RLI CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RLI CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	816	797	818	1,004	984	1,179	1,698	1,512	1,770	1,882
Operating expenses	53.1	57	53.8	69.4	66.8	76.9	82.2	98.4	112	116
Interest expense	7.43	7.43	7.44	7.59	7.6	7.68	8.05	7.3	6.33	5.36
Pre-tax income	157	84.6	67.6	233	190	344	721	377	428	506
Income tax	42.2	-20.4	3.4	41.1	32.8	65	137	72.7	81.8	103
Net income	115	105	64.2	192	157	279	583	305	346	403
EPS, basic	1.32	1.20	0.73	2.14	1.75	3.09	6.43	3.34	3.78	4.39
EPS, diluted	1.30	1.18	0.72	2.12	1.73	3.06	6.37	3.31	3.74	4.37
Shares, basic (weighted)	87.5	88.1	88.7	89.5	90	90.5	90.7	91.2	91.5	91.8
Shares, diluted (weighted)	88.9	89	89.7	90.5	90.8	91.4	91.6	92.2	92.5	92.4
Dividend per share	1.40	1.29	0.94	0.96	0.98	1.50	4.02	1.54	2.57	2.63

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18.3	24.3	30.1	46.2	62.2	88.8	22.8	36.4	39.8	51.6
Short-term investments	5.02	9.98	11.6
Property, plant and equipment	54.6	55.8	54.7	53.1	51.4	52.2	49.6	46.7	43.2	40.7
Lease right-of-use assets				22.3	16.2	14.8	12.8	13.7	14	13.1
Goodwill	51.3	49.7	46.1	46.1	46.1	46.1	46.1	46.1	46.1	46.1
Intangible assets	13.1	9.65	8.47	8.07	7.66	7.5
Total assets	2,778	2,947	3,105	3,546	3,938	4,508	4,767	5,180	5,629	6,161
Short-term debt								100	100	100
Long-term debt	149	149	149	149	149	200
Total liabilities	1,954	2,094	2,298	2,550	2,803	3,279	3,590	3,767	4,107	4,383
Total debt					149	200	200	100	100
Paid-in capital	230	233	306	321	335	344	352	362	368	377
Retained earnings	797	789	908	1,014	1,084	1,228	1,446	1,610	1,720	1,881
Treasury stock	-404	-402	-401	-401	-401	-403	-405	-407	-406	-407
Other comprehensive income	123	158	-14.6	52.5	109	49.8	-229	-166	-174	-88.1
Shareholders' equity	824	854	807	995	1,136	1,229	1,177	1,414	1,522	1,778
Total equity	824	854	807	995	1,136	1,229	1,177	1,414	1,522	1,778
Total liabilities and equity	2,778	2,947	3,105	3,546	3,938	4,508	4,767	5,180	5,629	6,161
Shares outstanding	87.9	88.3	89	89.7	90.3	90.6	45.5	91.3	91.7	91.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	115	105	64.2	192	157	279	583	305	346	403
Depreciation and amortization	6.43	6.94	7.04	8.16	7.43	7.39	7.98	8.55	7.66	8.13
Stock-based compensation	4.1	4.4	4.5	4.5
Deferred income tax	1.13	-29.7	-20.5	14.7	8.58	18.9	-49.6	7.71	10.1	12.6
Cash from operations	174	198	217	277	263	385	250	464	560	614
Capital expenditures	-16.2	-9.24	-6.09	-6.96	-5.77	-8.31	-5.89	-5.91	-4.71	-5.52
Acquisitions	-0.85
Purchases of investments	-557	-431	-726	-540	-518	-734	-2,053	-662	-812	-1,278
Sales and maturities of investments	141	196	187	201	283	377	1,394	504	326	458
Cash from investing	-53.6	-81.2	-134	-185	-168	-275	48.9	-212	-319	-362
Debt issued						50		100	73	50
Debt repaid								-200	-73	-50
Dividends paid	-122	-114	-83.1	-85.6	-87.9	-135	-365	-140	-236	-242
Cash from financing	-114	-110	-77	-76.1	-79.3	-83.5	-365	-239	-238	-240
Net change in cash	7.19	6	5.87	16.1	16	26.6	-66	13.6	3.37	11.8
Free cash flow	158	188	211	270	257	377	245	458	556	609
Interest paid	7.3	7.3	7.3	7.3	7.3	7	8	9	6	5
Income taxes paid	26.9	10.4	16.4	25.6	23.7	39	190	50.1	67.6	60.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $68.87 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	25.3%	Pre-tax income / revenue.
Net margin	20.3%	Net income / revenue.
FCF margin	27.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.8%	Cash from operations / revenue.
Effective tax rate	19.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.1%	Net income / average total assets.
Capex / revenue	0.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	16.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-11.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	34.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	9.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	35.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-13.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	22.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.6%	Total debt / total assets.
Liabilities / assets	73.7%	Total liabilities / total assets.
Net debt	$250.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.65B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	47.3x	Revenue / average property, plant and equipment.
FCF conversion	134.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.05	Revenue / diluted weighted shares.
FCF per share	$5.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.85	Cash from operations / diluted weighted shares.
Book value per share	$18.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.99	Tangible book value / shares outstanding.
Cash per share	$0.50	(Cash + short-term investments) / shares outstanding.
Payout ratio	108.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	80.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.32B	Share price x shares outstanding.
Enterprise value	$6.57B	Market cap + total debt - cash - short-term investments.
P/E	16.0x	Market cap / net income. Only when net income is positive.
P/S	3.25x	Market cap / revenue.
P/B	3.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.83x	Market cap / tangible book value, when positive.
P/FCF	11.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	3.38x	Enterprise value / revenue.
EV/FCF	12.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.4%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
Dividend yield	6.8%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.

What was RLI CORP's revenue in fiscal 2025?

RLI CORP reported revenue of $1.88B for fiscal 2025, 6.3% higher than the year before.

Was RLI CORP profitable in fiscal 2025?

Yes. Net income was $403.3M, a net margin of 21.4%.

How much free cash flow did RLI CORP generate in fiscal 2025?

Cash from operations of $614.2M minus capital expenditures of $5.5M left free cash flow of $608.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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