RADIAN GROUP INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RADIAN GROUP INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,238	1,222	1,273	1,527	1,439	1,330	1,191	1,177	1,206	1,197
Cost of revenue	114	105	98.1	108	86.1	104	82.4	38.5	38.3
Gross profit	1,124	1,117	1,175	1,419	1,353	1,226	1,108	1,139	1,168
Interest expense	81.1	62.8	61.5	56.3	71.2	84.3	84.5	86.2	88	68.3
Pre-tax income	484	347	684	849	479	765	953	864	846	791
Income tax	175	226	78.2	177	85.8	164	210	188	185	173
Income from continuing operations	308	121	606	672	394	601	743	676	660	618
Net income	308	121	606	672	394	601	743	603	604	583
EPS, basic	1.46	0.56	2.83	3.22	2.01	3.19	4.42	3.81	3.96	4.18
EPS, diluted	1.37	0.55	2.77	3.20	2.00	3.16	4.35	3.77	3.92	4.14
Shares, basic (weighted)	212	215	214	209	195	188	168	158	152	139
Shares, diluted (weighted)	229	220	219	210	197	190	171	160	154	141
Dividend per share	0.01	0.01				0.55	0.80	0.90	0.98	1.02

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	52.1	80.6	95.4	92.7	87.9	151	56.2	19	19.2	24.8
Property, plant and equipment	70.7	38.3	37.1	87.9	80.5	75.1	71	63.8	23.4	17.2
Lease right-of-use assets			0	37.9	33	31.9	21.1	16.3	11.6	9
Goodwill					9.8	9.8	9.8	0	0
Intangible assets	81.1	53.3	44.9	18.4	13.2	9.79		0	0
Total assets	5,863	5,901	6,315	6,808	7,948	7,839	7,064	7,594	8,690	8,122
Short-term debt										33.3
Total liabilities	2,991	2,901	2,826	2,760	3,664	3,580	3,144	3,196	4,066	3,341
Total debt	1,070	1,027								1,076
Paid-in capital	2,780	2,754	2,725	2,450	2,246	1,878	1,520	1,431	1,247	861
Retained earnings	998	1,116	1,720	2,390	2,685	3,181	3,787	4,244	4,695	5,132
Treasury stock	-893	-894	-895	-902	-910	-921	-931	-946	-968	-990
Other comprehensive income	-12.4	23.1	-60.9	110	264	120	-457	-331	-350	-222
Shareholders' equity	2,872	3,000	3,489	4,049	4,284	4,259	3,919	4,398	4,624	4,782
Total equity	2,872	3,000	3,489	4,049	4,284	4,259	3,919	4,398	4,624	4,782
Total liabilities and equity	5,863	5,901	6,315	6,808	7,948	7,839	7,064	7,594	8,690	8,122
Shares outstanding	215	216	213	201	192	175	157	153	148	135

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	308	121	606	672	394	601	743	676	660	618
Depreciation and amortization	5.6	58	19.4	20.8	18.3	16	15	12	15	10
Stock-based compensation	16.3	13.5	17.6	21.4	19.2	28.4	38.1	41.1	38.5	44.7
Deferred income tax	171	167	121	157	102	162	207	173	166	139
Change in receivables	-16	3.63	-4.6	-25.5	-29.3	-2.72	4.21	-11.2	-1.77	0.79
Cash from operations	382	361	678	694	658	557	388	529	-664	120
Capital expenditures						-12.6	-17.7	-8.53	-1.56	-4.21
Acquisitions	-0.15	-0.09	-7.96	0	0
Purchases of investments				-1,914	-2,450	-1,980	-1,415	-928	-1,341	-766
Sales and maturities of investments	338	464	458	465	645	1,226	790	485	895	853
Cash from investing	-176	-201	-689	-302	-883	-1.86	-5.18	-301	328	127
Debt repaid	-445	-594	0	-611	0	0	0	0	-977	0
Stock issued	0.72	7.13	1.39	2.42	1.55	1.38	1.34	1.76	0.93	1.04
Share buybacks	-100	-0.01	-50.1	-300	-226	-399	-400	-133	-225	-432
Dividends paid	-2.11	-2.15	-2.14	-2.06	-97.5	-103	-135	-146	-152	-146
Cash from financing	-203	-125	22.4	-403	223	-497	-479	-265	357	-243
Exchange rate effect	-0.48	0.43	0	-0	0	0
Net change in cash		34.4	10.8	-10.7	-2.13	58.5	-96.1	-36.5	21.4	4.05
Free cash flow						545	371	521	-665	116
Interest paid	65.5	57.5	56.7	45.8	60.6	78.7	79.1	83.3	89.1	64
Income taxes paid	-0.67	94.3	8.36	71.5	81.4	144	244	154	173	137

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	44.0%	Pre-tax income / revenue.
Net margin	32.6%	Net income / revenue.
FCF margin	84.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	84.7%	Cash from operations / revenue.
Effective tax rate	22.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Capex / revenue	0.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	5.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	15.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-32.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-28.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-32.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	3.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.5%	Total debt / total assets.
Liabilities / assets	54.9%	Total liabilities / total assets.
Net debt	$577.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$4.81B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
FCF conversion	259.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.07	Revenue / diluted weighted shares.
FCF per share	$10.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.22	Cash from operations / diluted weighted shares.
Book value per share	$36.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.00	Tangible book value / shares outstanding.
Cash per share	$0.89	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	9.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.37B	Share price x shares outstanding.
Enterprise value	$4.95B	Market cap + total debt - cash - short-term investments.
P/E	8.15x	Market cap / net income. Only when net income is positive.
P/S	2.66x	Market cap / revenue.
P/B	0.91x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.91x	Market cap / tangible book value, when positive.
P/FCF	3.14x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.14x	Market cap / cash from operations, when positive.
EV/Sales	3.01x	Enterprise value / revenue.
EV/FCF	3.56x	Enterprise value / free cash flow, when both are positive.
FCF yield	31.8%	Free cash flow / market cap.
Earnings yield	12.3%	Net income / market cap (the inverse of P/E).
Dividend yield	3.3%	Dividends paid over the period / market cap.
Shareholder yield	6.2%	(Dividends paid + share buybacks) / market cap.

What was RADIAN GROUP INC's revenue in fiscal 2025?

RADIAN GROUP INC reported revenue of $1.20B for fiscal 2025, 0.8% lower than the year before.

Was RADIAN GROUP INC profitable in fiscal 2025?

Yes. Net income was $582.6M, a net margin of 48.7%.

How much free cash flow did RADIAN GROUP INC generate in fiscal 2025?

Cash from operations of $119.9M minus capital expenditures of $4.2M left free cash flow of $115.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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