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RDN

Radian Group Inc.

RDN

Radian Group Inc. • NYSE
$35.55 ▲ 0.03% (+0.01)
Market Cap $4.82 B
52w High $38.84
52w Low $29.32
Dividend Yield 1.02%
P/E 8.98
Volume 380.19K
Outstanding Shares 135.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $310.742M ▼ $86.996M ▼ $141.443M ▼ 45.518% ▲ $1.04 ▲ $218.456M ▼
Q2-2025 $317.819M ▲ $115.086M ▲ $141.796M ▼ 44.615% ▼ $1.03 ▲ $227.611M ▲
Q1-2025 $317.686M ▲ $98.92M ▼ $144.558M ▼ 45.503% ▼ $0.001 ▼ $225.315M ▼
Q4-2024 $316.697M ▼ $111.052M ▲ $148.291M ▼ 46.824% ▼ $0.99 ▼ $237.364M ▼
Q3-2024 $319.656M $82.738M $151.892M 47.517% $1 $248.521M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.59B ▲ $8.205B ▼ $3.552B ▼ $4.652B ▲
Q2-2025 $5.468B ▼ $9.581B ▲ $5.088B ▲ $4.493B ▼
Q1-2025 $5.663B ▲ $8.765B ▲ $4.179B ▲ $4.587B ▼
Q4-2024 $5.635B ▼ $8.664B ▲ $4.04B ▲ $4.624B ▼
Q3-2024 $5.753B $8.42B $3.721B $4.699B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $173.023M ▲ $358.397M ▲ $-26.705M ▼ $-337.841M ▼ $-6.149M ▲ $357.554M ▲
Q2-2025 $141.796M ▼ $-713.335M ▼ $125.073M ▲ $582.108M ▲ $-6.155M ▲ $-714.619M ▼
Q1-2025 $144.558M ▼ $67.806M ▲ $106.237M ▲ $-187.166M ▼ $-13.123M ▼ $66.597M ▲
Q4-2024 $148.291M ▼ $-269.415M ▼ $35.317M ▼ $245.495M ▲ $11.397M ▼ $-269.757M ▼
Q3-2024 $166.555M $-237.919M $366.862M $-114.652M $14.291M $-236.686M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Mortgage Insurance Segment
Mortgage Insurance Segment
 $290.00M ▲$280.00M ▼$260.00M ▼$300.00M ▲
Title Insurance
Title Insurance
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Radian’s income statement shows a business that has been consistently profitable, with revenue holding fairly steady over the past five years and earnings remaining solid even as the mortgage cycle has shifted. Profitability has stayed strong, especially at the operating level, helped by disciplined underwriting and relatively low credit losses in recent years. Net income did peak a few years ago and has since leveled off, suggesting that the very best part of the recent cycle may be behind them, but current earnings are still robust in absolute terms. Overall, the company looks like a mature, cash-generative insurer whose core mortgage insurance franchise remains healthy, not a high-growth story but a steady one.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and conservative for a financial services company. Total assets have been gradually rising, and shareholders’ equity has also grown, which signals that the company has been able to build its capital base over time. Debt has moved up more recently, but it still appears manageable relative to the company’s size and equity. Cash on hand is modest, which is typical for an insurer that invests premiums rather than holding large idle balances, but it places more importance on reliable access to funding and high-quality investment portfolios. Overall, the company appears well-capitalized with a balance sheet that supports both its current business and its strategic push into specialty insurance.

Cash Flow

Cash Flow Historically, Radian generated healthy cash flow from operations, comfortably covering its limited capital spending needs and leaving room for capital returns and balance sheet strengthening. The recent year stands out as a warning flag: operating and free cash flow turned negative, which is a notable shift from prior patterns. For an insurer, this can reflect timing issues in claims, premiums, or investment flows, but it is still something that merits attention because it reduces financial flexibility in the short term. Capital expenditures remain very light, so the swing is not about heavy investment in physical assets. The key question going forward is whether this negative cash flow is temporary or the start of a new pattern as the company reshapes its business mix.

Competitive Edge

Competitive Edge Radian holds a well-established position in U.S. mortgage insurance with long-standing relationships across lenders, credit unions, and the broader housing finance ecosystem. While mortgage insurance can be quite price-competitive, Radian has tried to stand out through data-driven underwriting, more granular pricing tools, and integrated services that support clients across the mortgage lifecycle. Its capital strength and regulatory track record provide comfort to counterparties, which is crucial in this line of business. The planned expansion into global specialty insurance via the Inigo acquisition should, if successfully executed, broaden its competitive reach beyond the housing market and reduce dependence on a single economic cycle, but it also brings new competitors and new types of risk into the mix.

Innovation and R&D

Innovation and R&D Innovation is a clear highlight for Radian. The company has invested heavily in analytics, automation, and AI through its Homegenius platform and related tools. Its automated valuation models, AI-driven property intelligence, and risk-based pricing systems show a strong commitment to using data to improve speed, accuracy, and risk selection. These capabilities have already gained recognition through partnerships with major real estate brands and approval for use in structured finance. Even as Radian plans to divest some real estate service lines, the underlying technology and data science know-how give it an edge in underwriting and risk management. Looking ahead, the challenge will be to transfer and adapt this innovation mindset to the new specialty insurance operations while preserving the advantages it has built in mortgage insurance.

Summary

Radian today looks like a financially solid, consistently profitable mortgage insurer that is in the middle of a major transformation. Its income statement reflects a steady, mature franchise with good profitability, while the balance sheet shows growing capital and manageable leverage. The main financial caution sign is the recent swing to negative operating and free cash flow, which contrasts with prior years of strong cash generation and deserves close monitoring. Competitively, Radian combines an entrenched position in U.S. mortgage insurance with advanced analytics and AI tools that differentiate it in a market that can otherwise feel commodity-like. The planned move into global specialty insurance through the Inigo acquisition could turn Radian into a more diversified insurer with multiple earnings engines, but it also adds execution risk and integration complexity. Overall, the story is shifting from a focused mortgage insurer with strong tech capabilities to a broader specialty insurance group, where future performance will hinge on disciplined risk management and careful execution of the strategic pivot.

NEWS

November 25, 2025 · 4:30 PM UTC

Radian Enters Into $373 Million Excess of Loss (XOL) Reinsurance Transaction

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November 12, 2025 · 4:30 PM UTC

Radian Declares Regular Quarterly Dividend

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November 4, 2025 · 5:17 PM UTC

Radian Announces Third Quarter 2025 Financial Results

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October 28, 2025 · 6:36 PM UTC

U.S. Centers for Medicare & Medicaid Services finalizes National Coverage Determination for the Medtronic Symplicity Spyral™ renal denervation (RDN) system

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October 14, 2025 · 4:37 PM UTC

Radian to Webcast Third Quarter Conference Call

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