Revenue growth has contracted by 3.36% year-over-year, yet the company maintains robust profitability with a combined ratio that remained well below the 100% threshold throughout the observed period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 1.4B | 1.25B | 1.29B | 1.24B | 1.19B | 1.33B | 1.44B | 1.53B | 1.27B | 1.22B | 1.24B | 1.19B | 1.07B | 749.91M | 902.74M | 1.95B | 417.46M | 1.31B | 1.81B | 201.05M | 1.33B | 1.3B | 1.36B | 1.28B | 1.07B | 906.9M | 615.4M | 552.81M | 483.59M | 390M | 222.6M |
| Revenue Growth % | 9.47% | -3.36% | 4.04% | 4.19% | -10.41% | -7.7% | -5.7% | 19.95% | 4.21% | -1.36% | 3.79% | 11.24% | 43.04% | -16.93% | -53.65% | 366.59% | -68.21% | -27.36% | 799.29% | -84.86% | 2.3% | -4.83% | 6.63% | 19.8% | 17.74% | 47.37% | 11.32% | 14.31% | 24% | 75.21% | 34.42% |
| Medical Costs & Claims | 173.71M | 96.1M | 63.07M | 20.54M | -231.96M | 153.62M | 602.17M | 265.67M | 228.03M | 264.03M | 340.44M | 314.72M | 315.21M | 591.23M | 955.68M | 1.34B | 1.79B | 1.46B | 2.71B | 1.8B | 111.61M | 115.85M | 121.8M | 128.5M | 100.8M | 84.26M | 51.47M | 58.78M | 58.48M | 41.8M | 26.85M |
| Medical Cost Ratio % | 12.44% | 7.7% | 4.89% | 1.66% | -19.48% | 11.56% | 41.82% | 17.4% | 17.91% | 21.61% | 27.49% | 26.38% | 29.38% | 78.84% | 105.86% | 68.91% | 429.43% | 111.32% | 149.67% | 895.47% | 8.4% | 8.92% | 8.93% | 10.05% | 9.44% | 9.29% | 8.36% | 10.63% | 12.09% | 10.72% | 12.06% |
| Gross Profit | 1.22B | 1.15B | 1.23B | 1.22B | 1.42B | 1.18B | 837.7M | 1.26B | 1.04B | 957.6M | 898.01M | 878.53M | 757.48M | 158.67M | -52.94M | 605.65M | -1.38B | -148.73M | -897.98M | -1.6B | 1.22B | 1.18B | 1.24B | 1.15B | 967M | 822.64M | 563.93M | 494.03M | 425.11M | 348.2M | 195.75M |
| Gross Margin % | 87.56% | 92.3% | 95.11% | 98.34% | 119.48% | 88.44% | 58.18% | 82.6% | 82.09% | 78.39% | 72.51% | 73.62% | 70.62% | 21.16% | -5.86% | 31.09% | -329.43% | -11.32% | -49.67% | -795.47% | 91.6% | 91.08% | 91.07% | 89.95% | 90.56% | 90.71% | 91.64% | 89.37% | 87.91% | 89.28% | 87.94% |
| Gross Profit Growth % | - | -6.23% | 0.62% | -14.24% | 21.04% | 40.31% | -33.58% | 20.7% | 9.12% | 6.64% | 2.22% | 15.98% | 377.38% | 399.75% | -108.74% | 144.04% | -824.64% | 83.44% | 43.85% | -231.49% | 2.88% | -4.82% | 7.95% | 19% | 17.55% | 45.88% | 14.15% | 16.21% | 22.09% | 77.88% | 37.66% |
| Operating Expenses | 473.32M | 387.5M | 456.29M | 452.56M | 469.91M | 410.56M | 358.26M | 412.29M | 360.79M | 610.86M | 414.32M | 440.7M | 350.32M | 332.02M | 219.49M | 237.14M | 204.43M | 93.55M | -223.85M | 469.61M | 403.07M | 441.96M | 516.6M | 619.2M | 365.7M | 317.14M | 211.43M | 274.57M | 227.19M | 0 | 113.17M |
| OpEx / Revenue % | 33.91% | 31.07% | 35.35% | 36.48% | 39.46% | 30.89% | 24.88% | 27% | 28.34% | 50% | 33.45% | 36.93% | 32.66% | 44.27% | 24.31% | 12.17% | 48.97% | 7.12% | -12.38% | 233.58% | 30.35% | 34.05% | 37.87% | 48.41% | 34.25% | 34.97% | 34.36% | 49.67% | 46.98% | 0% | 50.84% |
| Depreciation & Amortization | 29.3M | 43.68M | 78.75M | 88.92M | 76.58M | 75.47M | 71.73M | 72.73M | 69.09M | 85.83M | 71.02M | 81.63M | 65.95M | 69.73M | 53.26M | 63.12M | 39.79M | 20.08M | 16.19M | 19.33M | 37M | 39.59M | 32.34M | 17.31M | 796K | 2.49M | 54.63M | 2.29M | 58.5M | 41.8M | 26.9M |
| Combined Ratio % | 46.35% | 38.77% | 40.24% | 38.14% | 19.98% | 42.45% | 66.7% | 44.4% | 46.25% | 71.62% | 60.94% | 63.31% | 62.04% | 123.12% | 130.18% | 81.08% | 478.4% | 118.45% | 137.29% | 1129.05% | 38.76% | 42.97% | 46.8% | 58.45% | 43.69% | 44.26% | 42.72% | 60.3% | 59.07% | 10.72% | 62.9% |
| Operating Income | 748.37M | 763.15M | 771.29M | 767.49M | 952.78M | 764.83M | 479.44M | 848.99M | 684.19M | 346.74M | 483.69M | 437.83M | 407.16M | -173.35M | -272.43M | 368.51M | -1.58B | -242.28M | -674.13M | -2.07B | 813.27M | 740.34M | 725.6M | 531.5M | 601.3M | 505.5M | 352.5M | 219.47M | 197.91M | 348.2M | 82.58M |
| Operating Margin % | 53.61% | 61.19% | 59.76% | 61.86% | 80.02% | 57.55% | 33.3% | 55.6% | 53.75% | 28.38% | 39.06% | 36.69% | 37.96% | -23.12% | -30.18% | 18.92% | -378.4% | -18.45% | -37.29% | -1029.05% | 61.24% | 57.03% | 53.2% | 41.55% | 56.31% | 55.74% | 57.28% | 39.7% | 40.93% | 89.28% | 37.1% |
| Operating Income Growth % | - | -1.06% | 0.5% | -19.45% | 24.57% | 59.53% | -43.53% | 24.09% | 97.32% | -28.31% | 10.47% | 7.53% | 334.88% | 36.37% | -173.93% | 123.33% | -552.01% | 64.06% | 67.42% | -354.39% | 9.85% | 2.03% | 36.52% | -11.61% | 18.95% | 43.4% | 60.62% | 10.89% | -43.16% | 321.68% | -41.93% |
| EBITDA | 798.27M | 806.83M | 850.04M | 856.4M | 1.03B | 840.3M | 551.17M | 921.72M | 753.28M | 432.57M | 554.7M | 519.45M | 473.11M | -103.62M | -219.17M | 431.63M | -1.54B | -222.2M | -657.94M | -2.05B | 850.26M | 779.93M | 757.94M | 548.81M | 602.1M | 507.99M | 407.13M | 221.75M | 256.41M | 390M | 109.47M |
| EBITDA Margin % | 57.19% | 64.69% | 65.86% | 69.03% | 86.45% | 63.23% | 38.28% | 60.36% | 59.17% | 35.41% | 44.79% | 43.53% | 44.1% | -13.82% | -24.28% | 22.16% | -368.87% | -16.92% | -36.39% | -1019.43% | 64.03% | 60.08% | 55.57% | 42.9% | 56.39% | 56.01% | 66.16% | 40.11% | 53.02% | 100% | 49.18% |
| Interest Expense | 63.65M | 65.56M | 103.74M | 89.69M | 84.45M | 84.46M | 71.15M | 56.31M | 61.49M | 62.76M | 81.13M | 91.1M | 90.46M | 74.62M | 51.83M | 61.39M | 41.78M | 46.01M | 53.51M | 53.07M | 48.15M | 43.04M | 34.7M | 37.5M | 28.8M | 17.8M | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -63.65M | -65.56M | -103.74M | -89.69M | -84.45M | -84.46M | -71.15M | -56.31M | -61.49M | -62.76M | -81.13M | -91.1M | -90.46M | -74.62M | -51.83M | -61.39M | -41.78M | -46.01M | -53.51M | -53.07M | -48.15M | -43.04M | -34.7M | -37.5M | -28.8M | -17.8M | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 748.37M | 763.15M | 771.29M | 767.49M | 952.78M | 764.83M | 479.44M | 848.99M | 684.19M | 346.74M | 483.69M | 437.83M | 407.16M | -173.35M | -272.43M | 368.51M | -1.58B | -242.28M | -674.13M | -2.07B | 813.27M | 740.34M | 725.6M | 531.5M | 601.3M | 505.5M | 352.5M | 219.47M | 197.91M | 159.1M | 82.58M |
| Pretax Margin % | 53.61% | 61.19% | 59.76% | 61.86% | 80.02% | 57.55% | 33.3% | 55.6% | 53.75% | 28.38% | 39.06% | 36.69% | 37.96% | -23.12% | -30.18% | 18.92% | -378.4% | -18.45% | -37.29% | -1029.05% | 61.24% | 57.03% | 53.2% | 41.55% | 56.31% | 55.74% | 57.28% | 39.7% | 40.93% | 40.79% | 37.1% |
| Income Tax | 165.31M | 164.99M | 166.85M | 164.37M | 209.84M | 164.16M | 85.81M | 176.68M | 78.17M | 225.65M | 175.43M | 156.29M | -852.42M | -31.5M | -48.32M | 66.36M | 226.19M | -94.4M | -263.55M | -778.62M | 231.1M | 217.49M | 206.94M | 145.58M | 174.11M | 145.11M | 103.53M | 71.33M | 55.68M | 43.4M | 20.35M |
| Effective Tax Rate % | 22.09% | 21.62% | 21.63% | 21.42% | 22.02% | 21.46% | 17.9% | 20.81% | 11.43% | 65.08% | 36.27% | 35.7% | -209.36% | 18.17% | 17.74% | 18.01% | -14.32% | 38.96% | 39.09% | 37.63% | 28.42% | 29.38% | 28.52% | 27.39% | 28.96% | 28.71% | 29.37% | 32.5% | 28.13% | 27.28% | 24.65% |
| Net Income | 562.33M | 582.8M | 604.44M | 603.12M | 742.93M | 600.67M | 393.63M | 672.31M | 606.01M | 121.09M | 308.25M | 286.92M | 959.52M | -196.99M | -451.47M | 302.15M | -1.81B | -147.88M | -410.58M | -1.29B | 582.17M | 522.85M | 518.7M | 385.9M | 427.2M | 360.4M | 248.9M | 148.14M | 142.24M | 115.7M | 62.22M |
| Net Margin % | 40.28% | 46.73% | 46.83% | 48.62% | 62.39% | 45.2% | 27.34% | 44.03% | 47.6% | 9.91% | 24.89% | 24.05% | 89.45% | -26.27% | -50.01% | 15.51% | -432.58% | -11.26% | -22.71% | -641.78% | 43.84% | 40.28% | 38.03% | 30.17% | 40.01% | 39.74% | 40.45% | 26.8% | 29.41% | 29.67% | 27.95% |
| Net Income Growth % | -5.75% | -3.58% | 0.22% | -18.82% | 23.68% | 52.6% | -41.45% | 10.94% | 400.47% | -60.72% | 7.43% | -70.1% | 587.1% | 56.37% | -249.42% | 116.73% | -1121.18% | 63.98% | 68.18% | -321.64% | 11.34% | 0.8% | 34.41% | -9.67% | 18.54% | 44.8% | 68.02% | 4.15% | 22.94% | 85.95% | 22.48% |
| EPS (Diluted) | 4.06 | 4.14 | 3.92 | 3.77 | 4.35 | 3.16 | 2.00 | 3.20 | 2.77 | 0.55 | 1.37 | 1.22 | 4.10 | -1.18 | -3.41 | 2.26 | -15.74 | -1.80 | -5.12 | -16.22 | 7.08 | 5.91 | 5.33 | 3.92 | 4.27 | 3.92 | 3.26 | 1.92 | 1.86 | 1.50 | 1.27 |
| EPS Growth % | 4.33% | 5.61% | 3.98% | -13.33% | 37.66% | 58% | -37.5% | 15.52% | 403.64% | -59.85% | 12.3% | -70.24% | 447.46% | 65.4% | -250.88% | 114.36% | -774.44% | 64.84% | 68.43% | -329.1% | 19.8% | 10.88% | 35.97% | -8.2% | 8.93% | 20.25% | 69.79% | 3.23% | 24% | 18.11% | 20.95% |
| EPS (Basic) | - | 4.18 | 3.96 | 3.81 | 4.42 | 3.19 | 2.01 | 3.22 | 2.83 | 0.56 | 1.46 | 1.44 | 5.20 | -1.14 | -3.41 | 2.28 | -15.74 | -1.80 | -5.12 | -16.22 | 7.16 | 6.10 | 5.55 | 4.13 | 4.57 | 4.03 | 3.31 | 1.96 | 1.94 | 1.55 | 1.28 |
| Diluted Shares Outstanding | 138.49M | 138M | 154.19M | 160.13M | 170.66M | 190.26M | 196.64M | 210.34M | 218.55M | 220.41M | 229.26M | 246.33M | 233.9M | 166.37M | 132.53M | 133.86M | 114.7M | 82.16M | 80.26M | 79.56M | 82.26M | 88.75M | 97.9M | 98.5M | 99.5M | 92M | 76.3M | 75.63M | 49.04M | 48.98M | 48.88M |
Housing market cyclicality
As reported in financial statements, Radian's revenue growth has shifted into negative territory, with a -3.36% year-over-year contraction reflecting the broader mortgage origination slowdown that continues to suppress new insurance written across the company's core mortgage segment despite the stability of the existing insurance-in-force book.
The decline in top-line growth appears to be a direct consequence of the high-interest-rate environment, which has significantly reduced mortgage refinancing activity. Investors should monitor whether the persistency of the existing book can continue to offset the lack of new business volume in future quarters.
Based on the provided quarterly data, Radian maintains a robust underwriting profile, evidenced by a combined ratio that remained well below the 100% threshold throughout the observed period, peaking at 62.8% in 2026Q1 while consistently demonstrating the company's ability to generate significant underwriting profit.
The low combined ratio suggests that the company's risk selection and pricing models are effectively managing credit exposure. The recent uptick in the loss ratio to 23.1% in 2026Q1 warrants further investigation to determine if this represents a structural shift in default trends or merely a temporary quarterly variance.
According to the historical income statement data, the company's loss provisions have fluctuated significantly, ranging from a low of $9.1 million in 2024Q1 to a high of $107.9 million in 2026Q1, which suggests that reserve adjustments may be creating noise in the reported quarterly net income figures.
The sharp increase in claims and losses in the most recent quarter may indicate a change in the actuarial outlook for the mortgage portfolio. Analysts should be cautious in interpreting these figures, as the release or strengthening of reserves can significantly distort the perceived profitability of the core insurance operations.
With a debt-to-equity ratio of 0.24%, Radian appears to maintain a conservative capital structure that provides substantial flexibility for shareholder returns, as evidenced by the company's ability to sustain consistent earnings despite the cyclical pressures currently impacting the broader mortgage insurance industry's top-line growth.
The company's operating leverage is clearly visible in the high operating margins, which suggest that the fixed-cost base is well-scaled relative to the recurring premium revenue. This financial positioning appears to prioritize balance sheet strength, potentially insulating the firm from immediate liquidity shocks during periods of housing market volatility.
Quick answers to the most common questions about buying RDN stock.
For fiscal year 2025, Radian Group Inc. (RDN) reported total revenue of $1.25B. This represents a 460.3% increase compared to $222.6M in 1996.
Radian Group Inc. (RDN) is profitable, generating $582.8M in net income for the fiscal year ending 2025 with a net profit margin of 46.7%.
Radian Group Inc. (RDN) reported an operating income of $763.1M, resulting in an operating profit margin of 61.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Radian Group Inc. (RDN) generated $1.15B in gross profit for the year, representing a gross profit margin of 92.3%. This demonstrates the company's core pricing power and production efficiency.