# Investors Title (ITIC.US)

Canonical: https://gigainvestors.com/s/ITIC

Analysis as of: 2026-10-16T07:29:25.949Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $288.15 per share; close as of 2026-10-15.

Estimated value: low $214.97 per share, central $268.71 per share, high $358.28 per share. Buy at or below the central value $268.71 per share. Valuation as of 2026-10-16T07:29:25.949Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.38×

Chart: Net income; fiscal year observations.

- FY2016: $20M

- FY2017: $26M

- FY2018: $22M

- FY2019: $31M

- FY2020: $39M

- FY2021: $67M

- FY2022: $24M

- FY2023: $22M

- FY2024: $31M

- FY2025: $35M

### moat: pass

- Common book per share

- Parent-total proxy for common earnings

- Bank / P&C ROTE, median of available years: 12.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 9.9%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 12.6%

- FY2017: 14.5%

- FY2018: 12.5%

- FY2019: 16.4%

- FY2020: 19.7%

- FY2021: 29.3%

- FY2022: 9.9%

- FY2023: 8.6%

- FY2024: 12.3%

- FY2025: 13.1%

### economics: pass

- Common book per share

- Parent-total proxy for common earnings

- Book value per share + reinvested dividends, annualized return: 16.2%

- Book return interval: 10 years

- Starting book value per share: $71.70

- Ending book value per share: $141.58

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 13.9%

- FY2017: 20.5%

- FY2018: 11.6%

- FY2019: 19.3%

- FY2020: 21.3%

- FY2021: 32.8%

- FY2022: 9.3%

- FY2023: 9.2%

- FY2024: 12.0%

- FY2025: 14.3%

### management: pass

- Common book per share

- Parent-total proxy for common earnings

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: -0.5%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.11×

- Book value created per share: $69.88

- Earnings retained per share after dividends and buybacks: $62.81

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 96

- FY2017: 95

- FY2018: 95

- FY2019: 95

- FY2020: 95

- FY2021: 95

- FY2022: 95

- FY2023: 95

- FY2024: 95

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.3% a year forever · "Investors Title Q2 Earnings Rise Y/Y on Higher Title Activity" (finance.yahoo.com, Aug 2026) · net income +13.2%

Story as of 2026-10-16T09:58:58.304Z; price observation 2026-10-15.

The price assumes profits grow 6.3% a year forever

- 2026-02-23: Investors Title's Q4 Earnings Slump Y/Y Due to Lower Premium ([finance.yahoo.com](https://finance.yahoo.com/news/investors-titles-q4-earnings-slump-173600187.html))

### Net income · FY2025

net income +13.2%; source https://www.sec.gov/Archives/edgar/data/720858/000072085826000011/itic-20251231.htm; observed 2026-03-16.

- FY2016: $20M 

- FY2017: $26M 

- FY2018: $22M 

- FY2019: $31M 

- FY2020: $39M 

- FY2021: $67M 

- FY2022: $24M 

- FY2023: $22M 

- FY2024: $31M 

- FY2025: $35M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance specialty; annual sales are USD 272.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/720858/000072085826000011/itic-20251231.htm#000072085826000011 (filed 2026-03-16); FY2025: revenue 272755000.

### Why customers stay

It earns 12.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 10-year return on tangible equity observations [[2016,0.1259189868205354],[2017,0.1445517330574237],[2018,0.12464202141893316],[2019,0.16439000428507228],[2020,0.19668499466126474],[2021,0.29255261101677527],[2022,0.09917804581533624],[2023,0.0862084729659356],[2024,0.12341672856104507],[2025,0.13112187849422288]]; median 0.12852043265737914. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Dividend observations: [[2016,1370390],[2017,7073210],[2018,23017000],[2019,18131000],[2020,31716000],[2021,37553000],[2022,9181000],[2023,11048000],[2024,29865000],[2025,19932000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ITIC.US SharesStats.PercentInsiders = 25.047000000000004 percentage points; cache date 2026-10-05.

### What the price says

The price assumes profits grow 6.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Price 288.15; FX 1; original perpetual distributable cash 10.748479053602733; discount 0.1; growth 0.06269832013325444. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $96.00 per share

- 2016-11: $123.43 per share

- 2016-12: $158.18 per share

- 2017-01: $121.52 per share

- 2017-02: $137.71 per share

- 2017-03: $158.15 per share

- 2017-04: $178.22 per share

- 2017-05: $186.41 per share

- 2017-06: $193.44 per share

- 2017-07: $176.52 per share

- 2017-08: $175.87 per share

- 2017-09: $179.07 per share

- 2017-10: $189.70 per share

- 2017-11: $201.00 per share

- 2017-12: $198.35 per share

- 2018-01: $194.50 per share

- 2018-02: $192.50 per share

- 2018-03: $199.90 per share

- 2018-04: $194.70 per share

- 2018-05: $185.00 per share

- 2018-06: $184.66 per share

- 2018-07: $191.40 per share

- 2018-08: $194.00 per share

- 2018-09: $167.90 per share

- 2018-10: $182.00 per share

- 2018-11: $186.08 per share

- 2018-12: $176.68 per share

- 2019-01: $172.73 per share

- 2019-02: $170.41 per share

- 2019-03: $157.90 per share

- 2019-04: $168.92 per share

- 2019-05: $154.41 per share

- 2019-06: $167.00 per share

- 2019-07: $164.10 per share

- 2019-08: $147.20 per share

- 2019-09: $160.10 per share

- 2019-10: $151.70 per share

- 2019-11: $160.25 per share

- 2019-12: $159.20 per share

- 2020-01: $157.80 per share

- 2020-02: $163.96 per share

- 2020-03: $128.00 per share

- 2020-04: $133.90 per share

- 2020-05: $126.10 per share

- 2020-06: $121.32 per share

- 2020-07: $115.08 per share

- 2020-08: $136.06 per share

- 2020-09: $130.06 per share

- 2020-10: $133.52 per share

- 2020-11: $170.00 per share

- 2020-12: $153.00 per share

- 2021-01: $143.00 per share

- 2021-02: $151.77 per share

- 2021-03: $166.00 per share

- 2021-04: $176.43 per share

- 2021-05: $177.84 per share

- 2021-06: $174.63 per share

- 2021-07: $166.53 per share

- 2021-08: $191.86 per share

- 2021-09: $182.60 per share

- 2021-10: $193.80 per share

- 2021-11: $216.00 per share

- 2021-12: $197.15 per share

- 2022-01: $199.99 per share

- 2022-02: $191.55 per share

- 2022-03: $203.21 per share

- 2022-04: $187.65 per share

- 2022-05: $165.93 per share

- 2022-06: $156.89 per share

- 2022-07: $149.00 per share

- 2022-08: $147.35 per share

- 2022-09: $141.00 per share

- 2022-10: $146.95 per share

- 2022-11: $153.54 per share

- 2022-12: $147.55 per share

- 2023-01: $162.00 per share

- 2023-02: $163.35 per share

- 2023-03: $151.00 per share

- 2023-04: $148.78 per share

- 2023-05: $132.55 per share

- 2023-06: $146.00 per share

- 2023-07: $156.55 per share

- 2023-08: $143.89 per share

- 2023-09: $148.09 per share

- 2023-10: $143.81 per share

- 2023-11: $151.21 per share

- 2023-12: $162.14 per share

- 2024-01: $167.25 per share

- 2024-02: $155.42 per share

- 2024-03: $163.19 per share

- 2024-04: $160.43 per share

- 2024-05: $184.10 per share

- 2024-06: $180.13 per share

- 2024-07: $212.84 per share

- 2024-08: $225.29 per share

- 2024-09: $229.80 per share

- 2024-10: $231.28 per share

- 2024-11: $286.51 per share

- 2024-12: $236.76 per share

- 2025-01: $225.35 per share

- 2025-02: $237.30 per share

- 2025-03: $241.08 per share

- 2025-04: $231.19 per share

- 2025-05: $234.02 per share

- 2025-06: $211.30 per share

- 2025-07: $211.22 per share

- 2025-08: $248.26 per share

- 2025-09: $267.83 per share

- 2025-10: $258.59 per share

- 2025-11: $278.91 per share

- 2025-12: $249.64 per share

- 2026-01: $259.42 per share

- 2026-02: $230.90 per share

- 2026-03: $217.34 per share

- 2026-04: $236.78 per share

- 2026-05: $234.75 per share

- 2026-06: $273.68 per share

- 2026-07: $289.29 per share

- 2026-08: $294.40 per share

- 2026-09: $282.90 per share

- 2026-10: $288.15 per share

## Annual estimated value (USD per share)

- FY2016: low $27.19 per share, central $33.99 per share, high $45.31 per share

- FY2017: low $36.13 per share, central $45.16 per share, high $60.22 per share

- FY2018: low $60.47 per share, central $75.59 per share, high $100.79 per share

- FY2019: low $93.73 per share, central $117.17 per share, high $156.22 per share

- FY2020: low $131.37 per share, central $164.22 per share, high $218.95 per share

- FY2021: low $167.49 per share, central $209.36 per share, high $279.14 per share

- FY2022: low $175.75 per share, central $219.69 per share, high $292.92 per share

- FY2023: low $152.18 per share, central $167.39 per share, high $185.99 per share

- FY2024: low $153.16 per share, central $168.48 per share, high $187.20 per share

- FY2025: low $165.47 per share, central $182.02 per share, high $202.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/720858/000072085826000011/itic-20251231.htm); period 2025-12-31, filed 2026-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Thomas Gayner](https://gigainvestors.com/MKL): 213,300 ITIC shares; USD 58,376,000 reported position value; 0.44% of portfolio; hold; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 21,894 ITIC shares; USD 5,992,000 reported position value; 0.96% of portfolio; hold; quarter 2026 Q2.

# ITIC — Investors Title Co.

Held by 2 investors · USD 64,368,000 total · 2026 Q2 · reported price USD 273.68 (split-adjusted).
Page: https://gigainvestors.com/s/ITIC

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 58,376,000 | 0.4% | hold |
| Martin Whitman (https://gigainvestors.com/TA) | USD 5,992,000 | 1.0% | hold |

## Total held by quarter

- 2006 Q4: USD 12,300,690 · 1 holder · USD 53.40
- 2007 Q1: USD 11,593,516 · 1 holder · USD 50.33
- 2007 Q2: USD 11,651,103 · 1 holder · USD 50.58
- 2007 Q3: USD 9,031,086 · 1 holder · USD 39.24
- 2007 Q4: USD 8,835,459 · 1 holder · USD 38.39
- 2008 Q1: USD 11,267,550 · 1 holder · USD 49.00
- 2008 Q2: USD 11,123,475 · 1 holder · USD 48.50
- 2008 Q3: USD 9,747,375 · 1 holder · USD 42.50
- 2008 Q4: USD 8,547,548 · 1 holder · USD 37.35
- 2009 Q1: USD 6,634,362 · 1 holder · USD 28.99
- 2009 Q2: USD 6,153,777 · 1 holder · USD 26.89
- 2009 Q3: USD 7,494,838 · 1 holder · USD 32.75
- 2009 Q4: USD 7,071,465 · 1 holder · USD 30.90
- 2010 Q1: USD 7,778,612 · 1 holder · USD 33.99
- 2010 Q2: USD 7,254,545 · 1 holder · USD 31.70
- 2010 Q3: USD 7,458,222 · 1 holder · USD 32.59
- 2010 Q4: USD 6,979,925 · 1 holder · USD 30.50
- 2011 Q1: USD 7,277,430 · 1 holder · USD 31.80
- 2011 Q2: USD 9,121,961 · 1 holder · USD 39.86
- 2011 Q3: USD 8,076,117 · 1 holder · USD 35.29
- 2011 Q4: USD 8,185,965 · 1 holder · USD 35.77
- 2012 Q1: USD 10,271,392 · 1 holder · USD 46.72
- 2012 Q2: USD 13,017,045 · 1 holder · USD 56.93
- 2012 Q3: USD 14,917,126 · 1 holder · USD 65.24
- 2012 Q4: USD 13,719,000 · 1 holder · USD 60.00
- 2013 Q1: USD 15,758,320 · 1 holder · USD 69.07
- 2013 Q2: USD 16,184,961 · 1 holder · USD 70.94
- 2013 Q3: USD 16,247,885 · 1 holder · USD 75.10
- 2013 Q4: USD 17,499,778 · 1 holder · USD 80.98
- 2014 Q1: USD 16,189,470 · 1 holder · USD 75.90
- 2014 Q2: USD 14,372,154 · 1 holder · USD 67.38
- 2014 Q3: USD 15,613,560 · 1 holder · USD 73.20
- 2014 Q4: USD 15,549,570 · 1 holder · USD 72.90
- 2015 Q1: USD 15,792,732 · 1 holder · USD 74.04
- 2015 Q2: USD 15,120,837 · 1 holder · USD 70.89
- 2015 Q3: USD 15,250,950 · 1 holder · USD 71.50
- 2015 Q4: USD 21,330,000 · 1 holder · USD 100.00
- 2016 Q1: USD 19,425,231 · 1 holder · USD 91.07
- 2016 Q2: USD 20,316,825 · 1 holder · USD 95.25
- 2016 Q3: USD 21,223,350 · 1 holder · USD 99.50
- 2016 Q4: USD 33,739,794 · 1 holder · USD 158.18
- 2017 Q1: USD 33,733,395 · 1 holder · USD 158.15
- 2017 Q2: USD 41,260,752 · 1 holder · USD 193.44
- 2017 Q3: USD 38,195,631 · 1 holder · USD 179.07
- 2017 Q4: USD 42,308,055 · 1 holder · USD 198.35
- 2018 Q1: USD 42,638,670 · 1 holder · USD 199.90
- 2018 Q2: USD 39,387,978 · 1 holder · USD 184.66
- 2018 Q3: USD 35,813,070 · 1 holder · USD 167.90
- 2018 Q4: USD 37,685,844 · 1 holder · USD 176.68
- 2019 Q1: USD 33,680,070 · 1 holder · USD 157.90
- 2019 Q2: USD 35,621,100 · 1 holder · USD 167.00
- 2019 Q3: USD 34,149,330 · 1 holder · USD 160.10
- 2019 Q4: USD 33,957,360 · 1 holder · USD 159.20
- 2020 Q1: USD 27,302,400 · 1 holder · USD 128.00
- 2020 Q2: USD 25,877,556 · 1 holder · USD 121.32
- 2020 Q3: USD 27,741,798 · 1 holder · USD 130.06
- 2020 Q4: USD 32,634,900 · 1 holder · USD 153.00
- 2021 Q1: USD 35,407,800 · 1 holder · USD 166.00
- 2021 Q2: USD 37,248,579 · 1 holder · USD 174.63
- 2021 Q3: USD 38,948,580 · 1 holder · USD 182.60
- 2021 Q4: USD 42,052,095 · 1 holder · USD 197.15
- 2022 Q1: USD 43,344,693 · 1 holder · USD 203.21
- 2022 Q2: USD 33,464,637 · 1 holder · USD 156.89
- 2022 Q3: USD 30,075,300 · 1 holder · USD 141.00
- 2022 Q4: USD 31,472,415 · 1 holder · USD 147.55
- 2023 Q1: USD 32,208,300 · 1 holder · USD 151.00
- 2023 Q2: USD 32,115,791 · 2 holders · USD 146.00
- 2023 Q3: USD 35,961,737 · 2 holders · USD 148.09
- 2023 Q4: USD 40,934,513 · 2 holders · USD 162.14
- 2024 Q1: USD 41,199,600 · 2 holders · USD 163.19
- 2024 Q2: USD 45,482,677 · 2 holders · USD 180.14
- 2024 Q3: USD 58,010,482 · 2 holders · USD 229.80
- 2024 Q4: USD 59,767,849 · 2 holders · USD 236.77
- 2025 Q1: USD 60,805,346 · 2 holders · USD 241.09
- 2025 Q2: USD 52,624,330 · 2 holders · USD 211.30
- 2025 Q3: USD 63,012,040 · 2 holders · USD 268.88
- 2025 Q4: USD 58,714,268 · 2 holders · USD 249.66
- 2026 Q1: USD 51,116,626 · 2 holders · USD 217.34
- 2026 Q2: USD 64,368,000 · 2 holders · USD 273.68