At a glance
Radian Group Inc is worth $4.63B, about 8 times its fiscal 2025 earnings. Revenue fell 0.8% to $1.20B in fiscal 2025, with 48.7% kept as profit. It pays a 2.96% dividend yield, raised every year for at least 6 years, and returned $2.27B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.8% over the past year with dividends reinvested and +11.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.7% in the 2020 crash (S&P 500: 33.7%) and 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 10 months after the lows.
The business in plain English
Radian Group is a holding company whose main operating subsidiary, Radian Guaranty, provides private mortgage insurance in the U.S. This insurance protects lenders and mortgage investors against losses if a borrower defaults. The main beneficiaries are Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that are the largest purchasers of conventional U.S. mortgages. Most loans Radian insures go to borrowers who put down less than 20% of the price, often first-time homebuyers. Radian earns premiums for carrying this risk and pays claims when insured loans go bad.
Mortgage insurance was Radian's only reportable segment as of December 31, 2025. In 2025 it wrote $55.2 billion of new insurance, lifting its insurance in force (the total loans it covers) to $282.5 billion. Revenue was about $1.2 billion, and net income from continuing operations was $618 million.
On February 2, 2026, Radian completed its $1.67 billion acquisition of Inigo, a specialty insurer in the Lloyd's market in London, adding specialty insurance and reinsurance (insurance for other insurers) lines worldwide. Its 10-K, filed February 20, 2026, said it expected to divest its Mortgage Conduit, Title and Real Estate Services businesses by the end of the third quarter of 2026. Revenue for the quarter ended June 30, 2026, was $575 million, up 92.6% from a year earlier.
Price history
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RDN +7.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $575.0M, up 92.6% from a year earlier, and net income was $115.9M (-18.3%).
- For fiscal 2025, revenue was $1.20B (-0.8% year over year) with a 48.7% net margin.
Financial health check
| Free cash flow margin | 9.7% watch |
|---|---|
| Return on equity (FY2025) | 12.2% watch |
| Return on assets (FY2025) | 7.2% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.44B | $393.6M | — |
| FY2021 | $1.33B | $600.7M | $544.5M |
| FY2022 | $1.19B | $742.9M | $370.6M |
| FY2023 | $1.18B | $603.1M | $520.9M |
| FY2024 | $1.21B | $604.4M | $-665.1M |
| FY2025 | $1.20B | $582.6M | $115.7M |
Valuation snapshot
| Market value | $4.63B |
|---|---|
| P/E ratio | 8.4 |
| Dividend yield | 2.96% |
Rank among 1514 US companies
Market value at each year end
Radian Group’s market value went from $3.86B at the end of 2016 to $4.63B on Oct 28, 2026, up 20%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.63B | -5.1% |
| 2025 | $4.88B | +3.2% |
| 2024 | $4.72B | +8.0% |
| 2023 | $4.37B | +46.0% |
| 2022 | $2.99B | -21.0% |
| 2021 | $3.79B | -2.3% |
| 2020 | $3.88B | -23.4% |
| 2019 | $5.06B | +45.0% |
| 2018 | $3.49B | -21.4% |
| 2017 | $4.44B | +15.2% |
| 2016 | $3.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RDN price data to Oct 28, 2026 | -0.7% | +7.8% | +15.5% | +11.5% | +12.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.7% |
| 2025 | +17.0% |
| 2024 | +14.6% |
| 2023 | +55.4% |
| 2022 | -6.3% |
| 2021 | +7.0% |
| 2020 | -17.1% |
| 2019 | +53.9% |
| 2018 | -20.6% |
| 2017 | +14.7% |
| 2016 | +34.4% |
| 2015 | -19.9% |
| 2014 | +18.5% |
| 2013 | +131.3% |
| 2012 | +161.9% |
| 2011 | -70.9% |
| 2010 | +10.5% |
| 2009 | +99.2% |
| 2008 | -68.2% |
| 2007 | -78.3% |
| 2006 | -7.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 95.3% over that stretch · deepest drop along the way 96.9%, back to its old high 132.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.6% over that stretch · deepest drop along the way 55.7%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.1% over that stretch · deepest drop along the way 25.8%, back to its old high 10.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($5.8M) and 8 sales ($1.7M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 1, 2026 | Michael S Weinbach Chief Executive Officer- Elect | buy | $4.1M |
| Jun 2, 2026 | Michael S Weinbach Chief Executive Officer- Elect | buy | $1.7M |
| Jul 14, 2026 | Edward J Hoffman Sr EVP, General Counsel | sell (plan) | $780K |
| Sep 14, 2026 | Meghan Bartholomew Sr EVP Co-Head Radian Guaranty | sell (plan) | $281K |
| May 26, 2026 | Howard Bernard Culang Director | sell | $181K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Dec 31, 2024 |
| Vanguard Portfolio Management | 6.93% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| First Trust Portfolios L.P. | 1.98% | Mar 31, 2025 |
ETFs with the most weight in RDN
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1.62% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.49% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.45% |
| JPSV JPMorgan Active Small Cap Value ETF | 1.29% |
| KBE SPDR S&P Bank ETF | 1.18% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.09% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.05% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.89% |
What could go wrong
- Losing eligibility with Fannie Mae and Freddie Mac. Radian Guaranty must meet their eligibility rules, called PMIERs, including asset requirements, or face restrictions, suspension or removal. Its cushion above the minimum fell to $1.6 billion at December 31, 2025, from $2.2 billion.
- Using its mortgage insurer's cash for Inigo. A $600 million loan from its own mortgage insurer, Radian Guaranty, helped fund Inigo. That reduced liquidity and Radian Guaranty's PMIERs cushion, and the loan carries conditions Radian must keep meeting.
- Integrating a large overseas acquisition. Inigo turns a U.S. mortgage insurer into a global multi-line specialty insurer. Radian may face integration problems, unforeseen liabilities or credit rating downgrades, and may not realize the expected benefits.
- Catastrophe, war and cyber losses. The new specialty insurance business could take large losses from natural catastrophes, war, terrorism, pandemics or cyberattacks. If its loss-limiting strategy fails, or its reinsurance falls short, results could suffer.
- Housing slumps raise mortgage claims. Claims rise when borrowers stop paying, often after job losses or falling home prices. Radian sets aside money for expected claims using models and estimates; if those prove wrong, unexpected charges could hit earnings.
- Changes at Fannie Mae and Freddie Mac. Changes to their charters, business practices or role in housing finance could significantly hurt Radian's mortgage business. Fewer new mortgages, or policies ending sooner, would also mean less future revenue.
Recent events
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Executive or board change
- Quarterly results released
- Executive or board change
- Major agreement signed
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Radian has raised its dividend for six straight years through 2025. Dividends per share rose from about $0.50 in 2020 to $1.02 in 2025, about 15.5% a year, with the quarterly payment rising 4% to $0.255 from early 2025. The 2025 dividend took 25% of earnings but 126% of free cash flow (cash left after operating needs), which swings widely for an insurer and was negative in 2024. The yield was 2.96% as of October 28, 2026, and the 10-K warns dividends could be cut or suspended. Buybacks have been bigger: $1.59 billion over 2021–2025, helping shrink the share count 26.2% between November 2021 and August 2026. Downturns have hit the stock hard. It fell 96.9% in the 2008 financial crisis and took until July 2019 to recover. It fell 55.7% in the 2020 COVID crash and 25.8% in 2022, recovering within about a year each time. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Radian Group make money?
Mainly by insuring U.S. home loans. Its subsidiary Radian Guaranty provides private mortgage insurance, usually on loans where the borrower put down less than 20%, and earns premiums for covering lenders' and investors' losses if the borrower defaults. In 2025 it wrote $55.2 billion of new insurance, and insurance in force reached $282.5 billion at December 31, 2025. Since February 2, 2026, Radian has also owned Inigo, a Lloyd's specialty insurer that adds specialty insurance and reinsurance lines.
Does Radian raise its dividend every year?
Yes, for six straight years through 2025. Dividends per share grew from about $0.50 in 2020 to $1.02 in 2025, and the quarterly dividend rose 4% to $0.255 starting with the first quarter of 2025. The yield was 2.96% as of October 28, 2026. The 2025 dividend used about 25% of earnings. Still, Radian's 10-K warns that it may not keep paying dividends at the same rate, or at all.
Why did Radian acquire Inigo?
To turn itself from a U.S. mortgage insurer into a global, multi-line specialty insurer. After a strategic review, Radian agreed in September 2025 to acquire Inigo, a specialty insurer in the Lloyd's market, and closed the $1.67 billion deal on February 2, 2026. It also announced plans to divest its Mortgage Conduit, Title and Real Estate Services businesses. The deal broadens Radian's products but adds new risks, including catastrophe losses, integration challenges and a $600 million loan from Radian Guaranty that helped fund it.
How did Radian stock do in the 2008 financial crisis?
Very badly. The share price fell 96.9% from its October 2007 peak to its July 2008 low and did not regain that peak until July 2019. Later downturns were milder: the stock dropped 55.7% in the 2020 COVID crash and 25.8% in the 2022 bear market, recovering in about 12 and 10 months. Mortgage insurers pay claims when borrowers default, so a housing crisis strikes at the core of the business.
What is Radian's P/E ratio?
About 8.4 as of October 28, 2026, meaning the share price was 8.4 times diluted earnings of $4.14 per share for 2025. Earnings from continuing operations, which exclude businesses Radian plans to divest, were $4.39 per share. Its market value was about $4.6 billion on the same date. A low price-to-earnings ratio can signal that investors see above-average risk or expect earnings to shrink, so the figure is worth comparing with other mortgage and specialty insurers rather than read alone.