# Stewart Information Services (STC.US)

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

Analysis as of: 2026-10-16T07:32:06.893Z. 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: $51.99 per share; close as of 2026-10-15.

Estimated value: low $5.03 per share, central $6.29 per share, high $8.38 per share. Buy at or below the central value $6.29 per share. Valuation as of 2026-10-16T07:32:06.893Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% 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): 0.46×

Chart: Net income; fiscal year observations.

- FY2016: $43M

- FY2017: $49M

- FY2018: $48M

- FY2019: $79M

- FY2020: $155M

- FY2021: $323M

- FY2022: $162M

- FY2023: $30M

- FY2024: $73M

- FY2025: $116M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 28.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 11.3%

- Years with reported combined ratio: 0

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

- FY2016: 10.5%

- FY2017: 11.3%

- FY2018: 11.5%

- FY2019: 15.9%

- FY2020: 28.9%

- FY2021: 33.1%

- FY2022: >100%

- FY2023: 28.7%

- FY2024: 50.6%

- FY2025: >100%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.8%

- Book return interval: 10 years

- Starting book value per share: $26.73

- Ending book value per share: $57.46

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

- FY2016: 6.6%

- FY2017: 8.6%

- FY2018: 4.0%

- FY2019: 14.8%

- FY2020: 32.1%

- FY2021: 97.8%

- FY2022: -34.4%

- FY2023: 3.7%

- FY2024: 3.9%

- FY2025: 19.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: 2.8%

- Share growth excluding flagged crisis recapitalisations: 2.0%

- Five-year share growth excluding flagged crisis recapitalisations: 2.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.20×

- Book value created per share: $30.73

- Earnings retained per share after dividends and buybacks: $25.55

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 101

- FY2019: 101

- FY2020: 106

- FY2021: 115

- FY2022: 116

- FY2023: 117

- FY2024: 119

- FY2025: 121

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 35% since Dec 2021 · net income +57.6%

Story as of 2026-10-16T09:59:37.970Z; price observation 2026-10-15.

The price is 0.5 times annual sales

- 2026-04-24: STC Q1 Deep Dive: Expansion Initiatives and Acquisitions Drive Outperformance Amid Housing Headwinds ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/stc-q1-deep-dive-expansion-042123502.html))

- 2026-07-27: STC Q2 Deep Dive: Revenue Momentum Offset by Higher Investments and Margin Pressures ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/stc-q2-deep-dive-revenue-161302665.html))

### Net income · FY2025

net income +57.6%; source https://www.sec.gov/Archives/edgar/data/94344/000009434426000007/stc-20251231.htm; observed 2026-02-27.

- FY2016: $43M 

- FY2017: $49M 

- FY2018: $48M 

- FY2019: $79M 

- FY2020: $155M 

- FY2021: $323M 

- FY2022: $162M 

- FY2023: $30M 

- FY2024: $73M 

- FY2025: $116M 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are USD 2.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/94344/000009434426000007/stc-20251231.htm#000009434426000007 (filed 2026-02-27); FY2025: revenue 2921636000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); STC.US: Stewart Information Services Corporation, through its subsidiaries, provides title insurance and real estate transaction related services in the United States and internationally. The company engages in searching, examining, closing, and insuring the condition of the title to real property. It also offers home and personal insurance services; services for tax-deferred exchanges; and digital customer engagement platform services. In addition, the company provides appraisal management, online notarization and closing, credit and real estate information, and search and valuation management services. It serves homebuyers and sellers, residential and commercial real estate professionals, mortgage lenders and servicers, title agencies and real estate attorneys, and home builders through direct operations, network of independent agencies, and other businesses. Stewart Information Services Corporation was founded in 1893 and is headquartered in Houston, Texas.

### Why customers stay

It earns 28.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.1052185781770309],[2017,0.11288507803057193],[2018,0.11453864471159872],[2019,0.15920638810189694],[2020,0.28886551683626943],[2021,0.3308134619675467],[2022,1.8016872953321863],[2023,0.2869275870520144],[2024,0.5058373813203798],[2025,2.626332658952968]]; median 0.2878965519441419. 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 3.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,27840000],[2017,28135000],[2018,28263000],[2019,28345000],[2020,30226000],[2021,36637000],[2022,44672000],[2023,50523000],[2024,53916000],[2025,58485000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/94344/000009434426000007/stc-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 3887000 USD.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); STC.US SharesStats.PercentInsiders = 1.9640000000000002 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 51.99 USD; reporting-to-trading FX 1; FY2025 annual sales per share 102.29817927170869; price multiple 0.5082201889626223. FY2025 cash earnings/share 4.046148459383754. Closing-price date 2026-10-15.

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

- 2016-10: $44.95 per share

- 2016-11: $47.44 per share

- 2016-12: $46.08 per share

- 2017-01: $43.68 per share

- 2017-02: $44.41 per share

- 2017-03: $44.18 per share

- 2017-04: $47.44 per share

- 2017-05: $45.24 per share

- 2017-06: $45.38 per share

- 2017-07: $39.30 per share

- 2017-08: $36.08 per share

- 2017-09: $37.76 per share

- 2017-10: $37.94 per share

- 2017-11: $40.33 per share

- 2017-12: $42.30 per share

- 2018-01: $44.51 per share

- 2018-02: $40.13 per share

- 2018-03: $43.94 per share

- 2018-04: $41.71 per share

- 2018-05: $42.19 per share

- 2018-06: $43.07 per share

- 2018-07: $45.44 per share

- 2018-08: $44.78 per share

- 2018-09: $45.01 per share

- 2018-10: $41.28 per share

- 2018-11: $42.06 per share

- 2018-12: $41.40 per share

- 2019-01: $44.45 per share

- 2019-02: $42.93 per share

- 2019-03: $42.69 per share

- 2019-04: $42.51 per share

- 2019-05: $41.13 per share

- 2019-06: $40.49 per share

- 2019-07: $37.83 per share

- 2019-08: $35.82 per share

- 2019-09: $38.79 per share

- 2019-10: $40.92 per share

- 2019-11: $42.77 per share

- 2019-12: $40.79 per share

- 2020-01: $41.75 per share

- 2020-02: $36.18 per share

- 2020-03: $26.67 per share

- 2020-04: $31.86 per share

- 2020-05: $30.82 per share

- 2020-06: $32.51 per share

- 2020-07: $41.95 per share

- 2020-08: $42.67 per share

- 2020-09: $43.73 per share

- 2020-10: $42.39 per share

- 2020-11: $41.87 per share

- 2020-12: $48.36 per share

- 2021-01: $46.38 per share

- 2021-02: $47.20 per share

- 2021-03: $52.03 per share

- 2021-04: $58.65 per share

- 2021-05: $60.35 per share

- 2021-06: $56.69 per share

- 2021-07: $59.01 per share

- 2021-08: $62.95 per share

- 2021-09: $63.26 per share

- 2021-10: $71.17 per share

- 2021-11: $71.22 per share

- 2021-12: $79.73 per share

- 2022-01: $71.43 per share

- 2022-02: $67.88 per share

- 2022-03: $60.61 per share

- 2022-04: $51.60 per share

- 2022-05: $55.49 per share

- 2022-06: $49.75 per share

- 2022-07: $54.65 per share

- 2022-08: $50.64 per share

- 2022-09: $43.64 per share

- 2022-10: $38.96 per share

- 2022-11: $44.26 per share

- 2022-12: $42.73 per share

- 2023-01: $47.77 per share

- 2023-02: $42.49 per share

- 2023-03: $40.35 per share

- 2023-04: $41.65 per share

- 2023-05: $44.84 per share

- 2023-06: $41.14 per share

- 2023-07: $47.13 per share

- 2023-08: $46.32 per share

- 2023-09: $43.80 per share

- 2023-10: $43.67 per share

- 2023-11: $47.25 per share

- 2023-12: $58.75 per share

- 2024-01: $61.66 per share

- 2024-02: $62.98 per share

- 2024-03: $65.06 per share

- 2024-04: $62.01 per share

- 2024-05: $63.31 per share

- 2024-06: $62.08 per share

- 2024-07: $70.70 per share

- 2024-08: $73.91 per share

- 2024-09: $74.74 per share

- 2024-10: $68.80 per share

- 2024-11: $75.09 per share

- 2024-12: $67.49 per share

- 2025-01: $65.19 per share

- 2025-02: $71.20 per share

- 2025-03: $71.35 per share

- 2025-04: $65.48 per share

- 2025-05: $60.34 per share

- 2025-06: $65.10 per share

- 2025-07: $64.93 per share

- 2025-08: $72.84 per share

- 2025-09: $73.32 per share

- 2025-10: $68.27 per share

- 2025-11: $76.63 per share

- 2025-12: $70.26 per share

- 2026-01: $67.43 per share

- 2026-02: $70.99 per share

- 2026-03: $61.58 per share

- 2026-04: $69.99 per share

- 2026-05: $64.98 per share

- 2026-06: $66.02 per share

- 2026-07: $67.59 per share

- 2026-08: $68.65 per share

- 2026-09: $49.71 per share

- 2026-10: $51.99 per share

## Annual estimated value (USD per share)

- FY2017: low $2.24 per share, central $2.56 per share, high $3.00 per share

- FY2018: low $14.70 per share, central $16.17 per share, high $17.96 per share

- FY2019: low $21.49 per share, central $23.64 per share, high $26.27 per share

- FY2020: low $27.72 per share, central $34.65 per share, high $46.21 per share

- FY2021: low $60.36 per share, central $75.44 per share, high $100.59 per share

- FY2022: low $5.53 per share, central $6.91 per share, high $9.21 per share

- FY2023: low $5.14 per share, central $5.66 per share, high $6.28 per share

- FY2024: low $10.45 per share, central $11.49 per share, high $12.77 per share

- FY2025: low $3.50 per share, central $3.85 per share, high $4.28 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/94344/000009434426000007/stc-20251231.htm); period 2025-12-31, filed 2026-02-27.

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.