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Old Republic International
(NYSE:ORI)
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Rating:77Outperform
Price Target:
$46.00
â–²(8.08% Upside)
Action:Reiterated
Date:07/02/26
ORI scores well primarily on attractive valuation (low P/E and high dividend yield) and solid financial quality (conservative leverage, healthy margins, and strong cash conversion). These positives are partially offset by earnings-call near-term pressure on underwriting profitability/expense ratios and a technically extended setup (high Stochastic), which together limit the score from reaching the top tier.
Positive Factors
Conservative Balance Sheet
A low debt-to-equity (~0.27) and stable total debt provide durable financial flexibility for underwriting volatility, catastrophes, and opportunistic capital deployment. Conservative leverage supports sustained dividends, buybacks and acquisition funding without threatening solvency over a multi‑year horizon.
Negative Factors
Margin Compression
Substantial margin erosion versus 2021 (noted across net and EBIT margins) signals structural pressure on underwriting profitability or higher pricing/expense mix. Persistently lower margins can slow equity compounding and reduce the buffer to absorb loss spikes or adverse reserve development over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
A low debt-to-equity (~0.27) and stable total debt provide durable financial flexibility for underwriting volatility, catastrophes, and opportunistic capital deployment. Conservative leverage supports sustained dividends, buybacks and acquisition funding without threatening solvency over a multi‑year horizon.
Read all positive factors
Old Republic International (ORI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.99B
Dividend Yield6.98%
Average Volume (3M)1.43M
Price to Earnings (P/E)9.8
Beta (1Y)0.34
Revenue Growth13.12%
EPS Growth33.46%
CountryUS
Employees9,400
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)4.18
Shares Outstanding243,554,050
10 Day Avg. Volume1,778,685
30 Day Avg. Volume1,429,180
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)1.88
Price to Sales (P/S)1.22
P/FCF Ratio9.56
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue1.15
Enterprise Value/Gross Profit2.26
Enterprise Value/Ebitda8.06
Forecast
1Y Price Target
$42.00Price Target Upside-1.32% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.08
Revenue Forecast (FY)$9.78B
Old Republic International Business Overview & Revenue Model
Company Description
Old Republic International Corporation (ORI), through its various subsidiary entities, specializes in insurance underwriting and related services, primarily conducting business in the United States and Canada. The company organizes its operations ...
How the Company Makes Money
ORI makes money primarily from (1) underwriting income and (2) investment income generated from the float (premiums and other funds held before claims are paid), plus (3) fees for certain services—especially within its title operations.
1) Specia...
Old Republic International Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture. Positive developments include a strong rebound in Title Insurance revenue and pretax income, modest investment income growth with improved bond yields, active capital returns (dividends and buybacks), and strategic specialty expansion initiatives (new operating companies, planned ECM acquisition). Offsetting those positives were meaningful declines in consolidated and Specialty pretax operating income, higher combined and expense ratios in Specialty driven by start-up and IT costs, softness in Commercial Auto retention and top-line growth, and lower favorable reserve development versus the prior year. Management emphasizes disciplined underwriting and multi-year benefits from current investments, but near-term results reflect execution and market pressures. Overall, highlights and lowlights are balanced, with cautious optimism for longer-term upside but clear near-term headwinds.Positive Updates
Strong Title Insurance Revenue and Margin Improvement
Title Insurance premium and fee revenue of $678 million, up 12% YoY; pretax operating income increased to $16.7 million from $4.3 million (≈+288%); combined ratio improved to 100% from 102%; expense ratio improved to 97.5% from 99.4%; agency-produced premiums up 14% and comprised ~80% of revenues (vs 78% prior); commercial premiums rose and represented 27% of earned premiums (vs 24%).
Negative Updates
Decline in Consolidated Pretax Operating Income and Slight Margin Deterioration
Consolidated pretax operating income of $211.5 million vs $252.7 million in prior-period (≈-16.3%); consolidated combined ratio worsened to 96.6% from 93.7% (+2.9 percentage points).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Title Insurance Revenue and Margin Improvement
Title Insurance premium and fee revenue of $678 million, up 12% YoY; pretax operating income increased to $16.7 million from $4.3 million (≈+288%); combined ratio improved to 100% from 102%; expense ratio improved to 97.5% from 99.4%; agency-produced premiums up 14% and comprised ~80% of revenues (vs 78% prior); commercial premiums rose and represented 27% of earned premiums (vs 24%).
Read all positive updates
Company Guidance
Management guided to low- to mid-single-digit net investment income growth for the rest of 2026, expects the ECM acquisition to close around July 1 and a new Old Republic Property unit to contribute later in the year, and reminded investors of active capital return (Q1 repurchases $161M + $52M post-quarter, ~$640M remaining; dividends paid nearly $77M). Key Q1 metrics cited as context for guidance: consolidated pretax operating income $211.5M (vs $252.7M LY), consolidated combined ratio 96.6% (vs 93.7%), operating ROE 11.5%, book value/share $24.53 (+2.6% since year‑end), net operating income $171M (EPS $0.68 vs $0.81). By segment: Specialty pretax $209M, combined ratio 94.8%, loss ratio 63.6% (incl. 1.6 pts favorable PY development), expense ratio 31.2%, NPW +3.4% (Commercial Auto NPW +1% with ~16% rate increases); Workers’ Comp NPW +1%, loss ratio 62.3%, rate decreases ~2%. Title: premiums & fees $678M (+12% YoY), agency-produced premiums +14% (~80% of revenue), commercial 27% of earned premiums, combined ratio 100% (loss ratio 2.6% incl. 1.1 pts favorable PY development), expense ratio 97.5%, pretax $16.7M (vs $4.3M). Investment yields: newly acquired corporate bonds ~4.7% vs roll-offs ~3.8%, total bond portfolio book yield ~4.75%, and net investment income rose just over 4% in the quarter. Management cautioned that near-term expense pressure from start‑up companies and IT/data/AI investments will weigh on expense ratios but noted that core systems costs will be capitalized when placed in production and amortized (typically ~10 years), and said that if premium growth runs roughly 3–5% the Specialty expense ratio should be at or below the Q1 level.Old Republic International Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.37B | 9.09B | 8.23B | 7.26B | 8.08B | 9.34B |
| Gross Profit | 4.79B | 4.58B | 5.21B | 4.68B | 5.66B | 6.94B |
| EBITDA | 1.34B | 1.24B | 1.15B | 850.90M | 952.40M | 2.01B |
| Net Income | 1.02B | 936.10M | 852.70M | 598.60M | 686.40M | 1.53B |
Balance Sheet | ||||||
| Total Assets | 21.65B | 29.86B | 27.84B | 26.50B | 25.16B | 24.98B |
| Cash, Cash Equivalents and Short-Term Investments | 2.54B | 3.23B | 13.70B | 13.38B | 12.69B | 11.40B |
| Total Debt | 1.59B | 1.59B | 1.59B | 1.59B | 1.60B | 3.18B |
| Total Liabilities | 15.73B | 23.93B | 22.22B | 20.09B | 18.99B | 18.09B |
| Stockholders Equity | 5.91B | 5.91B | 5.62B | 6.41B | 6.17B | 6.89B |
Cash Flow | ||||||
| Free Cash Flow | 1.21B | 1.16B | 1.23B | 880.40M | 1.17B | 1.31B |
| Operating Cash Flow | 1.21B | 1.16B | 1.23B | 880.40M | 1.17B | 1.31B |
| Investing Cash Flow | -87.40M | -177.20M | -7.20M | 25.30M | -415.00M | -936.50M |
| Financing Cash Flow | -1.19B | -925.70M | -1.23B | -783.20M | -832.70M | -335.70M |
Old Republic International Technical Analysis
Positive
42.56
Price Trends
39.04
Positive
39.80
Positive
39.90
Positive
Market Momentum
0.67
Negative
64.33
Neutral
88.21
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 42.56 is above the 20-day moving average (MA) of 39.07, above the 50-day MA of 39.04, and above the 200-day MA of 39.90, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 64.33 is Neutral, neither overbought nor oversold. The STOCH value of 88.21 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 | $9.99B | 9.81 | 16.72% | 6.98% | 13.12% | 33.46% | |
77 Outperform | $36.70B | 9.27 | 22.01% | 1.55% | 6.90% | 41.67% | |
73 Outperform | $23.53B | 15.54 | 13.25% | 3.44% | -1.98% | 48.93% | |
70 Outperform | $40.61B | 13.39 | 7.70% | 2.02% | -2.31% | 26.43% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $12.02B | -15.68 | -219.79% | 2.15% | -19.35% | -175.55% | |
61 Neutral | $12.89B | 12.22 | 11.63% | 5.77% | 33.06% | 50.47% |
* Financial Sector Average
ORI
Old Republic International
41.02
6.19
17.76%
AEG
Aegon
8.56
1.63
23.49%
AIG
American International Group
76.59
-4.65
-5.72%
HIG
Hartford Insurance
133.89
11.05
8.99%
PFG
Principal Financial
108.93
30.80
39.43%
EQH
Equitable Holdings
44.05
-10.22
-18.83%
Old Republic International Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Old Republic Acquires ECM to Expand Agricultural Insurance
Positive
Jul 1, 2026
On June 30, 2026, Old Republic International announced that members of Everett Cash Mutual Insurance Co. approved converting ECM from a mutual insurer into a stock company, to be renamed ECM Insurance Company, and agreed to its acquisition by Old ...
Executive/Board ChangesShareholder Meetings
Old Republic Shareholders Back Leadership, Auditor, and Pay Plans
Positive
May 27, 2026
At Old Republic International Corporation’s Annual Meeting of Shareholders held on May 21, 2026, investors elected directors Barbara A. Adachi and Craig R. Smiddy, confirming the existing leadership slate. The voting results showed strong su...
Private Placements and FinancingRegulatory Filings and Compliance
Old Republic Issues $700 Million Senior Notes Offering
Neutral
May 18, 2026
On May 13, 2026, Old Republic International priced a registered underwritten public offering of $700 million in 5.700% Senior Notes due 2036, issued under its long-standing indenture framework with Wilmington Trust Company as trustee. The notes, r...
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.