/8/2024-3.7%-0.6%5.1%
11/2/20233.8%3.5%2.0%
8/3/20231.7%4.0%1.1%
5/4/20231.2%5.0%11.3%
2/9/20230.1%1.4%-2.6%
11/3/2022-0.2%-3.8%-6.5%
8/2/20220.9%0.1%-3.3%
5/4/20221.7%-3.4%-2.5%
2/23/20223.2%1.0%-2.9%
11/3/2021-7.4%-8.7%-13.2%
8/4/2021-2.6%2.8%4.4%
5/5/2021-4.7%-8.1%-6.7%
2/25/2021-3.5%-0.8%3.7%
1/7/20213.5%2.7%-3.2%
11/4/2020-5.2%0.8%6.3%
8/7/20200.9%-2.4%-1.2%
SUMMARY STATS   
# Positive131412
# Negative111012
Median Positive1.7%3.1%3.9%
Median Negative-3.5%-3.6%-3.3%
Max Positive5.3%9.6%11.3%
Max Negative-7.4%-9.8%-13.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/20/202610-K
09/30/202511/06/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/14/202510-K
09/30/202411/07/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/20/202610-K
09/30/202511/06/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/14/202510-K
09/30/202411/07/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/26/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/06/202010-Q
12/31/201902/28/202010-K
09/30/201911/12/201910-Q
06/30/201908/06/201910-Q

Insider Activity

Updated 6/22/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Conner, Brad L DirectSell605202633.931,20040,7121,277,306Form
2Weinbach, Michael SChief Executive Officer- ElectDirectBuy602202634.0449,5131,685,5665,787,293Form
3Weinbach, Michael SChief Executive Officer- ElectDirectBuy602202633.89120,4874,082,7264,082,726Form
4Leyden, Margaret Anne DirectSell601202634.592,07071,601237,426Form
5Culang, Howard Bernard DirectSell528202636.003,612130,032289,800Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Conner, Brad L DirectSell605202633.931,20040,7121,277,306Form
2Weinbach, Michael SChief Executive Officer- ElectDirectBuy602202634.0449,5131,685,5665,787,293Form
3Weinbach, Michael SChief Executive Officer- ElectDirectBuy602202633.89120,4874,082,7264,082,726Form
4Leyden, Margaret Anne DirectSell601202634.592,07071,601237,426Form
5Culang, Howard Bernard DirectSell528202636.003,612130,032289,800Form
6Culang, Howard Bernard DirectSell526202636.205,000181,000422,164Form
7Spiegel, Noel Joseph DirectSell526202636.194,834174,918723,980Form
8Hoffman, Edward JSr EVP, General CounselDirectSell512202638.0015,000570,0003,560,904Form
9Hoffman, Edward JSr EVP, General CounselDirectSell430202637.0015,000555,0004,022,196Form
10Hoffman, Edward JSr EVP, General CounselDirectSell424202636.0015,000540,0004,453,488Form
11Hoffman, Edward JSr EVP, General CounselDirectSell420202635.0013,009455,3154,854,780Form
12Hoffman, Edward JSr EVP, General CounselDirectSell413202635.001,99169,6855,310,095Form
13Ray, EricSr EVP, Chief Digital OfficerDirectSell1203202535.6013,957  Form
14Thornberry, Richard GChief Executive OfficerDirectSell1029202533.2420,000664,72829,875,469Form
15Thornberry, Richard GChief Executive OfficerDirectSell924202536.2820,000725,60433,337,078Form
16Hoffman, Edward JSr EVP, General CounselDirectSell919202537.0010,000370,0005,687,196Form
17Thornberry, Richard GChief Executive OfficerDirectSell827202534.7420,000694,76432,614,932Form
18Thornberry, Richard GChief Executive OfficerDirectSell731202533.9020,000677,98632,505,293Form
19Thornberry, Richard GChief Executive OfficerDirectSell625202536.7120,000734,16035,903,728Form
20Hoffman, Edward JSr EVP, General CounselDirectSell624202536.0020,000720,0005,817,096Form
21Hoffman, Edward JSr EVP, General CounselDirectSell617202535.0010,000350,0006,355,510Form
22Hoffman, Edward JSr EVP, General CounselDirectSell612202534.0010,000340,0006,513,924Form
23Culang, Howard Bernard DirectSell609202533.378,773292,755268,628Form
24Spiegel, Noel Joseph DirectSell609202533.665,105171,834673,469Form
25Mumford, Lisa DirectSell609202533.452,50083,612746,793Form
26Ray, EricSr EVP, Chief Digital OfficerDirectSell606202533.3030,000999,000464,768Form
27Hoffman, Edward JSr EVP, General CounselDirectSell606202533.7210,000337,2006,797,480Form

Industry Resources

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