What is Radian Group's operating income?

Radian Group's total operating income in 2025 was $859.52 million, based on the following breakdown: Total Gross Profit: $1.20 billion Total Operating Expenses: $337.57 million

Radian Group (RDN) Financials

$36.55 -0.20 (-0.54%)

Closing price 11/13/2026 03:59 PM Eastern

Extended Trading

$36.59 +0.04 (+0.11%)

As of 11/13/2026 07:30 PM Eastern

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Annual Income Statements for Radian Group

This table shows Radian Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	287	308	121	606	672	394	601	743	603	604	583
Consolidated Net Income / (Loss)	287	308	121	606	672	394	601	743	603	604	583
Net Income / (Loss) Continuing Operations	282	308	121	606	672	394	601	743	676	660	618
Total Pre-Tax Income	438	484	347	684	849	479	765	953	864	846	791
Total Operating Income	529	565	409	746	905	551	849	1,037	950	934	860
Total Gross Profit	1,100	1,124	1,117	1,175	1,419	1,353	1,226	1,108	1,177	1,206	1,197
Total Revenue	1,193	1,238	1,222	1,273	1,527	1,439	1,330	1,191	1,177	1,206	1,197
Operating Revenue	1,158	1,208	1,218	1,315	1,475	1,378	1,314	1,271	1,168	1,211	1,197
Other Revenue	36	31	3.62	-42	52	60	16	-81	9.41	-4.35	-0.02
Total Cost of Revenue	94	114	105	98	108	86	104	82	0.00	0.00	0.00
Total Operating Expenses	571	559	708	429	513	802	377	71	227	273	338
Selling, General & Admin Expense	242	245	267	281	306	281	324	381	245	248	246
Amortization Expense	35	37	52	38	48	36	32	28	25	27	25
Other Operating Expenses / (Income)	199	278	135	105	132	485	21	-338	-42	-2.25	67
Total Other Income / (Expense), net	-91	-81	-63	-61	-56	-71	-84	-84	-86	-88	-68
Interest Expense	91	81	63	61	56	71	84	84	86	88	68
Income Tax Expense	156	175	226	78	177	86	164	210	188	185	173
Net Income / (Loss) Discontinued Operations	5.39	-	-	-	-	-	-	-	-73	-56	-36
Basic Earnings per Share	$1.44	$1.46	$0.56	$2.83	$3.22	$2.01	$3.19	$4.42	$3.81	$3.96	$4.18
Weighted Average Basic Shares Outstanding	199.91M	211.79M	215.32M	214.27M	208.77M	195.44M	188.37M	167.93M	158.14M	152.47M	139.45M
Diluted Earnings per Share	$1.22	$1.37	$0.55	$2.77	$3.20	$2.00	$3.16	$4.35	$3.77	$3.92	$4.14
Weighted Average Diluted Shares Outstanding	246.33M	229.26M	220.41M	218.55M	210.34M	196.64M	190.26M	170.66M	160.13M	154.19M	140.81M
Weighted Average Basic & Diluted Shares Outstanding	197.50M	215.08M	216.03M	213.66M	198.64M	191.69M	-	-	151.50M	145.06M	136.27M
Cash Dividends to Common per Share	$0.01	$0.01	$0.01	$0.01	$0.01	$0.50	$0.55	$0.80	$0.90	$0.98	$1.02

This table shows Radian Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	152	152	152	148	145	142	141	155	124	116	164
Consolidated Net Income / (Loss)	152	152	152	148	145	142	141	155	124	116	164
Net Income / (Loss) Continuing Operations	152	152	167	148	152	154	153	179	129	118	172
Total Pre-Tax Income	199	188	214	189	199	193	199	229	174	151	228
Total Operating Income	228	215	236	212	201	208	215	232	183	179	254
Total Gross Profit	310	312	313	306	297	297	302	276	475	581	628
Total Revenue	319	321	313	316	297	297	302	258	475	581	628
Operating Revenue	319	326	307	325	297	297	302	254	475	581	628
Total Cost of Revenue	9.33	9.54	0.00	9.87	0.00	0.00	0.00	-17	0.00	0.00	0.00
Total Operating Expenses	82	96	77	94	96	88	87	43	293	402	374
Selling, General & Admin Expense	83	92	64	88	58	69	62	17	98	111	111
Amortization Expense	6.79	6.52	6.72	7.28	6.39	7.21	7.17	4.28	66	96	87
Other Operating Expenses / (Income)	-7.03	-1.75	6.35	-0.62	32	12	18	22	129	195	177
Total Other Income / (Expense), net	-29	-27	-22	-23	-2.00	-16	-16	-2.73	-8.88	-28	-25
Interest Expense	29	27	22	23	-	17	17	2.73	-	22	21
Other Income / (Expense), net	-	-	-	-	-2.00	1.85	1.29	-	-8.88	-5.79	-4.03
Income Tax Expense	46	36	48	41	47	38	46	50	44	32	56
Net Income / (Loss) Discontinued Operations	-	-	-15	-	-7.53	-13	-11	-	-5.37	-2.31	-8.55
Basic Earnings per Share	$0.99	$0.99	$1.00	$0.98	$0.99	$1.03	$1.04	$1.12	$0.90	$0.85	$1.23
Weighted Average Basic Shares Outstanding	153.82M	153.11M	151.85M	152.47M	145.62M	137.38M	137.00M	139.45M	137.00M	135.36M	133.16M
Diluted Earnings per Share	$0.98	$0.98	$0.99	$0.97	$0.98	$1.02	$1.03	$1.11	$0.89	$0.85	$1.22
Weighted Average Diluted Shares Outstanding	155.97M	154.40M	153.07M	154.19M	147.73M	138.36M	137.93M	140.81M	138.49M	136.28M	134.39M
Weighted Average Basic & Diluted Shares Outstanding	150.58M	150.42M	148.93M	145.06M	134.33M	135.45M	135.49M	136.27M	132.98M	132.30M	126.44M

This table details how cash moves in and out of Radian Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	15	1.92	34	11	2,052	1,836	58	-96	639	682	622
Net Cash From Operating Activities	12	382	361	678	2,052	1,836	557	388	529	-664	120
Net Cash From Continuing Operating Activities	13	382	361	678	2,052	1,836	557	388	613	655	720
Net Income / (Loss) Continuing Operations	282	308	121	606	672	394	601	743	1,352	1,321	1,236
Consolidated Net Income / (Loss)	287	308	121	606	849	479	601	743	1,279	1,265	1,201
Net Income / (Loss) Discontinued Operations	5.39	-	-	-	-	-	-	-	-73	-56	-36
Depreciation Expense	69	58	58	57	-	-	72	72	58	62	46
Non-Cash Adjustments To Reconcile Net Income	111	14	248	60	194	85	-179	-21	-82	-46	-37
Changes in Operating Assets and Liabilities, net	-461	-12	-95	-57	984	1,240	60	-410	-38	-21	92
Net Cash From Discontinued Operating Activities	-1.76	-	-	-	-	-	-	-	-83	-1,319	-600
Net Cash From Investing Activities	2.79	-176	-201	-689	0.00	0.00	-1.86	-5.18	-301	328	127
Net Cash From Continuing Investing Activities	-2.21	-176	-201	-689	0.00	0.00	-1.86	-5.18	-230	279	-95
Purchase of Property, Plant & Equipment	-25	-36	-29	-26	-	-	-13	-18	-8.53	-1.56	-4.21
Purchase of Investments	-1,562	-1,991	-2,161	-1,944	-	-	-2,086	-1,440	-936	-1,365	-798
Sale and/or Maturity of Investments	571	1,725	1,909	1,232	-	-	2,090	1,459	713	1,627	705
Other Investing Activities, net	222	124	80	57	-	-	6.13	-6.89	1.66	18	2.30
Net Cash From Discontinued Investing Activities	5.00	-	-	-	-	-	-	-	-70	49	222
Net Cash From Financing Activities	0.60	-203	-125	22	0.00	0.00	-497	-479	-265	357	-243
Net Cash From Continuing Financing Activities	0.60	-203	-125	22	0.00	0.00	-497	-479	-287	-810	-649
Repayment of Debt	-156	-445	-596	-23	-	-	-38	-378	-54	-1,010	-104
Repurchase of Common Equity	-202	-100	-0.01	-50	-	-	-399	-400	-133	-225	-432
Payment of Dividends	-2.00	-2.11	-2.15	-2.14	-	-	-103	-135	-146	-152	-146
Issuance of Debt	343	343	462	96	-	-	42	382	5.99	623	95
Issuance of Common Equity	1.29	0.72	7.13	1.39	-	-	1.38	1.34	1.76	0.93	1.04
Other Financing Activities, net	16	0.33	4.21	0.00	-	-	-	51	38	-47	-63
Net Cash From Discontinued Financing Activities	0.00	-	-	-	-	-	-	-	22	1,168	406
Cash Interest Paid	61	66	57	57	-	-	79	79	87	108	91
Cash Income Taxes Paid	3.71	-0.67	94	8.36	-	-	144	244	154	173	137

This table details how cash moves in and out of Radian Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	8.76	38	14	11	-68	-6.15	453	188	33	-218	-429
Net Cash From Operating Activities	51	-207	-238	-269	68	-713	358	407	285	343	380
Net Cash From Continuing Operating Activities	51	-156	-238	-269	207	-713	1,192	174	146	149	381
Net Cash From Discontinued Operating Activities	-	-	-	-	-139	-	-	233	139	194	-1.29
Net Cash From Investing Activities	-73	-1.04	367	35	106	125	-27	-77	-181	50	-218
Net Cash From Continuing Investing Activities	-73	-1.04	367	35	50	125	-233	-93	-210	45	-219
Purchase of Property, Plant & Equipment	-1.56	-1.07	-0.21	-0.34	-1.09	-1.28	-0.84	-0.87	-0.75	-0.23	-1.20
Purchase of Investments	-328	-432	-264	-343	-258	-281	-171	-66	-687	-804	-1,123
Sale and/or Maturity of Investments	257	431	622	321	301	341	34	-17	2,035	845	919
Other Investing Activities, net	-0.18	1.41	8.55	58	7.52	67	-95	-8.58	9.79	3.74	-14
Net Cash From Discontinued Investing Activities	-	-	-	-	56	-	-	16	29	5.37	0.64
Net Cash From Financing Activities	31	195	-115	245	-187	582	-338	-300	-55	-333	-212
Net Cash From Continuing Financing Activities	31	195	-115	245	-250	582	-930	-114	85	-149	-212
Repayment of Debt	-738	-121	-1,097	431	-18	-834	1,050	-32	-68	-76	-66
Repurchase of Common Equity	-50	-50	-49	-76	-209	-223	-	-	-50	-80	-125
Payment of Dividends	-38	-41	-37	-37	-37	-39	-35	-35	-35	-37	-34
Issuance of Debt	916	406	1,101	-82	2.50	1,649	-1,901	11	205	30	33
Other Financing Activities, net	-60	-	-	8.82	12	28	-44	-58	33	15	-20

This table presents Radian Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,642	5,863	5,901	6,315	6,808	7,948	7,839	7,064	7,594	8,690	8,122
Total Current Assets	4,419	4,601	4,043	5,205	5,714	6,848	6,956	6,308	6,849	6,617	7,076
Cash & Equivalents	47	52	81	95	93	88	151	56	19	19	25
Restricted Cash	13	9.67	16	12	3.55	6.23	1.48	0.38	1.07	0.03	0.01
Short-Term Investments	4,297	4,461	3,874	5,019	5,524	6,632	6,325	5,535	5,955	5,556	5,875
Accounts Receivable	62	78	73	79	94	121	124	120	124	121	120
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	354	596	750	921	1,056
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	80	75	71	64	23	0.00
Total Noncurrent Assets	1,223	1,262	1,858	1,110	1,094	1,020	808	685	681	2,049	1,046
Long-Term Investments	1.71	1.20	770	134	134	156	188	158	176	190	112
Goodwill	289	276	64	59	28	23	20	15	-	-	0.00
Other Noncurrent Operating Assets	354	573	794	785	931	841	600	511	504	411	459
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	1,447	474
Total Liabilities & Shareholders' Equity	5,642	5,863	5,901	6,315	6,808	7,948	7,839	7,064	7,594	8,690	8,122
Total Liabilities	3,145	2,991	2,901	2,826	2,760	3,664	3,580	3,144	3,196	4,066	3,341
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33
Short-Term Debt	-	-	-	-	-	-	-	-	-	-	33
Total Noncurrent Liabilities	3,145	2,991	2,901	2,826	2,760	3,664	3,580	3,144	3,196	4,066	3,308
Long-Term Debt	1,219	1,070	1,027	1,030	887	1,406	1,560	1,569	1,537	1,111	1,076
Asset Retirement Reserve & Litigation Obligation	976	760	508	401	405	848	829	427	370	354	400
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	214	338	391	590	772	942
Other Noncurrent Operating Liabilities	949	1,161	1,366	1,394	1,468	1,196	854	757	699	588	526
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	1,240	364
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,497	2,872	3,000	3,489	4,049	4,284	4,259	3,919	4,398	4,624	4,782
Total Preferred & Common Equity	2,497	2,872	3,000	3,489	4,049	4,284	4,259	3,919	4,398	4,624	4,782
Total Common Equity	2,497	2,872	3,000	3,489	4,049	4,284	4,259	3,919	4,398	4,624	4,782
Common Stock	2,717	2,780	2,755	2,725	2,450	2,246	1,879	1,520	1,431	1,247	861
Retained Earnings	692	998	1,116	1,720	2,390	2,685	3,181	3,787	4,244	4,695	5,132
Treasury Stock	-893	-893	-894	-895	-902	-910	-921	-931	-946	-968	-990
Accumulated Other Comprehensive Income / (Loss)	-18	-12	23	-61	110	264	120	-457	-331	-350	-222

This table presents Radian Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	7,307	7,379	7,760	8,130	8,420	8,765	9,581	8,205	10,652	10,656	10,404
Total Current Assets	6,562	6,528	6,925	6,971	6,853	6,793	6,835	6,924	8,717	8,875	8,754
Cash & Equivalents	61	55	27	14	28	24	22	15	55	119	41
Restricted Cash	1.32	1.31	1.83	1.99	2.01	4.17	0.11	0.01	33	36	65
Short-Term Investments	5,698	5,630	6,016	5,979	5,814	5,716	5,685	5,768	6,907	6,850	6,863
Accounts Receivable	138	145	130	138	138	128	130	129	666	812	723
Current Deferred & Refundable Income Taxes	663	697	750	838	870	921	998	1,013	1,056	1,058	1,063
Plant, Property, & Equipment, net	74	75	61	56	42	26	24	19	0.00	0.00	0.00
Total Noncurrent Assets	671	776	774	1,103	1,525	1,947	2,722	1,262	1,935	1,781	1,650
Long-Term Investments	241	301	358	656	733	398	850	127	185	193	173
Goodwill	13	11	-	-	-	-	-	-	421	415	411
Other Noncurrent Operating Assets	417	463	417	446	792	1,549	1,872	412	1,050	1,109	1,031
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	723	280	64	35
Total Liabilities & Shareholders' Equity	7,307	7,379	7,760	8,130	8,420	8,765	9,581	8,205	10,652	10,656	10,404
Total Liabilities	3,136	3,226	3,320	3,647	3,721	4,179	5,088	3,552	5,843	5,848	5,754
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	714	565	566
Short-Term Debt	-	-	-	-	-	-	-	-	495	535	548
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	219	30	17
Total Noncurrent Liabilities	3,136	3,226	3,320	3,647	3,721	4,179	5,088	3,552	5,129	5,283	5,188
Long-Term Debt	1,594	1,658	1,720	1,998	1,617	1,339	1,830	1,128	774	697	621
Asset Retirement Reserve & Litigation Obligation	379	368	362	357	363	375	383	388	1,823	1,912	2,007
Noncurrent Deferred & Payable Income Tax Liabilities	480	498	626	656	738	804	841	910	979	962	922
Other Noncurrent Operating Liabilities	682	702	611	635	1,003	1,661	2,034	576	1,554	1,712	1,637
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,171	4,153	4,440	4,482	4,699	4,587	4,493	4,652	4,809	4,808	4,650
Total Preferred & Common Equity	4,171	4,153	4,440	4,482	4,699	4,587	4,493	4,652	4,809	4,808	4,650
Total Common Equity	4,171	4,153	4,440	4,482	4,699	4,587	4,493	4,652	4,809	4,808	4,650
Common Stock	1,523	1,483	1,391	1,357	1,315	1,049	848	855	842	783	662
Retained Earnings	4,016	4,137	4,358	4,470	4,584	4,802	4,907	5,013	5,220	5,300	5,429
Treasury Stock	-945	-946	-946	-967	-968	-969	-989	-989	-991	-1,010	-1,010
Accumulated Other Comprehensive Income / (Loss)	-424	-521	-362	-377	-233	-295	-273	-226	-262	-265	-431

This table displays calculated financial ratios and metrics derived from Radian Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.24%	3.79%	-1.36%	4.21%	19.95%	-5.79%	-7.55%	-10.47%	4.19%	4.01%	-0.76%
EBITDA Growth	8.34%	4.14%	-22.10%	64.49%	14.22%	-37.51%	66.38%	20.46%	-15.06%	1.26%	-8.98%
EBIT Growth	6.29%	6.78%	-27.50%	82.10%	21.41%	-39.18%	54.23%	22.15%	-17.36%	2.58%	-7.94%
NOPAT Growth	-77.91%	5.83%	-60.27%	361.85%	8.54%	-36.95%	47.53%	21.27%	-16.71%	2.30%	-7.89%
Net Income Growth	-70.10%	7.43%	-60.72%	400.47%	10.94%	-41.45%	52.60%	23.68%	-18.82%	0.22%	-3.61%
EPS Growth	-70.67%	12.30%	-59.85%	403.64%	15.52%	-37.50%	58.00%	37.66%	-13.33%	3.98%	5.61%
Operating Cash Flow Growth	108.01%	3,156.75%	-5.54%	87.97%	202.75%	-10.54%	-34.33%	-30.30%	36.35%	-225.34%	118.06%
Free Cash Flow Firm Growth	-390.25%	356.87%	-8.84%	151.54%	15.51%	3.81%	-66.58%	-22.26%	181.56%	0.51%	-11.23%
Invested Capital Growth	41.57%	9.31%	-22.43%	-3.91%	-10.56%	-45.58%	30.96%	69.14%	17.20%	26.44%	2.36%
Revenue Q/Q Growth	-1.66%	-0.04%	3.69%	1.08%	3.85%	-1.25%	-2.31%	-1.95%	1.13%	-0.95%	-6.11%
EBITDA Q/Q Growth	9.56%	4.03%	23.66%	5.88%	1.76%	-14.68%	20.51%	-3.91%	12.24%	0.35%	0.31%
EBIT Q/Q Growth	2.10%	-1.85%	18.73%	1.69%	2.93%	-12.95%	14.56%	-7.59%	5.45%	1.05%	3.89%
NOPAT Q/Q Growth	-75.57%	-4.61%	-33.84%	28.04%	2.66%	-11.12%	13.02%	-7.28%	5.25%	0.76%	3.78%
Net Income Q/Q Growth	-55.22%	-4.18%	-30.95%	28.11%	3.29%	-3.24%	8.18%	-4.02%	-3.15%	0.93%	1.14%
EPS Q/Q Growth	-54.31%	-3.52%	-29.49%	27.06%	5.96%	-2.91%	10.49%	-1.36%	-2.33%	1.82%	3.50%
Operating Cash Flow Q/Q Growth	-82.80%	24.37%	15.31%	6.89%	196.25%	0.00%	0.00%	-10.93%	42.85%	-413.60%	121.54%
Free Cash Flow Firm Q/Q Growth	-294.19%	15.08%	257.05%	-1.68%	4.03%	407.74%	-51.32%	-83.70%	96.73%	-17.79%	-3.20%
Invested Capital Q/Q Growth	17.93%	12.56%	-35.43%	-4.24%	-5.45%	0.00%	0.00%	47.42%	-22.47%	39.11%	23.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	92.15%	90.78%	91.44%	92.29%	92.91%	94.02%	92.20%	93.08%	96.90%	97.03%	100.00%
EBITDA Margin	51.17%	51.34%	40.55%	64.00%	60.95%	40.43%	69.53%	93.54%	76.26%	74.25%	75.68%
Operating Margin	44.33%	45.61%	33.52%	58.58%	59.29%	38.27%	63.85%	87.11%	69.09%	68.15%	71.80%
EBIT Margin	44.33%	45.61%	33.52%	58.58%	59.29%	38.27%	63.85%	87.11%	69.09%	68.15%	71.80%
Profit (Net Income) Margin	24.05%	24.89%	9.91%	47.60%	44.03%	27.36%	45.17%	62.39%	48.62%	46.85%	48.67%
Tax Burden Percent	65.53%	63.73%	34.92%	88.57%	79.19%	82.10%	78.54%	77.98%	78.58%	78.37%	73.64%
Interest Burden Percent	82.78%	85.64%	84.67%	91.75%	93.78%	87.08%	90.07%	91.86%	89.54%	87.72%	92.05%
Effective Tax Rate	35.70%	36.27%	65.08%	11.43%	20.81%	17.90%	21.46%	22.02%	21.42%	21.63%	21.87%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	12.29%	11.48%	4.12%	18.68%	17.84%	9.45%	14.06%	18.17%	14.50%	13.40%	12.39%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	8.47%	9.82%	6.96%	12.21%	13.80%	7.46%	10.76%	13.92%	11.70%	10.82%	10.23%
Return on Assets (ROA)	4.60%	5.36%	2.06%	9.92%	10.25%	5.34%	7.61%	9.97%	8.23%	7.44%	6.93%
Return on Common Equity (ROCE)	12.09%	11.48%	4.12%	18.68%	17.84%	9.45%	14.06%	18.17%	14.50%	13.40%	12.39%
Return on Equity Simple (ROE_SIMPLE)	11.49%	10.73%	4.04%	17.37%	16.61%	9.19%	14.10%	18.96%	13.71%	13.07%	0.00%
Net Operating Profit after Tax (NOPAT)	340	360	143	660	717	452	667	809	674	689	672
NOPAT Margin	28.50%	29.07%	11.71%	51.88%	46.95%	31.42%	50.15%	67.92%	54.30%	53.41%	56.10%
Net Nonoperating Expense Percent (NNEP)	-1.66%	-1.57%	-0.61%	-1.37%	-0.98%	-1.13%	-1.25%	-1.42%	-1.60%	-1.80%	-1.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	14.62%	14.52%	7.94%	-	14.74%	11.35%	11.07%	11.40%
Cost of Revenue to Revenue	7.85%	9.22%	8.56%	7.71%	7.09%	5.98%	7.80%	6.92%	3.10%	2.97%	0.00%
SG&A Expenses to Revenue	20.31%	19.77%	21.88%	22.06%	20.05%	19.51%	24.34%	32.01%	28.02%	26.96%	20.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.82%	45.17%	57.92%	33.72%	33.62%	55.75%	28.35%	5.97%	27.80%	28.89%	28.20%
Earnings before Interest and Taxes (EBIT)	529	565	409	746	905	551	849	1,037	857	879	860
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	611	636	495	815	931	582	925	1,114	946	958	906
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.96	1.16	1.28	0.85	1.06	0.79	0.81	0.71	0.96	1.02	1.02
Price to Tangible Book Value (P/TBV)	1.08	1.28	1.31	0.86	1.07	0.79	0.82	0.72	0.96	1.02	1.02
Price to Revenue (P/Rev)	2.01	2.69	3.15	2.32	2.81	2.35	2.60	2.35	3.42	3.66	4.07
Price to Earnings (P/E)	8.34	10.82	31.75	4.88	6.38	8.59	5.76	3.77	7.03	7.82	8.37
Dividend Yield	0.09%	0.06%	0.06%	0.07%	0.05%	2.83%	2.82%	4.49%	3.25%	3.09%	2.83%
Earnings Yield	11.99%	9.24%	3.15%	20.50%	15.67%	11.64%	17.35%	26.54%	14.22%	12.79%	11.95%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.48	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.37	0.34	0.30	0.22	0.33	0.37	0.40	0.35	0.35	0.23
Long-Term Debt to Equity	0.49	0.37	0.34	0.30	0.22	0.33	0.37	0.40	0.35	0.35	0.23
Financial Leverage	-1.37	-1.23	-1.22	-1.22	-1.21	-1.24	-1.24	-1.14	-1.06	-1.04	-1.05
Leverage Ratio	2.67	2.14	2.00	1.88	1.74	1.77	1.85	1.82	1.76	1.80	1.79
Compound Leverage Factor	2.21	1.84	1.70	1.73	1.63	1.54	1.66	1.67	1.58	1.58	1.65
Debt to Total Capital	32.81%	27.13%	25.50%	22.80%	17.97%	24.70%	26.82%	28.59%	25.90%	25.75%	18.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.81%	27.13%	25.50%	22.80%	17.97%	24.70%	26.82%	28.59%	25.90%	25.75%	18.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.19%	72.87%	74.50%	77.20%	82.03%	75.30%	73.18%	71.41%	74.10%	74.25%	81.17%
Debt to EBITDA	2.00	1.68	2.07	1.26	0.95	2.42	1.69	1.41	1.62	1.67	1.22
Net Debt to EBITDA	-5.14	-5.43	-7.50	-5.19	-5.23	-9.42	-5.52	-3.75	-4.88	-4.99	-5.41
Long-Term Debt to EBITDA	2.00	1.68	2.07	1.26	0.95	2.42	1.69	1.41	1.62	1.67	1.22
Debt to NOPAT	3.59	2.97	7.18	1.56	1.24	3.11	2.34	1.94	2.28	2.33	1.65
Net Debt to NOPAT	-9.23	-9.60	-25.96	-6.40	-6.79	-12.12	-7.66	-5.17	-6.85	-6.94	-7.30
Long-Term Debt to NOPAT	3.59	2.97	7.18	1.56	1.24	3.11	2.34	1.94	2.28	2.33	1.65
Altman Z-Score	2.09	2.38	2.32	2.59	3.09	2.47	2.74	3.01	3.20	2.88	3.26
Noncontrolling Interest Sharing Ratio	1.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.63
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-117	300	274	688	795	825	287	223	629	632	666
Operating Cash Flow to CapEx	133.97%	1,154.88%	1,257.41%	2,606.07%	0.00%	0.00%	4,421.17%	2,197.25%	3,251.85%	-20,913.08%	2,849.79%
Free Cash Flow to Firm to Interest Expense	-1.28	3.70	4.36	11.19	14.12	11.60	3.41	2.64	7.01	5.85	9.75
Operating Cash Flow to Interest Expense	0.13	4.71	5.75	11.02	36.44	25.80	6.61	4.60	5.90	-6.14	1.76
Operating Cash Flow Less CapEx to Interest Expense	0.03	4.30	5.29	10.60	36.44	25.80	6.46	4.39	5.72	-6.17	1.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.22	0.21	0.21	0.23	0.20	0.17	0.16	0.17	0.16	0.14
Accounts Receivable Turnover	16.18	17.77	16.27	16.84	17.73	13.39	10.84	9.77	10.18	10.24	9.93
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	17.10	16.30	18.41	28.22	59.07
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	22.56	20.54	22.44	21.68	20.59	27.26	33.66	37.37	35.85	35.64	36.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	22.56	20.54	22.44	21.68	20.59	27.26	33.66	37.37	35.85	35.64	36.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-642	-582	-713	-741	-819	-1,193	-847	-261	-216	-159	-232
Invested Capital Turnover	-1.37	-2.02	-1.89	-1.75	-1.96	-1.43	-1.28	-2.15	-5.19	-6.87	-5.10
Increase / (Decrease) in Invested Capital	457	60	-131	-28	-78	-373	380	586	45	57	5.60
Enterprise Value (EV)	-745	-120	132	-1,273	-579	-2,095	-1,644	-1,381	-373	-59	-27
Market Capitalization	2,394	3,334	3,845	2,957	4,289	3,382	3,462	2,800	4,241	4,724	4,876
Book Value per Share	$12.07	$13.40	$13.92	$16.35	$20.13	$22.37	$23.75	$24.96	$28.71	$31.05	$35.29
Tangible Book Value per Share	$10.67	$12.11	$13.62	$16.08	$19.99	$22.25	$23.64	$24.86	$28.71	$31.05	$35.29
Total Capital	3,716	3,942	4,027	4,519	4,936	5,690	5,819	5,489	5,935	6,227	5,891
Total Debt	1,219	1,070	1,027	1,030	887	1,406	1,560	1,569	1,537	1,604	1,109
Total Long-Term Debt	1,219	1,070	1,027	1,030	887	1,406	1,560	1,569	1,537	1,604	1,109
Net Debt	-3,139	-3,455	-3,713	-4,230	-4,868	-5,477	-5,106	-4,181	-4,614	-4,783	-4,903
Capital Expenditures (CapEx)	8.75	33	29	26	0.00	0.00	13	18	16	3.17	4.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	62	78	73	79	94	121	478	716	874	1,049	813
Debt-free Net Working Capital (DFNWC)	4,419	4,601	4,043	5,205	5,714	6,848	6,956	6,308	6,849	6,770	6,778
Net Working Capital (NWC)	4,419	4,601	4,043	5,205	5,714	6,848	6,956	6,308	6,849	6,770	6,778
Net Nonoperating Expense (NNE)	53	52	22	54	45	58	66	66	70	85	89
Net Nonoperating Obligations (NNO)	-3,139	-3,455	-3,713	-4,230	-4,868	-5,477	-5,106	-4,181	-4,614	-4,783	-5,013
Total Depreciation and Amortization (D&A)	82	71	86	69	25	31	75	77	89	79	46
Debt-free, Cash-free Net Working Capital to Revenue	5.17%	6.27%	5.94%	6.18%	6.13%	8.43%	35.95%	60.15%	70.46%	81.31%	67.89%
Debt-free Net Working Capital to Revenue	370.30%	371.49%	330.97%	408.85%	374.23%	475.99%	523.03%	529.78%	552.11%	524.68%	566.22%
Net Working Capital to Revenue	370.30%	371.49%	330.97%	408.85%	374.23%	475.99%	523.03%	529.78%	552.11%	524.68%	566.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.01	$0.00	$0.00	$3.81	$3.96	$4.18
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	195.44M	0.00	0.00	158.14M	152.47M	139.45M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.00	$0.00	$0.00	$3.77	$3.92	$4.14
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	196.64M	0.00	0.00	160.13M	154.19M	140.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	191.69M	0.00	0.00	151.50M	145.06M	136.27M
Normalized Net Operating Profit after Tax (NOPAT)	401	360	464	666	739	452	667	809	681	689	672
Normalized NOPAT Margin	33.58%	29.07%	37.97%	52.30%	48.38%	31.42%	50.15%	67.92%	54.92%	53.41%	56.10%
Pre Tax Income Margin	36.69%	39.06%	28.38%	53.75%	55.60%	33.33%	57.51%	80.02%	61.86%	59.78%	66.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.81	6.96	6.52	12.13	16.08	7.74	10.07	12.28	9.56	8.14	12.59
NOPAT to Interest Expense	3.73	4.44	2.28	10.74	12.73	6.35	7.91	9.58	7.51	6.38	9.83
EBIT Less CapEx to Interest Expense	5.71	6.55	6.07	11.70	16.08	7.74	9.92	12.07	9.38	8.11	12.52
NOPAT Less CapEx to Interest Expense	3.64	4.03	1.82	10.32	12.73	6.35	7.76	9.37	7.33	6.35	9.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.70%	0.68%	1.78%	0.35%	0.00%	0.00%	17.20%	18.23%	24.19%	25.14%	24.99%
Augmented Payout Ratio	71.10%	33.18%	1.78%	8.61%	0.00%	0.00%	83.64%	72.10%	46.30%	62.38%	99.12%

This table displays calculated financial ratios and metrics derived from Radian Group's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	136,272,409.00	132,975,196.00	132,301,318.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	136,272,409.00	132,975,196.00	132,301,318.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.91	0.87	1.24
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.09%	10.90%	6.68%	-3.75%	-0.54%	-1.04%	-3.25%	2.39%	60.09%	95.74%	108.06%
EBITDA Growth	0.59%	5.04%	1.70%	-2.65%	-7.09%	-3.26%	-12.10%	-12.79%	16.84%	23.92%	50.91%
EBIT Growth	1.00%	5.24%	0.02%	4.49%	-7.55%	-6.73%	-8.60%	-8.68%	-12.60%	-17.69%	15.67%
NOPAT Growth	0.17%	6.26%	-0.20%	3.25%	-7.53%	-6.42%	-9.56%	-7.92%	-11.42%	-15.99%	15.98%
Net Income Growth	-3.42%	3.98%	-3.00%	3.92%	-5.12%	-6.65%	-6.88%	4.42%	-14.16%	-18.25%	15.70%
EPS Growth	0.00%	7.69%	1.02%	7.78%	0.00%	4.08%	4.04%	14.43%	-9.18%	-16.67%	18.45%
Operating Cash Flow Growth	-56.29%	-386.02%	-416.27%	-201.68%	32.84%	-244.14%	250.64%	251.07%	320.34%	148.08%	6.07%
Free Cash Flow Firm Growth	126.53%	136.22%	277.83%	-6.06%	6.18%	108.76%	-22.89%	-19.39%	743.90%	374.12%	496.80%
Invested Capital Growth	16.10%	27.57%	-47.95%	26.44%	10.49%	-37.73%	-15.63%	2.36%	-436.58%	-406.81%	-343.12%
Revenue Q/Q Growth	-2.50%	0.54%	3.81%	-5.12%	0.43%	0.04%	-4.60%	-14.77%	83.91%	22.21%	8.16%
EBITDA Q/Q Growth	16.90%	-5.45%	9.64%	-2.16%	-5.44%	1.13%	-3.94%	7.66%	1.90%	12.43%	24.93%
EBIT Q/Q Growth	17.93%	-5.49%	4.24%	-5.44%	-0.75%	-4.66%	7.56%	7.67%	-25.28%	-0.37%	44.32%
NOPAT Q/Q Growth	13.98%	-0.50%	0.36%	-4.63%	-2.90%	0.69%	2.10%	9.41%	-25.08%	3.08%	36.46%
Net Income Q/Q Growth	6.77%	-0.30%	-0.01%	-2.37%	-2.52%	-1.91%	-0.25%	9.47%	-19.86%	-6.59%	41.19%
EPS Q/Q Growth	8.89%	0.00%	1.02%	-2.02%	1.03%	4.08%	0.98%	7.77%	-19.82%	-4.49%	43.53%
Operating Cash Flow Q/Q Growth	-80.74%	-506.08%	-14.78%	-13.24%	125.17%	-1,152.02%	150.24%	13.56%	-29.97%	20.32%	10.85%
Free Cash Flow Firm Q/Q Growth	105.16%	-15.15%	138.26%	-57.90%	24.76%	66.83%	-8.88%	-14.91%	514.68%	1.39%	12.00%
Invested Capital Q/Q Growth	-41.85%	29.46%	-53.11%	39.11%	-36.09%	-8.55%	-28.54%	23.27%	-401.21%	-2.53%	-12.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	97.08%	97.03%	97.14%	96.88%	97.24%	97.35%	100.00%	106.65%	100.00%	100.00%	100.00%
EBITDA Margin	73.41%	69.04%	72.91%	75.18%	70.79%	71.56%	72.05%	91.02%	50.43%	46.39%	53.59%
Operating Margin	71.28%	67.01%	67.28%	67.05%	66.26%	63.15%	71.20%	89.95%	38.41%	30.79%	40.40%
EBIT Margin	71.28%	67.01%	67.28%	67.05%	66.26%	63.15%	71.20%	89.95%	36.54%	29.79%	39.75%
Profit (Net Income) Margin	47.70%	47.30%	45.56%	46.88%	45.50%	44.62%	46.65%	59.93%	26.11%	19.96%	26.05%
Tax Burden Percent	76.70%	80.75%	77.74%	78.41%	76.71%	81.02%	71.19%	67.59%	71.46%	76.91%	71.69%
Interest Burden Percent	87.24%	87.42%	87.10%	89.17%	89.52%	87.20%	92.04%	98.56%	100.00%	87.11%	91.42%
Effective Tax Rate	23.30%	19.25%	22.26%	21.59%	23.29%	18.98%	23.10%	21.85%	25.45%	21.56%	24.57%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	13.99%	13.95%	13.53%	13.40%	13.22%	13.07%	12.32%	12.39%	11.97%	11.53%	12.01%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	11.91%	11.13%	11.10%	10.64%	10.33%	9.17%	10.92%	12.81%	5.18%	4.89%	8.48%
Return on Assets (ROA)	7.97%	7.86%	7.51%	7.44%	7.10%	6.48%	7.16%	8.53%	3.70%	3.27%	5.56%
Return on Common Equity (ROCE)	13.99%	13.95%	13.53%	13.40%	13.22%	13.07%	12.32%	12.39%	11.97%	11.53%	12.01%
Return on Equity Simple (ROE_SIMPLE)	13.46%	13.46%	12.74%	0.00%	13.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	175	174	174	166	161	163	166	182	136	140	191
NOPAT Margin	54.67%	54.10%	52.30%	52.58%	50.83%	51.16%	54.76%	70.30%	28.64%	24.15%	30.47%
Net Nonoperating Expense Percent (NNEP)	-0.49%	-0.48%	-0.48%	-0.38%	-0.36%	-0.44%	-0.50%	-0.54%	-0.22%	-0.45%	-0.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	2.67%	2.73%	2.57%	2.87%	3.08%	2.24%	2.32%	3.29%
Cost of Revenue to Revenue	2.92%	2.97%	2.86%	3.12%	2.76%	2.65%	0.00%	-6.65%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	25.87%	28.54%	25.77%	27.73%	24.19%	28.13%	20.53%	6.68%	20.66%	19.04%	17.61%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.80%	30.03%	29.85%	29.83%	30.98%	34.20%	28.80%	16.70%	61.59%	69.21%	59.60%
Earnings before Interest and Taxes (EBIT)	228	215	224	212	211	201	216	232	174	173	250
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	234	222	243	238	225	227	218	235	240	269	337
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	1.04	1.11	1.02	1.05	1.08	1.05	1.02	0.94	1.04	0.87
Price to Tangible Book Value (P/TBV)	1.15	1.04	1.11	1.02	1.05	1.08	1.05	1.02	1.03	1.14	0.96
Price to Revenue (P/Rev)	4.07	3.65	4.01	3.66	3.72	3.76	3.85	4.07	3.28	3.02	2.04
Price to Earnings (P/E)	8.51	7.76	8.71	7.82	8.04	8.25	8.52	8.37	8.02	9.34	7.25
Dividend Yield	2.77%	3.02%	2.77%	3.09%	2.99%	2.78%	2.79%	2.83%	3.08%	2.71%	3.33%
Earnings Yield	11.75%	12.89%	11.48%	12.79%	12.44%	12.12%	11.74%	11.95%	12.47%	10.71%	13.79%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.32	0.02	0.20	0.00	0.00	0.09	0.10	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.46	0.03	0.27	0.00	0.00	0.12	0.14	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.47	0.03	0.30	0.00	0.00	0.13	0.15	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.60	0.04	0.38	0.00	0.00	0.17	0.19	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.87	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.65	0.05	0.34	0.00	0.00	0.15	0.18	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.45	0.34	0.35	0.29	0.41	0.24	0.23	0.26	0.26	0.25
Long-Term Debt to Equity	0.39	0.45	0.34	0.35	0.29	0.41	0.24	0.23	0.16	0.14	0.13
Financial Leverage	-1.06	-1.05	-1.05	-1.04	-1.05	-1.05	-1.06	-1.05	-1.15	-1.15	-1.18
Leverage Ratio	1.75	1.78	1.78	1.80	1.83	1.97	1.78	1.79	2.07	2.18	2.00
Compound Leverage Factor	1.53	1.56	1.55	1.61	1.64	1.72	1.64	1.76	2.07	1.90	1.83
Debt to Total Capital	27.93%	30.84%	25.60%	25.75%	22.59%	28.94%	19.51%	18.83%	20.87%	20.40%	20.10%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.14%	8.86%	9.42%
Long-Term Debt to Total Capital	27.93%	30.84%	25.60%	25.75%	22.59%	28.94%	19.51%	18.83%	12.73%	11.54%	10.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	72.07%	69.16%	74.40%	74.25%	77.41%	71.06%	80.49%	81.17%	79.13%	79.60%	79.90%
Debt to EBITDA	1.94	2.10	1.69	1.67	1.42	1.96	1.25	1.22	1.43	1.25	1.06
Net Debt to EBITDA	-5.27	-4.89	-5.20	-4.99	-5.11	-5.07	-5.30	-5.41	-6.66	-6.05	-5.41
Long-Term Debt to EBITDA	1.94	2.10	1.69	1.67	1.42	1.96	1.25	1.22	0.87	0.71	0.56
Debt to NOPAT	2.55	2.92	2.36	2.33	1.98	2.75	1.74	1.65	1.94	1.96	1.79
Net Debt to NOPAT	-6.95	-6.80	-7.25	-6.94	-7.11	-7.11	-7.39	-7.30	-9.04	-9.51	-9.14
Long-Term Debt to NOPAT	2.55	2.92	2.36	2.33	1.98	2.75	1.74	1.65	1.18	1.11	0.95
Altman Z-Score	3.03	2.81	2.82	2.63	2.61	2.35	2.94	3.00	2.23	2.36	2.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.63	12.21	15.71	15.47
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.73	10.68	13.78	13.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	128	109	259	109	136	227	207	176	1,082	1,097	1,229
Operating Cash Flow to CapEx	3,276.25%	-19,444.84%	-114,936.72%	-78,776.32%	5,608.44%	-55,555.69%	42,514.47%	46,780.92%	38,053.27%	152,416.89%	31,732.30%
Free Cash Flow to Firm to Interest Expense	4.41	4.02	8.82	4.85	6.05	8.78	12.04	64.41	0.00	49.17	57.35
Operating Cash Flow to Interest Expense	1.76	-7.66	-8.10	-11.97	3.01	-27.57	20.86	148.92	0.00	15.37	17.74
Operating Cash Flow Less CapEx to Interest Expense	1.70	-7.70	-8.10	-11.98	2.96	-27.62	20.81	148.60	0.00	15.36	17.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.17	0.16	0.16	0.16	0.15	0.15	0.14	0.14	0.16	0.21
Accounts Receivable Turnover	9.63	9.28	9.20	10.24	10.00	9.60	9.54	9.93	3.47	3.52	4.66
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	18.85	19.68	22.37	28.22	29.93	32.18	42.11	59.07	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	37.91	39.33	39.66	35.64	36.52	38.03	38.25	36.77	105.30	103.62	78.27
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	37.91	39.33	39.66	35.64	36.52	38.03	38.25	36.77	105.30	103.62	78.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-242	-171	-261	-159	-217	-235	-302	-232	-1,163	-1,192	-1,340
Invested Capital Turnover	-4.71	-6.31	-5.95	-6.87	-5.62	-6.33	-4.52	-5.10	-1.99	-2.33	-2.42
Increase / (Decrease) in Invested Capital	46	65	-85	57	25	-64	-41	5.60	-946	-957	-1,037
Enterprise Value (EV)	405	30	258	-59	-6.27	111	123	-27	-1,403	-957	-1,923
Market Capitalization	5,087	4,683	5,218	4,724	4,797	4,839	4,906	4,876	4,508	5,009	4,050
Book Value per Share	$28.86	$29.77	$31.24	$31.05	$31.62	$33.44	$34.35	$35.29	$35.29	$36.16	$35.15
Tangible Book Value per Share	$28.86	$29.77	$31.24	$31.05	$31.62	$33.44	$34.35	$35.29	$32.20	$33.04	$32.04
Total Capital	6,160	6,481	6,315	6,227	5,925	6,322	5,780	5,891	6,078	6,040	5,820
Total Debt	1,720	1,998	1,617	1,604	1,339	1,830	1,128	1,109	1,269	1,232	1,170
Total Long-Term Debt	1,720	1,998	1,617	1,604	1,339	1,830	1,128	1,109	774	697	621
Net Debt	-4,682	-4,653	-4,960	-4,783	-4,804	-4,728	-4,783	-4,903	-5,911	-5,966	-5,972
Capital Expenditures (CapEx)	1.56	1.07	0.21	0.34	1.21	1.28	0.84	0.87	0.75	0.23	1.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	880	976	1,009	1,049	1,049	1,128	1,141	813	1,503	1,841	1,768
Debt-free Net Working Capital (DFNWC)	6,925	6,971	6,853	6,770	6,793	6,835	6,924	6,778	8,498	8,845	8,737
Net Working Capital (NWC)	6,925	6,971	6,853	6,770	6,793	6,835	6,924	6,778	8,003	8,310	8,189
Net Nonoperating Expense (NNE)	22	22	22	18	17	21	25	27	12	24	28
Net Nonoperating Obligations (NNO)	-4,682	-4,653	-4,960	-4,783	-4,804	-4,728	-4,955	-5,013	-5,972	-6,001	-5,990
Total Depreciation and Amortization (D&A)	6.79	6.52	19	26	14	27	2.58	2.76	66	96	87
Debt-free, Cash-free Net Working Capital to Revenue	70.42%	76.11%	77.44%	81.31%	81.40%	87.75%	89.52%	67.89%	109.27%	110.91%	89.04%
Debt-free Net Working Capital to Revenue	553.94%	543.85%	526.10%	524.68%	527.18%	531.82%	543.07%	566.22%	617.82%	533.01%	439.99%
Net Working Capital to Revenue	553.94%	543.85%	526.10%	524.68%	527.18%	531.82%	543.07%	566.22%	581.85%	500.76%	412.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.99	$0.99	$1.00	$0.98	$0.99	$1.03	$1.04	$1.12	$0.90	$0.85	$1.23
Adjusted Weighted Average Basic Shares Outstanding	153.82M	153.11M	151.85M	152.47M	145.62M	137.38M	137.00M	139.45M	137.00M	135.36M	133.16M
Adjusted Diluted Earnings per Share	$0.98	$0.98	$0.99	$0.97	$0.98	$1.02	$1.03	$1.11	$0.89	$0.85	$1.22
Adjusted Weighted Average Diluted Shares Outstanding	155.97M	154.40M	153.07M	154.19M	147.73M	138.36M	137.93M	140.81M	138.49M	136.28M	134.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	150.58M	150.42M	148.93M	145.06M	134.33M	135.45M	135.49M	136.27M	132.98M	132.30M	126.44M
Normalized Net Operating Profit after Tax (NOPAT)	175	174	174	166	161	163	166	182	136	140	191
Normalized NOPAT Margin	54.67%	54.10%	52.30%	52.58%	50.83%	51.16%	54.76%	70.30%	28.64%	24.15%	30.47%
Pre Tax Income Margin	62.19%	58.58%	58.61%	59.79%	59.32%	55.07%	65.54%	88.66%	36.54%	25.95%	36.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.84	7.95	7.63	9.42	9.36	7.76	12.56	85.04	0.00	7.76	11.65
NOPAT to Interest Expense	6.01	6.42	5.93	7.39	7.18	6.28	9.66	66.46	0.00	6.29	8.93
EBIT Less CapEx to Interest Expense	7.79	7.91	7.63	9.41	9.30	7.71	12.51	84.73	0.00	7.74	11.60
NOPAT Less CapEx to Interest Expense	5.96	6.38	5.93	7.37	7.12	6.24	9.61	66.14	0.00	6.28	8.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.73%	24.65%	25.07%	25.14%	25.42%	25.54%	25.60%	24.99%	25.55%	26.54%	25.35%
Augmented Payout Ratio	52.89%	60.00%	60.52%	62.38%	89.78%	120.49%	113.77%	99.12%	74.11%	50.84%	71.15%

Financials Breakdown Chart

Key Financial Trends

Radian Group’s latest statements show a larger balance sheet, improving liquidity and continued capital returns, but earnings have softened from the company’s stronger 2022 levels. The data also includes discontinued operations and several restated periods, so quarterly comparisons should be interpreted with some caution.

Revenue has accelerated sharply in 2026. Total revenue increased from $258.4 million in Q4 2025 to $475.2 million in Q1 2026 and $580.7 million in Q2 2026. Q2 operating revenue was also well above the approximately $290 million to $325 million range reported during most of 2023 and 2024.
Radian remains consistently profitable. Consolidated net income was positive in every reported income statement period, ranging from $115.9 million in Q2 2026 to $198.3 million in Q3 2022. Continuing-operations income was $118.2 million in Q2 2026, despite a sequential decline from $129.5 million in Q1.
Operating cash flow has recovered from the weak 2024 period. Total operating cash flow was negative $269.4 million in Q4 2024 but improved to $407.0 million in Q4 2025, $285.0 million in Q1 2026 and $342.9 million in Q2 2026. Continuing operating cash flow was positive in both the first and second quarters of 2026.
The company has substantially expanded its asset base and investment portfolio. Total assets rose from $6.99 billion in Q3 2022 to $10.66 billion in Q2 2026. Short-term investments increased from $5.30 billion to $6.85 billion over the same period, providing a sizable pool of liquid assets.
Shareholder returns remain a priority. Radian has continued to repurchase common stock and pay quarterly dividends. The dividend per share increased from $0.20 in late 2022 to $0.255 in 2025 and 2026, while Q2 2026 included an $80.3 million share repurchase and $37.3 million of dividend payments.
Share count has declined meaningfully. Diluted weighted-average shares fell from 170.7 million in Q4 2022 to 136.3 million in Q2 2026. Continued buybacks can support per-share value over time, although weaker earnings have offset some of that benefit recently.
Liquidity improved during Q2, but cash remains modest relative to the balance sheet. Cash and equivalents increased from $55.4 million in Q1 2026 to $119.0 million in Q2, with restricted cash rising to $36.0 million. However, most liquidity is held in short-term investments rather than unrestricted cash.
Balance-sheet equity has grown despite ongoing buybacks. Total common equity increased from $3.74 billion in Q3 2022 to $4.81 billion in Q2 2026, supported by retained earnings. At the same time, total assets and liabilities have both expanded, partly reflecting changes in discontinued operations and restated reporting.
Profitability and EPS have trended lower than the 2022 peak. Diluted EPS declined from $1.20 in Q3 2022 and $1.11 in Q4 2025 to $0.89 in Q1 2026 and $0.85 in Q2 2026. Q2 consolidated net income of $115.9 million was also below the $154.8 million reported in Q4 2025.
Financing cash flow remains volatile and frequently negative. Net cash from financing activities was negative $332.6 million in Q2 2026, following negative $300.2 million in Q4 2025 and negative $337.8 million in Q3 2025. Debt repayments, share repurchases and dividends are consuming cash, while discontinued-operations activity has added further volatility.

Overall, Radian enters the second half of 2026 with a larger investment portfolio, positive operating cash flow and a stronger equity base. However, the decline in EPS, elevated operating expenses in the 2026 income statements and substantial cash uses for financing activities are important risks for investors to monitor.

11/15/26 06:44 AM ETAI Generated. May Contain Errors.

Radian Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Radian Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Radian Group's net income appears to be on an upward trend, with a most recent value of $582.64 million in 2025, rising from $286.92 million in 2015. The previous period was $604.44 million in 2024. View Radian Group's forecast to see where analysts expect Radian Group to go next.

Radian Group's total operating income in 2025 was $859.52 million, based on the following breakdown:

Total Gross Profit: $1.20 billion
Total Operating Expenses: $337.57 million

Over the last 10 years, Radian Group's total revenue changed from $1.19 billion in 2015 to $1.20 billion in 2025, a change of 0.3%.

In the past 13 quarters, Radian Group's cash and equivalents has ranged from $13.79 million in Q2 2024 to $119.05 million in Q2 2026, and is currently $40.92 million as of their latest financial filing in Q3 2026.

Radian Group had total debt of $1.11 billion at the end of 2025, a 30.8% decrease from 2024, and a 9.0% decrease since 2015.

Over the last 10 years, Radian Group's book value per share changed from 12.07 in 2015 to 35.29 in 2025, a change of 192.4%.

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Financial statements for NYSE:RDN last updated on 11/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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