MeritValue

INVESTORS TITLE CO

ITICdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

INVESTORS TITLE CO earns about 17% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $167.29 and $180.01 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$23.3M1$36.2M2$36.3M3$35.1M3$40.9M3
Net income$67M4$23.9M5$21.7M6$31.1M6$35.2M6
Operating cash flow$51.9M7$36.2M8$7.43M9$29.8M9$30.9M9
Capital expenditure$6.53M10$5.68M11$9.19M12$7.42M12$5.56M12
Free cash flow (derived)$45.4M7$30.5M8−$1.76M9$22.4M9$25.4M9
Total debt—————
Cash & equivalents$37.2M13$35.3M14$24M15$24.7M16$20.8M16
Diluted shares1.9M1.9M1.9M1.9M1.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1,415.83
your share of equity
Profit it earned you last year
$185.65
Free cash flow it threw off
$133.95
Debt you’d be carrying
—

10 shares is a claim on $1,415.83 of net worth that earned you $185.65 and generated $133.95 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY21 35%FY22 12%FY23 10%FY24 14%FY25 14%

It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $167.29 and $180.01 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$167.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$22.4M
DCF · Growth Exit 5Y
$180.01
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$22.4M
Earnings Power Value
$169.92
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$31.1M
  • growthAssumed0.0%
Graham Number
$243.22
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $180.01
The three cases
Bear0.0%$180.01
Base0.0%$180.01
Bull5.0%$220.92

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000720858-23-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000720858-24-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000720858-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000720858-23-000008 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000720858-24-000003 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000720858-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000720858-23-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000720858-24-000003 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000720858-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000720858-23-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000720858-24-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000720858-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000720858-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000720858-24-000003 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000720858-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0000720858-26-000011 (CashAndCashEquivalentsAtCarryingValue)