MTG vs RDN: MGIC Investment and Radian compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- MGIC Investment is the larger company, worth $5.9B, about 1.3 times Radian.
- Radian grew revenue faster over the last year (+92.6% vs -2.9%).
- MGIC Investment keeps more of each dollar of revenue as operating profit (74.0% vs 44.0%).
- On earnings, Radian is the cheaper stock (8.7x vs 8.8x).
- Radian's price assumes faster free cash flow growth: about 14% a year, against -9% for MGIC Investment (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MTG | RDN |
|---|---|---|
| Market cap | $5.9B | $4.6B |
| Share price | $27.43 | $33.93 |
| Revenue (last fiscal year) | $1.2B | $1.2B |
| Free cash flow (last fiscal year) | $852M | $116M |
| Revenue growth, last year | -2.9% | +92.6% |
| Revenue growth per year, last 5 fiscal years | +0.6% | -2.6% |
| Operating margin | 74.0% | 44.0% |
| Net margin | 59.2% | 32.6% |
| Return on equity | 14.1% | 11.2% |
| P/E (trailing) | 8.81x | 8.72x |
| Price / free cash flow | 6.88x | 13.6x |
| EV / EBITDA | 6.80x | — |
| FCF growth the price implies | -9.3% | 14.0% |
| Dividend yield | 2.1% | 2.9% |
| Debt / equity | 0.30x | 1.22x |
| Fundamental grade | B | C |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
MGIC Investment
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | $692M | 67.6% |
| 2022 | $1.2B | $647M | 92.9% |
| 2023 | $1.2B | $711M | 78.1% |
| 2024 | $1.2B | $724M | 80.2% |
| 2025 | $1.2B | $852M | 76.5% |
Radian
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | $545M | 57.5% |
| 2022 | $1.2B | $371M | 80.0% |
| 2023 | $1.2B | $521M | 73.4% |
| 2024 | $1.2B | -$665M | 70.1% |
| 2025 | $1.2B | $116M | 66.1% |
Where the revenue comes from
MGIC Investment
No segment breakdown reported.
Radian · by segments, 2023
Mortgage Insurance$1.1B95%
homegenius$58M5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MTG in InvestinglyQuestions
Which is bigger, MGIC Investment or Radian?
MGIC Investment (MTG), at $5.9B against $4.6B.
Is MTG or RDN cheaper?
By trailing P/E, Radian (8.72x) is cheaper than MGIC Investment (8.81x). A lower multiple can also mean the market expects less growth.
Which grows faster, MTG or RDN?
Radian: revenue grew +92.6% over the last year, against -2.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.