Old Republic International Corporation Financial Ratios — ORI

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 (%)	-4.86	-2.63	17.13	14.34	13.69	14.02	16.16	9.71	23.89	11.9	30.02	12.32	10.37	14.59	16.23
Return on Assets (%)	-0.88	-0.43	2.73	2.44	2.48	2.62	2.95	1.91	5.23	2.55	6.42	2.74	2.32	3.14	3.24
Return on Capital (%)	- -	- -	14.51	11.78	11.13	10.96	12.29	8.08	20.16	10.49	21.99	9.3	8.89	12.3	13.38
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 (%)	-5.1	-2.59	12.36	11.02	10.96	11.63	11.58	7	17.73	9.61	20.58	10.61	10.3	13	12.96
Profit Margin (%)	-3.02	-1.38	8.23	7.41	7.32	7.91	8.95	5.92	14.16	7.8	16.42	8.49	8.25	10.36	10.24
Net Income to Common Margin (%)	-3.02	-1.38	8.23	7.41	7.32	7.91	8.95	5.92	14.16	7.8	16.42	8.49	8.25	10.36	10.24
Effective Tax Rate (%)	- -	- -	33.44	32.77	33.18	31.92	22.72	15.43	20.11	18.84	20.17	19.93	19.9	20.28	20.45
Dvd Payout Ratio (%)	-126.88	-264.19	41.26	45.96	45.31	41.5	35.46	134.63	50.99	44.76	66.42	84.44	46.02	31.88	82.52
Sustainable Growth Rate (%)	-11.03	-9.58	10.06	7.75	7.49	8.2	10.43	-3.36	11.71	6.57	10.08	1.92	5.6	9.94	2.84

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	913	573	569	965	953	1,528	1,448	981	974	966	3,177	1,597	1,591	1,589	1,590
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	397	398	1,588	399	400	- -	- -
LT Debt	913	573	569	965	953	1,528	1,448	981	577	568	1,588	1,198	1,192	1,589	1,590
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	63	36	22	26	42	50	63	42	40	44	56	67	70	77	70
Common Equity/Total Assets	17.02	15.29	16.61	17.47	18.71	18.62	17.91	21.49	22.25	20.6	22.1	22.33	22.35	20.72	19.29
Long-Term Debt/Equity (%)	24.19	15.93	15.08	24.59	24.55	34.27	30.6	19.07	9.61	9.19	23.04	19.4	18.59	28.27	26.82
Long-Term Debt/Capital (%)	25.04	18.75	17.17	24.54	22.95	30.63	29.41	19.11	10.18	10.03	18.26	16.6	15.86	21.59	21.58
Long-Term Debt/Total Assets (%)	5.69	3.53	3.44	5.68	5.57	8.22	7.47	5.08	2.74	2.49	6.36	4.76	4.5	5.71	5.32
Total Debt/Equity (%)	24.19	15.93	15.08	24.59	24.55	34.27	30.6	19.07	16.23	15.62	46.09	25.87	24.82	28.27	26.82
Total Debt/Capital (%)	25.04	18.75	17.17	24.54	22.95	30.63	29.41	19.11	17.2	17.06	36.52	22.13	21.18	21.59	21.58
Total Debt/Total Assets (%)	5.69	3.53	3.44	5.68	5.57	8.22	7.47	5.08	4.62	4.24	12.72	6.35	6	5.71	5.32
Net Debt to Equity	21.73	13.11	11.02	21.11	20.43	31	27.94	17.12	14.92	13.7	43.8	24.56	21.66	24.68	22.38
Net Debt/Capital (%)	23.08	15.97	13.15	21.82	19.86	28.54	27.56	17.5	16.03	15.28	35.35	21.25	18.99	19.38	18.68
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	17.02	15.29	16.61	17.47	18.71	18.62	17.91	21.49	22.25	20.6	22.1	22.33	22.35	20.72	19.29
Long-Term Debt/Equity (%)	24.19	15.93	15.08	24.59	24.55	34.27	30.6	19.07	9.61	9.19	23.04	19.4	18.59	28.27	26.82
Long-Term Debt/Capital (%)	25.04	18.75	17.17	24.54	22.95	30.63	29.41	19.11	10.18	10.03	18.26	16.6	15.86	21.59	21.58
Long-Term Debt/Total Assets (%)	5.69	3.53	3.44	5.68	5.57	8.22	7.47	5.08	2.74	2.49	6.36	4.76	4.5	5.71	5.32
Total Debt/Equity (%)	24.19	15.93	15.08	24.59	24.55	34.27	30.6	19.07	16.23	15.62	46.09	25.87	24.82	28.27	26.82
Total Debt/Capital (%)	25.04	18.75	17.17	24.54	22.95	30.63	29.41	19.11	17.2	17.06	36.52	22.13	21.18	21.59	21.58
Total Debt/Total Assets (%)	5.69	3.53	3.44	5.68	5.57	8.22	7.47	5.08	4.62	4.24	12.72	6.35	6	5.71	5.32
CFO/Total Liabilities	-0.77	4.21	5.38	-1.39	5.21	4.51	3.09	5.36	6.21	7.13	7.25	6.17	4.38	5.55	4.86
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.62	0.63	0.75	0.72	0.8	0.77	0.78	0.86	0.91	0.8	0.91	0.85	0.82	0.83	0.84

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	1.75	1.15	1.24	1.21	1.25	1.29	1.32	1.27	1.45	1.27	1.47	1.2	1.03	1.04	1.02
Days Sales Outstanding	208.44	317.81	294.34	300.83	291.32	281.95	275.76	286.51	251.34	286.45	247.5	303.85	354.56	350.71	356.67
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	2,364	2,724	4,446	3,783	4,835	4,929	5,604	6,053	6,714	5,888	7,424	7,270	8,301	9,351	11,176
- Cash & Cash Equivalents	93	101	153	137	160	146	126	100	79	119	158	81	203	202	263
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14
+ Total Debt	913	573	569	965	953	1,528	1,448	981	974	966	3,177	1,597	1,591	1,589	1,590
Enterprise Value	-6,721	-6,665	-4,997	-4,440	-3,251	-2,572	-2,026	-1,604	-1,672	-4,511	-799	-3,821	-3,483	-2,757	9,546
Total Capital	3,644	3,054	3,315	3,933	4,152	4,991	4,925	5,134	5,664	5,665	8,698	7,216	7,514	7,357	7,366
Total Debt/Capital (%)	25.04	18.75	17.17	24.54	22.95	30.63	29.41	19.11	17.2	17.06	36.52	22.13	21.18	21.59	21.58
Total Debt / EV	-0.14	-0.09	-0.11	-0.22	-0.29	-0.59	-0.72	-0.61	-0.58	-0.21	-3.98	-0.42	-0.46	-0.58	0.17
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.88	0.9	1.04
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.79	5.7	7.82
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.79	5.7	7.82
Diluted Market Cap	2,364	2,731	5,072	4,317	5,516	5,631	6,401	6,192	6,733	5,888	7,468	7,335	8,380	9,524	11,476
Diluted Enterprise Value	3,184	3,202	5,488	5,145	6,309	7,014	7,724	7,073	7,628	6,735	10,487	8,851	9,769	10,911	12,817
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	22.53	28.55	38.98
TTM Sales	4,645	4,970	5,442	5,530	5,766	5,900	6,263	6,259	7,460	7,166	9,341	8,083	7,258	8,232	9,136
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-57	551	701	-164	716	671	501	796	968	1,220	1,357	1,224	937	1,295	1,220
TTM Free Cash Flow to Firm	-57	551	701	-164	716	671	501	796	968	1,220	1,357	1,224	937	1,295	1,220

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	-24.91	5.13	7.39	-23.82	8.02	8.84	14.14	8.14	7.19	4.97	5.69	6.27	9.52	7.72	9.86
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-6,721	-6,665	-4,997	-4,440	-3,251	-2,572	-2,026	-1,604	-1,672	-4,511	-799	-3,821	-3,483	-2,757	9,546
Low Price	7.15	7.76	10.74	13.43	13.59	16.51	17.92	19.48	19.68	11.88	17.94	20.27	23.31	27.2	33
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.88	0.9	1.04
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	9.93	9.23	11.45	10.56	10	16.34	6.36	10.54	4.84	10.59	13.87	10.97	11.95
Price/Earnings Average	-19.96	-36.43	8.05	9.85	9.87	10.25	9.35	16.81	6.28	9.33	4.67	10.4	12.43	9.86	10.24
Price/Earnings High	-25.27	-41.8	10.03	10.89	11.75	11.11	10.08	18.31	6.85	12.63	5.25	11.93	14.1	11.9	12.24
Price/Earnings Low	-12.98	-28.94	6.17	8.48	8.35	9.17	8.38	15.47	5.59	6.35	3.53	8.89	11	8.24	8.64
Price/Book Value	0.87	1.1	1.62	1.27	1.51	1.42	1.61	1.46	1.43	1.25	1.34	1.29	1.4	1.62	1.94
Price/Book Value Average	1.03	1.01	1.31	1.36	1.3	1.38	1.51	1.5	1.42	1.11	1.3	1.27	1.26	1.46	1.66
Price/Book Value High	1.3	1.16	1.64	1.5	1.55	1.5	1.63	1.63	1.54	1.5	1.46	1.46	1.42	1.76	1.99
Price/Book Value Low	0.67	0.8	1.01	1.17	1.1	1.24	1.35	1.38	1.26	0.76	0.98	1.09	1.11	1.22	1.4
Price/Tangible Book Value	0.63	0.76	1.18	0.96	1.25	1.11	1.18	1.18	1.12	0.95	1.08	1.18	1.29	1.66	1.89
Price/Tangible Book Value Average	0.74	0.69	0.95	1.03	1.07	1.07	1.11	1.21	1.11	0.84	1.04	1.16	1.16	1.5	1.62
Price/Tangible Book Value High	0.94	0.8	1.19	1.14	1.28	1.16	1.19	1.32	1.21	1.14	1.17	1.33	1.32	1.81	1.93
Price/Tangible Book Value Low	0.48	0.55	0.73	0.88	0.91	0.96	0.99	1.11	0.98	0.57	0.79	0.99	1.03	1.25	1.36
Price/Sales	0.51	0.55	0.82	0.68	0.84	0.84	0.89	0.97	0.9	0.82	0.79	0.9	1.14	1.14	1.22
Price/Sales Average	0.6	0.5	0.66	0.73	0.72	0.81	0.84	1	0.89	0.73	0.77	0.88	1.02	1.02	1.05
Price/Sales High	0.76	0.58	0.83	0.81	0.86	0.88	0.9	1.08	0.97	0.98	0.86	1.01	1.16	1.23	1.25
Price/Sales Low	0.39	0.4	0.51	0.63	0.61	0.73	0.75	0.92	0.79	0.5	0.58	0.75	0.91	0.85	0.88
Price/Cash Flow	-24.91	5.12	6.47	-20.88	7.02	7.73	12.38	7.96	7.17	4.97	5.66	6.21	9.43	7.58	9.6
Price/Cash Flow Average	-29.56	4.7	5.25	-22.27	6.05	7.51	11.57	8.19	7.09	4.4	5.46	6.1	8.45	6.82	8.23
Price/Cash Flow High	-37.41	5.39	6.54	-24.63	7.21	8.14	12.48	8.92	7.73	5.95	6.15	6.99	9.59	8.23	9.83
Price/Cash Flow Low	-19.22	3.73	4.03	-19.16	5.12	6.72	10.37	7.54	6.31	2.99	4.13	5.21	7.48	5.7	6.94
Price/Free Cash Flow Average	-29.56	4.71	5.98	-25.42	6.9	8.57	13.21	8.38	7.11	4.4	5.49	6.15	8.53	6.95	8.45
Price/Free Cash Flow High	-37.41	5.4	7.46	-28.11	8.22	9.3	14.26	9.12	7.75	5.95	6.18	7.05	9.68	8.38	10.1
Price/Free Cash Flow Low	-19.22	3.74	4.59	-21.87	5.85	7.68	11.85	7.71	6.33	2.99	4.16	5.26	7.55	5.8	7.13
EV/Sales Average	0.78	0.6	0.74	0.88	0.86	1.05	1.05	1.14	1.01	0.85	1.09	1.07	1.22	1.19	1.2
EV/Sales High	0.94	0.67	0.9	0.96	1	1.11	1.11	1.22	1.09	1.1	1.19	1.2	1.35	1.4	1.4
EV/Sales Low	0.57	0.49	0.58	0.78	0.75	0.96	0.96	1.06	0.91	0.61	0.9	0.94	1.1	1.02	1.03
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	9.27	10.65	17.27	14.63	18.63	19	21.38	20.57	22.37	19.71	24.58	24.15	29.4	36.19	45.64
High Price	13.92	11.21	17.45	17.26	19.11	20	21.56	23.05	24.1	23.62	26.69	27.19	29.89	39.27	46.76
Enterprise Value Average	3,625	2,971	4,019	4,864	4,957	6,166	6,561	7,111	7,531	6,062	10,183	8,655	8,826	9,797	10,920
Enterprise Value High	4,370	3,339	4,908	5,291	5,752	6,571	6,974	7,663	8,128	7,903	11,080	9,702	9,828	11,534	12,791
Enterprise Value Low	2,643	2,457	3,181	4,301	4,320	5,666	6,020	6,613	6,801	4,396	8,437	7,618	7,970	8,415	9,422

	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	259	256	260	261	262	263	269	303	304	304	308	297	278	249	246
Diluted Weighted Avg Shares	255	256	294	295	296	296	299	301	301	299	304	304	285	263	251
Basic Weighted Avg Shares	255	256	257	259	260	259	262	294	300	299	302	301	282	258	245
Revenue per Share	18.21	19.43	21.14	21.39	22.22	22.74	23.89	21.27	24.86	23.99	30.93	26.85	25.71	31.86	37.31
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-0.55	-0.27	1.74	1.58	1.63	1.8	2.14	1.26	3.52	1.87	5.08	2.28	2.12	3.3	3.82
Basic EPS from Cont Ops	-0.55	-0.27	1.74	1.58	1.63	1.8	2.14	1.26	3.52	1.87	5.08	2.28	2.12	3.3	3.85
Diluted EPS, GAAP	-0.55	-0.27	1.52	1.39	1.43	1.58	1.87	1.23	3.51	1.87	5.05	2.26	2.1	3.24	3.72
Diluted EPS from Cont Ops	-0.55	-0.27	1.53	1.39	1.43	1.58	1.87	1.23	3.51	1.87	5.05	2.26	2.1	3.24	3.75
Dividend per Share	0.7	0.71	0.72	0.73	0.74	0.75	0.76	1.7	1.79	0.84	3.37	1.93	0.98	1.05	3.2
Cash Flow per Share	-0.37	2.08	2.67	-0.7	2.65	2.46	1.73	2.58	3.12	3.97	4.34	3.89	3.12	4.77	4.75
Free Cash Flow per Basic Share	-0.37	2.08	2.67	-0.7	2.65	2.46	1.73	2.58	3.12	3.97	4.34	3.89	3.12	4.77	4.75
Cash & Equivalents per Share	39.2	38.94	38.89	35.54	34.83	34.8	34.63	29.36	31.19	38.05	37.74	42.15	47.37	53.01	13.21
Book Value per Share	10.71	9.7	10.67	11.48	12.33	13.35	13.26	14.11	15.63	15.73	18.28	18.66	20.98	22.32	23.53
Tangible Book Value per Share	14.79	14.06	14.66	15.18	14.95	17.19	18.06	17.49	19.99	20.71	22.82	20.51	22.7	21.75	24.21

Old Republic International Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)