Radian (RDN)
Market Price (8/25/2026): $36.72 | Market Cap: $5.0 BilSector: Financials | Industry: Property & Casualty Insurance
Radian (RDN)
Market Price (8/25/2026): $36.72Market Cap: $5.0 BilSector: FinancialsIndustry: Property & Casualty Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.2%, FCF Yield is 28% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -113% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 85%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 85% Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Online Banking & Lending, and Real Estate Data Analytics. | Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -22% | Key risksRDN key risks include [1] increased borrower defaults due to housing market cyclicality, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.2%, FCF Yield is 28% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -113% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 85%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 85% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Online Banking & Lending, and Real Estate Data Analytics. |
| Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -22% |
| Key risksRDN key risks include [1] increased borrower defaults due to housing market cyclicality, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Radian (RDN) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. The transformative acquisition of Inigo drove significant top-line growth but weighed on GAAP profitability in fiscal Q2 2026.
Radian's total revenues surged 93% year-over-year to $575 million in fiscal Q2 2026, and net earned premiums increased 116% to $504 million, primarily due to the first full quarter of contribution from the Inigo specialty insurance acquisition, which comprised 53% of net premiums earned. However, this revenue growth was tempered by a decrease in GAAP net income from continuing operations, which fell to $118 million, or $0.87 per diluted share, in fiscal Q2 2026, compared to $154 million, or $1.11 per diluted share, a year prior. This decline was largely attributable to acquisition-related adjustments, intangible amortization, and elevated specialty losses from Inigo, including approximately $30 million related to Middle East developments.
2. A resilient U.S. housing market provided underlying support for the mortgage insurance business, while affordability challenges introduced headwinds.
The U.S. housing market demonstrated resilience in fiscal Q2 2026, with home prices rising in 80% of U.S. metro areas and the national median existing single-family home price increasing 1.5% year-over-year to $434,900. This positive environment supported Radian's mortgage insurance segment, with new insurance written increasing 14% year-over-year to $16.3 billion, and primary insurance in force reaching a record $284 billion, up 3%. Conversely, rising mortgage rates impacted affordability, as the monthly mortgage payment on a typical existing home with a 20% down payment increased by $219 from the previous quarter, creating a balancing act for the sector.
Show more
Radian (RDN) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. The transformative acquisition of Inigo drove significant top-line growth but weighed on GAAP profitability in fiscal Q2 2026.
Radian's total revenues surged 93% year-over-year to $575 million in fiscal Q2 2026, and net earned premiums increased 116% to $504 million, primarily due to the first full quarter of contribution from the Inigo specialty insurance acquisition, which comprised 53% of net premiums earned. However, this revenue growth was tempered by a decrease in GAAP net income from continuing operations, which fell to $118 million, or $0.87 per diluted share, in fiscal Q2 2026, compared to $154 million, or $1.11 per diluted share, a year prior. This decline was largely attributable to acquisition-related adjustments, intangible amortization, and elevated specialty losses from Inigo, including approximately $30 million related to Middle East developments.
2. A resilient U.S. housing market provided underlying support for the mortgage insurance business, while affordability challenges introduced headwinds.
The U.S. housing market demonstrated resilience in fiscal Q2 2026, with home prices rising in 80% of U.S. metro areas and the national median existing single-family home price increasing 1.5% year-over-year to $434,900. This positive environment supported Radian's mortgage insurance segment, with new insurance written increasing 14% year-over-year to $16.3 billion, and primary insurance in force reaching a record $284 billion, up 3%. Conversely, rising mortgage rates impacted affordability, as the monthly mortgage payment on a typical existing home with a 20% down payment increased by $219 from the previous quarter, creating a balancing act for the sector.
3. Consistent capital returns, strategic portfolio simplification, and significant insider buying supported investor confidence.
Radian continued to return capital to shareholders, repurchasing 2.2 million shares of common stock for $76 million in fiscal Q2 2026 and paying a quarterly dividend of $0.255 per share, totaling $37 million. Additionally, Michael S. Weinbach, CEO-Elect, demonstrated confidence with an insider purchase of 170,000 shares valued at $5.8 million on May 31, 2026. The company also progressed its strategic portfolio simplification by winding down its Mortgage Conduit business, completing the sale of its Real Estate Services business, and entering into an agreement to sell its Title business, aiming to streamline operations and focus on its core insurance segments.
Show less
Stock Movement Drivers
Fundamental Drivers
The 4.0% change in RDN stock from 4/30/2026 to 8/24/2026 was primarily driven by a 37.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.31 | 36.71 | 4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,183 | 1,631 | 37.9% |
| Net Income Margin (%) | 49.2% | 32.9% | -33.2% |
| P/E Multiple | 8.3 | 9.3 | 11.6% |
| Shares Outstanding (Mil) | 137 | 135 | 1.2% |
| Cumulative Contribution | 4.0% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RDN | 4.0% | |
| Market (SPY) | 6.2% | -13.5% |
| Sector (XLF) | 11.7% | 21.0% |
Fundamental Drivers
The 14.1% change in RDN stock from 1/31/2026 to 8/24/2026 was primarily driven by a 38.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.18 | 36.71 | 14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,179 | 1,631 | 38.4% |
| Net Income Margin (%) | 48.9% | 32.9% | -32.7% |
| P/E Multiple | 7.7 | 9.3 | 21.1% |
| Shares Outstanding (Mil) | 137 | 135 | 1.2% |
| Cumulative Contribution | 14.1% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RDN | 14.1% | |
| Market (SPY) | 10.6% | -6.1% |
| Sector (XLF) | 9.5% | 13.5% |
Fundamental Drivers
The 16.8% change in RDN stock from 7/31/2025 to 8/24/2026 was primarily driven by a 34.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.43 | 36.71 | 16.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,210 | 1,631 | 34.8% |
| Net Income Margin (%) | 49.3% | 32.9% | -33.3% |
| P/E Multiple | 7.7 | 9.3 | 20.8% |
| Shares Outstanding (Mil) | 146 | 135 | 7.6% |
| Cumulative Contribution | 16.8% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RDN | 16.8% | |
| Market (SPY) | 21.8% | 1.5% |
| Sector (XLF) | 12.5% | 26.9% |
Fundamental Drivers
The 50.7% change in RDN stock from 7/31/2023 to 8/24/2026 was primarily driven by a 72.8% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.37 | 36.71 | 50.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,208 | 1,631 | 35.1% |
| Net Income Margin (%) | 59.6% | 32.9% | -44.8% |
| P/E Multiple | 5.4 | 9.3 | 72.8% |
| Shares Outstanding (Mil) | 158 | 135 | 17.0% |
| Cumulative Contribution | 50.7% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RDN | 50.7% | |
| Market (SPY) | 72.7% | 33.6% |
| Sector (XLF) | 72.2% | 52.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RDN Return | 7% | -6% | 55% | 15% | 17% | 3% | 115% |
| Peers Return | 14% | 11% | 34% | 17% | 18% | 11% | 158% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| RDN Win Rate | 58% | 42% | 75% | 67% | 67% | 50% | |
| Peers Win Rate | 56% | 58% | 69% | 57% | 65% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
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 8/24/2026 (YTD)
How Low Can It Go
| Event | RDN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.3% | -24.5% |
| % Gain to Breakeven | 15.3% | 32.4% |
| Time to Breakeven | 29 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.5% | -33.7% |
| % Gain to Breakeven | 141.2% | 50.9% |
| Time to Breakeven | 342 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.0% | -19.2% |
| % Gain to Breakeven | 37.1% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -49.2% | -12.2% |
| % Gain to Breakeven | 96.8% | 13.9% |
| Time to Breakeven | 345 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -35.6% | -6.8% |
| % Gain to Breakeven | 55.3% | 7.3% |
| Time to Breakeven | 268 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -40.2% | -17.9% |
| % Gain to Breakeven | 67.2% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
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.
| Event | RDN | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -58.5% | -33.7% |
| % Gain to Breakeven | 141.2% | 50.9% |
| Time to Breakeven | 342 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.0% | -19.2% |
| % Gain to Breakeven | 37.1% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -49.2% | -12.2% |
| % Gain to Breakeven | 96.8% | 13.9% |
| Time to Breakeven | 345 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -35.6% | -6.8% |
| % Gain to Breakeven | 55.3% | 7.3% |
| Time to Breakeven | 268 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -40.2% | -17.9% |
| % Gain to Breakeven | 67.2% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -61.4% | -15.4% |
| % Gain to Breakeven | 159.3% | 18.2% |
| Time to Breakeven | 1749 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -93.7% | -53.4% |
| % Gain to Breakeven | 1479.1% | 114.4% |
| Time to Breakeven | 443 days | 1085 days |
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
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.
- 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.
- 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.
- 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
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:
- 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.
- 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.
- 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.
Peer Outperformance in Property & Casualty Insurance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| RDN | Radian | 11.8% | 9.3x | 7.3% | 48.6% | 80.8% | — |
| TRV | Travelers Companies | 8.2% | 9.4x | 36.3% | 141.9% | 151.2% | +70pp |
| ORI | Old Republic International | 8.6% | 8.8x | 14.6% | 89.5% | 134.2% | +53pp |
| WRB | WR Berkley | 8.7% | 14.1x | -0.7% | 86.9% | 133.3% | +53pp |
| ALL | Allstate | 8.8% | 5.0x | 29.1% | 164.2% | 112.8% | +32pp |
| MCY | Mercury General | 14.4% | 6.3x | 41.0% | 289.3% | 110.5% | +30pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.3% | 132.0% | 129.5% | IBKR 497% · SNEX 244% · GS 183% |
| Reinsurance | 6 | 20.7% | 84.9% | 120.1% | SPNT 144% · RGA 131% · MTG 129% |
| Diversified Banks | 12 | 37.8% | 133.5% | 99.7% | JPM 151% · CM 142% · RY 131% |
| Life & Health Insurance | 19 | 12.2% | 57.9% | 85.9% | UNM 288% · FG 204% · MFC 172% |
| Regional Banks | 265 | 25.7% | 86.0% | 64.1% | GCBC 400% · ESQ 363% · NBN 302% |
| Property & Casualty Insurance ← | 42 | 12.5% | 76.9% | 63.0% | ASIC 2632900% · HRTG 448% · UVE 289% |
| Multi-line Insurance | 9 | 13.9% | 81.1% | 57.8% | GNW 171% · L 101% · SLF 87% |
| Insurance Brokers | 15 | -8.0% | 10.9% | 35.5% | LIFE 599% · AJG 101% · ARX 87% |
| Multi-Sector Holdings | 6 | -3.5% | 17.7% | 33.5% | BRK-B 76% · JEF 73% · VOYA 66% |
| Consumer Finance | 30 | 10.8% | 88.6% | 29.7% | ENVA 667% · EZPW 431% · FCFS 197% |
| Asset Management & Custody Banks | 83 | -8.0% | 23.2% | 23.0% | SII 346% · WT 309% · VCTR 290% |
| Financial Exchanges & Data | 15 | 0.0% | 14.6% | 16.5% | VIRT 209% · CBOE 162% · CME 72% |
| Commercial & Residential Mortgage Finance | 12 | -33.7% | 19.6% | 4.6% | FNMA 502% · FMCC 460% · ESNT 61% |
| Specialized Finance | 3 | 19.1% | 52.3% | 4.4% | EFC 36% · CACC 4% · HASI -14% |
| Mortgage REITs | 34 | -7.0% | 12.8% | -10.4% | RITM 60% · NREF 58% · DX 42% |
| Transaction & Payment Processing Services | 15 | 1.4% | 7.5% | -40.1% | MA 72% · V 71% · CPAY 58% |
| Diversified Capital Markets | 21 | -31.3% | -2.8% | -44.4% | BTCS 645% · OPY 177% · LPLA 151% |
| Diversified Financial Services | 5 | -9.6% | 64.1% | -65.1% | FRHC 146% · EQH 78% · TMS -65% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.59 |
| Mkt Cap | 6.4 |
| Rev LTM | 1,295 |
| Op Inc LTM | - |
| FCF LTM | 773 |
| FCF 3Y Avg | 715 |
| CFO LTM | 777 |
| CFO 3Y Avg | 716 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.4% |
| Rev Chg 3Y Avg | 10.0% |
| Rev Chg Q | 6.1% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 60.3% |
| CFO/Rev 3Y Avg | 58.8% |
| FCF/Rev LTM | 59.8% |
| FCF/Rev 3Y Avg | 58.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgage | 1,197 | 1,211 | 1,168 | 1,138 | 1,152 |
| Adjustments | -81 | 14 | |||
| All Other | 134 | 16 | |||
| Inter-segment | -1 | -0 | |||
| Homegenius | 149 | ||||
| Total | 1,197 | 1,211 | 1,168 | 1,191 | 1,330 |
| $ Mil | 2015 |
|---|---|
| Mortgage Insurance | 513 |
| Mortgage and Real Estate Services | -2 |
| Eliminations | -73 |
| Total | 438 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Mortgage Insurance | 82 | 66 | 62 | 63 | 94 |
| Financial Guaranty | 46 | 51 | 70 | ||
| Total | 82 | 66 | 108 | 114 | 164 |
| $ Mil | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Mortgage | 6,139 | 5,734 | 5,506 | ||
| Services | 176 | 167 | 357 | ||
| Mortgage Insurance | 5,282 | 4,787 | |||
| Mortgage and Real Estate Services | 361 | 337 | |||
| Total | 6,315 | 5,901 | 5,863 | 5,642 | 5,124 |
Price Behavior
| Market Price | $36.71 | |
| Market Cap ($ Bil) | 5.0 | |
| First Trading Date | 10/30/1992 | |
| Distance from 52W High | -6.9% | |
| 50 Days | 200 Days | |
| DMA Price | $37.15 | $34.82 |
| DMA Trend | up | up |
| Distance from DMA | -1.2% | 5.4% |
| 3M | 1YR | |
| Volatility | 25.2% | 24.9% |
| Downside Capture | -21.01 | -15.75 |
| Upside Capture | -7.06 | -4.21 |
| Correlation (SPY) | -16.5% | 1.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.54 | -0.43 | -0.44 | -0.17 | 0.00 | 0.55 |
| Up Beta | -1.60 | -0.84 | -0.19 | 0.06 | 0.35 | 0.69 |
| Down Beta | -0.86 | -0.07 | 0.02 | 0.26 | 0.00 | 0.63 |
| Up Capture | 13% | 1% | -33% | -12% | 1% | 18% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 26 | 35 | 70 | 130 | 398 |
| Down Capture | -42% | -100% | -115% | -86% | -38% | 62% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 17 | 28 | 55 | 120 | 346 |
[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 | |
|---|---|---|---|---|
| RDN | 9.9% | 24.9% | 0.33 | - |
| Sector ETF (XLF) | 11.8% | 14.6% | 0.54 | 26.6% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | 1.2% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | -8.4% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -11.0% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 28.3% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | -10.1% |
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 | |
|---|---|---|---|---|
| RDN | 12.7% | 25.7% | 0.45 | - |
| Sector ETF (XLF) | 10.5% | 18.4% | 0.43 | 57.5% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 44.6% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | -0.3% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | 8.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 49.2% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 21.4% |
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 | |
|---|---|---|---|---|
| RDN | 13.2% | 37.6% | 0.44 | - |
| Sector ETF (XLF) | 13.7% | 22.0% | 0.56 | 60.6% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 49.6% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | -2.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 17.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 51.2% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -7.4% | -7.0% | |
| 5/7/2026 | 5.3% | 2.6% | -4.7% |
| 2/19/2026 | 1.4% | 9.6% | 2.5% |
| 11/5/2025 | -0.9% | 3.4% | 2.0% |
| 7/31/2025 | -2.7% | -0.1% | 4.2% |
| 5/1/2025 | 1.9% | 5.9% | 6.9% |
| 2/6/2025 | -1.8% | -6.6% | -5.6% |
| 8/1/2024 | -4.0% | -9.8% | -2.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 12 |
| # Negative | 12 | 11 | 12 |
| Median Positive | 1.7% | 3.1% | 3.9% |
| Median Negative | -3.6% | -3.8% | -3.3% |
| Max Positive | 5.3% | 9.6% | 11.3% |
| Max Negative | -7.4% | -9.8% | -13.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -7.4% | -7.0% | |
| 5/7/2026 | 5.3% | 2.6% | -4.7% |
| 2/19/2026 | 1.4% | 9.6% | 2.5% |
| 11/5/2025 | -0.9% | 3.4% | 2.0% |
| 7/31/2025 | -2.7% | -0.1% | 4.2% |
| 5/1/2025 | 1.9% | 5.9% | 6.9% |
| 2/6/2025 | -1.8% | -6.6% | -5.6% |
| 8/1/2024 | -4.0% | -9.8% | -2.7% |
| 5/2/2024 | 1.9% | 3.3% | 3.5% |
| 2/8/2024 | -3.7% | -0.6% | 5.1% |
| 11/2/2023 | 3.8% | 3.5% | 2.0% |
| 8/3/2023 | 1.7% | 4.0% | 1.1% |
| 5/4/2023 | 1.2% | 5.0% | 11.3% |
| 2/9/2023 | 0.1% | 1.4% | -2.6% |
| 11/3/2022 | -0.2% | -3.8% | -6.5% |
| 8/2/2022 | 0.9% | 0.1% | -3.3% |
| 5/4/2022 | 1.7% | -3.4% | -2.5% |
| 2/23/2022 | 3.2% | 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% |
| 1/7/2021 | 3.5% | 2.7% | -3.2% |
| 11/4/2020 | -5.2% | 0.8% | 6.3% |
| 8/7/2020 | 0.9% | -2.4% | -1.2% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 12 |
| # Negative | 12 | 11 | 12 |
| Median Positive | 1.7% | 3.1% | 3.9% |
| Median Negative | -3.6% | -3.8% | -3.3% |
| Max Positive | 5.3% | 9.6% | 11.3% |
| Max Negative | -7.4% | -9.8% | -13.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividends | 650.00 Mil | 8.3% | Raised | Guidance: 600.00 Mil for 2026 | |||
| 2027 Reinsurance Ceding | 0.15 | ||||||
| 2028 Reinsurance Ceding | 0.2 | ||||||
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bartholomew, Meghan | Sr. EVP, Co-Head of MI | Direct | Sell | 8072026 | 34.68 | 1 | 33 | 1,630,480 | Form |
| 2 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 7162026 | 39.00 | 20,000 | 780,000 | 4,935,177 | Form |
| 3 | Conner, Brad L | Direct | Sell | 6052026 | 33.93 | 1,200 | 40,712 | 1,277,306 | Form | |
| 4 | Weinbach, Michael S | Chief Executive Officer- Elect | Direct | Buy | 6022026 | 34.04 | 49,513 | 1,685,566 | 5,787,293 | Form |
| 5 | Weinbach, Michael S | Chief Executive Officer- Elect | Direct | Buy | 6022026 | 33.89 | 120,487 | 4,082,726 | 4,082,726 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bartholomew, Meghan | Sr. EVP, Co-Head of MI | Direct | Sell | 8072026 | 34.68 | 1 | 33 | 1,630,480 | Form |
| 2 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 7162026 | 39.00 | 20,000 | 780,000 | 4,935,177 | Form |
| 3 | Conner, Brad L | Direct | Sell | 6052026 | 33.93 | 1,200 | 40,712 | 1,277,306 | Form | |
| 4 | Weinbach, Michael S | Chief Executive Officer- Elect | Direct | Buy | 6022026 | 34.04 | 49,513 | 1,685,566 | 5,787,293 | Form |
| 5 | Weinbach, Michael S | Chief Executive Officer- Elect | Direct | Buy | 6022026 | 33.89 | 120,487 | 4,082,726 | 4,082,726 | Form |
| 6 | Leyden, Margaret Anne | Direct | Sell | 6012026 | 34.59 | 2,070 | 71,601 | 237,426 | Form | |
| 7 | Culang, Howard Bernard | Direct | Sell | 5282026 | 36.00 | 3,612 | 130,032 | 289,800 | Form | |
| 8 | Culang, Howard Bernard | Direct | Sell | 5262026 | 36.20 | 5,000 | 181,000 | 422,164 | Form | |
| 9 | Spiegel, Noel Joseph | Direct | Sell | 5262026 | 36.19 | 4,834 | 174,918 | 723,980 | Form | |
| 10 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 5122026 | 38.00 | 15,000 | 570,000 | 3,560,904 | Form |
| 11 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 4302026 | 37.00 | 15,000 | 555,000 | 4,022,196 | Form |
| 12 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 4242026 | 36.00 | 15,000 | 540,000 | 4,453,488 | Form |
| 13 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 4202026 | 35.00 | 13,009 | 455,315 | 4,854,780 | Form |
| 14 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 4132026 | 35.00 | 1,991 | 69,685 | 5,310,095 | Form |
| 15 | Ray, Eric | Sr EVP, Chief Digital Officer | Direct | Sell | 12032025 | 35.60 | 13,957 | Form | ||
| 16 | Thornberry, Richard G | Chief Executive Officer | Direct | Sell | 10292025 | 33.24 | 20,000 | 664,728 | 29,875,469 | Form |
| 17 | Thornberry, Richard G | Chief Executive Officer | Direct | Sell | 9242025 | 36.28 | 20,000 | 725,604 | 33,337,078 | Form |
| 18 | Hoffman, Edward J | Sr EVP, General Counsel | Direct | Sell | 9192025 | 37.00 | 10,000 | 370,000 | 5,687,196 | Form |
| 19 | Thornberry, Richard G | Chief Executive Officer | Direct | Sell | 8272025 | 34.74 | 20,000 | 694,764 | 32,614,932 | Form |
| 20 | Thornberry, Richard G | Chief Executive Officer | Direct | Sell | 7312025 | 33.90 | 20,000 | 677,986 | 32,505,293 | Form |
Investor Activity (13F)
Updated Aug 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Property & Casualty Insurance Resources |
| Insurance Journal |
| Business Insurance |
| PropertyCasualty360 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.