Old Republic International CorporationORI
NYSE•Financial Services•Insurance - Property & Casualty
Old Republic International Corporation, through its subsidiaries, provides insurance underwriting and related services in the United States and Canada. It operates in two segments, Specialty Insurance and Title Insurance. The Specialty Insurance segment provides lines of coverages, such as accident and health, aviation, commercial auto, commercial multi-peril, commercial property, cyber, environmental, excess and surplus, home and auto warranty, automobile extended warranty, general liability, inland marine, travel accident, and workers' compensation, as well as financial indemnity, including directors and officers, errors and omissions, fidelity, and surety coverages. This segment offers its products to transportation, commercial construction, healthcare, education, retail and wholesale trade, forest products, energy, general manufacturing, and financial services industries. The Title Insurance segment insures against losses arising out of defects, liens and encumbrances affecting the insured title to real estate purchasers and investors. This segment also provides escrow closing and construction disbursement services; and real estate information products; national default management services; and various other services pertaining to real estate transfers and loan transactions. The company was founded in 1923 and is based in Chicago, Illinois.
Old Republic International Corp (ORI) reported trailing twelve months revenue of $9.42B as of March 2026, a 13.1% increase year-over-year. Quarterly revenue reached $2.40B, reflecting continued top-line momentum.
Old Republic International Corp generated $1.02B in TTM net income, with quarterly EBITDA of $413.40M. The operating margin expanded from 14.6% to 17.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (17.2%) and net margin (13.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 11.6% a year ago, signaling stronger bottom-line efficiency.
ORI trades at a P/E of 9.5x (below the broader market average) and a P/S of 1.0x. The price-to-book ratio of 1.6x reflects a moderate premium to book value.
The company generated $281.40M in free cash flow over the trailing twelve months, a 21.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $29.60B in total assets with no in long-term debt against $5.91B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~12.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~14.3% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~24.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~13.6% — no sign of cost or pricing stress.
FCF covers net income by 1.6x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 6.9% — net buybacks are reducing shares outstanding and boosting per-share value.