Revenue growth remains highly cyclical, ranging from a 13.2% increase in 2026Q1 to a 1.6% contraction in 2025Q4, while underwriting profitability is frequently disrupted by large, non-linear claims expenses like the $25.2 million recorded in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 280.2M | 272.75M | 258.3M | 224.75M | 283.39M | 329.5M | 236.41M | 183.5M | 156.26M | 161.63M | 138.49M | 127.2M | 123.12M | 126.25M | 115.08M | 90.69M | 71.31M | 71.31M | 71.12M | 84.94M | 84.66M | 87.86M | 79.84M | 90.83M | 72.85M | 63.79M | 0 | 47.37M | 48.48M | 32.39M | 22.99M |
| Revenue Growth % | 7.19% | 5.6% | 14.93% | -20.69% | -13.99% | 39.38% | 28.83% | 17.43% | -3.32% | 16.71% | 8.87% | 3.31% | -2.48% | 9.71% | 26.9% | 27.17% | 0% | 0.26% | -16.27% | 0.33% | -3.64% | 10.05% | -12.1% | 24.68% | 14.2% | - | -100% | -2.29% | 49.66% | 40.88% | 32.39% |
| Medical Costs & Claims | 2.68M | 4.61M | 111.87M | 88.14M | 125.82M | 148.5M | 112.01M | 76.31M | 65.44M | 71.95M | 63.89M | 66.65M | 70.86M | 66.58M | 65.5M | 52.94M | 4.44M | 8.47M | 15.21M | 10.13M | 7.41M | 38.47M | 7.98M | 9.29M | 6.87M | 6.79M | 0 | 6.03M | 8.09M | 4.68M | 2.94M |
| Medical Cost Ratio % | 0.96% | 1.69% | 43.31% | 39.22% | 44.4% | 45.07% | 47.38% | 41.59% | 41.88% | 44.52% | 46.13% | 52.4% | 57.56% | 52.74% | 56.92% | 58.38% | 6.22% | 11.87% | 21.38% | 11.93% | 8.75% | 43.79% | 10% | 10.23% | 9.43% | 10.64% | - | 12.72% | 16.7% | 14.45% | 12.79% |
| Gross Profit | 277.53M | 268.15M | 146.43M | 136.61M | 157.57M | 181M | 124.4M | 107.19M | 90.82M | 89.67M | 74.6M | 60.55M | 52.26M | 59.67M | 49.58M | 37.75M | 66.87M | 62.84M | 55.92M | 74.81M | 77.26M | 49.39M | 71.86M | 81.54M | 65.98M | 57.01M | 0 | 41.34M | 40.38M | 27.71M | 20.05M |
| Gross Margin % | 99.04% | 98.31% | 56.69% | 60.78% | 55.6% | 54.93% | 52.62% | 58.41% | 58.12% | 55.48% | 53.87% | 47.6% | 42.44% | 47.26% | 43.08% | 41.62% | 93.78% | 88.13% | 78.62% | 88.07% | 91.25% | 56.21% | 90% | 89.77% | 90.57% | 89.36% | - | 87.28% | 83.3% | 85.55% | 87.21% |
| Gross Profit Growth % | - | 83.13% | 7.18% | -13.3% | -12.94% | 45.5% | 16.05% | 18.03% | 1.27% | 20.2% | 23.21% | 15.86% | -12.43% | 20.36% | 31.35% | -43.56% | 6.41% | 12.39% | -25.25% | -3.17% | 56.42% | -31.27% | -11.87% | 23.58% | 15.74% | - | -100% | 2.38% | 45.72% | 38.2% | 25.82% |
| Operating Expenses | 229.32M | 223.6M | 106.96M | 110.38M | 127.46M | 96.06M | 74.74M | 67.37M | 63.75M | 59.4M | 46.47M | 42.77M | 38.77M | 38.13M | 33.5M | 28.25M | 58.26M | 56.93M | 59.13M | 62.98M | 59.93M | 30.81M | 56.35M | 65.37M | 54.31M | 48.95M | 0 | 34.88M | 32.69M | 21.26M | 14.63M |
| OpEx / Revenue % | 81.84% | 81.98% | 41.41% | 49.11% | 44.98% | 29.15% | 31.61% | 36.71% | 40.8% | 36.75% | 33.56% | 33.62% | 31.49% | 30.2% | 29.11% | 31.15% | 81.7% | 79.83% | 83.14% | 74.15% | 70.78% | 35.06% | 70.58% | 71.97% | 74.55% | 76.73% | - | 73.64% | 67.43% | 65.64% | 63.63% |
| Depreciation & Amortization | 3.92M | 4.42M | 4.5M | 4.12M | 3.58M | 2.44M | 2.26M | 2.26M | 2.23M | 2.35M | 1.52M | 1.11M | 833.1K | 1.18M | 954.93K | 814.65K | 851.85K | 949.42K | 1.25M | 1.46M | 1.34M | 1.09M | 1.01M | 874.96K | 986.89K | 1.41M | 0 | 470.84K | 393.03K | 346.55K | 328.68K |
| Combined Ratio % | 82.79% | 83.67% | 84.72% | 88.33% | 89.38% | 74.22% | 78.99% | 78.3% | 82.68% | 81.27% | 79.69% | 86.02% | 89.04% | 82.94% | 86.03% | 89.53% | 87.92% | 91.7% | 104.52% | 86.08% | 79.53% | 78.85% | 80.58% | 82.2% | 83.98% | 87.37% | - | 86.36% | 84.13% | 80.08% | 76.42% |
| Operating Income | 48.21M | 44.55M | 39.46M | 26.23M | 30.11M | 84.93M | 49.66M | 39.82M | 27.07M | 30.27M | 28.13M | 17.78M | 13.49M | 21.54M | 16.08M | 9.5M | 8.62M | 5.92M | -3.22M | 11.82M | 17.33M | 18.58M | 15.5M | 16.17M | 11.67M | 8.06M | 0 | 6.46M | 7.7M | 6.45M | 5.42M |
| Operating Margin % | 17.21% | 16.33% | 15.28% | 11.67% | 10.62% | 25.78% | 21.01% | 21.7% | 17.32% | 18.73% | 20.31% | 13.98% | 10.96% | 17.06% | 13.97% | 10.47% | 12.08% | 8.3% | -4.52% | 13.92% | 20.47% | 21.15% | 19.42% | 17.8% | 16.02% | 12.63% | - | 13.64% | 15.87% | 19.92% | 23.58% |
| Operating Income Growth % | - | 12.89% | 50.45% | -12.88% | -64.55% | 71.02% | 24.7% | 47.12% | -10.58% | 7.61% | 58.24% | 31.79% | -37.39% | 33.97% | 69.28% | 10.25% | 45.64% | 283.9% | -127.2% | -31.77% | -6.75% | 19.87% | -4.14% | 38.58% | 44.79% | - | -100% | -16.04% | 19.3% | 18.98% | 23.11% |
| EBITDA | 52.13M | 48.97M | 43.96M | 30.35M | 33.69M | 87.37M | 51.92M | 42.09M | 29.3M | 32.62M | 29.65M | 18.88M | 14.32M | 22.72M | 17.03M | 10.31M | 9.47M | 6.87M | -1.96M | 13.28M | 18.67M | 19.67M | 16.52M | 17.05M | 12.66M | 9.47M | 0 | 6.93M | 8.09M | 6.8M | 5.75M |
| EBITDA Margin % | 18.61% | 17.95% | 17.02% | 13.5% | 11.89% | 26.52% | 21.96% | 22.94% | 18.75% | 20.18% | 21.41% | 14.85% | 11.63% | 18% | 14.8% | 11.37% | 13.28% | 9.63% | -2.76% | 15.64% | 22.06% | 22.39% | 20.69% | 18.77% | 17.37% | 14.85% | - | 14.64% | 16.69% | 20.99% | 25.01% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 48.21M | 44.55M | 39.46M | 26.23M | 30.11M | 84.93M | 49.66M | 39.82M | 27.07M | 30.27M | 28.13M | 17.78M | 13.49M | 21.54M | 16.08M | 9.5M | 8.62M | 5.92M | -3.22M | 11.82M | 17.33M | 18.58M | 15.5M | 16.17M | 11.67M | 8.74M | 0 | 6.46M | 7.7M | 6.45M | 5.42M |
| Pretax Margin % | 17.21% | 16.33% | 15.28% | 11.67% | 10.62% | 25.78% | 21.01% | 21.7% | 17.32% | 18.73% | 20.31% | 13.98% | 10.96% | 17.06% | 13.97% | 10.47% | 12.08% | 8.3% | -4.52% | 13.92% | 20.47% | 21.15% | 19.42% | 17.8% | 16.02% | 13.7% | - | 13.64% | 15.87% | 19.92% | 23.58% |
| Income Tax | 10.13M | 9.37M | 8.39M | 4.54M | 6.21M | 17.91M | 10.24M | 8.37M | 5.21M | 4.57M | 8.62M | 5.23M | 3.82M | 6.75M | 4.89M | 2.56M | 2.24M | 1.09M | -2.03M | 3.42M | 4.14M | 5.29M | 4.78M | 5.21M | 3.56M | 2.73M | 0 | 2.04M | 2.24M | 1.92M | 1.58M |
| Effective Tax Rate % | 21.02% | 21.03% | 21.26% | 17.32% | 20.61% | 21.09% | 20.62% | 21.01% | 19.25% | 15.1% | 30.63% | 29.41% | 28.29% | 31.31% | 30.4% | 27% | 26.03% | 18.37% | 63.23% | 28.94% | 23.91% | 28.47% | 30.85% | 32.19% | 30.51% | 31.24% | - | 31.59% | 29.06% | 29.77% | 29.11% |
| Net Income | 38.08M | 35.18M | 31.07M | 21.69M | 23.9M | 67.02M | 39.42M | 31.46M | 21.86M | 25.7M | 19.52M | 12.55M | 9.67M | 14.8M | 11.19M | 6.93M | 6.37M | 4.83M | -1.18M | 8.4M | 13.19M | 13.29M | 10.72M | 10.97M | 8.11M | 6.01M | 0 | 4.42M | 5.46M | 4.53M | 3.84M |
| Net Margin % | 13.59% | 12.9% | 12.03% | 9.65% | 8.43% | 20.34% | 16.67% | 17.14% | 13.99% | 15.9% | 14.09% | 9.87% | 7.86% | 11.72% | 9.72% | 7.65% | 8.94% | 6.77% | -1.66% | 9.89% | 15.57% | 15.13% | 13.43% | 12.07% | 11.13% | 9.42% | - | 9.33% | 11.26% | 13.99% | 16.72% |
| Net Income Growth % | 28.12% | 13.22% | 43.29% | -9.28% | -64.33% | 70.02% | 25.31% | 43.91% | -14.95% | 31.7% | 55.51% | 29.74% | -34.63% | 32.22% | 61.39% | 8.81% | 31.97% | 508.25% | -114.08% | -36.28% | -0.81% | 24.01% | -2.24% | 35.22% | 34.95% | - | -100% | -19.03% | 20.51% | 17.87% | 18.24% |
| EPS (Diluted) | 20.10 | 18.57 | 16.42 | 11.46 | 12.59 | 35.27 | 20.79 | 16.59 | 11.52 | 13.56 | 10.19 | 6.30 | 4.74 | 7.08 | 5.24 | 3.20 | 2.78 | 2.10 | -0.50 | 3.35 | 5.14 | 5.10 | 4.09 | 4.18 | 3.12 | 2.31 | 1.21 | 1.59 | 1.92 | 1.60 | 1.39 |
| EPS Growth % | 27.88% | 13.09% | 43.28% | -8.98% | -64.3% | 69.65% | 25.32% | 44.01% | -15.04% | 33.07% | 61.75% | 32.91% | -33.05% | 35.11% | 63.75% | 15.11% | 32.38% | 520% | -114.93% | -34.82% | 0.78% | 24.69% | -2.15% | 33.97% | 35.06% | 90.91% | -23.9% | -17.19% | 20% | 15.11% | 19.83% |
| EPS (Basic) | - | 18.64 | 16.48 | 11.46 | 12.60 | 35.39 | 20.84 | 16.66 | 11.58 | 13.63 | 10.23 | 6.32 | 4.75 | 7.15 | 5.33 | 3.22 | 2.79 | 2.11 | -0.50 | 3.39 | 5.22 | 5.19 | 4.29 | 4.38 | 3.22 | 2.35 | 1.21 | 1.59 | 1.95 | 1.63 | 1.39 |
| Diluted Shares Outstanding | 1.89M | 1.9M | 1.89M | 1.89M | 1.9M | 1.9M | 1.9M | 1.9M | 1.9M | 1.9M | 1.92M | 1.99M | 2.04M | 2.08M | 2.12M | 2.17M | 2.29M | 2.3M | 2.36M | 2.51M | 2.56M | 2.61M | 2.62M | 2.62M | 2.6M | 2.6M | 2.6M | 2.79M | 2.84M | 2.83M | 2.8M |
Geographic and cyclical concentration
As reported in recent financial filings, ITIC's revenue growth has exhibited significant quarterly variance, ranging from a 13.2% increase in 2026Q1 to a 1.6% contraction in 2025Q4, reflecting the company's high sensitivity to mortgage rate fluctuations and regional real estate transaction volumes in its core markets.
The top-line trajectory appears heavily tethered to the interest rate environment, which dictates both purchase and refinance activity. Investors should monitor whether the company's localized North Carolina model can sustain premium growth if regional housing demand softens further due to sustained high borrowing costs.
Based on the provided income statement data, the combined ratio has fluctuated significantly, reaching as low as 79.3% in 2025Q3 while spiking during periods of elevated claims, suggesting that underwriting margins are not yet stabilized and remain vulnerable to periodic spikes in loss experience.
The wide variance in the loss ratio, which jumped to 44.5% in 2025Q1, indicates that ITIC's underwriting profitability is susceptible to lumpy claims activity. This volatility warrants further investigation into whether these spikes represent isolated events or a broader trend of deteriorating claim severity in the current real estate cycle.
According to the historical data, the company's net income has been periodically impacted by significant claims expenses, such as the $25.2 million recorded in 2025Q1, which suggests that actuarial reserve adjustments may be creating substantial noise in the quarterly earnings profile for institutional observers.
The erratic nature of the claims and loss figures implies that core underwriting performance is difficult to isolate from reserve development. Analysts should be cautious when extrapolating recent profitability improvements, as they may be influenced by the absence of significant prior-year reserve strengthening rather than pure operational efficiency.
While the company maintains a strong competitive moat in North Carolina, the data suggests that ITIC's heavy reliance on a single regional market creates a structural risk, as evidenced by the revenue contraction observed in late 2025 when regional transaction activity likely faced headwinds.
The lack of geographic diversification may leave the company disproportionately exposed to localized economic shocks or regulatory changes in the North Carolina real estate market. Investors should consider whether the current valuation adequately discounts this concentration risk compared to larger, national peers with broader operational footprints.
Quick answers to the most common questions about buying ITIC stock.
For fiscal year 2025, Investors Title Company (ITIC) reported total revenue of $272.8M. This represents a 1086.3% increase compared to $23.0M in 1996.
Investors Title Company (ITIC) is profitable, generating $35.2M in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
Investors Title Company (ITIC) reported an operating income of $44.5M, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Investors Title Company (ITIC) generated $268.1M in gross profit for the year, representing a gross profit margin of 98.3%. This demonstrates the company's core pricing power and production efficiency.