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Wednesday 4 November 2026 Export ORI’s income statement to Excel — free account

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

Old Republic International Corporation (ORI) valuation and DCF model

What the price implies · reverse DCF

At $39.86 the price implies −2.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 17.0% a year over the last ten years, 30.1% over the last five. The price asks for 19.6 points a year less than its ten-year rate. Return on equity averaged 13.3% over ten years; the price implies 13.1% for good.

In December 2017 the price assumed 12.0% a year; Old Republic International Corporation went on to grow the dividend a share 12.5% a year to FY2025.

Price implies
−2.6%
Last 5 years, reported
30.1%
Last 10 years, reported
17.0%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−2.6% a year for ten years
$39.86
today’s price
Its base case
17.0% a year for five years, then 10.2%
$137.94
246.1% above today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Old Republic International Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing −2.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Old Republic International Corporation’s own cost of capital: risk-free 4.3% + beta 0.52 × equity premium 4.5% = 6.6% cost of equity; weighted, 6.6%.

Use 6.6%
Base case value per share $137.94 ten years discounted, and what follows
Current price $39.86 market price per share
Above today’s price 246.1% upside at the base case’s assumptions

How we got there$50.17 10 years of dividends+$87.77 terminal value=$137.94 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Property & Casualty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 8.52× 11.16× 10.39× 18% below 11.87× 28% below
P/FCF 8.12× 8.20× 7.89× 3% above 8.12× 0% above
P/B 1.58× 1.52× 1.31× 21% above 1.99× 21% below
EV/EBITDA — 8.90× 8.96× — 3.38× —
EV/Sales — 1.21× 1.13× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
6.07×9.33×12.60×15.86×10Y avg 10.39×2017201820192020202120222023202420252026

ORI trades at 8.52× P/E, against a 10-year average of 10.39× (range 4.82×–16.66×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $48.62 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.