Old Republic International Corp (ORI)

Price$38.01Cached quoteAs of 2026-10-07 11:32 UTC

AI: Fair-priced

Price checkThe shares look roughly fair because durable profits are offset by weaker recent insurance margins.

At the observed market price, Old Republic trades at about 13.4 times 2025 operating earnings of $3.15 per diluted share and about 1.67 times June book value of $25.33 per share. Annualizing first-half 2026 operating earnings implies roughly 14.7 times earnings, while the regular dividend yield is near 3%. Reported profit looks cheaper, but first-half investment gains added $295.7 million after tax. The valuation therefore needs underwriting profitability to stabilize, leaving too little evidence for either a clear bargain or an overvaluation call.

Big pictureLong-term cash generation remains solid, although core insurance earnings have weakened during the latest two quarters.

Operating cash flow ranged from $880 million to $1.31 billion annually from 2020 through 2025 and reached $1.16 billion in 2025, supporting the durability of the insurance franchise. Revenue rose from $7.26 billion in 2023 to $9.14 billion in 2025. However, first-half 2026 income excluding investment gains fell 13.9% from the prior year, and operating earnings per diluted share were $1.44 versus $1.64. Because insurers invest customer premiums before claims are paid, operating cash flow should be judged across several years rather than as ordinary industrial-company free cash flow.

Business strengthThe balance sheet and shrinking share count protect investors, despite temporarily higher debt and costly capital returns.

June 2026 shareholders' equity was $6.07 billion against $2.28 billion of debt, with the debt figure temporarily elevated by a $700 million refinancing issued before $550 million of notes matured in August. Shares outstanding fell from 307.6 million at year-end 2021 to 241.4 million in June 2026, showing that buybacks have more than offset stock compensation. Old Republic also returned substantial cash through dividends, including a special payment. One caution is that repurchasing shares well above book value can mechanically reduce book value per remaining share even when the long-term economic decision is sensible.

What could change the storyBetter specialty underwriting and continued title recovery could create upside, while persistent reserve pressure would weaken value.

The strongest bull case is a normalization of Specialty Insurance and continued recovery in Title Insurance. Specialty's second-quarter combined ratio, meaning claims and expenses divided by premiums, worsened to 95.5% from 90.7%, including about $40 million of unfavorable reserve development in an exited transactional-risk business. Meanwhile, Title premiums and fees grew 10.7% and its combined ratio improved to 95.1% from 99.0%. A sustained Specialty ratio near management's 90% to 95% target would strengthen the thesis; repeated reserve additions or ratios above that range would undermine today's valuation.

AI: News

Second-quarter core profit fellJuly results showed lower core insurance profit even though investment gains lifted reported net income sharply.

On July 23, 2026, Old Republic reported $322.3 million of net income, up from $204.4 million, but income excluding investment gains fell to $186.0 million from $209.2 million. Specialty pretax operating income dropped 21.7%, and its combined ratio rose to 95.5%. Title Insurance provided an important offset, with pretax operating income more than doubling. The release therefore reduced confidence in near-term Specialty margins while showing that other parts of the company are improving.

Everett acquisition completedThe Everett Cash Mutual deal added an agricultural insurance niche that management expects to increase earnings.

Old Republic completed the Everett Cash Mutual acquisition effective July 1, 2026. The acquired business insures small farms and selected commercial agricultural operations and will join Specialty Insurance beginning in the third quarter. The company issued about 927,000 shares through the related subscription offering. Management expects an acquisition accounting gain of roughly $125 million, subject to final valuation, and expects the business to add to 2026 earnings. Investors should distinguish that one-time accounting gain from recurring underwriting profit.

Debt refinancing raised leverageA new long-term bond issue temporarily increased debt while replacing notes reaching maturity in August.

In May 2026, Old Republic issued $700 million of 5.7% senior notes due in 2036, primarily to refinance $550 million of 3.875% notes due August 26, 2026. This pushed the June debt-to-equity ratio to 37.6% from 26.9% at year-end 2025 and increased interest expense during the overlap period. Management described the leverage increase as temporary. The transaction reduces near-term refinancing risk but locks in a higher interest rate and leaves approximately $150 million of additional capital after the old principal is replaced.

Large special dividendA large special dividend converted excess capital into shareholder cash while reducing funds retained inside the company.

On December 12, 2025, Old Republic declared a $2.50-per-share special cash dividend, paid in January 2026, returning approximately $620 million to shareholders. Management said the distribution reflected excess capital after considering liquidity and insurance-subsidiary needs. The payment reinforced a capital-allocation record that also includes regular dividends and substantial repurchases. For valuation, it is positive evidence that management will return surplus capital, but the distribution also reduced the investment assets and equity available to generate future income.

Loading local price history

Revenue

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$9.14B	$8.23B	$7.26B	$8.08B	$9.34B	$7.17B	$7.46B	$6.26B	$6.26B	$5.90B	$5.77B	$5.53B	$5.44B	$4.97B	$4.65B	$4.10B	$3.80B	$3.24B
Net income	$935.4M	$852.7M	$598.6M	$686.4M	$1.53B	$558.6M	$1.06B	$370.5M	$560.5M	$466.9M	$422.1M	$409.7M	$447.8M	−$68.6M	−$140.5M	$30.1M	−$99.1M	−$558.3M
Net profit margin	10.24%	10.36%	8.25%	8.49%	16.42%	7.80%	14.16%	5.92%	8.95%	7.91%	7.32%	7.41%	8.23%	−1.38%	−3.02%	0.73%	−2.61%	−17.24%
Basic EPSper basic share	$3.82	$3.30	$2.12	$2.28	$5.08	$1.87	$3.52	$1.26	$2.14	$1.80	$1.63	$1.58	$1.74	-$0.27	-$0.55	$0.13	-$0.42	-$2.41
Diluted EPSper diluted share	$3.72	$3.24	$2.10	$2.26	$5.05	$1.87	$3.51	$1.24	$1.92	$1.62	$1.48	$1.44	$1.57	-$0.27	-$0.55	$0.13	-$0.42	-$2.41

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.90%of listed shares

BlackRock, Inc.26.31M shares · Jun 30, 2026

View holders

Top 20 reported holders of ORI
Holder	% owned
BlackRock, Inc.	10.90%26.31M shares
Bank of New York Mellon Corp	4.98%12.02M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.80%11.6M shares
STATE STREET CORP	4.17%10.06M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.10%9.91M shares
GEODE CAPITAL MANAGEMENT, LLC	3.24%7.82M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	3.10%7.5M shares
DIMENSIONAL FUND ADVISORS LP	2.90%6.99M shares
VICTORY CAPITAL MANAGEMENT INC	2.59%6.25M shares
AQR CAPITAL MANAGEMENT LLC	2.09%5.04M shares
Hamlin Capital Management, LLC	1.93%4.67M shares
FIRST TRUST ADVISORS LP	1.68%4.06M shares
MORGAN STANLEY	1.30%3.13M shares
Thrivent Financial for Lutherans	1.23%2.97M shares
CAPTRUST FINANCIAL ADVISORS	1.14%2.76M shares
NORTHERN TRUST CORP	1.12%2.7M shares
RAYMOND JAMES FINANCIAL INC	1.09%2.63M shares
Invesco Ltd.	1.07%2.58M shares
NORGES BANK	0.99%2.4M shares
LSV ASSET MANAGEMENT	0.97%2.35M shares

Percentages use 241.43M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$168.0K disclosed value

Sells (SEC code S)17$3.87M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 12, 2026Form 4	MONROE CAROLYNSVP - Title Insurance	SellCommon Stock	13.3K	$38.76	$516.7K	32.3K
May 1, 2026Form 4	Risch TheraceDirector	BuyCommon Stock	300	$39.90	$12.0K	12.8K
Mar 2, 2026Form 4	Smith John EricDirector	BuyCommon Stock	472	$43.11	$20.3K	4.3K
Mar 2, 2026Form 4	Smith John EricDirector	BuyCommon Stock	663	$43.09	$28.6K	3.8K
Feb 2, 2026Form 4	MONROE CAROLYNSVP - Title Insurance	SellCommon Stock	1.6K	$39.29	$62.9K	27.9K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about ORI yet. Start the conversation.

Write the first post

Old Republic International Corp (ORI)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.