Old Republic International Corporation

Surety Insurance

ORIMixed9 of 11 basics passed

$38.17

-0.99%

Market cap $9.22B

$38.17

-0.99%

Market cap $9.22B

Old Republic International Corp is engaged in the business of insurance underwriting and related services. The company operates in two segments: Specialty Insurance and Title Insurance.

It is a $9.22B financial services company. Revenue grew 12.1% over the last year, and it keeps 12¢ of every dollar of sales as profit. It trades at 8.1× earnings — in the cheapest third of its own history.

Website: oldrepublic.com
Location: Chicago, IL
Employees: 9 500
Sector: Financial Services

Share price · 3 years

$26.64 → $38.17+43.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $9.72B
Profit: keeps 12¢ of every $1 sold; $1.14B
Free cash flow: cash left after running the business; $1.28B
P/E: years of profit in the price; 8.1
EPS: earnings per share, TTM; $4.53
Dividend: pays out 80% of profit · 71% of FCF; 9.90%
Shares: down 15% since 2016 — buybacks; 251.3M
Volatility: beta vs the market — under 1 swings less; 0.55

Revenue, last 10 years

52-week range

Low $36.66$38.17High $46.62

Today's price is 15% of the way from the year's low to its high.

P/E vs its history5y

8.1×median 9.9×

Higher than 21% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

8.1×

80%

P/S

0.9×

69%

EV/EBITDA

7.1×

87%

P/B

1.5×

38%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.45Mnet selling

Purchases$0

Sales$1.45M

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$9.22Btop 91%
Revenue growth+3%top 77%
Net margin12%top 66%
Return on equity19%top 29%
P/E8.1×top 10%
Dividend yield9.90%top 1%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Health and Moat lag behind.

Valuation95

P/E vs own history21th pct · 20/25
FCF yield13.9% · 25/25
P/S1.0x · 25/25
EV/EBITDA8.5x · 25/25

Growth20

Revenue CAGR-0.6% · 0/25
Net income CAGR-11.6% · 0/25
EPS CAGR ~5Y14.8% · 20/25
Fwd implied growth-33.7% · 0/25

Profitability72

ROIC21.8% · 20/25
ROE18.7% · 20/25
Net margin11.7% · 20/25
Operating margin13.7% · 12/25

Health28

Altman Z0.51 · 3/25
Current ratio0.38 · 0/25
Interest coverage13.8x · 25/25
Net cash / debtn/a · 0/25

Quality67

Piotroski F7/9 · 22/25
Beneish M-2.39 · 20/25
FCF conversionn/a · 0/25
Margin stabilityσ 4.7% · 25/25

Moat43

ROIC >12% years5/5 yrs · 25/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 6.2% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$1.53B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$5.90B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$16 396 today — price return only

$9.1B revenue in FY2025

Revenue up 12.1% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

9 500 employees

ROIC of 21.8%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 12.1% year over year
Interest covered 13.8× by operating earnings
High returns on invested capital (ROIC 21.8%)
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Altman Z-Score 0.51 — elevated financial-distress risk

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+12.1% YoY
Profitable — makes more than it spends$1.14B TTM
Profit growing — earnings are higher than last year+18.0% YoY
Generates cash — cash left after running and investing$1.28B TTM
Debt under control — could handle its obligationscurrent ratio 0.38
Established company — not a micro-cap — lower blow-up risk$9.22B market cap
Not printing shares — share count not ballooning — you keep your slice-15.9% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.5 — distress
Pays a dividend — returns cash to shareholdersyield 9.90%
Valuation not extreme — price not wildly above earningsP/E 8.1

Peer comparisonOld Republic International Corporation vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ORI this company	$9.2B	8.1	+12.1%	11.7%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: ORI vs BRK.A · ORI vs BRK.B · ORI vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 2Hold 4

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $9.72B · net income $1.14B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$9.72B

YoY 12.1%

Net income (TTM)

$1.14B

Margin 11.7%

Operating margin

13.7%

P/E ratio

8.1

Dividend yield

9.90%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	7.2	9.3	8.1	7.3	8.2	9.1
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	2.0	0.9	0.8	1.1	1.3
Net income	0.6	1.5	0.7	0.6	0.9	0.9
EPS (diluted)	1.87	5.05	2.26	2.10	3.24	3.72

Cash flowFree cash flow $1.28B · operating cash flow $1.28B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.28B

Margin 13.2%

Operating cash flow (TTM)

$1.28B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.2	1.3	1.2	0.9	1.2	1.2
Capital expenditure	—	—	—	—	—	—
Free cash flow	1.2	1.3	1.2	0.9	1.2	1.2
FCF margin	16.5%	14.0%	14.5%	12.1%	15.0%	12.7%

Balance sheetAssets $29.9B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $29.9B of assets is financed

80%

20%

Liabilities $23.9B — borrowed moneyEquity $5.91B — owners' stake

Altman Z-Score

0.51

Distress zone

Interest coverage

13.8x

EBIT ÷ interest expense

ROE

18.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.7	0.6	0.9	1.0	1.4	1.6
Total assets	22.8	25.0	25.2	26.5	27.8	29.9
Total liabilities	16.6	18.1	19.0	20.1	22.2	23.9
Total debt	—	—	—	—	—	—
Equity	6.2	6.9	6.2	6.4	5.6	5.9
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ORI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $38.17 · market cap $9.22B.