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Old Republic International Corp. (ORI)
NYSE:ORI
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Old Republic International
(NYSE:ORI)
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Rating:77Outperform
Price Target:
$46.00
▲(11.49% Upside)
Old Republic International's strong financial performance and positive earnings call sentiment are the primary drivers of its score. The stock's attractive valuation further supports its potential, although technical indicators suggest some caution in the short term.
Positive Factors
Specialty Insurance Growth
The growth in the Specialty Insurance segment indicates strong demand and effective market positioning, contributing to long-term revenue stability and profitability.
Strong Balance Sheet
A strong balance sheet with low leverage provides financial stability and flexibility, allowing the company to invest in growth opportunities and withstand economic downturns.
Accretive Acquisition
The acquisition of Everett Cash Mutual Insurance Co. is expected to be accretive to book value and operating income, enhancing ORI's market presence and financial performance.
Negative Factors
Title Insurance Challenges
The decline in Title Insurance profitability due to market conditions poses a risk to overall earnings, highlighting challenges in adapting to real estate market fluctuations.
Free Cash Flow Decline
A decline in free cash flow growth could impact the company's ability to fund operations and investments, potentially affecting long-term financial health if the trend continues.
Cyber Insurance Market Uncertainty
Uncertainty in the cyber insurance market may limit ORI's ability to capitalize on this growing sector, potentially affecting future revenue diversification and growth.
Old Republic International (ORI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.21B
Dividend Yield7.6%
Average Volume (3M)1.55M
Price to Earnings (P/E)12.4
Beta (1Y)0.36
Revenue Growth7.08%
EPS Growth-4.36%
CountryUS
Employees9,400
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)0.78
Shares Outstanding247,450,000
10 Day Avg. Volume1,560,967
30 Day Avg. Volume1,550,745
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)1.66
Price to Sales (P/S)1.14
P/FCF Ratio7.58
Enterprise Value/Market Cap1.20
Enterprise Value/Revenue1.40
Enterprise Value/Gross Profit10.12
Enterprise Value/Ebitda10.95
Forecast
1Y Price Target
$46.50Price Target Upside12.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.27
Revenue Forecast (FY)$8.99B
Old Republic International Business Overview & Revenue Model
Company DescriptionOld Republic International Corporation (ORI) is a diversified insurance holding company based in the United States. Established in 1923, ORI operates primarily in the property and casualty insurance sector, including title insurance, general liability, and workers' compensation. The company also has interests in other financial services, such as mortgage guaranty and specialty insurance, providing a broad range of products tailored to various industries and individual needs.
How the Company Makes MoneyOld Republic International generates revenue primarily through premiums collected from its insurance policies. The company's main revenue streams include underwriting income from its property and casualty insurance segments, which covers various risks, and title insurance premiums that protect against losses from property ownership disputes. ORI also earns investment income from its substantial portfolio of investments, which includes bonds and equities. Additionally, the company benefits from strategic partnerships with other financial institutions and real estate companies, enhancing its distribution channels and expanding its market reach. By maintaining a diversified portfolio and focusing on risk management, ORI is able to sustain stable earnings and growth.
Old Republic International Earnings Call Summary
Earnings Call Date:Oct 23, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Jan 22, 2026
Earnings Call Sentiment Positive
The earnings call reflects a generally positive sentiment with robust growth in pretax operating income and strategic expansions, such as the acquisition of Everett Cash Mutual. While there are some challenges, particularly in the residential purchase market and increased expenses in Specialty Insurance, these are outweighed by the positive developments and growth in premiums and fees.Q3-2025 Updates
Positive Updates
Agreement to Purchase Everett Cash Mutual
Old Republic announced the acquisition of Everett Cash Mutual, a leading insurer of farm and agricultural operations, which wrote $237 million of direct premium in 2024. This move is expected to enhance product diversification and geographical growth.
Increased Consolidated Pretax Operating Income
Old Republic's consolidated pretax operating income rose to $248.2 million in Q3 2025, compared to $229.2 million in the same quarter of 2024.
Specialty Insurance Growth
Net premiums earned in Specialty Insurance grew by 8.1%, with pretax operating income up to $207 million from $197.3 million in Q3 2024.
Title Insurance Premium and Fees Increase
Despite a slow real estate market, Title Insurance grew premium and fees by 8.3%, with pretax operating income rising to $45.7 million from $40.2 million in Q3 2024.
Net Operating Income Increase
The company reported net operating income of $197 million for the quarter, compared to $183 million last year, marking a 10% increase in per-share earnings.
Negative Updates
Increased Expense Ratio in Specialty Insurance
The expense ratio in Specialty Insurance rose to 31.3% from 28.8% last year, primarily due to higher personnel expenses and technological investments.
Challenges in Residential Purchase Market
The residential purchase market remains soft due to persistent price and affordability challenges, although commercial sectors show strong activity.
Company Guidance
During the Old Republic International Third Quarter 2025 Earnings Conference Call held on October 23, 2025, the company provided several key financial metrics and updates. The consolidated pretax operating income for the third quarter was reported at $248.2 million, an increase from $229.2 million in the same quarter of 2024. The consolidated combined ratio stood at 95.3%, slightly higher than the 95% from the previous year. The annualized operating return on beginning equity improved to 14.4% compared to 11.9% in the prior year. Specialty Insurance net premiums earned grew by 8.1%, with a combined ratio of 94.8%. Title Insurance experienced an 8.3% increase in premium and fees, achieving a pretax operating income of $45.7 million and a combined ratio of 96.4%. Additionally, the company announced an agreement to acquire Everett Cash Mutual, which wrote $237 million in direct premiums in 2024, to expand its Specialty Insurance portfolio. Net operating income for the quarter was $197 million, up from $183 million in the previous year, with net investment income rising by 6.7%. The company also highlighted strong capital management, reflected in an 18.5% year-to-date increase in book value per share, and discussed the ongoing strategic focus on digital transaction tools and solutions in the Title Insurance segment.Old Republic International Financial Statement Overview
Summary
Old Republic International demonstrates strong financial performance with consistent revenue growth and solid profitability margins. The balance sheet is robust with low leverage and high return on equity. However, a decline in free cash flow growth is a potential concern.Income Statement
Old Republic International shows a solid financial performance with a consistent revenue growth rate of 4.05% in the TTM period. The company maintains healthy margins, with a gross profit margin of 63.11% and a net profit margin of 10.31%. The EBIT margin is also strong at 13.84%, indicating efficient operational management. However, the EBITDA margin has decreased to 7.09% in the TTM, suggesting increased depreciation or amortization expenses.78
Positive
Balance Sheet
The balance sheet of Old Republic International is robust, with a low debt-to-equity ratio of 0.26, indicating conservative leverage. The return on equity is commendable at 14.79%, reflecting effective use of equity capital. The equity ratio stands at 21.14%, suggesting a stable financial structure with a good proportion of equity financing.82
Very Positive
Cash Flow
The cash flow statement reveals a slight decline in free cash flow growth by 7.87% in the TTM, which could be a concern if it continues. However, the operating cash flow to net income ratio is exceptionally high at 279.53, indicating strong cash generation relative to net income. The free cash flow to net income ratio remains stable at 1.0, demonstrating consistent cash flow management.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.75B | 8.23B | 7.26B | 8.08B | 9.34B | 7.17B |
| Gross Profit | 1.21B | 5.21B | 7.26B | 5.66B | 6.94B | 7.17B |
| EBITDA | 1.12B | 1.15B | 817.90M | 952.40M | 2.01B | 732.10M |
| Net Income | 834.00M | 852.70M | 598.60M | 686.40M | 1.53B | 558.60M |
Balance Sheet | ||||||
| Total Assets | 30.25B | 27.84B | 26.50B | 25.16B | 24.98B | 22.82B |
| Cash, Cash Equivalents and Short-Term Investments | 242.50M | 3.04B | 2.82B | 12.69B | 11.40B | 11.37B |
| Total Debt | 0.00 | 1.59B | 1.59B | 1.60B | 1.59B | 966.40M |
| Total Liabilities | 23.81B | 22.22B | 20.09B | 18.99B | 18.09B | 16.63B |
| Stockholders Equity | 6.42B | 5.62B | 6.41B | 6.17B | 6.89B | 6.19B |
Cash Flow | ||||||
| Free Cash Flow | 1.29B | 1.23B | 880.40M | 1.17B | 1.31B | 1.19B |
| Operating Cash Flow | 1.29B | 1.23B | 880.40M | 1.17B | 1.31B | 1.19B |
| Investing Cash Flow | -139.10M | -7.20M | 25.30M | -415.00M | -936.50M | -845.20M |
| Financing Cash Flow | -1.43B | -1.23B | -783.20M | -832.70M | -335.70M | -300.00M |
Old Republic International Technical Analysis
Positive
41.26
Price Trends
41.08
Positive
39.19
Positive
37.99
Positive
Market Momentum
-0.31
Negative
53.77
Neutral
87.30
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ORI, the sentiment is Positive. The current price of 41.26 is above the 20-day moving average (MA) of 40.88, above the 50-day MA of 41.08, and above the 200-day MA of 37.99, indicating a bullish trend. The MACD of -0.31 indicates Negative momentum. The RSI at 53.77 is Neutral, neither overbought nor oversold. The STOCH value of 87.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ORI.
Old Republic International Risk Analysis
Old Republic International disclosed 22 risk factors in its most recent earnings report. Old Republic International reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Old Republic International Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $10.21B | 12.41 | 12.96% | 7.60% | 7.08% | -4.36% | |
74 Outperform | $36.06B | 10.57 | 20.07% | 1.66% | 7.11% | 22.52% | |
73 Outperform | $18.11B | 12.00 | 13.74% | 3.67% | 12.33% | ― | |
69 Neutral | $12.07B | 8.40 | 14.42% | 5.81% | -6.19% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | $41.16B | 13.67 | 7.68% | 2.11% | -23.02% | 52.43% | |
54 Neutral | $13.44B | ― | -41.33% | 2.25% | 4.80% | -155.12% |
* Financial Sector Average
ORI
Old Republic International
41.26
7.25
21.32%
AEG
Aegon
7.60
1.35
21.60%
AIG
American International Group
76.93
3.15
4.27%
HIG
Hartford Financial
129.41
13.65
11.79%
PFG
Principal Financial
82.86
-1.17
-1.40%
EQH
Equitable Holdings
45.27
-2.94
-6.11%
Old Republic International Corporate Events
Old Republic’s Earnings Call Highlights Growth and Expansion
Oct 25, 2025
Old Republic International’s recent earnings call was marked by a generally positive sentiment, driven by robust growth in pretax operating income and strategic expansions. The acquisition of Everett Cash Mutual was a highlight, showcasing the company’s commitment to enhancing product diversification and geographical growth. Despite some challenges, particularly in the residential purchase market and increased expenses in Specialty Insurance, the overall outlook remains optimistic with significant growth in premiums and fees.
Old Republic International Reports Mixed Q3 2025 Results
Oct 24, 2025
Old Republic International Corporation is a leading specialty insurer in the United States and Canada, providing diverse property & casualty and title insurance services. Founded in 1923, it is a Fortune 500 company known for its expertise in underwriting and risk management.
Stock Buyback
Old Republic Announces $750M Share Repurchase Program
Positive
Aug 19, 2025
On August 19, 2025, Old Republic International Corporation announced a new $750 million share repurchase program, which will begin after the completion of their $1.10 billion program announced in March 2024. This decision reflects the company’s strong balance sheet and confidence in its growth potential, as it continues a history of prudent capital management, having returned over $4.2 billion to shareholders since 2020 through dividends and share repurchases.
The most recent analyst rating on (ORI) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Old Republic International stock, see the ORI Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.