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Old Republic International Corporation

ORI Financial Insurance Property & Casualty

Old Republic International Corporation’s revenue for fiscal 2025 (year ended December 2025) was $9.1 billion, up 11.0% from fiscal 2024.

Revenue
+5.21%
EPS
−11.6%
Free cash flow
−23.9%
Total debt
+10.1%

Quarter to September 2026, against a year earlier

39.86 1.08 +2.78%
Market cap
$9.3B
P/E
8.5×
Fwd P/E
8.9×
Dividend yield
3.19%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2023

  • Total of major segments

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.06
Sold, $m 2.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — 1 — — — — — —
Sell — — 1 — — 1 — 2 1 1 — —
Insider Ownership 7.17%

Capital & Financial Ratios $m

Size
Market Cap 9,300.00
Revenue ttm 9,843.20
Net income ttm 1,105.60
Free cash flow ttm 1,145.40
Net debt Q 1,413.70
Valuation
P/E 8.52
Forward P/E 8.86
Price / sales 0.94
Forward P/S Powerpack
Price / FCF 8.12
Price / book 1.58
Financial health
Current ratio Q 0.18
Debt / equity Q 0.30
Interest coverage Q 11.69
Growth
Revenue growth Q +5.21% (above 0%: growing)
Operating income growth Q −19.55% (below 0%: shrinking)
EPS, this year −8.25% (below 0%: weak)
EPS, next year A +10.26%
Revenue, next year A +6.83%
EPS, past 5 yrs +14.75%
EPS, next 5 yrs A +1.05%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 21.17%
10-year low 10-year high
P/S against its own 10 years 53.17%
10-year low 10-year high
P/B against its own 10 years 89.17%
10-year low 10-year high

Dividends raised 3 years running

Yield
3.19%
Annual rate
1.24
Payout ratio
27.8%
Growth, 2017–25
+5.43%/yr
  1. 0.76 ’17
  2. 0.78 ’18 +3
  3. 0.80 ’19 +3
  4. 0.84 ’20 +5
  5. 0.88 ’21 +5
  6. 0.69 ’22 −22
  7. 0.98 ’23 +42
  8. 1.06 ’24 +8
  9. 1.16 ’25 +9
  10. 1.26 ’26e +9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 203 202 263 336
Receivables 2,943 3,080 3,397 3,773
Inventory — — — —
Other — — — —
3,146 3,282 3,660 4,109
2023 2024 2025 Q'26
Payables 17,112 18,817 20,364 22,403
ST’ Debt — — — —
Other — — — —
17,112 18,817 20,364 22,403

Compound Annual Growth %

10y 5y 3y
Sales 4.71% 4.98% 4.16%
Cash Flow 5.40% (0.35%) (0.18%)
Earnings 8.28% 10.86% 10.87%
Book Value 4.33% (0.85%) (1.34%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.77 Actual 0.73

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.89 0.74 Miss by 0.15
Q1 FY26 0.79 0.68 Miss by 0.11
Q2 FY26 0.77 0.76 Miss by 0.01
Q3 FY26 0.77 0.73 Miss by 0.04
Q4 FY26 0.73 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.32 1.31 0.99 — —
’25 0.98 0.81 1.11 0.82 3.72
’24 1.15 0.35 1.32 0.42 3.24
’23 0.68 0.54 0.19 0.69 2.10
’22 1.00 (0.13) (0.31) 1.73 2.26
’21 1.68 1.05 0.29 2.06 5.05
’20 (2.01) 1.34 0.83 1.74 1.87
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,399 2,504 2,551 — —
’25 2,114 2,209 2,424 2,390 9,136
’24 2,016 1,872 2,342 2,002 8,232
’23 1,759 1,798 1,760 1,941 7,258
’22 2,207 1,810 1,721 2,346 8,084
’21 2,355 2,254 2,012 2,721 9,342
’20 764 2,027 1,952 2,423 7,166
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 281 200 429 — —
’25 232 134 564 235 1,164
’24 160 237 475 362 1,233
’23 157 91 350 283 880
’22 278 125 500 267 1,171
’21 296 219 455 341 1,312
’20 216 222 371 376 1,185
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 281 200 429 — —
’25 232 134 564 235 1,164
’24 160 237 475 362 1,233
’23 157 91 350 283 880
’22 278 125 500 267 1,171
’21 296 219 455 341 1,312
’20 216 222 371 376 1,185
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing −3.0% a year for ten years. It grew 17.0% a year over the last ten.

Implied
−3.0%
10 years, reported
17.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,901 6,263 6,259 7,461 7,166 9,342 8,084 7,258 8,232 9,136 9,843 +5.0% 9,760 10,318 10,878 +6.0%
Gross margin, % 12.79 12.90 7.99 18.63 10.48 21.42 11.59 11.50 14.22 13.91 14.85 +1.1 pt
EBT 686 725 438 1,322 688 1,922 857 747 1,070 1,184 1,359 +6.3%
EBT margin, % 11.63 11.58 7.00 17.73 9.61 20.58 10.61 10.30 13.00 12.96 13.81 +1.3 pt
Net income 467 561 371 1,056 559 1,534 686 599 853 942 1,106 +8.1%
Per share, $
Per share, $ Revenue 22.74 23.89 21.27 24.88 24.01 30.94 26.80 25.67 31.90 37.27 41.02 +5.6%
Earnings 1.80 2.14 1.26 3.52 1.87 5.08 2.28 2.10 3.30 3.82 4.55 +8.7%
Cash flow 2.46 1.73 2.58 3.12 3.97 4.34 3.88 3.11 4.78 4.75 4.77 +7.6%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 2.46 1.73 2.58 3.12 3.97 4.34 3.88 3.11 4.78 4.75 4.77 +7.6%
Book value 17.19 18.06 17.49 20.01 20.73 22.83 20.46 22.67 21.78 24.19 24.55 +3.9%
Shares, m 259 262 294 300 298 302 302 283 258 245 242 (0.6%)
Valuation, ×
Valuation, × P/E 10.54 9.89 16.66 6.34 10.37 4.82 10.46 13.90 10.98 11.94 8.52 10.6
P/S 0.84 0.88 0.97 0.90 0.82 0.79 0.90 1.15 1.13 1.22 0.94 1.0
P/B 1.11 1.17 1.18 1.12 0.95 1.08 1.18 1.30 1.66 1.89 1.58 1.3
EV/Sales 1.07 1.09 1.11 1.02 0.94 0.95 1.09 1.34 1.30 1.37 — 1.1
EV/FCF 9.93 15.12 9.12 8.12 5.68 6.75 7.52 11.04 8.70 10.75 — 9.3
Cash, $m
Cash, $m Operating cash flow 637 453 761 936 1,185 1,312 1,171 880 1,233 1,164 1,145 +6.9%
Capex — — — — — — — — — — — —
Free cash flow 637 453 761 936 1,185 1,312 1,171 880 1,233 1,164 1,145 +6.9%
Balance, $m
Balance, $m Working capital (6,861) (6,872) (7,108) (7,411) (7,709) (7,903) (13,804) (13,966) (15,535) (16,704) (18,294) +10.4%
Net debt 1,383 1,323 881 895 848 1,430 1,516 1,388 1,387 1,327 1,414 (0.5%)
Shareholders’ equity 4,461 4,733 5,146 6,000 6,187 6,893 6,173 6,411 5,619 5,928 5,891 +3.2%
Returns, %
Returns, % ROA 2.62 2.95 1.91 5.23 2.55 6.42 2.74 2.32 3.14 3.24 3.57 +0.6 pt
ROIC 8.07 8.34 5.19 12.60 6.67 15.03 7.61 6.69 10.44 10.95 12.51 +2.9 pt
ROE 11.19 12.19 7.50 18.96 9.17 23.46 10.51 9.51 14.18 16.20 17.88 +5.0 pt
People
People Employees 8,500 8,700 9,000 9,000 9,000 9,600 9,500 9,200 9,400 9,500 — +1.2%
Revenue/emp, $m 0.69 0.72 0.70 0.83 0.80 0.97 0.85 0.79 0.88 0.96 — +3.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

Old Republic International is a Chicago-based insurance holding company. Its operating companies use insurance subsidiaries to issue policies and provide related services. Craig Richard Smiddy is its president and chief executive officer.

The company has two principal businesses: Specialty Insurance and Title Insurance. Specialty Insurance mainly serves businesses, state and local governments, and other institutions. Its policies cover risks such as commercial vehicle accidents, employee injuries, property damage and liability claims. It also offers products including home and auto warranties and financial indemnity coverage, which can protect against certain professional or management-related claims.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by segment, and margins
Total of major segments 7,388 101.78%
Gross margin 11.50%
Operating margin 11.50%
Pre-tax margin 10.30%

Revenue by segment since 2009

Old Republic International Corporation vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AIZ Assurant, Inc. $14.6B 14.0× 14.0× +9.37% (above 0%: growing) +30.00% (above 0%: growing) +99.03% (above 0%: growing) 78.34% 11.73% Compare
CNA CNA Financial Corporation $12.8B 12.4× 11.8× +0.10% (above 0%: growing) −51.35% (below 0%: shrinking) −9.94% (below 0%: shrinking) 38.58% 7.04% Compare
AFG American Financial Group, Inc. $12.7B 13.4× 12.4× +5.51% (above 0%: growing) +44.44% (above 0%: growing) −68.13% (below 0%: shrinking) 23.15% 16.75% Compare
ORI Old Republic International Corporation $9.3B 8.5× 8.9× +5.21% (above 0%: growing) −11.55% (below 0%: shrinking) −23.85% (below 0%: shrinking) 11.68% 11.68%
KNSL Kinsale Capital Group, Inc. $8.6B 16.6× 16.2× −8.58% (below 0%: shrinking) −28.76% (below 0%: shrinking) −9.58% (below 0%: shrinking) 27.99% 27.89% Compare
THG The Hanover Insurance Group, Inc. $8.5B 11.7× 11.6× +4.23% (above 0%: growing) +1.22% (above 0%: growing) −6.06% (below 0%: shrinking) 42.97% 13.27% Compare
RLI RLI Corp. $6.1B 15.6× 16.0× −6.34% (below 0%: shrinking) −34.81% (below 0%: shrinking) +8.17% (above 0%: growing) 29.66% 22.52% Compare
SIGI Selective Insurance Group, Inc. $5.9B 12.1× 11.7× −2.49% (below 0%: shrinking) +14.05% (above 0%: growing) −12.67% (below 0%: shrinking) 42.49% 13.22% Compare
MCY Mercury General Corporation $5.7B 8.9× 7.0× −12.84% (below 0%: shrinking) n/m −22.67% (below 0%: shrinking) 7.63% (0.92%) Compare
Median of peers $8.6B 12.9× 12.1× −1.19% +1.22% −9.76% 34.12% 13.25%

All 46 Insurance Property & Casualty stocks →

From the latest earnings call

Updated

  • CEO Craig Smiddy said specialty premium growth included ECM and auto warranty, while commercial auto rate increases remained above observed and anticipated loss trends.
  • Smiddy said higher mortgage rates created uncertainty for title transaction volumes, while title CEO Carolyn Monroe reported growth in agency revenue.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 77.04%
Held by the ten largest 45.55%
Holder Shares Stake Change
BlackRock 26.31m 10.90% −4.27k
Vanguard 23.36m 9.68% −468.24k
BNY 12.02m 4.98% −226.11k
State Street 10.06m 4.17% −25.04k
Geode Capital Management 7.82m 3.24% +138.70k
Charles Schwab 7.50m 3.10% +594.56k
Dimensional Fund Advisors 6.99m 2.90% +272.81k
Victory Capital 6.25m 2.59% −680.86k
AQR Capital Management 4.99m 2.07% −710.28k
Hamlin Capital Management, LLC 4.67m 1.93% −73.92k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.24m 12.75m 341.28
2024 7.68m 13.39m 229.23
2023 5.89m 8.77m 180.36
2022 4.54m 5.06m 142.78
2021 2.39m 3.26m 133.84

Ownership

Directors and executive officers, together 1.32%
The Vanguard Group 10.12%
Old Republic International Corporation 7.26%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Old Republic International Corporation (ORI) Latest News

25 Oct

Impact 4 · · The Motley Fool

23 Oct

Impact 4 · · Moby transcript
Impact 3 · · StockStory
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · PR Newswire
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

21 Oct

Impact 3 · · StockStory

20 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · StockStory

27 Aug

Impact 3 ·

24 Jul

Impact 3 ·
Impact 3 ·
Impact 3 · · Moby transcript

23 Jul

Impact 3 · · MarketBeat
Impact 3 ·

22 Jul

Impact 3 ·

24 Apr

Impact 4 · · GuruFocus.com
Impact 3 · · StockStory
Impact 3 · · MarketBeat

23 Apr

Impact 3 · · Moby
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 ·
Impact 3 ·

ORI metrics, ten years each

stockrow.com/ORI · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com