Old Republic International Corporation (ORI) 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

+115.8%

$83.74

vs $38.80 price

Levered DCF

$88.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.92

Distress 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	11.89×	10.97×	13.87×	10.59×	4.84×	10.54×	6.36×	16.33×
P/B	1.88×	1.66×	1.29×	1.18×	1.08×	0.95×	1.12×	1.18×
P/S	1.22×	1.14×	1.14×	0.9×	0.79×	0.82×	0.9×	0.97×
EV / EBITDA	10.07×	9.36×	11.39×	9.24×	5.21×	8.87×	5.47×	-5.22×
Gross margin	50.3%	63.3%	64.5%	70.0%	74.3%	65.5%	21.9%	11.8%
Operating margin	13.0%	13.0%	10.3%	10.6%	20.6%	9.6%	17.7%	7.0%
Net margin	10.3%	10.4%	8.2%	8.5%	16.4%	7.8%	14.2%	5.9%
Current ratio	3.4×	6.5×	6.26×	0×	4.2×	0×	0×	1.29×
Debt / equity	0.27×	0.28×	0.25×	0.26×	0.46×	0.16×	0.16×	0.19×
Interest coverage	16.88×	13.84×	10.6×	12.85×	34.2×	15.75×	33.06×	10.38×
Dividend yield	7.0%	2.9%	3.3%	8.0%	13.7%	4.3%	8.0%	8.2%
Payout ratio	83.6%	31.9%	46.0%	84.5%	66.4%	44.8%	51.0%	134.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.8%	15.2%	9.3%	11.1%	22.3%	9.0%	17.6%	7.2%
Return on invested capital	3.7%	3.5%	2.6%	1.9%	6.9%	140.4%	265.9%	2.3%
Return on assets	3.1%	3.1%	2.3%	2.7%	6.1%	2.4%	5.0%	1.9%
Free cash flow yield	10.5%	13.2%	10.6%	16.1%	17.7%	20.1%	14.0%	12.6%
Earnings yield	8.4%	9.1%	7.2%	9.4%	20.7%	9.5%	15.7%	6.1%
Enterprise value	$12.5B	$10.7B	$9.7B	$8.8B	$10.4B	$6.7B	$7.6B	-$2.6B
Net debt / EBITDA	1.07×	1.21×	1.63×	1.59×	1.51×	1.12×	0.64×	-17.13×
Cash conversion cycle (days)	399	400	404	-354	276	303	259	-257