RDN vs RYAN: Radian and Ryan Specialty Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ryan Specialty Group is the larger company, worth $10.9B, about 2.4 times Radian.
- Radian grew revenue faster over the last year (+92.6% vs +7.4%).
- Radian keeps more of each dollar of revenue as operating profit (44.0% vs 15.1%).
- On earnings, Radian is the cheaper stock (8.7x vs 50.1x).
- Radian's price assumes faster free cash flow growth: about 14% a year, against 3% for Ryan Specialty Group (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 | RDN | RYAN |
|---|---|---|
| Market cap | $4.6B | $10.9B |
| Share price | $33.93 | $37.01 |
| Revenue (last fiscal year) | $1.2B | $3.0B |
| Free cash flow (last fiscal year) | $116M | $641M |
| Revenue growth, last year | +92.6% | +7.4% |
| Revenue growth per year, last 5 fiscal years | -2.6% | +20.2% |
| Operating margin | 44.0% | 15.1% |
| Net margin | 32.6% | 3.1% |
| Return on equity | 11.2% | 19.4% |
| P/E (trailing) | 8.72x | 50.1x |
| Price / free cash flow | 13.6x | 18.8x |
| EV / EBITDA | — | 33.3x |
| FCF growth the price implies | 14.0% | 2.8% |
| Dividend yield | 2.9% | 1.2% |
| Debt / equity | 1.22x | 21.5x |
| Fundamental grade | C | D |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Ryan Specialty Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | -$70M | 13.0% |
| 2022 | $1.7B | $328M | 16.9% |
| 2023 | $2.0B | $477M | 17.7% |
| 2024 | $2.5B | $515M | 17.4% |
| 2025 | $3.0B | $641M | 16.5% |
Where the revenue comes from
Radian · by segments, 2023
Mortgage Insurance$1.1B95%
homegenius$58M5%
Ryan Specialty Group · by products, 2025
Wholesale Brokerage$1.6B53%
Underwriting Management$1.0B34%
Binding Authority$370M12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open RDN in InvestinglyQuestions
Which is bigger, Radian or Ryan Specialty Group?
Ryan Specialty Group (RYAN), at $10.9B against $4.6B.
Is RDN or RYAN cheaper?
By trailing P/E, Radian (8.72x) is cheaper than Ryan Specialty Group (50.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, RDN or RYAN?
Radian: revenue grew +92.6% over the last year, against +7.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.