Investors Title Company Financial Ratios — ITIC Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	7.03	10.93	13.3	8.01	9.81	14.22	16.84	12.99	17.33	20.51	31.77	10.24	8.82	12.37	13.57
Return on Assets (%)	4.45	6.78	8.22	5.01	6.13	8.86	10.76	8.86	12.38	14.42	21.82	7.12	6.47	9.36	10.1
Return on Capital (%)	7.03	10.9	13.24	7.99	9.79	14.22	16.84	13.01	17.12	20.09	31.1	9.98	8.59	12.06	13.2
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	10.47	13.97	17.06	10.96	13.98	20.31	18.71	17.32	21.7	21.01	25.78	10.62	11.67	15.26	16.3
Profit Margin (%)	7.65	9.72	11.72	7.86	9.87	14.09	15.88	13.99	17.14	16.67	20.34	8.43	9.65	12.02	12.88
Net Income to Common Margin (%)	7.65	9.72	11.72	7.86	9.87	14.09	15.88	13.99	17.14	16.67	20.34	8.43	9.65	12.02	12.88
Effective Tax Rate (%)	27	30.4	31.31	28.29	29.41	30.63	15.1	19.25	21.01	20.62	21.09	20.61	17.32	21.26	21.03
Dvd Payout Ratio (%)	8.64	5.39	4.45	6.72	6.29	7.02	27.53	105.46	57.64	80.46	56.03	38.41	50.95	96.11	56.66
Sustainable Growth Rate (%)	6.42	10.34	12.71	7.47	9.19	13.22	12.21	-0.71	7.34	4.01	13.97	6.31	4.33	0.48	5.88

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	5	4	5	7	6	6	8
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	5	4	5	7	6	4	6
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	62.68	61.55	61.98	62.97	62.02	62.59	65.04	71.52	71.34	69.31	68.14	70.88	75.91	75.37	73.58
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.35	1.83	2.33	2.84	2.56	1.63	2.37
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.34	1.84	2.31	2.76	2.51	1.59	2.31
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.71	1.3	1.61	2.01	1.95	1.23	1.75
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.35	1.83	2.33	2.84	2.56	2.52	3
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.34	1.84	2.31	2.76	2.51	2.47	2.92
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.71	1.3	1.61	2.01	1.95	1.91	2.22
Net Debt to Equity	-16.94	-18.07	-18.37	-11.5	-15.26	-18	-11.36	-10.64	-13.56	-6.85	-16.22	-14.65	-9.55	-9.79	-7.77
Net Debt/Capital (%)	-22.29	-24.34	-25.23	-14.54	-19.9	-24.19	-14.26	-11.98	-15.56	-7.38	-19.16	-16.63	-10.3	-10.58	-8.19
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	-1	-1	-2	-3	-2	-3	-2	-1	-3	-7	-6	-9	-7	-6
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	62.68	61.55	61.98	62.97	62.02	62.59	65.04	71.52	71.34	69.31	68.14	70.88	75.91	75.37	73.58
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.35	1.83	2.33	2.84	2.56	1.63	2.37
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.34	1.84	2.31	2.76	2.51	1.59	2.31
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.71	1.3	1.61	2.01	1.95	1.23	1.75
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.35	1.83	2.33	2.84	2.56	2.52	3
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.34	1.84	2.31	2.76	2.51	2.47	2.92
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.71	1.3	1.61	2.01	1.95	1.91	2.22
CFO/Total Liabilities	17.51	15.3	25.64	16.01	24.61	30.58	28.02	35.53	28.84	41.33	50.71	36.66	9.4	36.48	32.62
CFO/CapEx	24.94	15.27	10.75	4.8	6.17	9.18	6.9	13.12	14.08	10.65	7.95	6.37	0.81	4.02	5.57
Altman's Z-Score	2.35	2.86	3.22	2.98	3.21	4.02	4.8	4.63	4.25	3.98	4.23	3.63	4.16	5.19	4.87

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	12.9	12.9	12.76	14.24	15.02	16.25	17.32	14.1	14.89	14.8	15.55	13.49	13.88	17.6	16.47
Days Sales Outstanding	28.3	28.3	28.6	25.64	24.3	22.46	21.07	25.88	24.52	24.66	23.47	27.05	26.3	20.74	22.16
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	77	125	167	148	198	302	374	333	301	289	373	280	307	446	471
- Cash & Cash Equivalents	18	21	24	16	22	28	20	19	26	14	37	35	24	25	21
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	5	4	5	7	6	6	8
Enterprise Value	-41	9	44	21	64	165	227	193	161	147	216	94	115	256	361
Total Capital	99	106	117	125	131	143	162	175	193	200	231	248	257	258	275
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.34	1.84	2.31	2.76	2.51	2.47	2.92
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.03	0.03	0.02	0.07	0.06	0.02	0.02
EV/Sales	- -	0.08	0.35	0.17	0.5	1.19	1.4	1.23	0.88	0.62	0.66	0.33	0.51	0.99	1.32
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	1.05	2.88	2.13	3.77	7.33	11.41	7.91	7.71	4.3	4.16	2.59	15.52	8.58	11.68
EV/Free Cash Flow to Firm	- -	0.98	2.63	1.77	3.25	6.61	9.96	7.35	7.2	3.93	3.69	2.24	6.94	6.87	9.9
Diluted Market Cap	78	127	168	149	199	303	376	335	302	290	375	280	307	448	473
Diluted Enterprise Value	60	107	145	133	177	275	356	316	280	280	343	252	289	430	460
EV per Share	- -	4.36	21.43	10.17	32.16	86.72	120.29	102.26	85.46	77.45	113.96	49.44	60.9	135.77	191.47
TTM Sales	91	115	126	123	127	138	162	156	184	236	329	283	225	259	273
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	9	9	15	10	17	23	20	24	21	34	52	36	7	30	31
TTM Free Cash Flow to Firm	9	9	17	12	20	25	23	26	22	37	58	42	17	37	36

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	8.28	13.72	10.05	12.69	10.12	12.11	16.51	12.77	13.47	7.78	6.41	6.69	18.48	12.02	12.96
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-41	9	44	21	64	165	227	193	161	147	216	94	115	256	361
Low Price	28.79	35.8	60.1	62.53	66.55	76.35	118.1	156	134.04	96.45	140.25	125.8	127.71	146.41	190.2
EV/Sales	- -	0.08	0.35	0.17	0.5	1.19	1.4	1.23	0.88	0.62	0.66	0.33	0.51	0.99	1.32
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	11.1	11.16	11.25	15.31	15.81	15.46	14.56	15.25	9.55	7.34	5.57	11.71	14.15	14.36	13.39
Price/Earnings Average	10.92	10.04	10.03	15.27	11.79	9.88	12.63	16.19	9.72	6.74	5.09	13.19	12.97	11.96	12.77
Price/Earnings High	13.55	13.08	11.61	17.27	16.19	17.02	14.97	19.15	11.07	9.32	7.01	16.94	14.65	17.62	15.5
Price/Earnings Low	8.93	6.66	8.35	13.13	10.52	7.46	8.67	13.47	8.04	4.63	3.96	9.98	11.15	8.88	10.2
Price/Book Value	0.78	1.18	1.43	1.19	1.51	2.11	2.31	1.91	1.6	1.48	1.65	1.16	1.22	1.78	1.76
Price/Book Value Average	0.77	1.06	1.27	1.18	1.13	1.35	2.01	2.03	1.62	1.36	1.51	1.31	1.12	1.48	1.68
Price/Book Value High	0.95	1.38	1.47	1.34	1.55	2.32	2.38	2.4	1.85	1.87	2.08	1.68	1.27	2.18	2.04
Price/Book Value Low	0.63	0.7	1.06	1.02	1.01	1.02	1.38	1.69	1.34	0.93	1.18	0.99	0.96	1.1	1.34
Price/Tangible Book Value	0.72	1.1	1.31	1.09	1.4	2.11	2.25	2.02	1.66	1.52	1.75	1.25	1.3	1.89	1.9
Price/Tangible Book Value Average	0.71	0.99	1.17	1.08	1.05	1.35	1.95	2.15	1.69	1.39	1.6	1.41	1.2	1.57	1.82
Price/Tangible Book Value High	0.88	1.29	1.35	1.23	1.44	2.32	2.31	2.54	1.92	1.93	2.2	1.81	1.35	2.31	2.2
Price/Tangible Book Value Low	0.58	0.66	0.97	0.93	0.93	1.02	1.34	1.79	1.4	0.96	1.25	1.07	1.03	1.17	1.45
Price/Sales	0.85	1.09	1.32	1.2	1.56	2.18	2.31	2.13	1.64	1.22	1.13	0.99	1.37	1.73	1.72
Price/Sales Average	0.84	0.98	1.18	1.2	1.16	1.39	2.01	2.26	1.67	1.12	1.04	1.11	1.25	1.44	1.64
Price/Sales High	1.04	1.27	1.36	1.36	1.6	2.4	2.38	2.68	1.9	1.55	1.43	1.43	1.41	2.12	2
Price/Sales Low	0.68	0.65	0.98	1.03	1.04	1.05	1.38	1.88	1.38	0.77	0.81	0.84	1.08	1.07	1.31
Price/Cash Flow	8.54	14.38	10.88	15.29	11.73	13.37	18.81	13.67	14.37	8.49	7.19	7.73	41.33	14.96	15.23
Price/Cash Flow Average	8.41	12.93	9.7	15.25	8.74	8.55	16.32	14.51	14.61	7.79	6.57	8.71	37.88	12.45	14.52
Price/Cash Flow High	10.43	16.85	11.23	17.25	12.01	14.72	19.34	17.17	16.65	10.78	9.04	11.18	42.78	18.34	17.63
Price/Cash Flow Low	6.88	8.58	8.07	13.12	7.81	6.45	11.2	12.07	12.1	5.35	5.12	6.59	32.56	9.25	11.6
Price/Free Cash Flow Average	8.15	12.34	8.96	12.66	7.55	7.74	14.32	13.55	13.7	7.14	5.85	7.53	16.93	10.01	12.36
Price/Free Cash Flow High	10.11	16.08	10.37	14.32	10.37	13.32	16.98	16.04	15.61	9.88	8.06	9.67	19.13	14.74	15.01
Price/Free Cash Flow Low	6.67	8.19	7.46	10.89	6.74	5.84	9.83	11.28	11.34	4.9	4.56	5.7	14.55	7.43	9.88
EV/Sales Average	0.64	0.8	0.99	1.07	0.99	1.19	1.88	2.14	1.55	1.08	0.94	1.01	1.17	1.37	1.6
EV/Sales High	0.84	1.1	1.18	1.23	1.43	2.2	2.25	2.56	1.78	1.51	1.33	1.33	1.34	2.05	1.95
EV/Sales Low	0.48	0.47	0.8	0.9	0.87	0.85	1.25	1.76	1.26	0.73	0.71	0.74	1	1	1.27
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	35.77	60	80.98	72.9	100	158.18	198.35	176.68	159.2	153	197.15	147.55	162.14	236.76	249.64
High Price	43.67	70.31	83.55	82.22	102.41	174.1	203.97	221.88	184.49	194.26	248	213.45	167.84	290.4	288.98
Enterprise Value Average	58	92	125	132	126	165	304	335	284	256	309	287	264	353	436
Enterprise Value High	76	126	149	151	182	304	365	400	327	357	438	376	300	529	533
Enterprise Value Low	44	54	100	111	110	118	203	276	232	172	234	210	224	258	346

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Diluted Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Basic Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Revenue per Share	42.15	55.28	61.4	60.6	64.1	72.6	85.78	82.81	97.19	124.95	173.97	149.39	118.73	137.19	144.79
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	3.22	5.38	7.2	4.76	6.32	10.23	13.62	11.58	16.66	20.84	35.39	12.6	11.46	16.48	18.64
Basic EPS from Cont Ops	3.22	5.38	7.2	4.76	6.32	10.23	13.62	11.58	16.66	20.84	35.39	12.6	11.46	16.48	18.64
Diluted EPS, GAAP	3.2	5.29	7.13	4.75	6.31	10.19	13.56	11.52	16.59	20.79	35.27	12.59	11.46	16.42	18.56
Diluted EPS from Cont Ops	3.2	5.29	7.13	4.75	6.31	10.19	13.56	11.52	16.59	20.79	35.27	12.59	11.46	16.42	18.56
Dividend per Share	0.28	0.29	0.32	0.32	0.4	0.72	3.75	12.2	9.6	16.76	19.83	4.84	5.84	15.84	10.56
Cash Flow per Share	4.19	4.17	7.44	4.77	8.52	11.83	10.55	12.92	11.08	18.02	27.42	19.08	3.92	15.83	16.4
Free Cash Flow per Basic Share	4.02	3.9	6.75	3.77	7.14	10.54	9.02	11.94	10.29	16.33	23.97	16.09	-0.93	11.89	13.45
Cash & Equivalents per Share	54.65	55.87	59.82	62.73	67.89	71.51	78.11	74.42	76.12	77.49	86	101.71	104.65	104.36	62.44
Book Value per Share	46.02	50.83	56.76	61.38	66.11	75.11	85.82	92.58	99.72	103.64	119.25	126.94	132.55	133.38	141.61
Tangible Book Value per Share	49.51	54.62	61.89	67.07	71.34	74.9	88.3	87.37	95.91	100.77	112.53	117.76	124.3	125.57	131.09

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Per Share Data Items (USD)