RLI CORP (RLI) intrinsic value & 10-year financials
RLI CORP (RLI) has a Graham intrinsic value of $141.16 per share. At $64.90 on Oct 27, 2026, the stock trades 54% below that value. Over the last 10 fiscal years revenue grew 9.7% a year to $1.9B, with an average return on invested capital of 18.8%.
- Graham intrinsic value
- $141.16
- Share price (Oct 27, 2026)
- $64.90
- Price vs Graham value
- 54% below
- Market cap
- $6.0B
- Revenue (FY2025)
- $1.9B
- Revenue growth (10-yr CAGR)
- 9.7%
- ROIC (10-yr avg)
- 18.8%
- Free cash flow (FY2025)
- $608.7M
RLI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.9B | $403.3M | $4.37 | $608.7M | — | 23.0% |
| FY2024 | $1.8B | $345.8M | $3.74 | $555.5M | — | 21.2% |
| FY2023 | $1.5B | $304.6M | $3.31 | $458.3M | — | 19.5% |
| FY2022 | $1.7B | $583.4M | $6.37 | $244.6M | — | 40.3% |
| FY2021 | $1.2B | $279.4M | $3.06 | $376.6M | — | 21.8% |
| FY2020 | $983.6M | $157.1M | $1.73 | $257.5M | — | 13.5% |
| FY2019 | $1.0B | $191.6M | $2.12 | $270.0M | — | 18.9% |
| FY2018 | $818.1M | $64.2M | $0.71 | $211.0M | — | 6.7% |
| FY2017 | $797.2M | $105.0M | $1.18 | $188.3M | — | 10.9% |
| FY2016 | $816.3M | $114.9M | $1.29 | $158.3M | — | 12.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RLI CORP is a consistent compounder, expanding top-line revenue at 9.7% annually over the past decade.
RLI CORP has earned high returns on invested capital, averaging 18.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
RLI CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RLI CORP is modeled at 14.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $141.16 per share.