Axis Capital Holdings Ltd (AXS) is undervalued and Radian Group Inc (RDN) is undervalued.
Against our estimates of intrinsic value, AXS trades at the wider discount: a margin of safety of +52%, against +36% for RDN.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 17.4% return on equity justifies, blended with earnings, values the shares at $200.30; the price of $96.28 is 52% below that value.
Leak Score 100/100 on 3 of 12 signals
Book value at 1.52x, the multiple a 12.0% return on equity justifies, blended with earnings, values the shares at $54.57; the price of $34.69 is 36% below that value.
Leak Score 68/100 on 3 of 12 signals
| Metric | AXS | RDN |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $96.28 | $34.69 |
| Intrinsic value | $200.30 | $54.57 |
| Margin of safety | +52% | +36% |
| Leak Score | 100/100 (3/12) | 68/100 (3/12) |
| Market cap | $7.0B | $4.6B |
| Revenue growth, 5 years | 5.9% | -3.6% |
| Operating margin | 20.4% | 51.1% |
| Net margin | 15.8% | 32.6% |
| Return on equity | 17.4% | 12.0% |
| Debt to equity | 0.23 | 0.26 |
| P/E | 6.8x | 8.9x |
| Forward P/E | 7.2x | 6.7x |
| P/B | 1.2x | 1.0x |
| Dividend yield | 1.9% | 6.1% |