A Business at a Glance
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RLI CORP
RLI
$5.7B
Mkt Cap
$61.92
+1.24%
RLI CORP (RLI) has a current P/E ratio of 14.2, compared to its historical median P/E of 18.3. The stock is currently considered Fair based on its historical valuation range.
RLI CORP (RLI) has a 5-year average return on invested capital (ROIC) of 26.1%. This indicates strong capital allocation and a potential competitive advantage.
RLI CORP (RLI) has a market capitalization of $5.7B. It is classified as a mid-cap stock.
Yes, RLI CORP (RLI) pays a dividend with a trailing twelve-month yield of 4.26%.
Based on historical P/E analysis, RLI CORP (RLI) appears fair. The current P/E of 14.2 is 22% below its historical median of 18.3. The estimated fair value CAGR (P/E method) is 21.1%.
RLI CORP (RLI) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
RLI CORP (RLI) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
RLI Corp. is a specialty insurance company founded in 1965 that underwrites select property, casualty, and surety products through three insurance subsidiaries—RLI Insurance Company, Mt. Hawley Insurance Company, and Contractors Bonding and Insurance Company—operating on both admitted and non-admitted bases across all 50 states and select U.S. territories. The company operates in three primary segments: specialty admitted insurance (60% of 2025 gross premiums), excess and surplus lines insurance (39% of 2025 gross premiums), and specialty reinsurance (1% of 2025 gross premiums), with many risks underwritten on an individual basis using tailored coverages to address distinctive risk characteristics. RLI distributes its products through a network of wholesale and retail brokers, independent agents, and carrier partners, with limited direct business and managing general agent arrangements, competing on availability, coverage, service, and value-based considerations rather than price. The company's business model emphasizes underwriting discipline and risk selection, targeting profitable bottom-line returns through rate increases, selective risk management, and data analytics capabilities rather than pursuing top-line growth goals. Key customer segments include architects and engineers, contractors, small commercial businesses, and middle-market insurers, with geographic focus shifting toward less litigious states in the Midwest as the company has increased rates and managed growth in higher-risk states like California, Florida, and New York.
【Disciplined growth with rate momentum】 Management expects rate increases to continue earning into the book as recent approvals take effect, with the new business pipeline remaining strong and growth persisting in less litigious states. The company anticipates construction activity will rebound as economic conditions stabilize and remains well-positioned to respond, while maintaining its focus on underwriting discipline, risk selection, and ensuring adequate rates are earned throughout the portfolio. Management does not expect underwriting conditions to become easier and will continue to step back from opportunities that do not support risk-adjusted return expectations, with selective management of growth in problematic areas and continued collaboration between claims, analytics, and underwriting teams to inform market targeting decisions.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.9B | 1.8B | 1.5B | 1.7B | 1.2B |
| Net Income | 395M | 403M | 346M | 305M | 583M | 279M |
| EPS | $4.30 | $4.37 | $1.87 | $1.66 | $6.42 | $3.06 |
| Free Cash Flow | 548M | 609M | 556M | 458M | 245M | 377M |
| ROIC | 0.0% | 24.4% | 22.8% | 21.1% | 41.6% | 20.6% |
| Gross Margin | - | 27.1% | 24.4% | 24.3% | 41.9% | 26.1% |
| Debt/Equity | 0.19 | 0.06 | 0.07 | 0.14 | 0.34 | 0.16 |
| Dividends/Share | $2.64 | $2.63 | $1.29 | $0.77 | $4.01 | $1.50 |
| Operating Income | 0 | 506M | 428M | 377M | 721M | 344M |
| Operating Margin | 0.0% | 26.9% | 24.2% | 25.0% | 42.4% | 29.2% |
| ROE | 22.0% | 24.4% | 23.6% | 23.5% | 48.5% | 23.6% |
| Shares Outstanding | 92M | 92M | 185M | 184M | 91M | 91M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 775M | 795M | 816M | 797M | 818M | 1.0B | 984M | 1.2B | 1.7B | 1.5B | 1.8B | 1.9B | 1.9B |
| Gross Margin | 22.9% | 23.4% | 17.9% | 8.4% | 6.3% | 21.1% | 17.2% | 26.1% | 41.9% | 24.3% | 24.4% | 27.1% | 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 | N/A | N/A | N/A | N/A | N/A |
| EBIT | 189M | 197M | 157M | 85M | 68M | 233M | 190M | 344M | 721M | 377M | 428M | 506M | 0 |
| Op. Margin | 24.4% | 24.8% | 19.2% | 10.6% | 8.3% | 23.2% | 19.3% | 29.2% | 42.4% | 25.0% | 24.2% | 26.9% | 0.0% |
| Net Income | 135M | 138M | 115M | 105M | 64M | 192M | 157M | 279M | 583M | 305M | 346M | 403M | 395M |
| Net Margin | 17.5% | 17.3% | 14.1% | 13.2% | 7.8% | 19.1% | 16.0% | 23.7% | 34.4% | 20.1% | 19.5% | 21.4% | 20.8% |
| Non-Recurring | 0 | 0 | 7.2M | 3.4M | 217K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 13.7% | 14.0% | 11.8% | 10.6% | 6.6% | 18.2% | 12.9% | 20.6% | 41.6% | 21.1% | 22.8% | 24.4% | 0.0% |
| ROE | 16.2% | 16.5% | 14.0% | 12.5% | 7.7% | 21.3% | 14.7% | 23.6% | 48.5% | 23.5% | 23.6% | 24.4% | 22.0% |
| ROA | 4.9% | 5.0% | 4.2% | 3.7% | 2.1% | 5.8% | 4.2% | 6.6% | 12.6% | 6.1% | 6.4% | 6.8% | 6.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 123M | 153M | 174M | 198M | 217M | 277M | 263M | 385M | 250M | 464M | 560M | 614M | 554M |
| Free Cash Flow | 116M | 143M | 158M | 188M | 211M | 270M | 257M | 377M | 245M | 458M | 556M | 609M | 548M |
| Owner Earnings | 116M | 135M | 158M | 185M | 205M | 264M | 253M | 374M | 239M | 452M | 549M | 602M | 458M |
| CapEx | 7.1M | 10M | 16M | 9.2M | 6.1M | 7.0M | 5.8M | 8.3M | 5.9M | 5.9M | 4.7M | 5.5M | 5.5M |
| Maint. CapEx | 5.5M | 6.3M | 7.3M | 7.6M | 7.4M | 8.6M | 7.8M | 7.6M | 8.0M | 8.5M | 7.7M | 8.1M | 93M |
| Growth CapEx | 1.7M | 3.7M | 8.8M | 1.6M | 0 | 0 | 0 | 716K | 0 | 0 | 0 | 0 | 0 |
| D&A | 5.5M | 6.3M | 7.3M | 7.6M | 7.4M | 8.6M | 7.8M | 7.6M | 8.0M | 8.5M | 7.7M | 8.1M | 93M |
| CapEx/OCF | 5.8% | 6.6% | 9.3% | 4.7% | 2.8% | 2.5% | 2.2% | 2.2% | 2.4% | 1.3% | 0.8% | 0.9% | 1.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 160M | 120M | 122M | 114M | 83M | 86M | 88M | 135M | 365M | 140M | 236M | 242M | 243M |
| Dividend Yield | 12.8% | 7.4% | 6.0% | 6.0% | 3.4% | 2.8% | 2.7% | 3.3% | 8.2% | 1.2% | 1.8% | 3.9% | 4.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 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% |
| Stock-Based Comp | 1.8M | 11M | 9.6M | 4.4M | 4.5M | 4.5M | 2.7M | 3.1M | 3.2M | 3.6M | 3.7M | 4.1M | 3.2M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200M | 73M | 50M | 50M |
| Balance Sheet | |||||||||||||
| Net Debt | -1.4B | 131M | 125M | 115M | 107M | -1.9B | -2.1B | -2.3B | 341M | 65M | 120M | 2.8M | 32M |
| Cash & Equiv. | 31M | 11M | 18M | 24M | 30M | 46M | 62M | 89M | 23M | 36M | 40M | 52M | 315M |
| Long-Term Debt | 150M | 149M | 149M | 149M | 149M | 149M | 149M | 200M | 200M | 100M | N/A | N/A | 297M |
| Debt/Equity | 0.18 | 0.18 | 0.18 | 0.17 | 0.18 | 0.15 | 0.13 | 0.16 | 0.34 | 0.14 | 0.07 | 0.06 | 0.19 |
| Interest Coverage | 25.5 | 26.5 | 21.2 | 11.4 | 9.1 | 30.7 | 25.0 | 44.9 | 89.6 | 51.7 | 67.5 | 94.4 | 94.4 |
| Equity | 845M | 823M | 824M | 854M | 807M | 995M | 1.1B | 1.2B | 1.2B | 1.4B | 1.5B | 1.8B | 1.8B |
| Total Assets | 2.8B | 2.7B | 2.8B | 2.9B | 3.1B | 3.5B | 3.9B | 4.5B | 4.8B | 5.2B | 5.6B | 6.2B | 6.4B |
| Total Liabilities | 1.9B | 1.9B | 2.0B | 2.1B | 2.3B | 2.6B | 2.8B | 3.3B | 3.6B | 3.8B | 4.1B | 4.4B | 4.6B |
| Intangibles | 14M | 13M | 13M | 9.6M | 8.5M | 8.1M | 7.7M | 7.5M | 7.5M | 7.5M | 7.5M | 7.5M | 7.5M |
| Retained Earnings | 787M | 805M | 797M | 789M | 908M | 1.0B | 1.1B | 1.2B | 1.4B | 1.6B | 1.7B | 1.9B | 1.9B |
| 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 | 1.55 | 1.56 | 1.30 | 1.18 | 0.72 | 2.12 | 1.73 | 3.06 | 6.42 | 1.66 | 1.87 | 4.37 | 4.30 |
| Owner EPS | 1.32 | 1.53 | 1.78 | 2.08 | 2.29 | 2.91 | 2.78 | 4.09 | 2.63 | 2.46 | 2.97 | 6.52 | 4.98 |
| Book Value | 9.64 | 9.34 | 9.28 | 9.59 | 8.99 | 10.99 | 12.51 | 13.44 | 12.95 | 7.68 | 8.23 | 19.27 | 19.54 |
| Cash Flow/Share | 1.40 | 1.73 | 1.97 | 2.22 | 2.42 | 3.06 | 2.90 | 4.21 | 2.75 | 2.52 | 3.03 | 6.65 | 5.30 |
| Dividends/Share | 1.86 | 1.38 | 1.40 | 1.29 | 0.94 | 0.96 | 0.98 | 1.50 | 4.01 | 0.77 | 1.29 | 2.63 | 2.64 |
| Shares Out. | 87.7M | 88.2M | 88.7M | 89.0M | 89.8M | 90.6M | 90.8M | 91.4M | 90.9M | 184.1M | 184.9M | 92.3M | 91.9M |
| Valuation | |||||||||||||
| P/E Ratio | 10.8 | 14.2 | 17.9 | 20.0 | 38.0 | 17.2 | 24.9 | 15.6 | 9.4 | 18.6 | 21.2 | 14.8 | 14.4 |
| P/FCF | 12.6 | 13.7 | 13.0 | 11.2 | 11.5 | 12.2 | 15.2 | 11.6 | 22.2 | 24.7 | 26.4 | 9.8 | 10.4 |
| EV/EBIT | 7.9 | 10.2 | 13.3 | 24.1 | 10.6 | 5.9 | 9.1 | 5.8 | 4.1 | 7.7 | 9.7 | 4.8 | N/A |
| Price/Book | 1.7 | 2.4 | 2.5 | 2.5 | 3.0 | 3.3 | 3.4 | 3.5 | 4.7 | 4.0 | 4.8 | 3.4 | 3.2 |
| Price/Sales | 1.6 | 2.0 | 2.5 | 2.4 | 2.9 | 3.0 | 3.3 | 3.5 | 2.6 | 3.7 | 3.7 | 3.3 | 3.0 |
| FCF Yield | 7.9% | 7.3% | 7.7% | 9.0% | 8.7% | 8.2% | 6.6% | 8.7% | 4.5% | 8.1% | 7.6% | 10.2% | 9.6% |
| Market Cap | 1.5B | 1.9B | 2.1B | 2.1B | 2.4B | 3.3B | 3.9B | 4.4B | 5.5B | 5.7B | 7.3B | 6.0B | 5.7B |
| Avg. Price | 14.28 | 18.27 | 23.17 | 21.47 | 26.85 | 33.58 | 35.73 | 44.71 | 49.01 | 61.04 | 70.01 | 67.83 | 61.92 |
| Year-End Price | 16.65 | 22.09 | 23.19 | 23.60 | 27.13 | 36.43 | 43.10 | 47.58 | 59.81 | 61.62 | 79.42 | 64.54 | 61.92 |
RLI CORP passes 7 of 9 quality checks, indicating strong fundamentals.
RLI CORP trades at 14.2x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.4x vs a median of 12.6x. The company's 5-year average ROIC is 26.1% with a gross margin of 28.7%. Total shareholder yield (dividends) is 4.3%. At current prices, the estimated annualized return to fair value is +13.5%.
RLI CORP (RLI) has a net profit margin of 21.4%. This is a strong margin indicating high profitability.
RLI CORP (RLI) generated $609 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RLI CORP (RLI) has a debt-to-equity ratio of 0.06. This indicates a conservatively financed balance sheet.
RLI CORP (RLI) reported earnings per share (EPS) of $4.37 in its most recent fiscal year.
RLI CORP (RLI) has a return on equity (ROE) of 24.4%. This indicates the company generates strong returns for shareholders.
RLI CORP (RLI) has a 5-year average gross margin of 28.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for RLI CORP (RLI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RLI CORP (RLI) has a book value per share of $19.27, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects rate increases to continue earning into the book as recent approvals take effect, with the new business pipeline remaining strong and growth persisting in less litigious states. The company anticipates construction activity will rebound as economic conditions stabilize and remains well-positioned to respond, while maintaining its focus on underwriting discipline, risk selection, and ensuring adequate rates are earned throughout the portfolio. Management does not expect underwriting conditions to become easier and will continue to step back from opportunities that do not support risk-adjusted return expectations, with selective management of growth in problematic areas and continued collaboration between claims, analytics, and underwriting teams to inform market targeting decisions.