Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 11.0x · ROE 13.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $553M | $473M | $448M | $307M | $280M | $375M | $290M | $302M | $335M | $376M | $303M |
| Enterprise Value | $540M | $460M | $430M | $289M | $252M | $343M | $280M | $280M | $316M | $356M | $275M |
| P/E Ratio → | 15.77 | 13.44 | 14.42 | 14.15 | 11.72 | 5.59 | 7.36 | 9.60 | 15.34 | 14.63 | 15.52 |
| P/S Ratio | 2.03 | 1.73 | 1.73 | 1.37 | 0.99 | 1.14 | 1.23 | 1.64 | 2.14 | 2.33 | 2.19 |
| P/B Ratio | 2.07 | 1.76 | 1.78 | 1.22 | 1.16 | 1.64 | 1.45 | 1.58 | 1.91 | 2.11 | 1.95 |
| P/FCF | 21.78 | 18.64 | 19.98 | — | 9.18 | 8.25 | 9.39 | 15.53 | 14.88 | 22.11 | 15.09 |
| P/OCF | 17.87 | 15.29 | 15.01 | 41.33 | 7.74 | 7.21 | 8.51 | 14.43 | 13.74 | 18.90 | 13.44 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.69 | 1.66 | 1.29 | 0.89 | 1.04 | 1.18 | 1.53 | 2.03 | 2.20 | 1.99 |
| EV / EBITDA | 11.03 | 9.40 | 9.77 | 9.53 | 7.47 | 3.92 | 5.39 | 6.66 | 10.80 | 10.91 | 9.27 |
| EV / EBIT | 12.12 | 10.33 | 10.89 | 11.03 | 8.36 | 4.04 | 5.64 | 7.04 | 11.69 | 11.76 | 9.78 |
| EV / FCF | — | 18.13 | 19.17 | — | 8.24 | 7.55 | 9.06 | 14.43 | 14.05 | 20.92 | 13.70 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.3% | 98.3% | 56.7% | 60.8% | 55.6% | 54.9% | 52.6% | 58.4% | 58.1% | 55.5% | 53.9% |
| Operating Margin | 16.3% | 16.3% | 15.3% | 11.7% | 10.6% | 25.8% | 21.0% | 21.7% | 17.3% | 18.7% | 20.3% |
| Net Profit Margin | 12.9% | 12.9% | 12.0% | 9.6% | 8.4% | 20.3% | 16.7% | 17.1% | 14.0% | 15.9% | 14.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 13.5% | 12.3% | 8.8% | 10.2% | 31.2% | 20.1% | 17.1% | 12.4% | 15.4% | 13.1% |
| ROA | 10.1% | 10.1% | 9.4% | 6.5% | 7.1% | 21.8% | 14.4% | 12.4% | 8.9% | 10.8% | 8.9% |
| ROIC | 13.7% | 13.7% | 12.7% | 8.8% | 11.0% | 32.9% | 20.7% | 18.3% | 12.9% | 15.9% | 17.0% |
| ROCE | 14.8% | 14.8% | 13.5% | 9.1% | 11.6% | 39.8% | 18.2% | 15.7% | 12.4% | 13.7% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | — | — | — |
| Debt / EBITDA | 0.16 | 0.16 | 0.14 | 0.21 | 0.20 | 0.06 | 0.07 | 0.11 | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.07 | -0.07 | -0.12 | -0.14 | -0.05 | -0.11 | -0.11 | -0.11 | -0.18 |
| Net Debt / EBITDA | -0.26 | -0.26 | -0.42 | -0.58 | -0.85 | -0.36 | -0.19 | -0.51 | -0.64 | -0.62 | -0.94 |
| Debt / FCF | — | -0.50 | -0.82 | — | -0.93 | -0.70 | -0.33 | -1.10 | -0.83 | -1.19 | -1.39 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($21M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.93 | 2.93 | 5.11 | 5.93 | 3.88 | 2.12 | — | — | 5.53 | 2465.62 | 56.07 |
| Quick Ratio | 2.93 | 2.93 | 5.11 | 5.93 | 3.88 | 2.12 | — | — | 8.32 | 7.78 | 0.17 |
| Cash Ratio | 2.34 | 2.34 | 4.55 | 5.18 | 3.33 | 1.74 | — | — | 5.06 | 5.34 | 0.11 |
| Asset Turnover | — | 0.75 | 0.77 | 0.68 | 0.83 | 0.99 | 0.84 | 0.70 | 0.64 | 0.65 | 0.60 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 4.2% | 6.7% | 3.6% | 3.3% | 10.0% | 10.9% | 6.0% | 6.9% | 1.9% | 0.5% |
| Payout Ratio | 56.7% | 56.7% | 96.1% | 50.9% | 38.4% | 56.0% | 80.5% | 57.6% | 105.3% | 27.5% | 7.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 7.4% | 6.9% | 7.1% | 8.5% | 17.9% | 13.6% | 10.4% | 6.5% | 6.8% | 6.4% |
| FCF Yield | 4.6% | 5.4% | 5.0% | — | 10.9% | 12.1% | 10.6% | 6.4% | 6.7% | 4.5% | 6.6% |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 2.1% |
| Total Shareholder Yield | 3.6% | 4.2% | 6.9% | 3.9% | 3.3% | 10.0% | 10.9% | 6.0% | 6.9% | 1.9% | 2.5% |
| Shares Outstanding | — | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ITIC stock.
Investors Title Company's current P/E ratio is 15.8x. The historical average is 11.5x. This places it at the 97th percentile of its historical range.
Investors Title Company's current EV/EBITDA is 11.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
Investors Title Company's return on equity (ROE) is 13.5%. The historical average is 13.0%.
Based on historical data, Investors Title Company is trading at a P/E of 15.8x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Investors Title Company's current dividend yield is 3.59% with a payout ratio of 56.7%.
Investors Title Company has 98.3% gross margin and 16.3% operating margin. Operating margin between 10-20% is typical for established companies.
Investors Title Company's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Volatile claims and earnings
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Strong ROE
At a P/B of 2.07, Investors Title trades at a significant premium to its title insurance peers, which appear to be valued closer to 1.2-1.4x book, suggesting the market is pricing in its superior recent profitability and capital efficiency.
The current P/B multiple implies the market expects ITIC to sustain a return on equity well above its peers, which is supported by its recent ROE of 5.2% in 2026Q2. However, the forward P/E of 48.23 indicates that analysts anticipate a significant earnings contraction from current levels, which may reflect an expectation that the exceptionally low loss ratios are not sustainable. This valuation premium warrants scrutiny of whether it is justified by a durable competitive advantage or is a temporary reflection of favorable underwriting conditions.
Combined Ratio Volatility Drives Earnings
The combined ratio has swung dramatically from 92.8% in 2025Q1 to 77.5% in 2026Q2, indicating that underwriting profitability is highly sensitive to claims activity, as reported in the company's quarterly financial statements.
This volatility is primarily driven by the loss ratio, which has fluctuated between 0.7% and 44.7% over the past ten quarters. The recent quarters of sub-4% loss ratios suggest a period of exceptionally favorable claims experience, but this level is historically unusual and may not be indicative of a sustainable underwriting cycle. Investors should monitor whether the current profitability represents a structural improvement or a temporary lull in claims activity.
ROE Driven by Underwriting, Not Leverage
With a debt-to-equity ratio of just 0.03, Investors Title's ROE of 5.2% in 2026Q2 is almost entirely generated from underwriting margins and investment income on float, rather than financial leverage.
This capital structure is conservative for the insurance sector and suggests the company prioritizes balance sheet strength over amplified returns. The ROE trajectory is therefore a direct reflection of underwriting profitability, making the combined ratio the key driver of shareholder returns. The current ROE level appears strong relative to peers like FNF (8.6%) and STC (8.4%), but its sustainability is contingent on maintaining favorable loss experience.
Minimal Leverage Amplifies Underwriting Focus
Investors Title's premium-to-surplus leverage is exceptionally low, as evidenced by its debt-to-equity ratio of 0.03, which is far below the levels seen at larger peers like FNF (0.53) and FAF (0.35).
This conservative posture provides a substantial capital buffer against adverse loss development, which is critical given the company's demonstrated claims volatility. However, it also means the company is not using financial leverage to enhance returns on equity, placing the entire burden of ROE generation on underwriting discipline and investment performance. This approach may limit earnings growth potential in favorable markets but provides significant downside protection.
Outperforming Peers on Profitability Metrics
Investors Title's recent combined ratio of 77.5% and ROE of 5.2% compare favorably to the peer group, where FNF and FAF report combined ratios typically in the 90-95% range and ROEs of 8.6% and 13.6% respectively.
The company's superior underwriting profitability appears to be the primary driver of its valuation premium. However, its smaller scale and more volatile earnings profile, as seen in the 2025Q1 loss spike, differentiate it from the larger, more diversified peers. The premium valuation may be justified if ITIC can demonstrate more consistent underwriting performance, but the historical volatility suggests this is not yet a proven trend.
The Peril of Low Loss Ratios
The most commonly misapplied metric is the current combined ratio, as the exceptionally low loss ratios below 4% may obscure potential reserve inadequacy or a benign claims environment that is not sustainable.
Investors focusing solely on the attractive 77.5% combined ratio may overlook that this level is historically anomalous for the company and the industry. The prior analysis noted that claims payments have been highly irregular, and the current low-loss period could be masking a build-up of incurred but not reported losses. A more appropriate metric for analysis would be the average combined ratio over a full underwriting cycle, which would smooth out the volatility and provide a more realistic view of normalized profitability.