RLI CORP
$69.65
+0.53 (+0.77%) · delayed · Nov 13, 2026
Five-year price
52w $47.26 to $71.90
- Market cap
- $6.4B
- Enterprise value
- $6.4B
- P/E
- 15.9×
- 18.3× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 9.5%
- ROIC
- —
- Debt / equity
- 0.06
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 27.8%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 128% (5y avg)
- ●Growing revenueRevenue CAGR 5y 13.9%
- ○Shrinking share countDiluted shares 103.6% over 5y
Value
25
- ○P/E below 15P/E 15.9
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 9.5%
- ○Price below Graham NumberGraham Number $43.66
- ○P/B below 3P/B 3.6
Safety
100
- ●Debt / equity below 0.5D/E 0.06
- ●Debt payable in < 4 yrs of earningsNet debt $0.0B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
50
- ○Adequate size (revenue > $2B)Revenue $1.9B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 79%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 18.3
- ○P/E × P/B ≤ 22.5Product 65.7
Valuation lab
What do you have to believe?
At $69.65, the market is pricing in about −2.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $48M · 92M shares · 5y revenue CAGR 13.9%
Intrinsic value
$248.96
Price
$69.65
Margin of safety
72%
What the price implies
The market is paying for −2.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
66% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 816 | 797 | 818 | 1,004 | 984 | 1,179 | 1,698 | 1,512 | 1,770 | 1,882 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 157 | 85 | 68 | 233 | 190 | 344 | 721 | 377 | 428 | 506 |
| Income tax | 42 | (20) | 3 | 41 | 33 | 65 | 137 | 73 | 82 | 103 |
| Net income | 115 | 105 | 64 | 192 | 157 | 279 | 583 | 305 | 346 | 403 |
| EPS (diluted) | 2.59 | 2.36 | 1.43 | 4.23 | 3.46 | 6.11 | 6.37 | 3.31 | 3.74 | 4.37 |
| Diluted shares | 44 | 45 | 45 | 45 | 45 | 46 | 92 | 92 | 92 | 92 |
Who owns it