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Insurance - Specialty · Financial Services · Fiscal year ends Dec 31
Radian reported revenue of $1.2B in the fiscal year ended Dec 2025, down 0.8% from the year before. Operating income was $791M, an operating margin of 66.1%, and net income was $583M. Operating cash flow of $120M less capital expenditure of $4M left free cash flow of $116M. Net debt was $1.1B.
Ranks among the 10 insurance - specialty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,330 | 1,191 | 1,177 | 1,206 | 1,197 |
| Cost of revenue | 104 | 82.4 | 38.5 | 38.3 | – |
| Gross profit | 1,226 | 1,108 | 1,139 | 1,168 | – |
| Operating incomederived: revenue − total costs | 765 | 953 | 864 | 846 | 791 |
| Interest expense | 84.3 | 84.5 | 86.2 | 88.0 | 68.3 |
| Pre-tax income | 765 | 953 | 864 | 846 | 791 |
| Income tax | 164 | 210 | 188 | 185 | 173 |
| Net income | 601 | 743 | 603 | 604 | 583 |
| Diluted EPS | 3.16 | 4.35 | 3.77 | 3.92 | 4.14 |
| Diluted shares | 190 | 171 | 160 | 154 | 141 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 151 | 56.2 | 19.0 | 19.2 | 24.8 |
| Net PP&E | 75.1 | 71.0 | 63.8 | 23.4 | 17.2 |
| Goodwill | 9.8 | 9.8 | 0.0 | 0.0 | – |
| Total assets | 7,839 | 7,064 | 7,594 | 8,690 | 8,122 |
| Short-term debt | – | – | – | – | 33.3 |
| Long-term debt | – | – | – | – | 1,076 |
| Total liabilities | 3,580 | 3,144 | 3,196 | 4,066 | 3,341 |
| Shareholders' equity | 4,259 | 3,919 | 4,398 | 4,624 | 4,782 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 557 | 388 | 529 | −664 | 120 |
| Capital expenditure | 12.6 | 17.7 | 8.5 | 1.6 | 4.2 |
| Free cash flow | 545 | 371 | 521 | −665 | 116 |
| Depreciation & amortisation | 16.0 | 15.0 | 12.0 | 15.0 | 10.0 |
| Stock-based compensation | 28.4 | 38.1 | 41.1 | 38.5 | 44.7 |
| Share buybacks | 399 | 400 | 133 | 225 | 432 |
| Dividends paid | 103 | 135 | 146 | 152 | 146 |
| Dividend per share | 0.55 | 0.80 | 0.90 | 0.98 | 1.02 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.5% | −1.1% | 2.5% | −0.8% |
| Operating income growth (YoY) | – | 24.6% | −9.3% | −2.1% | −6.4% |
| EPS growth (YoY) | – | 37.7% | −13.3% | 4.0% | 5.6% |
| Gross margin | 92.2% | 93.1% | 96.7% | 96.8% | – |
| Operating margin | 57.5% | 80.0% | 73.4% | 70.1% | 66.1% |
| Net margin | 45.2% | 62.4% | 51.2% | 50.1% | 48.7% |
| Return on equityBlank when equity is negative | 14.1% | 19.0% | 13.7% | 13.1% | 12.2% |
| Free cash flow margin | 40.9% | 31.1% | 44.2% | −55.1% | 9.7% |
| Cash conversion (CFO ÷ net income) | 0.93x | 0.52x | 0.88x | −1.10x | 0.21x |
| Interest cover | 9.07x | 11.3x | 10.0x | 9.61x | 11.6x |
| Debt ÷ equity | – | – | – | – | 0.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | 1,084 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.