NYSE : ORI
Old Republic International Corporation — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 38.44 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 9.20B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 8.21B | 7.79B | 7.03B | 6.45B | 7.34B | 7.56B |
| Total Interest & Dividend Income | 729.30M | 708.70M | 673.10M | 578.30M | 459.50M | 434.30M |
| Gain (Loss) on Sale of Investments | 321.60M | 179.70M | 69.90M | -190.90M | -201.20M | 758.00M |
| Other Revenue | 461.10M | 459.00M | 462.10M | 425.00M | 483.10M | 589.40M |
| Total Revenue | 9.72B | 9.14B | 8.23B | 7.26B | 8.08B | 9.34B |
| Policy Benefits | 3.59B | 3.38B | 3.05B | 2.60B | 2.44B | 2.42B |
| Selling, General & Administrative | 4.80B | 4.50B | 4.04B | 3.83B | 4.72B | 4.94B |
| Total Operating Expenses | 8.40B | 7.88B | 7.08B | 6.43B | 7.16B | 7.36B |
| Operating Income | 1.32B | 1.25B | 1.15B | 828.90M | 924.10M | 1.98B |
| Interest Expense | -87.50M | -70.50M | -79.80M | -67.20M | -67.30M | -55.90M |
| Other Non Operating Income (Expenses) | 100.00K | 2.20M | -3.60M | 500.00K | -500.00K | |
| EBT Excluding Unusual Items | 1.23B | 1.18B | 1.07B | 758.10M | 857.30M | 1.92B |
| Other Unusual Items | 124.90M | -10.70M | ||||
| Pretax Income | 1.36B | 1.18B | 1.07B | 747.40M | 857.30M | 1.92B |
| Income Tax Expense | 253.30M | 242.00M | 216.90M | 148.80M | 170.90M | 387.60M |
| Earnings From Continuing Ops. | 1.11B | 941.90M | 852.70M | 598.60M | 686.40M | 1.53B |
| Minority Interest in Earnings | -3.60M | -6.50M | ||||
| Net Income | 1.10B | 935.40M | 852.70M | 598.60M | 686.40M | 1.53B |
| Net Income to Common | 1.10B | 935.40M | 852.70M | 598.60M | 686.40M | 1.53B |
| Shares Outstanding (Basic) | 242.70M | 245.12M | 258.03M | 282.73M | 301.68M | 301.95M |
| Shares Outstanding (Diluted) | 248.98M | 251.31M | 262.88M | 285.47M | 303.30M | 303.67M |
| EPS (Basic) | 4.54 | 3.82 | 3.30 | 2.12 | 2.28 | 5.08 |
| EPS (Diluted) | 4.42 | 3.72 | 3.24 | 2.10 | 2.26 | 5.05 |
| Dividend Per Share | 1.24 | 1.16 | 1.06 | 0.98 | 0.92 | 0.88 |
| Operating Margin | 13.60% | 13.73% | 13.94% | 11.42% | 11.43% | 21.18% |
| Profit Margin | 11.34% | 10.24% | 10.36% | 8.25% | 8.49% | 16.43% |
| EBITDA | 1.35B | 1.29B | 1.19B | 861.90M | 952.40M | 2.01B |
| EBITDA Margin | 13.93% | 14.12% | 14.41% | 11.88% | 11.78% | 21.47% |
| D&A For EBITDA | 32.48M | 35.40M | 39.30M | 33.00M | 28.30M | 27.20M |
| EBIT | 1.32B | 1.25B | 1.15B | 828.90M | 924.10M | 1.98B |
| EBIT Margin | 13.60% | 13.73% | 13.94% | 11.42% | 11.43% | 21.18% |
| Effective Tax Rate | 18.64% | 20.44% | 20.28% | 19.91% | 19.93% | 20.17% |
| Revenue as Reported | 9.84B | 9.14B | 8.23B | 7.26B | 8.08B | 9.34B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 12.14B | 12.71B | 12.09B | 12.14B | 11.75B | 10.68B |
| Investments in Equity & Preferred Securities | 2.25B | 2.49B | 2.54B | 2.66B | 3.22B | 5.30B |
| Other Investments | 2.28B | 1.64B | 1.45B | 1.07B | 892.00M | 597.70M |
| Total Investments | 16.67B | 16.84B | 16.08B | 15.87B | 15.86B | 16.58B |
| Cash & Equivalents | 336.00M | 263.20M | 201.90M | 202.80M | 81.00M | 158.10M |
| Reinsurance Recoverable | 9.11B | 614.40M | 608.40M | 720.10M | 442.40M | 5.20B |
| Other Receivables | 3.29B | 2.92B | 2.60B | 2.34B | 2.05B | 1.86B |
| Deferred Policy Acquisition Cost | 893.30M | 636.20M | 531.30M | 417.80M | 382.50M | 350.40M |
| Property, Plant & Equipment | 169.30M | 179.70M | 194.40M | |||
| Goodwill | 173.20M | 179.60M | 178.30M | 178.10M | 174.50M | |
| Other Current Assets | 194.80M | |||||
| Other Long-Term Assets | 1.18B | 8.24B | 7.46B | 6.39B | 6.17B | 656.30M |
| Total Assets | 31.47B | 29.86B | 27.84B | 26.50B | 25.16B | 24.98B |
| Accrued Expenses | 585.50M | 601.80M | 547.50M | 532.90M | 514.80M | 573.50M |
| Insurance & Annuity Liabilities | 185.20M | 177.80M | 174.00M | 150.30M | 182.20M | 192.60M |
| Unpaid Claims | 15.82B | 14.78B | 13.73B | 12.54B | 12.22B | 11.43B |
| Unearned Premiums | 4.82B | 3.98B | 3.51B | 3.04B | 2.79B | 2.56B |
| Reinsurance Payable | 1.58B | 1.43B | 1.41B | 1.38B | 1.08B | 866.00M |
| Current Portion of Leases | 52.30M | 57.90M | 58.10M | 58.80M | 61.60M | |
| Long-Term Debt | 1.75B | 1.59B | 1.59B | 1.59B | 1.60B | 1.59B |
| Long-Term Leases | 140.20M | 146.10M | 162.10M | 163.30M | 174.90M | |
| Long-Term Deferred Tax Liabilities | 123.50M | 219.30M | 129.10M | 105.60M | 42.70M | 249.50M |
| Other Current Liabilities | 56.80M | |||||
| Other Long-Term Liabilities | 719.30M | 966.80M | 938.00M | 471.90M | 338.70M | 397.10M |
| Total Liabilities | 25.58B | 23.93B | 22.22B | 20.09B | 18.99B | 18.09B |
| Common Stock | 5.88B | 246.30M | 248.80M | 278.30M | 296.90M | 307.50M |
| Additional Paid-In Capital | 23.30M | 678.70M | 1.14B | 1.38B | ||
| Retained Earnings | 5.52B | 5.52B | 5.64B | 5.32B | 5.21B | |
| Comprehensive Income & Other | 129.20M | -149.60M | -190.60M | -587.30M | -4.40M | |
| Total Common Equity | 5.88B | 5.91B | 5.62B | 6.41B | 6.17B | 6.89B |
| Minority Interest | 15.40M | 14.40M | ||||
| Shareholders' Equity | 5.89B | 5.93B | 5.62B | 6.41B | 6.17B | 6.89B |
| Total Liabilities & Equity | 31.47B | 29.86B | 27.84B | 26.50B | 25.16B | 24.98B |
| Filing Date Shares Outstanding | 240.79M | 242.98M | 244.84M | 274.23M | 292.38M | 301.57M |
| Total Common Shares Outstanding | 240.79M | 243.60M | 245.46M | 274.44M | 292.17M | 301.53M |
| Total Debt | 1.75B | 1.78B | 1.79B | 1.81B | 1.82B | 1.82B |
| Net Cash (Debt) | -1.41B | -1.52B | -1.59B | -1.61B | -1.74B | -1.67B |
| Net Cash Per Share | -5.68 | -6.05 | -6.05 | -5.63 | -5.73 | -5.49 |
| Book Value Per Share | 24.40 | 24.28 | 22.89 | 23.36 | 21.13 | 22.86 |
| Tangible Book Value | 5.88B | 5.74B | 5.44B | 6.23B | 6.00B | 6.72B |
| Tangible Book Value Per Share | 24.40 | 23.57 | 22.16 | 22.71 | 20.52 | 22.28 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 935.40M | 852.70M | 598.60M | 686.40M | 1.53B | |
| Depreciation & Amortization | 35.40M | 39.30M | 33.00M | 28.30M | 27.20M | |
| Gain (Loss) on Sale of Investments | -179.70M | -69.90M | 190.90M | 201.20M | -758.00M | |
| Change in Accounts Receivable | -278.60M | -270.10M | -274.40M | -158.60M | -174.80M | |
| Change in Unearned Revenue | 260.60M | 363.40M | 194.00M | 157.60M | 103.40M | |
| Change in Income Taxes | 45.10M | 20.80M | -47.10M | -54.70M | 151.40M | |
| Change in Insurance Reserves / Liabilities | 438.10M | 354.90M | 93.40M | 221.50M | 279.80M | |
| Change in Other Net Operating Assets | 12.60M | 140.60M | 23.80M | 147.20M | 36.90M | |
| Other Operating Activities | 300.00K | -84.90M | 103.40M | -26.30M | 133.80M | |
| Operating Cash Flow | 1.16B | 1.23B | 880.40M | 1.17B | 1.31B | |
| Investment in Securities | -179.50M | -139.30M | 25.10M | -402.70M | -936.60M | |
| Other Investing Activities | 2.30M | -1.20M | 200.00K | -12.30M | 100.00K | |
| Investing Cash Flow | -177.20M | -3.90M | 25.30M | -415.00M | -936.50M | |
| Long-Term Debt Issued | 395.90M | 642.50M | ||||
| Total Debt Repaid | -400.00M | -5.30M | -21.70M | |||
| Net Debt Issued (Repaid) | -4.10M | -5.30M | 620.80M | |||
| Issuance of Common Stock | 3.80M | 2.00M | 31.10M | 26.60M | 60.00M | |
| Repurchases of Common Stock | -123.80M | -942.20M | -535.30M | -281.20M | ||
| Common Dividends Paid | -286.50M | -271.90M | -275.50M | -271.30M | -254.70M | |
| Other Financing Activities | -23.10M | -10.70M | 1.80M | 1.60M | 2.70M | |
| Financing Cash Flow | -925.70M | -1.23B | -783.20M | -832.70M | -335.70M | |
| Miscellaneous Cash Flow Adjustments | -100.00K | -3.50M | -800.00K | -100.00K | ||
| Net Cash Flow | 61.30M | -900.00K | 121.70M | -77.10M | 39.40M | |
| Levered Free Cash Flow | -9.26B | 2.05B | 541.96M | 6.03B | 1.56B | |
| Unlevered Free Cash Flow | -9.22B | 2.10B | 583.96M | 6.07B | 1.60B | |
| Cash Interest Paid | 69.30M | 77.30M | 66.00M | 65.80M | 53.40M | |
| Cash Income Tax Paid | 198.70M | 196.30M | 198.30M | 226.50M | 236.50M | |
| Change in Working Capital | 372.90M | 496.20M | -45.50M | 281.00M | 374.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.14B | 11.11B | 9.11B | 8.01B | 7.18B | 7.38B |
| Enterprise Value | 10.55B | 12.47B | 10.57B | 9.45B | 8.67B | 8.84B |
| PE Ratio | 8.79 | 11.88 | 10.69 | 13.38 | 10.46 | 4.81 |
| PS Ratio | 0.93 | 1.22 | 1.11 | 1.10 | 0.89 | 0.79 |
| PB Ratio | 1.57 | 1.87 | 1.62 | 1.25 | 1.16 | 1.07 |
| P/OCF Ratio | 7.08 | 9.54 | 7.39 | 9.10 | 6.13 | 5.63 |
| EV/Sales Ratio | 1.08 | 1.36 | 1.28 | 1.30 | 1.07 | 0.95 |
| EV/EBITDA Ratio | 7.71 | 9.67 | 8.91 | 10.96 | 9.11 | 4.41 |
| EV/EBIT Ratio | 7.89 | 9.94 | 9.22 | 11.40 | 9.39 | 4.47 |
| Debt / Equity Ratio | 0.30 | 0.30 | 0.32 | 0.28 | 0.29 | 0.27 |
| Debt / EBITDA Ratio | 1.23 | 1.31 | 1.42 | 1.93 | 1.77 | 0.88 |
| Net Debt / Equity Ratio | 0.24 | 0.26 | 0.28 | 0.25 | 0.28 | 0.24 |
| Net Debt / EBITDA Ratio | 1.04 | 1.18 | 1.34 | 1.87 | 1.82 | 0.83 |
| Quick Ratio | 0.25 | 0.48 | 0.21 | 0.20 | 0.17 | 0.16 |
| Current Ratio | 0.66 | 0.56 | 0.25 | 0.26 | 0.21 | 0.50 |
| Asset Turnover | 0.32 | 0.32 | 0.30 | 0.28 | 0.32 | 0.39 |
| Return on Equity (ROE) | 17.93% | 16.31% | 14.18% | 9.51% | 10.51% | 23.46% |
| Return on Assets (ROA) | 2.68% | 2.72% | 2.64% | 2.01% | 2.30% | 5.17% |
| Return on Invested Capital (ROIC) | 13.43% | 13.20% | 11.70% | 8.19% | 8.86% | 19.60% |
| Earnings Yield | 11.38% | 8.42% | 9.36% | 7.47% | 9.56% | 20.79% |
| Dividend Yield | 3.25% | 2.54% | 2.86% | 3.36% | 3.74% | 3.60% |
| Payout Ratio | 84.41% | 30.63% | 31.89% | 46.02% | 39.52% | 16.60% |
| Buyback Yield / Dilution | 1.01% | 4.40% | 7.91% | 5.88% | 0.12% | -1.60% |
| Total Shareholder Return | 4.28% | 6.94% | 10.77% | 9.23% | 3.87% | 2.00% |