Investors Title Company (ITIC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+31.5%

$358.65

vs $272.75 price

Levered DCF

$234.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.9

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.39×	14.37×	14.15×	11.71×	5.57×	7.34×	9.56×	15.26×
P/B	1.76×	1.77×	1.22×	1.16×	1.63×	1.44×	1.57×	1.9×
P/S	1.73×	1.73×	1.37×	0.99×	1.13×	1.22×	1.64×	2.13×
EV / EBITDA	9.36×	9.74×	9.53×	7.46×	3.91×	5.38×	6.63×	10.74×
Gross margin	98.3%	56.7%	60.8%	55.6%	54.9%	52.6%	58.4%	58.1%
Operating margin	16.3%	15.3%	11.7%	10.6%	25.8%	21.0%	21.7%	17.3%
Net margin	12.9%	12.0%	9.6%	8.4%	20.3%	16.7%	17.1%	14.0%
Current ratio	2.93×	5.11×	5.93×	3.88×	2.12×	0×	0×	5.53×
Debt / equity	0.03×	0.03×	0.03×	0.03×	0.02×	0.02×	0.02×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	4.2%	6.7%	3.6%	3.3%	10.1%	11.0%	6.0%	6.9%
Payout ratio	56.7%	96.1%	50.9%	38.4%	56.0%	80.5%	57.6%	105.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	12.3%	8.6%	9.9%	29.3%	19.7%	16.4%	12.4%
Return on invested capital	11.2%	10.6%	7.4%	8.5%	28.2%	0.0%	0.0%	6.9%
Return on assets	9.7%	9.3%	6.6%	7.0%	20.2%	13.9%	11.9%	8.9%
Free cash flow yield	5.4%	5.0%	-0.6%	10.9%	12.2%	10.7%	6.5%	6.8%
Earnings yield	7.5%	7.0%	7.1%	8.5%	17.9%	13.6%	10.5%	6.6%
Enterprise value	$458.3M	$428M	$289.3M	$251.4M	$341.6M	$279.4M	$279.1M	$314.7M
Net debt / EBITDA	-0.26×	-0.42×	-0.58×	-0.85×	-0.36×	-0.19×	-0.51×	-0.64×
Cash conversion cycle (days)	-3,263	-86	-107	-109	-81	-86	-108	-585