At a glance
Old Republic International Corp is worth $9.05B, about 10 times its fiscal 2025 earnings. Revenue grew 11.0% to $9.14B in fiscal 2025, with 10.2% kept as profit; over 5 years it has grown 5.0% a year. It pays a 9.93% dividend yield, and returned $4.81B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.6% over the past year with dividends reinvested and +15.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.4% in the 2020 crash (S&P 500: 33.7%) and 20.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 7 months after the lows.
The business in plain English
Old Republic International is a Chicago-based insurance holding company with two segments. Specialty Insurance, about two-thirds of segment revenue in fiscal 2025, sells coverage to businesses, state and local governments, and other institutions, with no meaningful exposure to homeowners or personal car insurance. Commercial auto, mostly trucks, is its largest line at 42.1% of the segment's premiums, followed by workers' compensation, property, general liability, and financial lines such as directors and officers cover and surety bonds. About 95% of these premiums come through independent agents and brokers.
Title Insurance brings in most of the rest. A title policy protects property buyers and lenders if a problem with ownership records surfaces later. Independent title agents issue a significant share of these policies. Margins are thin: the segment's combined ratio, claims plus expenses as a share of premiums and fees, was 97.6% in fiscal 2025, against 93.2% for Specialty. The lower the ratio, the more of each premium dollar is left after claims and costs.
Old Republic also invests the premiums it holds until claims are paid. At December 31, 2025, the portfolio was about 85% bonds and short-term investments and 15% stocks. That investment income is an important part of profit. Total revenue was about $9.1 billion in fiscal 2025, and net income about $935 million.
Price history
The interactive chart needs JavaScript.
ORI +4.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.55B, up 5.2% from a year earlier, and net income was $243.2M (-13.0%).
- For fiscal 2025, revenue was $9.14B (+11.0% year over year; +5.0% a year from FY2020 to FY2025) with a 10.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.0% good |
|---|---|
| Return on equity (FY2025) | 15.8% good |
| Return on assets (FY2025) | 3.1% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.17B | $558.6M | — |
| FY2021 | $9.34B | $1.53B | — |
| FY2022 | $8.08B | $686.4M | — |
| FY2023 | $7.26B | $598.6M | — |
| FY2024 | $8.23B | $852.7M | — |
| FY2025 | $9.14B | $935.4M | — |
Valuation snapshot
| Market value | $9.05B |
|---|---|
| P/E ratio | 10.1 |
| Dividend yield | 9.93% |
Rank among 1514 US companies
Market value at each year end
Old Republic International’s market value went from $4.99B at the end of 2016 to $9.05B on Oct 28, 2026, up 81%; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.05B | -19.9% |
| 2025 | $11.29B | +23.1% |
| 2024 | $9.18B | +11.3% |
| 2023 | $8.24B | +12.2% |
| 2022 | $7.35B | -2.6% |
| 2021 | $7.55B | +25.9% |
| 2020 | $5.99B | -11.7% |
| 2019 | $6.79B | +9.1% |
| 2018 | $6.23B | +10.4% |
| 2017 | $5.64B | +13.0% |
| 2016 | $4.99B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ORI price data to Oct 28, 2026 | -10.5% | +4.6% | +19.9% | +15.0% | +16.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.5% |
| 2025 | +37.4% |
| 2024 | +27.2% |
| 2023 | +26.3% |
| 2022 | +6.7% |
| 2021 | +45.2% |
| 2020 | -7.7% |
| 2019 | +17.8% |
| 2018 | +4.9% |
| 2017 | +16.9% |
| 2016 | +6.2% |
| 2015 | +33.5% |
| 2014 | -11.3% |
| 2013 | +70.7% |
| 2012 | +25.5% |
| 2011 | -27.0% |
| 2010 | +43.1% |
| 2009 | -10.0% |
| 2008 | -18.2% |
| 2007 | -31.6% |
| 2006 | +13.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.3% over that stretch · deepest drop along the way 60%, back to its old high 53.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.4% over that stretch · deepest drop along the way 46.4%, back to its old high 11.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 2.2% over that stretch · deepest drop along the way 20.4%, back to its old high 6.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($12K) and 5 sales ($2.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 29, 2026 | Jeffrey Lange SVPUnderwriting & Distribution | sell | $616K |
| Jul 28, 2026 | Stephen J Oberst Executive Vice President | sell | $577K |
| May 12, 2026 | Carolyn Monroe SVP - Title Insurance | sell | $517K |
| Sep 1, 2026 | Carolyn Monroe SVP - Title Insurance | sell | $184K |
| Aug 11, 2026 | Carolyn Monroe SVP - Title Insurance | sell | $76K |
Who owns it
ETFs with the most weight in ORI
| UDI USCF Dividend Income Fund | 4.79% |
| WBIF WBI BullBear Value 3000 ETF | 3.58% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.29% |
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 3.1% |
| BOUT Innovator IBD Breakout Opportunities ETF | 2.77% |
| IPDP Dividend Performers ETF | 2.45% |
| FTDS First Trust Dividend Strength ETF | 2.29% |
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.09% |
What could go wrong
- Title business depends on property markets. Title Insurance, about a third of segment revenue, depends on property deals. A weaker real estate market could cut demand and raise claims. The 10-K also singles out conditions that hit Florida hardest.
- Independent title agents issue many policies. Independent agents issue a significant share of Old Republic's title policies and operate with substantial independence. If they send it less business, or problems arise in how they operate, the segment could suffer.
- Claim costs could outrun the premiums charged. Premiums are set before claim costs are known. Commercial auto, the largest line, had claims equal to 72.3% of premiums in fiscal 2025. Workers' compensation claims rose to 59.0% of premiums, from 48.0%.
- Reserves for long-tail claims may fall short. Reserves estimate future claim payments, and workers' compensation, liability and title claims can take years to settle. Older claims costing less than expected lifted fiscal 2023–2025 profits. If estimates prove too low, profits fall.
- New operating companies may not deliver growth. Old Republic has invested in new operating companies to expand beyond commercial auto and workers' compensation into lines such as property. If these ventures disappoint, expected revenue and profit growth may not arrive.
- Dividends rely on cash from subsidiaries. Old Republic is a holding company with no direct operations, so it needs cash from its insurers to pay debt and dividends. The 10-K warns dividends may not continue at the same rate.
Recent events
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Other company announcement
For income and retirement investors
Old Republic pays a dividend, but the amount per share has swung widely: $1.84 in 2020, $2.38 in 2021, $1.92 in 2022, $0.98 in 2023, $3.06 in 2024 and $3.66 in 2025. That is a streak of only two annual increases. Dividends paid in 2025 equaled 83.7% of net income. The 9.93% yield as of October 28, 2026 is based on those past payments, which may not repeat. The company also spent $1.88 billion on buybacks from 2021 through 2025, and the share count fell 21.4% between September 2021 and June 2026.
The share price has fallen hard in market crashes. It dropped 60% in the 2008 financial crisis and did not get back to its earlier peak until May 2013. It fell 46.4% in the 2020 COVID crash and recovered by March 2021. In 2022 it slid 20.4% before recovering in January 2023. Single stocks carry more risk than diversified funds, because nothing offsets one company's setbacks.
Questions investors ask
How does Old Republic make money?
Mainly by selling insurance and investing the premiums it collects. It earns an underwriting profit when premiums exceed claims and expenses. Its combined ratio, claims plus costs as a share of premiums and fees, was 94.7% across all lines in fiscal 2025, leaving a modest margin. It also invests premiums until claims are paid; at December 31, 2025, the portfolio was about 85% bonds and short-term holdings and 15% stocks. Specialty Insurance produced the large majority of pretax profit, with Title Insurance far smaller.
What is Old Republic's dividend yield?
It was 9.93% as of October 28, 2026, which is high for a stock, but the payout has swung widely. Dividends per share were $3.66 in fiscal 2025, up from $3.06 in fiscal 2024, but just $0.98 in fiscal 2023. Dividends paid equaled 83.7% of fiscal 2025 net income. The 10-K warns that Old Republic may not keep paying dividends at the same rate, or at all, so a yield this high may not last.
What is Old Republic's P/E ratio?
About 10.1 as of October 28, 2026, based on fiscal 2025 earnings of $3.72 a share. The P/E ratio divides the share price by a year's earnings per share, so a lower figure means paying less for each dollar of profit. Return on equity, net income as a share of shareholders' equity, was 15.8% in fiscal 2025. A low P/E can reflect doubts about growth or risk, so it is worth comparing with other commercial and title insurers.
How has Old Republic stock performed over the long term?
Long-term returns have been high, with deep drops along the way. As of October 28, 2026, the stock returned about 16.8% a year over 10 years and 15% a year over five years, but 4.6% over one year, and it was down 10.5% for 2026 through that date. In the 2008 financial crisis it fell 60% and took about 53 months to recover. It fell 46.4% in the 2020 COVID crash. Past returns do not guarantee future ones.
Does Old Republic sell home or car insurance?
Not in the usual sense. Its Specialty segment focuses on businesses, state and local governments and institutions, and the 10-K says it has no meaningful exposure to homeowners or private auto coverage. Its biggest line is commercial auto, mostly trucks, at 42.1% of the segment's fiscal 2025 premiums. It does sell home warranties and extended auto warranties, which pay for certain repairs, and its title arm covers problems with property ownership records.