# Old Republic International (ORI.US)

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

Analysis as of: 2026-10-16T07:30:57.166Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $38.67 per share; close as of 2026-10-15.

Estimated value: low $20.93 per share, central $25.73 per share, high $33.38 per share. Buy at or below the central value $25.73 per share. Valuation as of 2026-10-16T07:30:57.166Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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): 0.42×

Chart: Net income; fiscal year observations.

- FY2016: $467M

- FY2017: $561M

- FY2018: $371M

- FY2019: $1.1B

- FY2020: $559M

- FY2021: $1.5B

- FY2022: $686M

- FY2023: $599M

- FY2024: $853M

- FY2025: $935M

### moat: fail

- Common book per share

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 11.6%

- FY2017: 13.1%

- FY2018: 8.0%

- FY2019: 5.4%

- FY2020: 2.6%

- FY2021: 6.7%

- FY2022: 11.8%

- FY2023: 10.3%

- FY2024: 17.4%

- FY2025: 18.3%

### economics: pass

- Common book per share

- Book value per share + reinvested dividends, annualized return: 12.1%

- Book return interval: 10 years

- Starting book value per share: $13.11

- Ending book value per share: $23.53

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

- FY2016: 19.8%

- FY2017: 9.5%

- FY2018: 18.6%

- FY2019: 298.6%

- FY2020: 10.7%

- FY2021: 9.5%

- FY2022: -70.8%

- FY2023: 15.1%

- FY2024: -0.2%

- FY2025: 24.7%

### management: pass

- Common book per share

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -3.4%

- Share growth excluding flagged crisis recapitalisations: -1.6%

- Five-year share growth excluding flagged crisis recapitalisations: -3.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.22×

- Book value created per share: $10.43

- Earnings retained per share after dividends and buybacks: $3.24

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

- FY2015: 100

- FY2016: 100

- FY2017: 101

- FY2018: 102

- FY2019: 102

- FY2020: 101

- FY2021: 103

- FY2022: 102

- FY2023: 96

- FY2024: 89

- FY2025: 85

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.1% a year forever · "Old Republic signals continued specialty growth and pricing discipline into 2026" (seekingalpha.com, Jan 2026) · net income +9.7%

Story as of 2026-10-16T09:59:20.540Z; price observation 2026-10-15.

The price assumes profits grow 7.1% a year forever

- 2025-08-13: ORI Q2 Deep Dive: Specialty Insurance Growth Countered by Title Margin Pressures ([finance.yahoo.com](https://finance.yahoo.com/news/ori-q2-deep-dive-specialty-035808717.html))

- 2026-01-23: ORI Q4 Deep Dive: Expense Pressures and Reserve Actions Offset Revenue Growth ([finance.yahoo.com](https://finance.yahoo.com/news/ori-q4-deep-dive-expense-053255122.html))

- 2026-04-24: ORI Q1 Deep Dive: Margin Pressure and Expense Growth Offset Revenue Gains ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ori-q1-deep-dive-margin-212523823.html))

### Net income · FY2025

net income +9.7%; source https://www.sec.gov/Archives/edgar/data/74260/000007426026000008/ori-20251231.htm; observed 2026-02-26.

- FY2016: $467M 

- FY2017: $561M 

- FY2018: $371M 

- FY2019: $1.1B 

- FY2020: $559M 

- FY2021: $1.5B 

- FY2022: $686M 

- FY2023: $599M 

- FY2024: $853M 

- FY2025: $935M 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are USD 9.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/74260/000007426026000008/ori-20251231.htm#000007426026000008 (filed 2026-02-26); FY2025: revenue 9136300000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORI.US: Old Republic International Corporation, through its subsidiaries, provides insurance underwriting and related services in the United States and Canada. It operates in two segments, Specialty Insurance and Title Insurance. The Specialty Insurance segment provides lines of coverages, such as accident and health, aviation, commercial auto, commercial multi-peril, commercial property, cyber, environmental, excess and surplus, home and auto warranty, automobile extended warranty, general liability, inland marine, travel accident, and workers' compensation, as well as financial indemnity, including directors and officers, errors and omissions, fidelity, and surety coverages. This segment offers its products to transportation, commercial construction, healthcare, education, retail and wholesale trade, forest products, energy, general manufacturing, and financial services industries. The Title Insurance segment insures against losses arising out of defects, liens and encumbrances affecting the insured title to real estate purchasers and investors. This segment also provides escrow closing and construction disbursement services; and real estate information products; national default management services; and various other services pertaining to real estate transfers and loan transactions. The company was founded in 1923 and is based in Chicago, Illinois.

### Why customers stay

It earns 10.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,0.11597406791028093],[2017,0.13111724525123983],[2018,0.07957645138426513],[2019,0.05378818737270876],[2020,0.026150093861328664],[2021,0.06730862031147182],[2022,0.11799896854048479],[2023,0.10296495029752692],[2024,0.17373675631621843],[2025,0.18324648356384438]]; median 0.10946950910390393. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 123.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,193800000],[2017,198800000],[2018,498800000],[2019,538700000],[2020,250100000],[2021,1019200000],[2022,579700000],[2023,275500000],[2024,271900000],[2025,782600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/74260/000007426026000008/ori-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 123800000 USD.

### Are managers owners

Insiders own 7.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORI.US SharesStats.PercentInsiders = 7.729 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Price 38.67; FX 1; original perpetual distributable cash 1.1226557168015183; discount 0.1; growth 0.07096830316003315. 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: $16.86 per share

- 2016-11: $17.87 per share

- 2016-12: $19.00 per share

- 2017-01: $20.80 per share

- 2017-02: $20.71 per share

- 2017-03: $20.48 per share

- 2017-04: $20.68 per share

- 2017-05: $19.78 per share

- 2017-06: $19.53 per share

- 2017-07: $19.62 per share

- 2017-08: $19.09 per share

- 2017-09: $19.69 per share

- 2017-10: $20.29 per share

- 2017-11: $20.97 per share

- 2017-12: $21.38 per share

- 2018-01: $21.49 per share

- 2018-02: $20.03 per share

- 2018-03: $21.45 per share

- 2018-04: $20.40 per share

- 2018-05: $20.98 per share

- 2018-06: $19.91 per share

- 2018-07: $21.31 per share

- 2018-08: $22.18 per share

- 2018-09: $22.38 per share

- 2018-10: $22.05 per share

- 2018-11: $22.55 per share

- 2018-12: $20.57 per share

- 2019-01: $20.15 per share

- 2019-02: $20.86 per share

- 2019-03: $20.92 per share

- 2019-04: $22.36 per share

- 2019-05: $22.05 per share

- 2019-06: $22.38 per share

- 2019-07: $22.81 per share

- 2019-08: $23.36 per share

- 2019-09: $23.57 per share

- 2019-10: $22.34 per share

- 2019-11: $22.56 per share

- 2019-12: $22.37 per share

- 2020-01: $22.55 per share

- 2020-02: $19.72 per share

- 2020-03: $15.25 per share

- 2020-04: $15.95 per share

- 2020-05: $15.59 per share

- 2020-06: $16.31 per share

- 2020-07: $16.07 per share

- 2020-08: $16.11 per share

- 2020-09: $14.74 per share

- 2020-10: $16.28 per share

- 2020-11: $17.92 per share

- 2020-12: $19.71 per share

- 2021-01: $18.10 per share

- 2021-02: $19.33 per share

- 2021-03: $21.84 per share

- 2021-04: $24.62 per share

- 2021-05: $26.26 per share

- 2021-06: $24.91 per share

- 2021-07: $24.66 per share

- 2021-08: $26.00 per share

- 2021-09: $23.13 per share

- 2021-10: $25.83 per share

- 2021-11: $23.96 per share

- 2021-12: $24.58 per share

- 2022-01: $25.63 per share

- 2022-02: $26.35 per share

- 2022-03: $25.87 per share

- 2022-04: $22.01 per share

- 2022-05: $23.92 per share

- 2022-06: $22.36 per share

- 2022-07: $23.27 per share

- 2022-08: $21.84 per share

- 2022-09: $20.93 per share

- 2022-10: $23.21 per share

- 2022-11: $24.50 per share

- 2022-12: $24.15 per share

- 2023-01: $26.39 per share

- 2023-02: $26.37 per share

- 2023-03: $24.97 per share

- 2023-04: $25.27 per share

- 2023-05: $24.49 per share

- 2023-06: $25.17 per share

- 2023-07: $27.57 per share

- 2023-08: $27.35 per share

- 2023-09: $26.94 per share

- 2023-10: $27.38 per share

- 2023-11: $29.31 per share

- 2023-12: $29.40 per share

- 2024-01: $28.04 per share

- 2024-02: $28.96 per share

- 2024-03: $30.72 per share

- 2024-04: $29.86 per share

- 2024-05: $31.78 per share

- 2024-06: $30.90 per share

- 2024-07: $34.62 per share

- 2024-08: $35.87 per share

- 2024-09: $35.42 per share

- 2024-10: $34.93 per share

- 2024-11: $38.97 per share

- 2024-12: $36.19 per share

- 2025-01: $36.58 per share

- 2025-02: $38.51 per share

- 2025-03: $39.22 per share

- 2025-04: $37.60 per share

- 2025-05: $37.80 per share

- 2025-06: $38.44 per share

- 2025-07: $36.17 per share

- 2025-08: $39.97 per share

- 2025-09: $42.47 per share

- 2025-10: $39.46 per share

- 2025-11: $46.10 per share

- 2025-12: $45.64 per share

- 2026-01: $39.17 per share

- 2026-02: $42.87 per share

- 2026-03: $39.90 per share

- 2026-04: $39.95 per share

- 2026-05: $37.23 per share

- 2026-06: $40.92 per share

- 2026-07: $43.21 per share

- 2026-08: $41.73 per share

- 2026-09: $37.31 per share

- 2026-10: $38.67 per share

## Annual estimated value (USD per share)

- FY2016: low $2.49 per share, central $2.80 per share, high $3.20 per share

- FY2017: low $5.13 per share, central $5.92 per share, high $7.00 per share

- FY2018: low $12.12 per share, central $14.73 per share, high $18.76 per share

- FY2019: low $51.18 per share, central $62.10 per share, high $78.96 per share

- FY2020: low $55.94 per share, central $68.03 per share, high $86.79 per share

- FY2021: low $58.83 per share, central $71.48 per share, high $91.04 per share

- FY2022: low $21.47 per share, central $26.84 per share, high $35.79 per share

- FY2023: low $20.15 per share, central $25.08 per share, high $33.20 per share

- FY2024: low $18.58 per share, central $20.44 per share, high $22.71 per share

- FY2025: low $20.11 per share, central $24.72 per share, high $32.06 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/74260/000007426026000008/ori-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.