# Radian Group Inc. (RDN) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/RDN/thesis · /stocks/RDN/memo

## Financial Snapshot

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source: coverage-next-full | ticker: RDN | step: "04" | created: 2026-05-29
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### Step 04 — Financial Snapshot: Radian Group Inc. (RDN)

#### Annual Income Statement Summary (FY2021–FY2024)

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Total Revenue ($M) | ~$1,120 | ~$1,050 | ~$1,010 | ~$1,000 |
| Net Premiums Earned ($M) | ~$890 | ~$860 | ~$840 | ~$830 |
| Net Investment Income ($M) | ~$155 | ~$160 | ~$185 | ~$200 |
| Real Estate Services Revenue ($M) | ~$215 | ~$190 | ~$155 | ~$145 |
| Adjusted Pretax Operating Income ($M) | ~$620 | ~$590 | ~$600 | ~$590 |
| Net Income ($M) | ~$755 | ~$485 | ~$500 | ~$490 |
| GAAP EPS (diluted) | ~$4.00 | ~$2.90 | ~$3.20 | ~$3.35 |
| Adjusted Diluted EPS | ~$3.60 | ~$3.40 | ~$3.60 | ~$3.70 |

*Note: FY2021 net income elevated by reserve releases and fair value gains. FY2022–2024 normalize to operating earnings.*

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#### Key Per-Share Metrics

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Book Value per Share | ~$20.10 | ~$18.50 | ~$20.80 | ~$22.50 |
| Tangible Book Value/Share | ~$19.50 | ~$17.90 | ~$20.20 | ~$21.90 |
| Dividends per Share | $0.20 | $0.20 | $0.20 | $0.225 |
| Diluted Share Count (M) | ~189 | ~168 | ~157 | ~148 |

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#### Profitability Metrics

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| ROE (GAAP) | ~33% | ~15% | ~16% | ~16% |
| Adjusted ROE | ~17% | ~17% | ~18% | ~17% |
| MI Combined Ratio | ~37% | ~38% | ~36% | ~36% |
| MI Loss Ratio | ~7% | ~10% | ~8% | ~9% |
| MI Expense Ratio | ~29% | ~28% | ~28% | ~27% |
| Net Margin (GAAP) | ~67% | ~46% | ~50% | ~49% |

*Combined ratio in MI = loss ratio + expense ratio. Low combined ratios (~35-38%) are characteristic of the PMI business during benign credit cycles.*

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#### Balance Sheet Highlights (Year-End)

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Total Assets ($B) | ~$8.0 | ~$7.6 | ~$7.5 | ~$7.5 |
| Investment Portfolio ($B) | ~$5.5 | ~$5.3 | ~$5.4 | ~$5.5 |
| Total Equity ($B) | ~$3.9 | ~$3.2 | ~$3.3 | ~$3.4 |
| Holding Co. Debt ($M) | ~$925 | ~$885 | ~$785 | ~$685 |
| PMIERs Required Assets ($B) | ~$4.5 | ~$4.6 | ~$4.7 | ~$4.8 |
| PMIERs Available Assets ($B) | ~$6.1 | ~$6.0 | ~$6.2 | ~$6.4 |
| PMIERs Excess Capital ($B) | ~$1.6 | ~$1.4 | ~$1.5 | ~$1.6 |

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#### Segment Revenue Breakdown (FY2023 Approximate)

| Segment | Revenue ($M) | % of Total |
|---------|-------------|------------|
| Mortgage Insurance (net premiums + NII) | ~$840 + $185 = $1,025 | ~87% |
| Real Estate Services | ~$155 | ~13% |
| **Total** | **~$1,180** | **100%** |

*Real Estate Services revenue has declined from ~$215M in FY2021 as mortgage origination volumes contracted after the 2021 refinancing boom. The segment includes title, settlement, and real estate-adjacent technology/analytics services.*

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#### Earnings Quality Notes

1. **Reserve releases** boosted FY2021 net income materially — adjusted operating earnings provide better apples-to-apples comparison.
2. **Real estate services margin compression**: Higher-margin analytics/services revenue mix shift as origination-tied revenue contracted.
3. **Investment income growth**: As rates rose post-2022, NII grew meaningfully given the ~$5.5B fixed income portfolio; portfolio yield has risen from ~2.5% to ~3.5%.
4. **Share count reduction**: From ~189M diluted shares in FY2021 to ~148M in FY2024E — ~22% reduction — amplifies per-share metrics significantly.
5. **Holding company leverage**: Gradual de-leveraging from ~$925M to ~$685M HoldCo debt reflects capital discipline and strong cash generation.

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#### Valuation Context (as of early 2026)

| Metric | Value |
|--------|-------|
| Stock Price (approx.) | ~$24-26 |
| Market Cap | ~$3.5-3.8B |
| P/E (Adjusted) | ~7x |
| P/Book | ~1.1-1.2x |
| P/Tangible Book | ~1.1-1.2x |
| Dividend Yield | ~0.9% |

*PMI peers trade at 7-10x adjusted earnings and 1.0-1.5x book. RDN is a slight discount to ESNT but broadly in-line with the sector.*

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/RDN/fundamental

## Navigation

- Overview: /stocks/RDN
- Financials (this page): /stocks/RDN/financials
- Thesis: /stocks/RDN/thesis
- Investment Memo: /stocks/RDN/memo
- Coverage universe: /stocks