Old Republic International
ORI NYSE Property & Casualty Insurance Financials FY2016–FY2025
Old Republic International's revenue rose 11.0% to $9.1 billion in fiscal 2025. Its net margin was 10.2%, down from 10.4% a year earlier. It paid out $906 million in dividends and buybacks. The diluted share count fell 4.4%.
Revenue
Total sales reported in the income statement.
$9.1B
11.0%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$935M
9.7%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$9.6B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
8.5x
On $4.56 EPS (TTM)
What Old Republic International does
No business description yet.
- Legal name
- OLD REPUBLIC INTERNATIONAL CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0000074260-26-000008
0000074260
Revenue and margins
Old Republic International had $9.1B of revenue in fiscal 2025, up 11.0% on the year before.
FY16
Revenue $5.9B
FY17
Revenue $6.3B
FY18
Revenue $6.3B
FY19
Revenue $7.5B
FY20
Revenue $7.2B
FY21
Revenue $9.3B
FY22
Revenue $8.1B
FY23
Revenue $7.3B
FY24
Revenue $8.2B
FY25
Revenue $9.1B
Q3 '23
Revenue $1.8B
Q4 '23
Revenue $1.9B
Q1 '24
Revenue $2.0B
Q2 '24
Revenue $1.9B
Q3 '24
Revenue $2.3B
Q4 '24
Revenue $2.0B
Q1 '25
Revenue $2.1B
Q2 '25
Revenue $2.2B
Q3 '25
Revenue $2.4B
Q4 '25
Revenue $2.4B
Q1 '26
Revenue $2.4B
Q2 '26
Revenue $2.5B
FY16
Gross —
Operating —
Net 7.9%
FCF —
FY17
Gross —
Operating —
Net 9.0%
FCF —
FY18
Gross —
Operating —
Net 5.9%
FCF —
FY19
Gross —
Operating —
Net 14.2%
FCF —
FY20
Gross —
Operating —
Net 7.8%
FCF —
FY21
Gross —
Operating —
Net 16.4%
FCF —
FY22
Gross —
Operating —
Net 8.5%
FCF —
FY23
Gross —
Operating —
Net 8.3%
FCF —
FY24
Gross —
Operating —
Net 10.4%
FCF —
FY25
Gross —
Operating —
Net 10.2%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 3.0%
FCF —
Q4 '23
Gross —
Operating —
Net 9.8%
FCF —
Q1 '24
Gross —
Operating —
Net 15.7%
FCF —
Q2 '24
Gross —
Operating —
Net 4.9%
FCF —
Q3 '24
Gross —
Operating —
Net 14.5%
FCF —
Q4 '24
Gross —
Operating —
Net 5.3%
FCF —
Q1 '25
Gross —
Operating —
Net 11.6%
FCF —
Q2 '25
Gross —
Operating —
Net 9.3%
FCF —
Q3 '25
Gross —
Operating —
Net 11.5%
FCF —
Q4 '25
Gross —
Operating —
Net 8.6%
FCF —
Q1 '26
Gross —
Operating —
Net 13.8%
FCF —
Q2 '26
Gross —
Operating —
Net 12.9%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 9.7% a year. Loss periods are shown in red.
FY16
Net income $467M
FY17
Net income $561M
FY18
Net income $371M
FY19
Net income $1.1B
FY20
Net income $559M
FY21
Net income $1.5B
FY22
Net income $686M
FY23
Net income $599M
FY24
Net income $853M
FY25
Net income $935M
Q3 '23
Net income $52.6M
Q4 '23
Net income $191M
Q1 '24
Net income $317M
Q2 '24
Net income $91.8M
Q3 '24
Net income $339M
Q4 '24
Net income $105M
Q1 '25
Net income $245M
Q2 '25
Net income $204M
Q3 '25
Net income $280M
Q4 '25
Net income $206M
Q1 '26
Net income $330M
Q2 '26
Net income $322M
FY16
Diluted EPS $1.62
FY17
Diluted EPS $1.92
FY18
Diluted EPS $1.24
FY19
Diluted EPS $3.51
FY20
Diluted EPS $1.87
FY21
Diluted EPS $5.05
FY22
Diluted EPS $2.26
FY23
Diluted EPS $2.10
FY24
Diluted EPS $3.24
FY25
Diluted EPS $3.72
Q3 '23
Diluted EPS $0.19
Q4 '23
Diluted EPS $0.69
Q1 '24
Diluted EPS $1.15
Q2 '24
Diluted EPS $0.35
Q3 '24
Diluted EPS $1.32
Q4 '24
Diluted EPS $0.42
Q1 '25
Diluted EPS $0.98
Q2 '25
Diluted EPS $0.81
Q3 '25
Diluted EPS $1.11
Q4 '25
Diluted EPS $0.82
Q1 '26
Diluted EPS $1.32
Q2 '26
Diluted EPS $1.31
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 11.2%
Return on assets 2.6%
FY17
Return on capital —
Return on equity 12.2%
Return on assets 3.0%
FY18
Return on capital —
Return on equity 7.5%
Return on assets 1.9%
FY19
Return on capital —
Return on equity 19.0%
Return on assets 5.2%
FY20
Return on capital —
Return on equity 9.2%
Return on assets 2.6%
FY21
Return on capital —
Return on equity 23.5%
Return on assets 6.4%
FY22
Return on capital —
Return on equity 10.5%
Return on assets 2.7%
FY23
Return on capital —
Return on equity 9.5%
Return on assets 2.3%
FY24
Return on capital —
Return on equity 14.2%
Return on assets 3.1%
FY25
Return on capital —
Return on equity 16.2%
Return on assets 3.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $637M
Capital spending —
FY17
Cash from operations $453M
Capital spending —
FY18
Cash from operations $761M
Capital spending —
FY19
Cash from operations $936M
Capital spending —
FY20
Cash from operations $1.2B
Capital spending —
FY21
Cash from operations $1.3B
Capital spending —
FY22
Cash from operations $1.2B
Capital spending —
FY23
Cash from operations $880M
Capital spending —
FY24
Cash from operations $1.2B
Capital spending —
FY25
Cash from operations $1.2B
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $350M
Capital spending —
Q4 '23
Cash from operations $283M
Capital spending —
Q1 '24
Cash from operations $160M
Capital spending —
Q2 '24
Cash from operations $237M
Capital spending —
Q3 '24
Cash from operations $475M
Capital spending —
Q4 '24
Cash from operations $362M
Capital spending —
Q1 '25
Cash from operations $232M
Capital spending —
Q2 '25
Cash from operations $134M
Capital spending —
Q3 '25
Cash from operations $564M
Capital spending —
Q4 '25
Cash from operations $235M
Capital spending —
Q1 '26
Cash from operations $281M
Capital spending —
Q2 '26
Cash from operations $200M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Old Republic International returned $906M to shareholders in fiscal 2025. The diluted share count fell 4.4%.
FY16
Dividends $194M
Buybacks $0.0M
FY17
Dividends $199M
Buybacks $0.0M
FY18
Dividends $499M
Buybacks $0.0M
FY19
Dividends $539M
Buybacks $0.0M
FY20
Dividends $250M
Buybacks $0.0M
FY21
Dividends $1.0B
Buybacks $0.0M
FY22
Dividends $580M
Buybacks $281M
FY23
Dividends $276M
Buybacks $535M
FY24
Dividends $272M
Buybacks $942M
FY25
Dividends $783M
Buybacks $124M
Dividends
Buybacks
Q3 '23
Dividends $67.6M
Buybacks $126M
Q4 '23
Dividends $66.9M
Buybacks $55.8M
Q1 '24
Dividends $71.5M
Buybacks $194M
Q2 '24
Dividends $69.1M
Buybacks $409M
Q3 '24
Dividends $66.4M
Buybacks $165M
Q4 '24
Dividends $64.9M
Buybacks $174M
Q1 '25
Dividends $568M
Buybacks $25.3M
Q2 '25
Dividends $73.0M
Buybacks $0.0M
Q3 '25
Dividends $70.9M
Buybacks $43.3M
Q4 '25
Dividends $70.8M
Buybacks $55.2M
Q1 '26
Dividends $694M
Buybacks $160M
Q2 '26
Dividends $76.6M
Buybacks $60.2M
Dividends
Buybacks
FY16
Diluted shares 0.30B
FY17
Diluted shares 0.30B
FY18
Diluted shares 0.30B
FY19
Diluted shares 0.30B
FY20
Diluted shares 0.30B
FY21
Diluted shares 0.30B
FY22
Diluted shares 0.30B
FY23
Diluted shares 0.29B
FY24
Diluted shares 0.26B
FY25
Diluted shares 0.25B
Value Old Republic International yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 251.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 8.5x · peers 12.7x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Old Republic International can carry it.
FY16
Cash $827M
Debt —
FY17
Cash $796M
Debt —
FY18
Cash $455M
Debt —
FY19
Cash $563M
Debt —
FY20
Cash $868M
Debt —
FY21
Cash $724M
Debt —
FY22
Cash $942M
Debt —
FY23
Cash $1.2B
Debt —
FY24
Cash $1.6B
Debt —
FY25
Cash $1.9B
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $724M | $942M | $1.2B | $1.6B | $1.9B |
| Interest coverage | 35.4x | 13.7x | 12.1x | 14.4x | 17.8x |
| Total assets | $25.0B | $25.2B | $26.5B | $27.8B | $29.9B |
| Total liabilities | $18.1B | $19.0B | $20.1B | $22.2B | $23.9B |
| Shareholders' equity | $6.9B | $6.2B | $6.4B | $5.6B | $5.9B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.1M
2 insiders
Sold, 12 months
$2.5M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Carolyn MonroeSVP - Title Insurance | Sold | 4,386 | $42.01 | $0.2M | Form 4 |
| Aug 11, 2026 | Carolyn MonroeSVP - Title Insurance | Sold | 1,788 | $42.26 | $0.1M | Form 4 |
| Jul 29, 2026 | Jeffrey LangeSVPUnderwriting & Distribution | Sold | 14,075 | $43.76 | $0.6M | Form 4 |
| Jul 28, 2026 | Stephen J OberstExecutive Vice President | Sold | 13,125 | $43.96 | $0.6M | Form 4 |
| May 12, 2026 | Carolyn MonroeSVP - Title Insurance | Sold | 13,330 | $38.76 | $0.5M | Form 4 |
| May 1, 2026 | Therace RischDirector | Bought | 300 | $39.90 | $0.0M | Form 4 |
| Mar 2, 2026 | John Eric SmithDirector | Bought | 1,135 | $43.10 | $0.0M | Form 4 |
| Feb 2, 2026 | Carolyn MonroeSVP - Title Insurance | Sold | 5,526 | $39.28 | $0.2M | Form 4 |
| Nov 14, 2025 | Carolyn MonroeSVP - Title Insurance | Sold | 6,680 | $44.54 | $0.3M | Form 4 |
| Nov 3, 2025 | Therace RischDirector | Bought | 1,000 | $39.14 | $0.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −1.1% | −1.4% | −0.8% |
| Altman Z'' | — | — | — |
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| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Old Republic International ORI | $9.6B | 11.0% | — | — | — | 8.5x | — | |
| Cincinnati Financial CINF | $27.4B | 11.4% | — | 24.5% | 17.1% | 8.3x | — | Compare → |
| Hanover Insurance THG | $8.5B | 5.7% | 14.2% | 17.8% | 21.3% | 11.4x | — | Compare → |
| Fidelity National Financial FNF | $10.8B | 5.6% | — | — | — | 14.0x | — | Compare → |
| W. R. Berkley WRB | $28.7B | 7.8% | — | — | — | 15.1x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.9B | $6.3B | $6.3B | $7.5B | $7.2B | $9.3B | $8.1B | $7.3B | $8.2B | $9.1B |
| Interest expense | $50.9M | $64.5M | $47.2M | $43.2M | $42.5M | $55.9M | $67.3M | $67.2M | $79.8M | $70.5M |
| Pretax income | $686M | $725M | $438M | $1.3B | $688M | $1.9B | $857M | $747M | $1.1B | $1.2B |
| Income tax | $219M | $165M | $67.5M | $266M | $130M | $388M | $171M | $149M | $217M | $242M |
| Net income | $467M | $561M | $371M | $1.1B | $559M | $1.5B | $686M | $599M | $853M | $935M |
| Diluted EPS | $1.62 | $1.92 | $1.24 | $3.51 | $1.87 | $5.05 | $2.26 | $2.10 | $3.24 | $3.72 |
| Diluted shares | 0.30B | 0.30B | 0.30B | 0.30B | 0.30B | 0.30B | 0.30B | 0.29B | 0.26B | 0.25B |
| Cash flow | ||||||||||
| Cash from operations | $637M | $453M | $761M | $936M | $1.2B | $1.3B | $1.2B | $880M | $1.2B | $1.2B |
| Depreciation and amortization | $29.6M | $27.2M | $27.6M | $26.8M | $26.9M | $27.2M | $28.3M | $33.0M | $39.3M | $35.4M |
| Stock-based compensation | $3.1M | $3.5M | $3.8M | $3.7M | $2.1M | $3.2M | $9.0M | $19.5M | $33.2M | $46.7M |
| Acquisitions | $0.0M | $0.0M | $13.1M | $1.2M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $281M | $535M | $942M | $124M |
| Dividends paid | $194M | $199M | $499M | $539M | $250M | $1.0B | $580M | $276M | $272M | $783M |
| Dividends and buybacks | $194M | $199M | $499M | $539M | $250M | $1.0B | $861M | $811M | $1.2B | $906M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $827M | $796M | $455M | $563M | $868M | $724M | $942M | $1.2B | $1.6B | $1.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $18.6B | $19.4B | $19.3B | $21.1B | $22.8B | $25.0B | $25.2B | $26.5B | $27.8B | $29.9B |
| Total liabilities | $14.1B | $14.7B | $14.2B | $15.1B | $16.6B | $18.1B | $19.0B | $20.1B | $22.2B | $23.9B |
| Shareholders' equity | $4.5B | $4.7B | $5.1B | $6.0B | $6.2B | $6.9B | $6.2B | $6.4B | $5.6B | $5.9B |
| Margins | ||||||||||
| EBITDA margin | 13.0% | 13.1% | 8.2% | 18.7% | 10.6% | 21.5% | 11.8% | 11.7% | 14.4% | 14.1% |
| Net margin | 7.9% | 9.0% | 5.9% | 14.2% | 7.8% | 16.4% | 8.5% | 8.3% | 10.4% | 10.2% |
| Returns | ||||||||||
| Return on equity | 11.2% | 12.2% | 7.5% | 19.0% | 9.2% | 23.5% | 10.5% | 9.5% | 14.2% | 16.2% |
| Return on assets | 2.6% | 3.0% | 1.9% | 5.2% | 2.6% | 6.4% | 2.7% | 2.3% | 3.1% | 3.2% |
| Growth | ||||||||||
| Revenue growth | 2.3% | 6.2% | −0.1% | 19.2% | −4.0% | 30.4% | −13.5% | −10.2% | 13.4% | 11.0% |
| Net income growth | 10.6% | 20.1% | −33.9% | 185.1% | −47.1% | 174.7% | −55.3% | −12.8% | 42.5% | 9.7% |
| EPS growth | 9.5% | 18.5% | −35.4% | 183.1% | −46.7% | 170.1% | −55.3% | −7.1% | 54.3% | 14.8% |
| Share count change | 0.1% | 1.0% | 0.5% | 0.1% | −0.8% | 1.6% | −0.1% | −5.9% | −7.9% | −4.4% |
| Financial health | ||||||||||
| Interest coverage | 14.5x | 12.3x | 10.3x | 31.6x | 17.2x | 35.4x | 13.7x | 12.1x | 14.4x | 17.8x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.3% | 0.4% | 0.5% |
| Quality scores | ||||||||||
| Accruals ratio | −1.0% | 0.6% | −2.0% | 0.6% | −2.9% | 0.9% | −1.9% | −1.1% | −1.4% | −0.8% |
Source: SEC EDGAR XBRL filings (CIK 0000074260). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.