A Business at a Glance
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OLD REPUBLIC INTERNATIONAL CORP
ORI
$10.6B
Mkt Cap
$42.29
+2.35%
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a current P/E ratio of 11.4, compared to its historical median P/E of 7.6. The stock is currently considered Expensive based on its historical valuation range.
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a 5-year average return on invested capital (ROIC) of 14.3%. This indicates solid capital allocation.
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a market capitalization of $10.3B. It is classified as a large-cap stock.
Yes, OLD REPUBLIC INTERNATIONAL CORP (ORI) pays a dividend with a trailing twelve-month yield of 8.85%. The company also returns capital through share buybacks, with a buyback yield of 2.52%.
Based on historical P/E analysis, OLD REPUBLIC INTERNATIONAL CORP (ORI) appears expensive. The current P/E of 11.4 is 49% above its historical median of 7.6. The estimated fair value CAGR (P/E method) is 4.2%.
OLD REPUBLIC INTERNATIONAL CORP (ORI) operates in the Surety Insurance industry, within the Financials sector.
Old Republic International Corporation is a Chicago-based insurance holding company organized into two operating segments: Specialty Insurance and Title Insurance. The Specialty Insurance segment underwrites a diversified portfolio of casualty, property, and specialty lines across multiple distribution channels and geographies, with recent expansion into new operating companies and product offerings including auto warranty and risk management services. The Title Insurance segment provides title underwriting and related services to real estate transactions. The company's business model is characterized by underwriting risk-taking with premiums set before ultimate loss costs are known, requiring disciplined risk selection, pricing practices, and geographic and product diversification to manage uncertainty. Old Republic emphasizes long-term underwriting profitability over cycles rather than short-term results, maintains a conservative loss reserving approach, and generates significant investment income from its invested capital base. The company employs reinsurance arrangements to manage risk and capital efficiency, and invests in technology, data analytics, and AI capabilities to support long-term operational excellence and competitive positioning.
【Specialty growth continuing】 Management expects solid growth and profitability to continue in Specialty Insurance through 2026, driven by growing contributions from newer specialty operating companies and operational excellence initiatives focused on underwriting discipline and pricing discipline. Net investment income growth is expected to slow and remain in the low to mid-single digits throughout the rest of 2026 given the current interest rate environment and prior portfolio actions. The company expects favorable loss reserve development to continue, though at levels lower than recent years, and anticipates the ECM acquisition closing around July 1st will contribute to top-line and bottom-line results in the second half of 2026. Management remains focused on managing market cycles through portfolio diversification and maintaining conservative loss reserving practices while pursuing profitable growth across specialty operating companies.
| Metric | Target | Period |
|---|---|---|
| Net investment income growth | low to mid-single digits | 2026 |
Net investment income growth (2026): “With the current interest rate environment, we expect net investment income growth to remain in the low to mid-single digits throughout the rest of 2026.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call, Q4 FY2025 Earnings Call, Q2 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.4B | 9.1B | 8.2B | 7.3B | 8.1B | 9.3B |
| Net Income | 1.0B | 935M | 853M | 599M | 686M | 1.5B |
| EPS | $4.15 | $3.72 | $3.24 | $2.10 | $2.26 | $5.05 |
| Free Cash Flow | 0 | 1.2B | 1.2B | 880M | 1.2B | 1.3B |
| ROIC | 0.0% | 15.7% | 13.7% | 9.5% | 10.0% | 22.4% |
| Gross Margin | - | 13.0% | 13.0% | 10.3% | 10.6% | 20.6% |
| Debt/Equity | 0.27 | 0.27 | 0.28 | 0.25 | 0.26 | 0.23 |
| Dividends/Share | $3.74 | $3.66 | $1.03 | $0.98 | $1.92 | $2.38 |
| Operating Income | 0 | 1.2B | 1.0B | 714M | 857M | 1.9B |
| Operating Margin | 0.0% | 12.8% | 12.6% | 9.8% | 10.6% | 20.6% |
| ROE | 17.3% | 16.2% | 14.2% | 9.5% | 10.5% | 23.5% |
| Shares Outstanding | 243M | 251M | 263M | 285M | 304M | 304M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.5B | 5.8B | 5.9B | 6.3B | 6.3B | 7.5B | 7.2B | 9.3B | 8.1B | 7.3B | 8.2B | 9.1B | 9.4B |
| Gross Margin | 11.0% | 11.0% | 11.6% | 11.6% | 7.0% | 17.7% | 9.6% | 20.6% | 10.6% | 10.3% | 13.0% | 13.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.6B | 1.6B | 1.7B | 1.8B | 1.9B |
| EBIT | 609M | 632M | 686M | 725M | 438M | 1.3B | 688M | 1.9B | 857M | 714M | 1.0B | 1.2B | 0 |
| Op. Margin | 11.0% | 11.0% | 11.6% | 11.6% | 7.0% | 17.7% | 9.6% | 20.6% | 10.6% | 9.8% | 12.6% | 12.8% | 0.0% |
| Net Income | 410M | 422M | 467M | 561M | 371M | 1.1B | 559M | 1.5B | 686M | 599M | 853M | 935M | 1.0B |
| Net Margin | 7.4% | 7.3% | 7.9% | 8.9% | 5.9% | 14.2% | 7.8% | 16.4% | 8.5% | 8.2% | 10.4% | 10.2% | 10.8% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 10.6% | 10.8% | 11.2% | 11.6% | 7.2% | 18.9% | 9.2% | 22.4% | 10.0% | 9.5% | 13.7% | 15.7% | 0.0% |
| ROE | 10.6% | 10.8% | 11.2% | 12.2% | 7.5% | 19.0% | 9.2% | 23.5% | 10.5% | 9.5% | 14.2% | 16.2% | 17.3% |
| ROA | 2.4% | 2.5% | 2.6% | 3.0% | 1.9% | 5.2% | 2.5% | 6.4% | 2.7% | 2.3% | 3.1% | 3.2% | 3.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -181M | 688M | 637M | 453M | 761M | 936M | 1.2B | 1.3B | 1.2B | 880M | 1.2B | 1.2B | 1.2B |
| Free Cash Flow | -181M | 688M | 637M | 453M | 761M | 936M | 1.2B | 1.3B | 1.2B | 880M | 1.2B | 1.2B | 0 |
| Owner Earnings | -210M | 659M | 605M | 422M | 729M | 906M | 1.2B | 1.3B | 1.1B | 828M | 1.2B | 1.1B | 1.1B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 26M | 27M | 30M | 27M | 28M | 27M | 27M | 27M | 28M | 33M | 39M | 35M | 35M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 26M | 27M | 30M | 27M | 28M | 27M | 27M | 27M | 28M | 33M | 39M | 35M | 35M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 188M | 191M | 194M | 199M | 499M | 539M | 250M | 1.0B | 580M | 276M | 272M | 783M | 908M |
| Dividend Yield | 9.5% | 9.0% | 7.5% | 6.7% | 14.2% | 13.9% | 7.7% | 20.3% | 10.5% | 4.5% | 3.7% | 8.6% | 8.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 281M | 535M | 942M | 124M | 258M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.8% | 7.6% | 11.3% | 1.1% | 2.5% |
| Stock-Based Comp | 2.7M | 2.3M | 3.1M | 3.5M | 3.8M | 3.7M | 2.1M | 3.2M | 9.0M | 20M | 33M | 47M | 47M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -7.6B | -7.4B | -6.8B | -7.0B | -7.3B | -7.9B | -9.6B | -9.2B | -10.2B | -10.8B | -10.7B | -11.4B | 343M |
| Cash & Equiv. | 137M | 160M | 146M | 126M | 100M | 79M | 119M | 158M | 81M | 203M | 202M | 263M | 1.2B |
| Long-Term Debt | 3.3M | 3.5M | 3.9M | 475M | 8.5M | 0 | 0 | 643M | 0 | 0 | 396M | 0 | N/A |
| Debt/Equity | 0.25 | 0.25 | 0.34 | 0.31 | 0.19 | 0.16 | 0.16 | 0.23 | 0.26 | 0.25 | 0.28 | 0.27 | 0.27 |
| Interest Coverage | 21.5 | 14.7 | 13.5 | 11.2 | 9.3 | 30.6 | 16.2 | 34.4 | 12.7 | 10.6 | 13.0 | 16.6 | 16.6 |
| Equity | 3.9B | 3.9B | 4.5B | 4.7B | 5.1B | 6.0B | 6.2B | 6.9B | 6.2B | 6.4B | 5.6B | 5.9B | 5.9B |
| Total Assets | 17.0B | 17.1B | 18.6B | 19.4B | 19.3B | 21.1B | 22.8B | 25.0B | 25.2B | 26.5B | 27.8B | 29.9B | 29.6B |
| Total Liabilities | 13.1B | 13.2B | 14.1B | 14.7B | 14.2B | 15.1B | 16.6B | 18.1B | 19.0B | 20.1B | 22.2B | 23.9B | 23.7B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 2.7B | 2.9B | 3.2B | 3.2B | 3.8B | 4.4B | 4.4B | 5.2B | 5.3B | 5.6B | 5.5B | 5.5B | 5.7B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.44 | 1.48 | 1.62 | 1.92 | 1.24 | 3.51 | 1.87 | 5.05 | 2.26 | 2.10 | 3.24 | 3.72 | 4.15 |
| Owner EPS | -0.74 | 2.31 | 2.10 | 1.45 | 2.44 | 3.01 | 3.87 | 4.22 | 3.73 | 2.90 | 4.41 | 4.30 | 4.66 |
| Book Value | 13.79 | 13.61 | 15.48 | 16.21 | 17.22 | 19.94 | 20.71 | 22.69 | 20.33 | 22.49 | 21.35 | 23.52 | 24.35 |
| Cash Flow/Share | -0.64 | 2.41 | 2.21 | 1.55 | 2.55 | 3.11 | 3.97 | 4.32 | 3.85 | 3.09 | 4.69 | 4.63 | 4.35 |
| Dividends/Share | 0.73 | 0.74 | 0.75 | 1.00 | 1.67 | 1.80 | 0.84 | 2.38 | 1.92 | 0.98 | 1.03 | 3.66 | 3.74 |
| Shares Out. | 284.5M | 285.2M | 288.2M | 291.9M | 298.8M | 301.0M | 298.7M | 303.8M | 303.7M | 285.0M | 263.2M | 251.5M | 242.8M |
| Valuation | |||||||||||||
| P/E Ratio | 4.7 | 6.1 | 5.8 | 5.8 | 9.4 | 3.9 | 6.7 | 3.6 | 8.6 | 11.8 | 9.7 | 11.8 | 10.2 |
| P/FCF | N/A | 3.7 | 4.3 | 7.2 | 4.6 | 4.4 | 3.2 | 4.2 | 5.0 | 8.0 | 6.7 | 9.5 | N/A |
| EV/EBIT | 3.3 | 4.0 | 4.7 | 4.9 | 8.2 | 3.3 | 5.3 | 3.2 | 7.1 | 9.1 | 7.2 | 8.6 | N/A |
| Price/Book | 0.5 | 0.7 | 0.6 | 0.7 | 0.7 | 0.7 | 0.6 | 0.8 | 1.0 | 1.1 | 1.5 | 1.9 | 1.7 |
| Price/Sales | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | 0.5 | 0.5 | 0.5 | 0.7 | 0.9 | 0.9 | 1.0 | 1.1 |
| FCF Yield | -9.5% | 26.7% | 23.4% | 14.0% | 22.0% | 22.9% | 31.7% | 23.6% | 19.8% | 12.5% | 14.8% | 10.5% | N/A |
| Market Cap | 1.9B | 2.6B | 2.7B | 3.2B | 3.5B | 4.1B | 3.7B | 5.5B | 5.9B | 7.0B | 8.3B | 11.1B | 10.3B |
| Avg. Price | 6.97 | 7.49 | 9.00 | 10.14 | 11.72 | 12.89 | 10.90 | 16.57 | 18.23 | 21.66 | 27.73 | 36.29 | 42.29 |
| Year-End Price | 6.71 | 9.04 | 9.46 | 11.11 | 11.60 | 13.59 | 12.52 | 18.26 | 19.43 | 24.72 | 31.57 | 44.03 | 42.29 |
OLD REPUBLIC INTERNATIONAL CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
OLD REPUBLIC INTERNATIONAL CORP trades at 11.4x trailing earnings, compared to its 15-year median P/E of 7.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.1x vs a median of 4.8x. The company's 5-year average ROIC is 14.3% with a gross margin of 13.5%. Total shareholder yield (dividends + buybacks) is 11.4%. At current prices, the estimated annualized return to fair value is +4.9%.
OLD REPUBLIC INTERNATIONAL CORP (ORI) reported annual revenue of $9.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a net profit margin of 10.2%. This is a healthy margin.
OLD REPUBLIC INTERNATIONAL CORP (ORI) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
OLD REPUBLIC INTERNATIONAL CORP (ORI) reported earnings per share (EPS) of $3.72 in its most recent fiscal year.
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a return on equity (ROE) of 16.2%. This indicates the company generates strong returns for shareholders.
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a 5-year average gross margin of 13.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for OLD REPUBLIC INTERNATIONAL CORP (ORI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OLD REPUBLIC INTERNATIONAL CORP (ORI) has a book value per share of $23.52, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects solid growth and profitability to continue in Specialty Insurance through 2026, driven by growing contributions from newer specialty operating companies and operational excellence initiatives focused on underwriting discipline and pricing discipline. Net investment income growth is expected to slow and remain in the low to mid-single digits throughout the rest of 2026 given the current interest rate environment and prior portfolio actions. The company expects favorable loss reserve development to continue, though at levels lower than recent years, and anticipates the ECM acquisition closing around July 1st will contribute to top-line and bottom-line results in the second half of 2026. Management remains focused on managing market cycles through portfolio diversification and maintaining conservative loss reserving practices while pursuing profitable growth across specialty operating companies.
Based on recent SEC filings and earnings calls, OLD REPUBLIC INTERNATIONAL CORP (ORI) has provided the following forward guidance: Net investment income growth: low to mid-single digits (2026).
No recent press releases.