Old Republic International (ORI) Financials

$43.34 -0.01 (-0.02%)

Closing price 03:59 PM Eastern

Extended Trading

$43.43 +0.09 (+0.21%)

As of 06:30 PM Eastern

Annual Income Statements for Old Republic International

This table shows Old Republic International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	422	467	561	371	1,056	559	1,534	686	599	853
Consolidated Net Income / (Loss)	422	467	561	371	1,056	559	1,534	686	599	853
Net Income / (Loss) Continuing Operations	422	467	561	371	1,057	559	1,534	687	599	853
Total Pre-Tax Income	632	686	725	438	1,322	688	1,922	857	747	1,070
Total Revenue	5,229	5,356	5,688	6,095	6,837	6,552	8,705	7,408	6,446	7,303
Net Interest Income / (Expense)	-42	-50	-63	-42	-40	-44	-56	-67	-71	-77
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	42	50	63	42	40	44	56	67	71	77
Long-Term Debt Interest Expense	42	50	63	42	40	44	56	67	71	77
Total Non-Interest Income	5,271	5,406	5,751	6,137	6,877	6,596	8,762	7,474	6,517	7,381
Other Service Charges	421	464	460	290	321	392	444	333	262	284
Net Realized & Unrealized Capital Gains on Investments	91	73	212	196	636	-142	758	-201	-191	70
Premiums Earned	4,759	4,869	5,080	5,651	5,920	6,346	7,560	7,342	6,446	7,026
Total Non-Interest Expense	4,597	4,670	4,963	5,657	5,515	5,864	6,783	6,550	5,699	6,234
Property & Liability Insurance Claims	5,074	5,146	5,455	5,759	6,071	6,415	7,341	7,147	6,424	7,061
Insurance Policy Acquisition Costs	18	18	20	20	27	19	23	13	17	24
Other Operating Expenses	-389	-387	-409	-	-451	-439	-434	-460	-578	-673
Other Special Charges	-107	-107	-102	-122	-133	-131	-146	-150	-163	-178
Income Tax Expense	210	219	165	68	266	130	388	171	149	217
Basic Earnings per Share	$1.63	$1.80	$2.14	$1.26	$3.52	$1.87	$5.08	$2.28	$2.12	$3.30
Weighted Average Basic Shares Outstanding	259.50M	259.43M	262.11M	294.25M	299.89M	298.41M	301.95M	301.68M	282.73M	258.03M
Diluted Earnings per Share	$1.48	$1.62	$1.92	$1.24	$3.51	$1.87	$5.05	$2.26	$2.10	$3.24
Weighted Average Diluted Shares Outstanding	296.09M	296.38M	299.39M	301.02M	301.23M	298.90M	303.67M	303.30M	285.47M	262.88M
Weighted Average Basic & Diluted Shares Outstanding	259M	259.40M	261.90M	302.78M	303.79M	304.18M	307.60M	297.15M	278.18M	248.19M
Cash Dividends to Common per Share	$0.74	$0.75	$1.76	$0.78	$1.80	$1.84	$2.38	$1.92	$0.98	$3.06

This table shows Old Republic International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-92	512	200	156	53	191	317	92	339	105	245
Consolidated Net Income / (Loss)	-92	512	200	156	53	191	317	92	339	105	245
Net Income / (Loss) Continuing Operations	-92	512	200	156	53	191	317	92	339	105	246
Total Pre-Tax Income	-120	649	249	197	64	237	399	113	427	131	308
Total Revenue	1,550	2,162	1,564	1,598	1,557	1,728	1,793	1,635	2,106	1,770	2,067
Net Interest Income / (Expense)	-16	-17	-17	-21	-16	-17	-16	-22	-21	-17	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	16	17	17	21	16	17	16	22	21	17	0.00
Total Non-Interest Income	1,566	2,179	1,581	1,618	1,573	1,744	1,810	1,657	2,127	1,787	2,067
Other Service Charges	81	67	59	71	69	63	68	72	75	70	58
Net Realized & Unrealized Capital Gains on Investments	-377	348	26	-30	-187	0.20	167	-141	198	-154	226
Premiums Earned	1,862	1,764	1,496	1,577	1,691	1,681	1,575	1,726	1,854	1,872	1,783
Total Non-Interest Expense	1,670	1,513	1,315	1,401	1,493	1,490	1,395	1,521	1,679	1,639	1,759
Current and Future Benefits	-	-	-	-	-	-	-	-	-	-	1,806
Other Special Charges	-40	-36	-39	-41	-41	-42	-42	-47	-44	-45	-47
Income Tax Expense	-28	137	49	41	11	47	82	21	88	26	62
Basic Earnings per Share	($0.31)	$1.71	$0.68	$0.55	$0.19	$0.70	$1.17	$0.35	$1.35	$0.43	$1.01
Weighted Average Basic Shares Outstanding	303.65M	301.68M	291.95M	285.43M	277.01M	282.73M	271.73M	260.80M	251.64M	258.03M	243.77M
Diluted Earnings per Share	($0.31)	$1.70	$0.68	$0.54	$0.19	$0.69	$1.15	$0.35	$1.32	$0.42	$0.98
Weighted Average Diluted Shares Outstanding	303.65M	303.30M	293.99M	287.88M	279.92M	285.47M	275.43M	265.55M	256.86M	262.88M	249.64M
Weighted Average Basic & Diluted Shares Outstanding	304.30M	297.15M	292.77M	284.64M	280.38M	278.18M	271.83M	258.49M	253.56M	248.19M	247.16M

This table details how cash moves in and out of Old Republic International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-403	-14	-20	-26	-21	40	39	-77	123	2.40
Net Cash From Operating Activities	688	637	453	761	936	1,185	1,312	1,171	880	1,233
Net Cash From Continuing Operating Activities	259	574	700	464	936	1,185	1,312	1,171	880	1,234
Net Income / (Loss) Continuing Operations	422	467	561	371	1,056	559	1,534	686	599	853
Consolidated Net Income / (Loss)	422	467	561	371	1,056	559	1,534	686	599	853
Non-Cash Adjustments to Reconcile Net Income	-78	-73	-212	166	-636	142	-758	201	191	-70
Changes in Operating Assets and Liabilities, net	344	243	104	224	516	484	535	283	91	451
Net Cash From Investing Activities	-450	-1,036	-294	-240	-425	-845	-937	-415	25	-3.90
Net Cash From Continuing Investing Activities	-450	-1,037	-294	-240	-425	-845	-937	-415	25	-3.90
Purchase of Investment Securities	-1,970	-2,786	-2,503	-2,239	-2,580	-2,431	-3,418	-5,140	-3,481	-4,207
Divestitures	-	-	-	-	-	-	-	0.00	0.00	137
Sale and/or Maturity of Investments	1,520	1,750	2,209	1,999	2,155	1,585	2,482	4,725	3,506	4,066
Net Cash From Financing Activities	-212	385	-179	-546	-533	-300	-336	-833	-783	-1,227
Net Cash From Continuing Financing Activities	-212	385	-179	-546	-533	-300	-336	-833	-783	-1,227
Issuance of Debt	34	577	-	0.00	0.00	0.00	643	0.00	0.00	396
Issuance of Common Equity	12	8.40	18	13	14	6.70	60	27	31	2.00
Repayment of Debt	-	-3.50	-3.90	-61	-8.40	-8.60	-22	0.00	-5.30	-400
Repurchase of Common Equity	-	-	-	-	-	-50	0.00	-281	-535	-942
Payment of Dividends	191	-194	-199	-499	-539	-250	-1,019	-580	-276	-272
Other Financing Activities, Net	1.30	-2.80	6.40	-	0.20	2.00	2.50	1.50	1.80	-11
Cash Interest Paid	41	41	63	51	42	41	53	66	66	77
Cash Income Taxes Paid	199	179	106	137	229	149	237	227	198	196

This table details how cash moves in and out of Old Republic International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	1.60	-21	13	2.60	56	51	-66	36	356	-323	62
Net Cash From Operating Activities	500	267	157	91	350	283	160	237	475	362	232
Net Cash From Continuing Operating Activities	500	267	157	91	350	284	160	237	475	362	232
Net Income / (Loss) Continuing Operations	-92	512	200	156	53	191	317	92	339	105	246
Consolidated Net Income / (Loss)	-92	512	200	156	53	191	317	92	339	105	246
Non-Cash Adjustments to Reconcile Net Income	92	294	-28	-2.10	43	178	-180	41	26	43	-37
Changes in Operating Assets and Liabilities, net	500	-538	-15	-63	254	-85	24	103	110	214	23
Net Cash From Investing Activities	-20	-60	49	201	-110	-114	-355	282	115	-46	428
Net Cash From Continuing Investing Activities	-20	-60	49	200	-110	-114	-355	282	115	-46	428
Purchase of Investment Securities	-1,993	-827	-494	-446	-981	-1,559	-976	-798	-1,212	-1,220	-636
Divestitures	-	-	-	-	-	-	-	-	-	-	0.00
Sale and/or Maturity of Investments	1,974	766	544	647	871	1,445	621	944	1,327	1,175	1,064
Net Cash From Financing Activities	-479	-228	-193	-289	-184	-118	128	-483	-233	-639	-598
Net Cash From Continuing Financing Activities	-479	-229	-193	-288	-184	-118	129	-483	-233	-639	-598
Issuance of Debt	-	-	0.00	-	-	-	396	-0.10	-	-	0.00
Issuance of Common Equity	4.60	7.60	17	3.70	11	-0.20	0.80	0.50	0.40	0.30	2.40
Repayment of Debt	-	-	-5.30	-	-	-	0.00	-	-	-400	0.00
Repurchase of Common Equity	-105	-176	-134	-220	-126	-56	-194	-409	-165	-174	-25
Payment of Dividends	-374	-67	-71	-70	-68	-67	-72	-69	-66	-65	-568
Other Financing Activities, Net	-5.00	7.40	-0.20	-2.00	-0.90	4.90	-2.30	-5.70	-2.40	-0.30	-7.60
Other Net Changes in Cash	-	-	0.00	-	-	-0.80	0.40	-	-	-	0.00
Cash Interest Paid	20	13	21	13	20	13	20	13	32	13	22
Cash Income Taxes Paid	57	41	4.10	104	39	52	4.80	111	46	35	3.90

This table presents Old Republic International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	17,102	18,592	3,735	19,327	22,815	24,982	25,159	26,501	27,843
Cash and Due from Banks	160	146	126	100	119	158	81	203	202
Trading Account Securities	10,580	12,091	-	12,609	14,552	15,979	14,968	14,801	14,632
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	90	92	-	92	86	84	107	117	128
Unearned Premiums Asset	1,310	1,390	-	1,499	1,594	1,769	1,928	2,201	2,472
Deferred Acquisition Cost	255	274	298	316	328	350	383	418	531
Other Assets	4,705	4,598	3,311	4,710	6,136	6,641	7,693	8,761	9,878
Total Liabilities & Shareholders' Equity	17,102	18,592	9,338	19,327	22,815	24,982	25,159	26,501	27,843
Total Liabilities	13,221	14,131	9,338	14,181	16,629	18,089	18,986	20,091	22,224
Long-Term Debt	953	1,529	-	981	966	1,589	1,597	1,591	1,589
Claims and Claim Expense	9,120	9,206	9,238	9,471	10,671	11,426	12,222	12,538	13,728
Unearned Premiums Liability	1,749	1,843	-	2,105	2,397	2,559	2,788	3,043	3,505
Participating Policy Holder Equity	-	-	-	-	-	-	1,079	1,381	1,410
Other Long-Term Liabilities	946	1,068	101	1,098	2,594	2,515	1,300	1,537	1,992
Total Equity & Noncontrolling Interests	3,881	4,461	0.00	5,146	6,187	6,893	6,173	6,411	5,619
Total Preferred & Common Equity	3,881	4,461	0.00	5,146	6,187	6,893	6,173	6,411	5,619
Preferred Stock	-	-	-	-	-	-	0.00	0.00	0.00
Total Common Equity	3,881	4,461	0.00	5,146	6,187	6,893	6,173	6,411	5,619
Common Stock	960	977	-	1,580	1,611	1,684	1,439	957	249
Retained Earnings	2,938	3,200	-	3,850	4,395	5,214	5,322	5,644	5,520
Accumulated Other Comprehensive Income / (Loss)	29	324	-	-210	284	78	-518	-132	-102
Other Equity Adjustments	-46	-39	-	-74	-103	-83	-70	-58	-47

This table presents Old Republic International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	24,947	25,398	25,850	26,401	27,064	27,525	28,844	28,028
Cash and Due from Banks	102	94	96	152	137	169	525	264
Trading Account Securities	13,887	15,105	14,749	14,233	14,952	14,384	15,145	14,841
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	100	113	108	117	128	129	124	123
Unearned Premiums Asset	2,097	2,020	2,334	2,356	2,304	2,626	2,640	2,655
Deferred Acquisition Cost	387	393	407	419	436	457	505	556
Other Assets	8,373	7,672	8,155	9,123	9,107	9,761	9,904	9,590
Total Liabilities & Shareholders' Equity	24,947	25,398	25,850	26,401	27,064	27,525	28,844	28,028
Total Liabilities	19,269	19,066	19,731	20,485	20,663	21,499	22,398	22,085
Long-Term Debt	1,597	1,590	1,591	1,591	1,988	1,988	1,988	1,589
Claims and Claim Expense	12,175	12,136	12,405	12,811	12,570	12,958	13,538	13,951
Unearned Premiums Liability	2,993	2,884	3,149	3,234	3,170	3,554	3,679	3,659
Participating Policy Holder Equity	1,154	-	1,343	1,468	1,453	1,670	1,603	1,463
Other Long-Term Liabilities	1,350	1,952	1,244	1,380	1,482	1,329	1,590	1,423
Total Equity & Noncontrolling Interests	5,678	6,332	6,120	5,916	6,401	6,027	6,445	5,944
Total Preferred & Common Equity	5,678	6,332	6,120	5,916	6,401	6,027	6,445	5,918
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,678	6,332	6,120	5,916	6,401	6,027	6,445	5,918
Common Stock	1,604	1,326	1,116	1,007	773	364	254	248
Retained Earnings	4,875	5,450	5,536	5,521	5,889	5,912	6,135	5,721
Treasury Stock	-	-	-	-	-	-	-	-19
Accumulated Other Comprehensive Income / (Loss)	-728	-378	-469	-551	-205	-197	106	11
Other Equity Adjustments	-73	-67	-64	-61	-56	-53	-50	-44
Noncontrolling Interest	-	-	-	-	-	-	-	26

This table displays calculated financial ratios and metrics derived from Old Republic International's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.38%	2.43%	6.21%	7.15%	12.18%	-4.17%	32.87%	-14.91%	-12.98%	13.30%
EBITDA Growth	3.66%	8.55%	5.79%	-39.61%	201.85%	-47.95%	179.25%	-55.39%	-12.82%	43.10%
EBIT Growth	3.66%	8.55%	5.79%	-39.61%	201.85%	-47.95%	179.25%	-55.39%	-12.82%	43.10%
NOPAT Growth	3.05%	10.61%	20.04%	-33.89%	185.08%	-47.12%	174.64%	-55.26%	-12.79%	42.44%
Net Income Growth	3.03%	10.61%	20.05%	-33.90%	185.13%	-47.12%	174.67%	-55.26%	-12.79%	42.45%
EPS Growth	2.78%	9.46%	18.52%	-35.42%	183.06%	-46.72%	170.05%	-55.25%	-7.08%	54.29%
Operating Cash Flow Growth	479.80%	-7.40%	-28.95%	67.95%	23.10%	26.58%	10.69%	-10.76%	-24.79%	40.10%
Free Cash Flow Firm Growth	453.25%	-244.20%	1,864.64%	-193.48%	101.85%	80.86%	-45.81%	579.30%	-73.75%	348.77%
Invested Capital Growth	-1.13%	23.91%	-193.55%	209.36%	13.81%	2.57%	18.57%	-8.39%	2.98%	-9.93%
Revenue Q/Q Growth	1.81%	1.21%	3.18%	3.56%	3.45%	4.00%	3.43%	-5.09%	-6.32%	0.58%
EBITDA Q/Q Growth	8.61%	7.69%	29.23%	-52.91%	57.65%	80.99%	7.58%	-14.07%	-35.51%	-9.06%
EBIT Q/Q Growth	8.61%	7.69%	29.23%	-52.91%	57.65%	80.99%	7.58%	-14.07%	-35.51%	-9.06%
NOPAT Q/Q Growth	6.97%	9.68%	42.65%	-52.29%	56.73%	78.44%	7.39%	-14.33%	-34.95%	-9.10%
Net Income Q/Q Growth	6.94%	9.70%	42.66%	-52.29%	56.71%	77.45%	7.53%	-14.37%	-34.92%	-9.10%
EPS Q/Q Growth	6.47%	8.72%	41.18%	-52.31%	56.70%	73.15%	6.77%	-12.74%	-32.48%	-7.69%
Operating Cash Flow Q/Q Growth	-8.88%	21.72%	-40.22%	44.09%	12.85%	9.83%	-2.60%	-5.94%	1.87%	6.78%
Free Cash Flow Firm Q/Q Growth	2.25%	6.02%	10,928.22%	-1,632.06%	5.63%	854.27%	-62.72%	-3.20%	-46.69%	14,872.73%
Invested Capital Q/Q Growth	0.38%	0.25%	-189.55%	-2.62%	3.05%	1.59%	7.12%	6.81%	6.60%	-14.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	12.08%	12.81%	12.75%	7.19%	19.34%	10.51%	22.08%	11.58%	11.60%	14.65%
EBIT Margin	12.08%	12.81%	12.75%	7.19%	19.34%	10.51%	22.08%	11.58%	11.60%	14.65%
Profit (Net Income) Margin	8.07%	8.72%	9.85%	6.08%	15.45%	8.53%	17.62%	9.27%	9.29%	11.68%
Tax Burden Percent	66.81%	68.06%	77.27%	84.57%	79.89%	81.14%	79.82%	80.06%	80.09%	79.71%
Interest Burden Percent	100.00%	100.03%	99.99%	100.00%	100.00%	100.01%	100.00%	99.99%	99.97%	99.99%
Effective Tax Rate	33.18%	31.92%	22.72%	15.41%	20.11%	18.84%	20.17%	19.93%	19.90%	20.28%
Return on Invested Capital (ROIC)	8.68%	8.63%	290.24%	141.29%	16.13%	7.91%	19.63%	8.45%	7.59%	11.21%
ROIC Less NNEP Spread (ROIC-NNEP)	8.67%	8.62%	290.25%	141.29%	16.12%	7.91%	19.62%	8.44%	7.59%	11.21%
Return on Net Nonoperating Assets (RNNOA)	2.13%	2.57%	-265.11%	-126.89%	24.93%	10.15%	3.83%	2.06%	1.92%	2.96%
Return on Equity (ROE)	10.82%	11.19%	25.13%	14.40%	41.06%	18.06%	23.46%	10.51%	9.51%	14.18%
Cash Return on Invested Capital (CROIC)	9.82%	-12.73%	0.00%	-185.39%	3.21%	5.38%	2.63%	17.20%	4.65%	21.66%
Operating Return on Assets (OROA)	3.71%	3.84%	6.50%	3.80%	6.55%	3.14%	8.04%	3.42%	2.89%	3.94%
Return on Assets (ROA)	2.48%	2.62%	5.02%	3.21%	5.23%	2.55%	6.42%	2.74%	2.32%	3.14%
Return on Common Equity (ROCE)	10.82%	11.19%	25.13%	14.40%	41.06%	18.06%	23.46%	10.51%	9.51%	14.18%
Return on Equity Simple (ROE_SIMPLE)	10.88%	10.47%	0.00%	7.20%	0.00%	9.03%	22.26%	11.12%	9.34%	15.18%
Net Operating Profit after Tax (NOPAT)	422	467	561	371	1,057	559	1,534	687	599	853
NOPAT Margin	8.07%	8.72%	9.86%	6.08%	15.45%	8.53%	17.63%	9.27%	9.29%	11.68%
Net Nonoperating Expense Percent (NNEP)	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	87.92%	87.20%	87.25%	92.81%	80.66%	89.49%	77.92%	88.42%	88.40%	85.35%
Earnings before Interest and Taxes (EBIT)	632	686	726	438	1,322	688	1,922	858	748	1,070
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	632	686	726	438	1,322	688	1,922	858	748	1,070
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.70	0.65	0.00	0.80	0.81	0.73	0.96	1.05	1.18	1.54
Price to Tangible Book Value (P/TBV)	0.70	0.65	0.00	0.80	0.81	0.73	0.96	1.05	1.18	1.54
Price to Revenue (P/Rev)	0.52	0.54	0.60	0.68	0.71	0.69	0.76	0.87	1.17	1.19
Price to Earnings (P/E)	6.48	6.25	6.11	11.12	4.60	8.06	4.29	9.44	12.60	10.16
Dividend Yield	7.07%	6.75%	5.85%	13.07%	4.99%	5.68%	15.76%	4.32%	3.64%	3.10%
Earnings Yield	15.43%	16.00%	16.36%	8.99%	21.72%	12.41%	23.30%	10.59%	7.94%	9.84%
Enterprise Value to Invested Capital (EV/IC)	0.73	0.72	0.00	0.82	0.83	0.75	0.95	1.03	1.12	1.39
Enterprise Value to Revenue (EV/Rev)	0.67	0.80	0.58	0.82	0.84	0.82	0.92	1.08	1.39	1.38
Enterprise Value to EBITDA (EV/EBITDA)	5.58	6.27	4.55	11.42	4.36	7.77	4.17	9.32	11.94	9.40
Enterprise Value to EBIT (EV/EBIT)	5.58	6.27	4.55	11.42	4.36	7.77	4.17	9.32	11.94	9.40
Enterprise Value to NOPAT (EV/NOPAT)	8.36	9.21	5.89	13.50	5.45	9.57	5.22	11.65	14.91	11.79
Enterprise Value to Operating Cash Flow (EV/OCF)	5.13	6.75	7.29	6.58	6.15	4.51	6.11	6.83	10.14	8.15
Enterprise Value to Free Cash Flow (EV/FCFF)	7.39	0.00	0.27	0.00	27.43	14.08	38.95	5.72	24.33	6.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.34	0.00	0.19	0.00	0.16	0.23	0.26	0.25	0.28
Long-Term Debt to Equity	0.25	0.34	0.00	0.19	0.00	0.16	0.23	0.26	0.25	0.28
Financial Leverage	0.25	0.30	-0.91	-0.90	1.55	1.28	0.20	0.24	0.25	0.26
Leverage Ratio	4.37	4.28	5.01	4.48	7.85	7.09	3.65	3.84	4.11	4.52
Compound Leverage Factor	4.37	4.28	5.00	4.48	7.85	7.10	3.65	3.84	4.10	4.52
Debt to Total Capital	19.71%	25.52%	0.00%	16.02%	100.00%	13.51%	18.73%	20.55%	19.89%	22.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	19.71%	25.52%	0.00%	16.02%	100.00%	13.51%	18.73%	20.55%	19.89%	22.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	80.29%	74.47%	0.00%	83.98%	0.00%	86.49%	81.27%	79.45%	80.11%	77.96%
Debt to EBITDA	1.51	2.23	0.00	2.24	0.74	1.40	0.83	1.86	2.13	1.49
Net Debt to EBITDA	1.26	2.02	0.00	2.01	0.68	1.23	0.74	1.77	1.86	1.30
Long-Term Debt to EBITDA	1.51	2.23	0.00	2.24	0.74	1.40	0.83	1.86	2.13	1.49
Debt to NOPAT	2.26	3.27	0.00	2.65	0.92	1.73	1.04	2.33	2.66	1.86
Net Debt to NOPAT	1.88	2.96	0.00	2.38	0.85	1.52	0.93	2.21	2.32	1.63
Long-Term Debt to NOPAT	2.26	3.27	0.00	2.65	0.92	1.73	1.04	2.33	2.66	1.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	478	-689	12,153	-11,360	210	380	206	1,398	367	1,647
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	11.40	-13.72	192.91	-269.20	5.25	8.69	3.66	20.96	5.21	21.31
Operating Cash Flow to Interest Expense	16.42	12.70	7.19	18.02	23.41	27.12	23.34	17.55	12.49	15.96
Operating Cash Flow Less CapEx to Interest Expense	16.42	12.70	7.19	18.02	23.41	27.12	23.34	17.55	12.49	15.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.30	0.51	0.53	0.34	0.30	0.36	0.30	0.25	0.27
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,834	5,989	-5,603	6,128	6,974	7,153	8,482	7,770	8,002	7,208
Invested Capital Turnover	1.08	0.99	29.45	23.24	1.04	0.93	1.11	0.91	0.82	0.96
Increase / (Decrease) in Invested Capital	-55	1,156	-11,593	11,731	847	179	1,329	-712	232	-794
Enterprise Value (EV)	3,528	4,300	3,300	5,001	5,760	5,348	8,015	7,995	8,929	10,054
Market Capitalization	2,735	2,917	3,425	4,120	4,865	4,500	6,585	6,479	7,540	8,667
Book Value per Share	$14.84	$16.99	$0.00	$17.00	$0.00	$20.35	$22.45	$20.29	$22.86	$22.16
Tangible Book Value per Share	$14.84	$16.99	$0.00	$17.00	$0.00	$20.35	$22.45	$20.29	$22.86	$22.16
Total Capital	4,834	5,989	0.00	6,128	974	7,153	8,482	7,770	8,002	7,208
Total Debt	953	1,529	0.00	981	974	966	1,589	1,597	1,591	1,589
Total Long-Term Debt	953	1,529	0.00	981	974	966	1,589	1,597	1,591	1,589
Net Debt	793	1,383	-126	881	895	848	1,430	1,516	1,388	1,387
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10
Net Nonoperating Obligations (NNO)	953	1,529	-5,603	982	6,974	967	1,589	1,597	1,591	1,589
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.63	$1.80	$2.14	$1.26	$3.52	$1.87	$5.08	$2.28	$2.12	$3.30
Adjusted Weighted Average Basic Shares Outstanding	259.50M	259.43M	262.11M	294.25M	299.89M	298.41M	301.95M	301.68M	282.73M	258.03M
Adjusted Diluted Earnings per Share	$1.48	$1.62	$1.92	$1.24	$3.51	$1.87	$5.05	$2.26	$2.10	$3.24
Adjusted Weighted Average Diluted Shares Outstanding	296.09M	296.38M	299.39M	301.02M	301.23M	298.90M	303.67M	303.30M	285.47M	262.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.52	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	262.05M	262.81M	269.35M	302.78M	303.79M	304.18M	307.60M	297.15M	278.18M	248.19M
Normalized Net Operating Profit after Tax (NOPAT)	351	394	482	268	951	452	1,418	566	468	711
Normalized NOPAT Margin	6.71%	7.36%	8.47%	4.39%	13.90%	6.90%	16.29%	7.65%	7.26%	9.74%
Pre Tax Income Margin	12.08%	12.81%	12.75%	7.19%	19.34%	10.51%	22.08%	11.57%	11.59%	14.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.08	13.66	11.52	10.38	33.06	15.75	34.20	12.86	10.60	13.84
NOPAT to Interest Expense	10.08	9.30	8.90	8.78	26.41	12.78	27.30	10.29	8.49	11.03
EBIT Less CapEx to Interest Expense	15.08	13.66	11.52	10.38	33.06	15.75	34.20	12.86	10.60	13.84
NOPAT Less CapEx to Interest Expense	10.08	9.30	8.90	8.78	26.41	12.78	27.30	10.29	8.49	11.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-45.32%	41.51%	35.47%	134.63%	50.99%	44.77%	66.43%	84.46%	46.02%	31.89%
Augmented Payout Ratio	-45.32%	41.51%	35.47%	134.63%	50.99%	53.72%	66.43%	125.42%	135.45%	142.38%

This table displays calculated financial ratios and metrics derived from Old Republic International's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.04%	-15.53%	-23.58%	-3.08%	0.45%	-20.11%	14.63%	2.33%	35.25%	2.45%	4.71%
EBITDA Growth	-212.71%	-17.78%	-34.88%	460.62%	153.47%	-63.41%	59.95%	-42.41%	567.03%	-44.88%	-22.81%
EBIT Growth	-212.71%	-17.78%	-34.88%	460.62%	153.47%	-63.41%	59.95%	-42.41%	567.03%	-44.88%	-22.81%
NOPAT Growth	-194.28%	-18.31%	-34.74%	507.12%	162.83%	-62.79%	58.48%	-40.94%	544.30%	-44.81%	-22.32%
Net Income Growth	-203.38%	-18.37%	-34.77%	487.78%	157.36%	-62.75%	58.51%	-40.96%	544.30%	-44.78%	-22.64%
EPS Growth	-206.90%	-16.26%	-32.00%	515.38%	161.29%	-59.41%	69.12%	-35.19%	594.74%	-39.13%	-14.78%
Operating Cash Flow Growth	9.89%	-21.67%	-43.75%	-27.40%	-30.07%	6.06%	2.43%	161.04%	35.73%	27.63%	44.45%
Free Cash Flow Firm Growth	170.97%	274.42%	197.36%	26.32%	-132.06%	-103.36%	-124.05%	-149.03%	-228.11%	2,288.32%	836.70%
Invested Capital Growth	-8.12%	-8.39%	-5.06%	-3.47%	3.19%	2.98%	5.89%	3.95%	12.35%	-9.93%	-10.20%
Revenue Q/Q Growth	-5.97%	39.53%	-27.65%	2.12%	-2.55%	10.97%	3.80%	-8.84%	28.80%	-15.94%	16.77%
EBITDA Q/Q Growth	-119.23%	642.27%	-61.61%	-20.99%	-67.50%	271.09%	67.83%	-71.55%	276.46%	-69.34%	134.99%
EBIT Q/Q Growth	-119.23%	642.27%	-61.61%	-20.99%	-67.50%	271.09%	67.83%	-71.55%	276.46%	-69.34%	134.99%
NOPAT Q/Q Growth	-119.05%	711.80%	-60.97%	-22.16%	-66.20%	262.36%	66.21%	-70.99%	268.77%	-68.96%	133.94%
Net Income Q/Q Growth	-128.68%	658.23%	-60.97%	-22.17%	-66.17%	262.55%	66.07%	-71.01%	269.17%	-68.93%	132.67%
EPS Q/Q Growth	-138.46%	648.39%	-60.00%	-20.59%	-64.81%	263.16%	66.67%	-69.57%	277.14%	-68.18%	133.33%
Operating Cash Flow Q/Q Growth	300.80%	-46.58%	-41.39%	-42.15%	286.09%	-18.98%	-43.40%	47.44%	100.76%	-23.82%	-35.94%
Free Cash Flow Firm Q/Q Growth	63.13%	118.84%	-49.16%	-30.40%	-141.41%	77.08%	-263.99%	-41.91%	-177.11%	252.88%	22.54%
Invested Capital Q/Q Growth	-8.93%	6.81%	1.96%	-2.67%	-2.64%	6.60%	4.83%	-4.46%	5.23%	-14.54%	4.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-7.72%	30.02%	15.93%	12.33%	4.11%	13.75%	22.23%	6.94%	20.28%	7.40%	14.88%
EBIT Margin	-7.72%	30.02%	15.93%	12.33%	4.11%	13.75%	22.23%	6.94%	20.28%	7.40%	14.88%
Profit (Net Income) Margin	-5.92%	23.67%	12.77%	9.73%	3.38%	11.04%	17.66%	5.62%	16.10%	5.95%	11.85%
Tax Burden Percent	76.67%	78.88%	80.18%	78.97%	82.32%	80.33%	79.43%	81.02%	79.39%	80.50%	79.62%
Interest Burden Percent	99.92%	99.98%	100.00%	100.00%	99.84%	99.96%	100.03%	99.91%	100.00%	99.92%	100.03%
Effective Tax Rate	0.00%	21.08%	19.78%	20.98%	17.68%	19.71%	20.54%	18.89%	20.61%	19.57%	20.02%
Return on Invested Capital (ROIC)	-5.55%	21.59%	10.88%	8.53%	3.15%	9.02%	14.46%	4.80%	14.66%	5.71%	11.06%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.05%	21.57%	10.87%	8.52%	3.15%	9.02%	14.45%	4.79%	14.66%	5.71%	11.00%
Return on Net Nonoperating Assets (RNNOA)	-1.61%	5.26%	2.65%	2.17%	0.86%	2.29%	4.06%	1.41%	4.25%	1.51%	3.19%
Return on Equity (ROE)	-7.16%	26.85%	13.53%	10.70%	4.01%	11.30%	18.52%	6.21%	18.91%	7.22%	14.25%
Cash Return on Invested Capital (CROIC)	19.01%	17.20%	12.32%	13.42%	9.31%	4.65%	3.06%	4.42%	0.14%	21.66%	20.58%
Operating Return on Assets (OROA)	-2.41%	8.87%	4.37%	3.31%	1.10%	3.43%	5.66%	1.74%	5.33%	1.99%	4.00%
Return on Assets (ROA)	-1.85%	6.99%	3.50%	2.62%	0.91%	2.75%	4.49%	1.41%	4.23%	1.60%	3.18%
Return on Common Equity (ROCE)	-7.16%	26.85%	13.53%	10.70%	4.01%	11.30%	18.52%	6.21%	18.91%	7.22%	14.22%
Return on Equity Simple (ROE_SIMPLE)	14.12%	0.00%	9.16%	12.67%	15.55%	0.00%	11.18%	10.82%	14.55%	0.00%	13.20%
Net Operating Profit after Tax (NOPAT)	-84	512	200	156	53	191	317	92	339	105	246
NOPAT Margin	-5.40%	23.69%	12.78%	9.74%	3.38%	11.03%	17.67%	5.62%	16.10%	5.94%	11.91%
Net Nonoperating Expense Percent (NNEP)	0.50%	0.02%	0.01%	0.01%	0.00%	-0.01%	0.01%	0.01%	0.00%	-0.01%	0.06%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	107.72%	69.98%	84.07%	87.67%	95.89%	86.25%	77.77%	93.06%	79.72%	92.60%	85.12%
Earnings before Interest and Taxes (EBIT)	-120	649	249	197	64	238	399	113	427	131	308
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-120	649	249	197	64	238	399	113	427	131	308
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	1.05	1.12	1.16	1.25	1.18	1.33	1.39	1.42	1.54	1.64
Price to Tangible Book Value (P/TBV)	1.07	1.05	1.12	1.16	1.25	1.18	1.33	1.39	1.42	1.54	1.64
Price to Revenue (P/Rev)	0.78	0.87	1.02	1.04	1.08	1.17	1.28	1.25	1.26	1.19	1.32
Price to Earnings (P/E)	7.57	9.44	12.23	9.18	8.06	12.60	11.94	12.89	9.76	10.16	12.46
Dividend Yield	12.27%	4.32%	3.92%	3.91%	3.70%	3.64%	3.28%	3.30%	2.94%	3.10%	7.87%
Earnings Yield	13.22%	10.59%	8.18%	10.90%	12.40%	7.94%	8.38%	7.76%	10.25%	9.84%	8.02%
Enterprise Value to Invested Capital (EV/IC)	1.04	1.03	1.08	1.12	1.18	1.12	1.24	1.28	1.26	1.39	1.47
Enterprise Value to Revenue (EV/Rev)	0.97	1.08	1.24	1.25	1.29	1.39	1.56	1.52	1.46	1.38	1.50
Enterprise Value to EBITDA (EV/EBITDA)	7.58	9.32	11.86	8.83	7.64	11.94	11.58	12.56	9.03	9.40	11.32
Enterprise Value to EBIT (EV/EBIT)	7.58	9.32	11.86	8.83	7.64	11.94	11.58	12.56	9.03	9.40	11.32
Enterprise Value to NOPAT (EV/NOPAT)	9.43	11.65	14.81	11.10	9.62	14.91	14.52	15.67	11.32	11.79	14.17
Enterprise Value to Operating Cash Flow (EV/OCF)	6.07	6.83	8.19	8.49	10.25	10.14	11.75	9.92	9.19	8.15	8.50
Enterprise Value to Free Cash Flow (EV/FCFF)	5.23	5.72	8.57	8.17	12.86	24.33	41.70	29.39	965.37	6.10	6.77
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.26	0.25	0.26	0.27	0.25	0.31	0.33	0.31	0.28	0.27
Long-Term Debt to Equity	0.28	0.26	0.25	0.26	0.27	0.25	0.31	0.33	0.31	0.28	0.27
Financial Leverage	0.27	0.24	0.24	0.25	0.27	0.25	0.28	0.29	0.29	0.26	0.29
Leverage Ratio	4.16	3.84	3.86	4.09	4.43	4.11	4.12	4.39	4.47	4.52	4.46
Compound Leverage Factor	4.16	3.84	3.86	4.09	4.42	4.10	4.12	4.39	4.47	4.51	4.46
Debt to Total Capital	21.95%	20.55%	20.07%	20.63%	21.19%	19.89%	23.69%	24.80%	23.58%	22.04%	21.10%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.95%	20.55%	20.07%	20.63%	21.19%	19.89%	23.69%	24.80%	23.58%	22.04%	21.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.35%
Common Equity to Total Capital	78.05%	79.45%	79.93%	79.37%	78.81%	80.11%	76.31%	75.20%	76.42%	77.96%	78.56%
Debt to EBITDA	1.60	1.86	2.20	1.63	1.37	2.13	2.22	2.44	1.69	1.49	1.62
Net Debt to EBITDA	1.50	1.77	2.07	1.53	1.24	1.86	2.06	2.24	1.24	1.30	1.35
Long-Term Debt to EBITDA	1.60	1.86	2.20	1.63	1.37	2.13	2.22	2.44	1.69	1.49	1.62
Debt to NOPAT	1.99	2.33	2.74	2.05	1.73	2.66	2.78	3.05	2.12	1.86	2.03
Net Debt to NOPAT	1.86	2.21	2.58	1.93	1.56	2.32	2.59	2.79	1.56	1.63	1.69
Long-Term Debt to NOPAT	1.99	2.33	2.74	2.05	1.73	2.66	2.78	3.05	2.12	1.86	2.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	559	1,224	622	433	-179	-41	-150	-212	-588	899	1,102
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	34.31	72.41	36.81	20.92	-10.93	-2.49	-9.12	-9.56	-27.62	51.69	0.00
Operating Cash Flow to Interest Expense	30.69	15.81	9.27	4.38	21.33	17.18	9.78	10.65	22.29	20.79	0.00
Operating Cash Flow Less CapEx to Interest Expense	30.69	15.81	9.27	4.38	21.33	17.18	9.78	10.65	22.29	20.79	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.30	0.27	0.27	0.27	0.25	0.25	0.25	0.26	0.27	0.27
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,275	7,770	7,922	7,710	7,507	8,002	8,389	8,015	8,434	7,208	7,533
Invested Capital Turnover	1.03	0.91	0.85	0.88	0.93	0.82	0.82	0.85	0.91	0.96	0.93
Increase / (Decrease) in Invested Capital	-643	-712	-422	-277	232	232	466	304	927	-794	-856
Enterprise Value (EV)	7,560	7,995	8,589	8,610	8,855	8,929	10,391	10,218	10,619	10,054	11,085
Market Capitalization	6,066	6,479	7,093	7,116	7,416	7,540	8,540	8,400	9,156	8,667	9,734
Book Value per Share	$18.38	$20.29	$21.31	$20.90	$20.78	$22.86	$23.56	$22.17	$24.93	$22.16	$24.28
Tangible Book Value per Share	$18.38	$20.29	$21.31	$20.90	$20.78	$22.86	$23.56	$22.17	$24.93	$22.16	$24.28
Total Capital	7,275	7,770	7,922	7,710	7,507	8,002	8,389	8,015	8,434	7,208	7,533
Total Debt	1,597	1,597	1,590	1,591	1,591	1,591	1,988	1,988	1,988	1,589	1,589
Total Long-Term Debt	1,597	1,597	1,590	1,591	1,591	1,591	1,988	1,988	1,988	1,589	1,589
Net Debt	1,494	1,516	1,497	1,494	1,439	1,388	1,851	1,819	1,463	1,387	1,325
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	7.98	0.30	0.10	0.10	0.00	-0.10	0.10	0.10	0.00	-0.10	1.10
Net Nonoperating Obligations (NNO)	1,597	1,597	1,590	1,591	1,591	1,591	1,988	1,988	1,989	1,589	1,589
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.31)	$1.71	$0.68	$0.55	$0.19	$0.70	$1.17	$0.35	$1.35	$0.43	$1.01
Adjusted Weighted Average Basic Shares Outstanding	303.65M	301.68M	291.95M	285.43M	277.01M	282.73M	271.73M	260.80M	251.64M	258.03M	243.77M
Adjusted Diluted Earnings per Share	($0.31)	$1.70	$0.68	$0.54	$0.19	$0.69	$1.15	$0.35	$1.32	$0.42	$0.98
Adjusted Weighted Average Diluted Shares Outstanding	303.65M	303.30M	293.99M	287.88M	279.92M	285.47M	275.43M	265.55M	256.86M	262.88M	249.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	304.30M	297.15M	292.77M	284.64M	280.38M	278.18M	271.83M	258.49M	253.56M	248.19M	247.16M
Normalized Net Operating Profit after Tax (NOPAT)	-112	483	168	124	19	157	284	54	304	69	208
Normalized NOPAT Margin	-7.20%	22.36%	10.76%	7.73%	1.22%	9.07%	15.81%	3.27%	14.45%	3.91%	10.08%
Pre Tax Income Margin	-7.72%	30.01%	15.93%	12.33%	4.10%	13.74%	22.23%	6.93%	20.28%	7.39%	14.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.34	38.41	14.75	9.51	3.90	14.39	24.30	5.11	20.04	7.52	0.00
NOPAT to Interest Expense	-5.14	30.31	11.83	7.52	3.21	11.55	19.32	4.14	15.91	6.05	0.00
EBIT Less CapEx to Interest Expense	-7.34	38.41	14.75	9.51	3.90	14.39	24.30	5.11	20.04	7.52	0.00
NOPAT Less CapEx to Interest Expense	-5.14	30.31	11.83	7.52	3.21	11.55	19.32	4.14	15.91	6.05	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	128.52%	84.46%	100.28%	75.01%	29.98%	46.02%	38.55%	42.21%	29.20%	31.89%	98.37%
Augmented Payout Ratio	141.59%	125.42%	171.82%	156.92%	101.29%	135.45%	121.84%	162.52%	116.99%	142.38%	197.36%

Financials Breakdown Chart

Key Financial Trends

Old Republic International (NYSE: ORI) Financial Overview and Trends (Q3 2022 - Q1 2025)

Old Republic International has shown fluctuating financial results over the last several quarters, with some notable trends in its income statement, cash flow, and balance sheet.

Net Income Growth: The company’s quarterly net income attributable to common shareholders improved significantly from a loss of $91.7 million in Q3 2022 to a robust $245 million in Q1 2025, indicating operational recovery and profitability enhancement.
Revenue Expansion: Total non-interest income, including premiums earned and capital gains, increased from roughly $1.56 billion in Q3 2022 to $2.07 billion in Q1 2025, highlighting growth in core insurance premiums and investment income.
Strong Operating Cash Flow: Operating cash flow remains consistent and positive, with Q1 2025 showing $231.8 million net cash from continuing operations, supporting business sustainability and investment capacity.
Investment Activity: There is active management of investments with both sales/maturities and purchases of investment securities showing significant scale. In Q1 2025, sales/maturities were $1.063 billion versus purchases of $635.5 million, helping to produce positive cash flow from investing activities.
Stable Equity Base: Total common equity remains solid around $5.9 - $6.4 billion across recent quarters, providing strong capital support for underwriting operations.
Interest Expense Impact: The company consistently incurs interest expense between $16 million to $22 million quarterly, reducing net interest income and impacting earnings modestly.
Share Repurchases and Dividends: The company continues to repurchase shares (e.g., $25.3 million in Q1 2025) and pay substantial dividends ($567.9 million in Q1 2025), showing capital return discipline but also using significant cash outflows.
Fluctuations in Capital Gains/Losses: Net realized and unrealized capital gains on investments exhibited volatility, from a loss of $377 million in Q3 2022 to a gain of $225.7 million in Q1 2025, which can impact profitability and earnings stability.
Property & Liability Insurance Claims Rising: Claims expense grew from roughly $1.47 billion in Q1 2023 to $1.8 billion in Q1 2025, pressuring underwriting margins.
Decline in Cash and Due from Banks: Although fluctuating, cash and due from banks decreased from $152.1 million in Q3 2023 to $263.7 million in Q1 2025, potentially indicating tighter liquidity.

Summary: Old Republic International has demonstrated improved profitability and revenue growth driven by underwriting and investment income recovery since the losses of 2022. The company maintains strong cash flows and equity capital, though rising claims and investment income volatility pose challenges. Share repurchases and dividends remain a major use of cash. Investors should watch for underwriting results and investment performance consistency in upcoming quarters.

10/06/25 11:02 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Old Republic International's Financials

When does Old Republic International's financial year end?

According to the most recent income statement we have on file, Old Republic International's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Old Republic International's net income changed over the last 9 years?

Old Republic International's net income appears to be on an upward trend, with a most recent value of $852.70 million in 2024, rising from $422.10 million in 2015. The previous period was $598.60 million in 2023. View Old Republic International's forecast to see where analysts expect Old Republic International to go next.

How has Old Republic International's revenue changed over the last 9 years?

Over the last 9 years, Old Republic International's total revenue changed from $5.23 billion in 2015 to $7.30 billion in 2024, a change of 39.7%.

How much debt does Old Republic International have?

Old Republic International's total liabilities were at $22.22 billion at the end of 2024, a 10.6% increase from 2023, and a 68.1% increase since 2015.

How much cash does Old Republic International have?

In the past 8 years, Old Republic International's cash and equivalents has ranged from $81 million in 2022 to $202.80 million in 2023, and is currently $201.90 million as of their latest financial filing in 2024.

How has Old Republic International's book value per share changed over the last 9 years?

Over the last 9 years, Old Republic International's book value per share changed from 14.84 in 2015 to 22.16 in 2024, a change of 49.3%.

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This page (NYSE:ORI) was last updated on 10/6/2025 by MarketBeat.com Staff

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Old Republic International (ORI) Financials

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Old Republic International (ORI) Financials

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