Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 9.3x · ROE 16.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.1B | $11.4B | $9.5B | $8.4B | $7.3B | $7.5B | $5.9B | $6.7B | $6.2B | $6.4B | $5.6B |
| Enterprise Value | $11.5B | $12.7B | $10.9B | $9.8B | $8.8B | $10.5B | $6.7B | $7.6B | $-2509799317 | $-2296297965 | $-2813194231 |
| P/E Ratio → | 11.14 | 12.24 | 11.17 | 14.00 | 10.69 | 4.87 | 10.54 | 6.37 | 16.72 | 11.14 | 11.73 |
| P/S Ratio | 1.11 | 1.25 | 1.16 | 1.16 | 0.91 | 0.80 | 0.82 | 0.90 | 0.99 | 1.02 | 0.95 |
| P/B Ratio | 1.75 | 1.92 | 1.70 | 1.31 | 1.19 | 1.08 | 0.95 | 1.12 | 1.20 | 1.35 | 1.26 |
| P/FCF | 8.70 | 9.79 | 7.72 | 9.53 | 6.26 | 5.69 | 4.97 | 7.20 | 8.14 | 14.14 | 8.84 |
| P/OCF | 8.70 | 9.79 | 7.72 | 9.53 | 6.26 | 5.69 | 4.97 | 7.20 | 8.14 | 14.14 | 8.84 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.40 | 1.33 | 1.35 | 1.09 | 1.12 | 0.94 | 1.02 | -0.40 | -0.37 | -0.48 |
| EV / EBITDA | 9.26 | 10.29 | 9.51 | 12.54 | 9.98 | 5.38 | 9.43 | 5.66 | -5.39 | -3.05 | -3.82 |
| EV / EBIT | 9.68 | 10.29 | 9.51 | 11.96 | 9.57 | 5.30 | 9.21 | 5.60 | -5.23 | -2.91 | -3.82 |
| EV / FCF | — | 10.93 | 8.85 | 11.11 | 7.55 | 7.99 | 5.69 | 8.15 | -3.30 | -5.07 | -4.41 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.3% | 50.3% | 63.3% | 64.5% | 70.0% | 74.3% | 65.5% | 21.9% | 11.8% | 12.9% | 12.8% |
| Operating Margin | 13.0% | 13.0% | 13.0% | 10.3% | 10.6% | 20.6% | 9.6% | 17.7% | 7.0% | 11.6% | 11.6% |
| Net Profit Margin | 10.3% | 10.3% | 10.4% | 8.2% | 8.5% | 16.4% | 7.8% | 14.2% | 5.9% | 8.9% | 7.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 14.2% | 9.5% | 10.5% | 23.5% | 9.2% | 19.0% | 7.5% | 12.2% | 11.2% |
| ROA | 3.2% | 3.2% | 3.1% | 2.3% | 2.7% | 6.4% | 2.5% | 5.2% | 1.9% | 3.0% | 2.6% |
| ROIC | 12.4% | 12.4% | 10.8% | 7.2% | 7.3% | 17.0% | 7.4% | 59.4% | — | — | — |
| ROCE | 4.7% | 4.7% | 4.5% | 3.4% | 3.4% | 9.9% | 3.1% | 6.5% | 4.9% | 8.3% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.27 | 0.27 | 0.28 | 0.25 | 0.26 | 0.46 | 0.16 | 0.16 | 0.19 | 0.31 | 0.34 |
| Debt / EBITDA | 1.29 | 1.29 | 1.39 | 2.04 | 1.80 | 1.63 | 1.35 | 0.72 | 2.11 | 1.93 | 2.08 |
| Net Debt / Equity | — | 0.22 | 0.25 | 0.22 | 0.25 | 0.44 | 0.14 | 0.15 | -1.69 | -1.84 | -1.89 |
| Net Debt / EBITDA | 1.07 | 1.07 | 1.21 | 1.78 | 1.71 | 1.55 | 1.19 | 0.66 | -18.69 | -11.56 | -11.47 |
| Debt / FCF | — | 1.14 | 1.12 | 1.58 | 1.29 | 2.30 | 0.72 | 0.96 | -11.44 | -19.21 | -13.25 |
| Interest Coverage | 17.64 | 17.64 | 14.84 | 11.60 | 13.85 | 35.20 | 16.75 | 34.06 | 11.38 | 12.51 | 14.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.40 | 3.40 | 6.50 | 6.26 | — | 4.20 | — | — | 1.29 | 0.03 | 0.02 |
| Quick Ratio | 3.40 | 3.40 | 6.50 | 6.26 | — | 4.20 | — | — | 1.66 | 1.78 | 1.76 |
| Cash Ratio | 0.77 | 0.77 | 3.77 | 3.77 | — | 2.59 | — | — | 0.92 | 0.99 | 0.98 |
| Asset Turnover | — | 0.30 | 0.30 | 0.27 | 0.32 | 0.37 | 0.31 | 0.35 | 0.32 | 0.32 | 0.32 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.5% | 6.9% | 2.9% | 3.3% | 7.9% | 13.7% | 4.2% | 8.0% | 8.1% | 3.1% | 3.4% |
| Payout Ratio | 83.6% | 83.6% | 31.9% | 46.0% | 84.5% | 66.4% | 44.8% | 51.0% | 134.6% | 35.5% | 41.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 8.2% | 9.0% | 7.1% | 9.4% | 20.5% | 9.5% | 15.7% | 6.0% | 9.0% | 8.5% |
| FCF Yield | 11.5% | 10.2% | 12.9% | 10.5% | 16.0% | 17.6% | 20.1% | 13.9% | 12.3% | 7.1% | 11.3% |
| Buyback Yield | 1.2% | 1.1% | 9.9% | 6.4% | 3.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.8% | 8.0% | 12.7% | 9.7% | 11.8% | 13.7% | 4.2% | 8.0% | 8.1% | 3.1% | 3.4% |
| Shares Outstanding | — | $250M | $263M | $285M | $303M | $304M | $299M | $301M | $301M | $299M | $296M |
Commercial auto litigation exposure
As reported in financial statements, ORI trades at a P/B of 1.74, which appears to undervalue the firm relative to specialty peers like W.R. Berkley, suggesting the market may be mispricing the company as a cyclical housing play rather than a resilient commercial insurer.
The current valuation multiple warrants investigation, as it sits significantly below the higher-multiple specialty commercial insurers despite ORI's consistent underwriting profitability. Investors should monitor whether this discount persists as the market gains clarity on the durability of the General Insurance segment's earnings power relative to the Title segment's cyclicality.
Based on recent SEC filings, the company achieved a combined ratio of 82.8% in 2026Q1, demonstrating that ORI maintains rigorous underwriting discipline despite the broader industry challenges posed by rising loss costs and the persistent threat of social inflation in the commercial transportation sector.
The trajectory of the combined ratio remains a critical indicator of competitive advantage, particularly as the company navigates the volatile loss environment of its trucking niche. Sustained performance below the 90% threshold suggests that the firm's specialized risk selection remains effective, though the 2025Q4 loss ratio spike warrants ongoing vigilance regarding reserve adequacy.
According to historical data, ORI's ROE has fluctuated between 1.5% and 5.6% over the last ten quarters, reflecting a business model that prioritizes underwriting profit and conservative investment income over the aggressive financial leverage often seen in other diversified financial services firms.
The contribution of underwriting margins to overall profitability appears to be the primary driver of ROE, as the company maintains a very low debt-to-equity ratio. This suggests that future ROE expansion may depend more on the company's ability to maintain pricing power in commercial lines than on changes to its conservative capital structure.
As indicated by the company's financial data, ORI maintains a debt-to-equity ratio of 0.27, which provides a fortress-like balance sheet that allows the firm to absorb significant underwriting volatility without compromising its ability to meet long-term obligations or sustain its dividend commitments.
This low leverage profile is a hallmark of the company's fiscal conservatism and provides a substantial buffer against the cyclicality inherent in the Title Insurance segment. Analysts should view this capital position as a strategic advantage that enables the firm to maintain its decentralized operating model through various economic cycles.
Based on industry standards, the P/E ratio is frequently misapplied to ORI because it fails to account for the significant impact of realized investment gains and the cyclical volatility of the Title segment, which can distort the perceived earnings power of the core insurance operations.
Investors should instead focus on the combined ratio and book value growth, as these metrics provide a more accurate reflection of the company's underwriting health and long-term value creation. Relying on P/E multiples may lead to erroneous conclusions regarding the company's profitability, as it obscures the underlying stability of the General Insurance book.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ORI stock.
Old Republic International Corporation's current P/E ratio is 11.1x. The historical average is 14.4x. This places it at the 50th percentile of its historical range.
Old Republic International Corporation's current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
Old Republic International Corporation's return on equity (ROE) is 16.2%. The historical average is 9.8%.
Based on historical data, Old Republic International Corporation is trading at a P/E of 11.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Old Republic International Corporation's current dividend yield is 7.54% with a payout ratio of 83.6%.
Old Republic International Corporation has 50.3% gross margin and 13.0% operating margin. Operating margin between 10-20% is typical for established companies.
Old Republic International Corporation's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.