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NMI vs Radian: revenue, profit, margins and growth compared

NMI brought in $706.4M of revenue in fiscal 2025, Radian $1.2B in fiscal 2025. Revenue changed by +8.5% at NMI and -0.8% at Radian on the year before, so NMI grew faster. NMI kept 55.1% of its revenue as net profit, Radian 48.7%. Free cash flow was $412.5M at NMI and $115.7M at Radian.

Side by side, latest fiscal year

NMIHRDN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$706.4M$1.2B
Revenue growth+8.5%-0.8%
Net income$388.9M$582.6M
Net margin55.1%48.7%
Free cash flow$412.5M$115.7M
Free cash flow margin58.4%9.7%
Earnings per share (diluted)$4.92$4.14
Cash$43.9M$24.8M
Debtn/a$1.1B
Price to earnings8.48.0
Market value$3.1B$4.4B
Dividend yieldn/a3.09%
Rank by revenue in sector#218 of 444 · Finance#179 of 444 · Finance

Over the years

Revenue
NMIH FY2018: $275MNMIH FY2019: $378.8MNMIH FY2020: $433.3MNMIH FY2021: $485.1MNMIH FY2022: $523.3MNMIH FY2023: $579MNMIH FY2024: $651MNMIH FY2025: $706.4MRDN FY2018: $1.3BRDN FY2019: $1.5BRDN FY2020: $1.4BRDN FY2021: $1.3BRDN FY2022: $1.2BRDN FY2023: $1.2BRDN FY2024: $1.2BRDN FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
NMIH $706.4MRDN $1.2B
Net income
NMIH FY2018: $107.9MNMIH FY2019: $172MNMIH FY2020: $171.6MNMIH FY2021: $231.1MNMIH FY2022: $292.9MNMIH FY2023: $322.1MNMIH FY2024: $360.1MNMIH FY2025: $388.9MRDN FY2018: $606MRDN FY2019: $672.3MRDN FY2020: $393.6MRDN FY2021: $600.7MRDN FY2022: $742.9MRDN FY2023: $603.1MRDN FY2024: $604.4MRDN FY2025: $582.6MFY18FY19FY20FY21FY22FY23FY24FY25
NMIH $388.9MRDN $582.6M
Net margin
NMIH FY2018: 39.2%NMIH FY2019: 45.4%NMIH FY2020: 39.6%NMIH FY2021: 47.6%NMIH FY2022: 56.0%NMIH FY2023: 55.6%NMIH FY2024: 55.3%NMIH FY2025: 55.1%RDN FY2018: 47.6%RDN FY2019: 44.0%RDN FY2020: 27.4%RDN FY2021: 45.2%RDN FY2022: 62.4%RDN FY2023: 51.2%RDN FY2024: 50.1%RDN FY2025: 48.7%FY18FY19FY20FY21FY22FY23FY24FY25
NMIH 55.1%RDN 48.7%
Revenue growth
NMIH FY2019: +37.7%NMIH FY2020: +14.4%NMIH FY2021: +12.0%NMIH FY2022: +7.9%NMIH FY2023: +10.6%NMIH FY2024: +12.4%NMIH FY2025: +8.5%RDN FY2019: +19.9%RDN FY2020: -5.8%RDN FY2021: -7.6%RDN FY2022: -10.5%RDN FY2023: -1.1%RDN FY2024: +2.5%RDN FY2025: -0.8%FY19FY20FY21FY22FY23FY24FY25
NMIH +8.5%RDN -0.8%
Free cash flow
NMIH FY2018: $137.8MNMIH FY2019: $198.2MNMIH FY2020: $240.4MNMIH FY2021: $313.5MNMIH FY2022: $302.8MNMIH FY2023: $333.3MNMIH FY2024: $386.7MNMIH FY2025: $412.5MRDN FY2021: $544.5MRDN FY2022: $370.6MRDN FY2023: $520.9MRDN FY2024: -$665.1MRDN FY2025: $115.7MFY18FY19FY20FY21FY22FY23FY24FY25
NMIH $412.5MRDN $115.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about NMI and Radian

Which is bigger by revenue, NMI or Radian?

Radian is bigger by revenue: $1.2B in fiscal 2025, against $706.4M for NMI in fiscal 2025.

Which keeps more of its revenue as profit, NMI or Radian?

NMI had a net margin of 55.1% in fiscal 2025; Radian had 48.7% in fiscal 2025.

Which grew revenue faster, NMI or Radian?

In their latest fiscal years revenue changed by +8.5% at NMI and -0.8% at Radian.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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