Fidelity National Financial Inc (FNF) is overvalued and Radian Group Inc (RDN) is undervalued.
Against our estimates of intrinsic value, RDN trades at the wider discount: a margin of safety of +36%, against -23% for FNF.
Values as of the 22 Sept 2026 close.
Book value at 1.04x, the multiple a 10.1% return on equity justifies, blended with earnings, values the shares at $34.53; the price of $42.55 is 23% above that value.
Leak Score 27/100 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 | FNF | RDN |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $42.55 | $34.69 |
| Intrinsic value | $34.53 | $54.57 |
| Margin of safety | -23% | +36% |
| Leak Score | 27/100 (3/12) | 68/100 (3/12) |
| Market cap | $11.4B | $4.6B |
| Revenue growth, 5 years | 6.0% | -3.6% |
| Operating margin | 12.9% | 51.1% |
| Net margin | 5.0% | 32.6% |
| Return on equity | 10.1% | 12.0% |
| Debt to equity | 0.64 | 0.26 |
| P/E | 14.8x | 8.9x |
| Forward P/E | 7.4x | 6.7x |
| P/B | 1.5x | 1.0x |
| Dividend yield | 4.8% | 6.1% |