Detailed financial statements for Stewart Information Services Corporation (STC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Stewart Information Services Corporation (STC) operates as a key provider of title insurance and related services essential for real estate transactions, delivered through its various subsidiary entities.
Analysis Summary
Stewart Information Services Corporation reported revenue of $2.92B in the most recent fiscal year, growing at a 5-year CAGR of 5.0%. Net income reached $115.6M, with a -5.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 80.5%, operating margin 6.1%, net margin 4.1%. Free cash flow grew at -12.7% CAGR over 5 years.
At the current price of $65.57, STC trades at a P/E of 14.13 and an ROE of 8.40%. Market capitalisation stands at $2.0B.
Balance sheet quality for STC: current ratio of 0.7, net debt of $399.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $132.3M represents 114% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.01B | $1.96B | $1.91B | $1.94B | $2.29B | $3.31B | $3.07B | $2.26B | $2.49B | $2.92B |
| Cost of Revenue | $91.1M | $96.5M | $71.5M | $84.4M | $115.2M | $126.2M | $102.7M | $80.3M | $80.4M | $358.7M |
| Gross Profit | $1.92B | $1.86B | $1.84B | $1.86B | $2.17B | $3.18B | $2.97B | $2.18B | $2.41B | $2.56B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $604.4M | $566.2M | $562.5M | $567.2M | $613.2M | $777.0M | $802.0M | $712.8M | $745.4M | $1.04B |
| Operating Expenses | $1.83B | $1.78B | $1.76B | $1.74B | $1.95B | $2.75B | $2.73B | $2.12B | $2.30B | $2.40B |
| Operating Income | $88.0M | $75.1M | $72.5M | $117.0M | $218.5M | $434.0M | $232.7M | $60.9M | $114.3M | $165.5M |
| EBITDA | $121.1M | $104.4M | $101.3M | $143.8M | $240.3M | $475.4M | $308.2M | $143.0M | $195.8M | $241.4M |
| Interest Expense | $3.1M | $3.5M | $3.9M | $4.3M | $2.6M | $5.0M | $18.4M | $19.7M | $19.9M | $20.4M |
| Pre-tax Income | $88.0M | $75.1M | $72.5M | $117.0M | $218.5M | $434.0M | $232.7M | $60.9M | $114.3M | $165.5M |
| Income Tax | $19.6M | $14.9M | $13.5M | $26.7M | $48.8M | $94.0M | $50.9M | $15.3M | $26.2M | $35.4M |
| Net Income | $55.5M | $48.7M | $47.5M | $78.6M | $154.9M | $323.2M | $162.3M | $30.4M | $73.3M | $115.6M |
| EPS | $1.86 | $2.08 | $2.02 | $3.33 | $6.25 | $12.05 | $5.98 | $1.11 | $2.65 | $4.08 |
| EPS (Diluted) | $1.85 | $2.06 | $2.01 | $3.31 | $6.22 | $11.90 | $5.94 | $1.11 | $2.61 | $4.04 |
| Shares Outstanding (Diluted) | $23.5M | $23.6M | $23.7M | $23.8M | $24.9M | $27.2M | $27.3M | $27.5M | $28.1M | $29.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $796.9M | $790.6M | $781.3M | $899.2M |
| Gross Profit | $777.4M | $490.6M | $486.7M | $877.2M |
| Operating Income | $61.2M | $51.7M | $31.3M | $55.1M |
| EBITDA | $81.5M | $66.9M | $48.1M | $80.2M |
| Net Income | $44.3M | $36.3M | $17.0M | $37.2M |
| EPS | $1.58 | $1.25 | $0.55 | $1.21 |
| EPS (Diluted) | $1.55 | $1.25 | $0.55 | $1.21 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $185.8M | $150.1M | $192.1M | $330.6M | $432.7M | $485.9M | $248.4M | $233.4M | $216.3M | $321.8M |
| Short-term Investments | $653.7M | $733.8M | $22.9M | $23.5M | $20.7M | $17.6M | $24.3M | $39.0M | $41.2M | $47.9M |
| Receivables | $71.8M | $78.5M | $71.5M | $72.0M | $87.8M | $119.3M | $117.7M | $124.9M | $140.8M | $190.1M |
| Inventory | -$631.5M | -$709.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $818.1M | $860.4M | $794.1M | 0 | 0 | $622.9M | $390.4M | $397.3M | $398.3M | $559.7M |
| Property, Plant & Equipment | $145.8M | $141.3M | $135.5M | $222.1M | $231.0M | $283.9M | $282.7M | $271.6M | $264.7M | $273.0M |
| Goodwill | $217.1M | $231.4M | $248.9M | $248.9M | $431.5M | $924.8M | $1.07B | $1.07B | $1.08B | $1.27B |
| Intangible Assets | $10.9M | $9.7M | $9.7M | $4.6M | $37.4M | $229.8M | $199.1M | $193.2M | $173.1M | $325.1M |
| Total Assets | $1.34B | $1.41B | $1.37B | $1.59B | $1.98B | $2.81B | $2.74B | $2.70B | $2.73B | $3.25B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $92.9M | $98.9M | $98.9M | $98.9M | $98.9M | 0 | 0 | 0 | 0 | $200.0M |
| Total Current Liabilities | $593.7M | $624.4M | $591.4M | 0 | 0 | $598.4M | $576.1M | $553.3M | $539.8M | $777.8M |
| Long-term Debt | $93.3M | $10.4M | $9.2M | $11.8M | $2.9M | $482.5M | $447.0M | $445.3M | $445.8M | $446.6M |
| Total Liabilities | $692.9M | $727.1M | $693.1M | $839.0M | $966.2M | $1.52B | $1.37B | $1.32B | $1.32B | $1.60B |
| Retained Earnings | $471.8M | $491.7M | $514.2M | $564.4M | $688.8M | $974.8M | $1.09B | $1.07B | $1.09B | $1.15B |
| Total Equity | $641.2M | $672.2M | $673.5M | $747.3M | $1.01B | $1.28B | $1.36B | $1.37B | $1.40B | $1.64B |
| Total Debt | $106.8M | $109.3M | $108.0M | $224.5M | $220.9M | $632.9M | $595.0M | $580.9M | $564.7M | $768.8M |
| Net Debt | -$732.7M | -$774.6M | -$107.0M | -$129.7M | -$232.5M | $129.3M | $322.3M | $308.6M | $307.2M | $399.1M |
| Working Capital | $224.4M | $236.0M | $202.7M | 0 | 0 | $24.5M | -$185.7M | -$156.0M | -$141.5M | -$218.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $188.5M | $321.8M | $271.2M | $261.6M |
| Total Assets | $2.85B | $3.25B | $3.24B | $3.29B |
| Total Liabilities | $1.36B | $1.60B | $1.59B | $1.62B |
| Total Equity | $1.47B | $1.64B | $1.64B | $1.66B |
| Total Debt | $571.1M | $768.8M | $770.6M | $771.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $68.4M | $60.1M | $59.0M | $90.3M | $169.7M | $340.0M | $162.3M | $30.4M | $73.3M | $115.5M |
| Depreciation & Amortization | $30.0M | $25.9M | $24.9M | $22.5M | $19.2M | $36.4M | $57.2M | $62.4M | $61.6M | $61.1M |
| Stock-based Compensation | $3.0M | $5.3M | $4.8M | $2.1M | $5.8M | $12.0M | $12.3M | $10.9M | $13.6M | $17.1M |
| Change in Working Capital | $11.7M | -$1.2M | -$2.0M | $44.1M | $41.0M | -$34.3M | -$74.6M | -$8.6M | -$16.3M | -$2.9M |
| Operating Cash Flow | $123.0M | $108.1M | $84.2M | $166.4M | $275.8M | $390.3M | $191.9M | $83.0M | $135.6M | $205.7M |
| Capital Expenditure | -$18.2M | -$16.4M | -$10.7M | -$17.1M | -$15.0M | -$39.8M | -$47.9M | -$37.8M | -$40.5M | -$73.4M |
| Acquisitions | $1.3M | -$17.4M | -$18.7M | $1.3M | -$199.5M | -$600.0M | -$142.9M | -$25.1M | -$14.4M | -$370.0M |
| Stock Repurchased | -$1.1M | -$727000 | -$1.2M | -$532000 | -$1.1M | -$2.3M | -$3.3M | -$1.8M | -$3.8M | -$3.9M |
| Dividends Paid | -$27.8M | -$28.1M | -$28.3M | -$28.3M | -$30.2M | -$36.6M | -$44.7M | -$50.5M | -$53.9M | -$58.5M |
| Free Cash Flow | $104.8M | $91.7M | $73.5M | $149.3M | $260.8M | $350.5M | $143.9M | $45.3M | $95.1M | $132.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $92.6M | $89.5M | -$4.5M | $60.5M |
| Capital Expenditure | -$19.1M | -$27.2M | -$16.4M | -$25.5M |
| Free Cash Flow | $73.6M | $62.3M | -$20.9M | $35.0M |
| Dividends Paid | -$14.7M | -$15.9M | -$16.3M | -$16.4M |
| Stock-based Compensation | $4.1M | $4.1M | $4.2M | $5.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.5% | -2.5% | +1.7% | +18.0% | +44.5% | -7.2% | -26.5% | +10.3% | +17.3% | |
| Net Income Growth (YoY) | -12.3% | -2.3% | +65.4% | +97.0% | +108.7% | -49.8% | -81.2% | +140.8% | +57.6% | |
| EPS Growth (YoY) | +11.8% | -2.9% | +64.9% | +87.7% | +92.8% | -50.4% | -81.4% | +138.7% | +54.0% | |
| Shares Change (YoY) | +0.5% | +0.4% | +0.3% | +4.9% | +9.1% | +0.7% | +0.6% | +2.2% | +3.2% | |
| FCF Growth (YoY) | -12.5% | -19.8% | +103.1% | +74.7% | +34.4% | -58.9% | -68.6% | +110.3% | +39.0% | |
| Gross Margin | 95.5% | 95.1% | 96.3% | 95.6% | 95.0% | 96.2% | 96.7% | 96.4% | 96.8% | 87.7% |
| Operating Margin | 4.4% | 3.8% | 3.8% | 6.0% | 9.5% | 13.1% | 7.6% | 2.7% | 4.6% | 5.7% |
| EBITDA Margin | 6.0% | 5.3% | 5.3% | 7.4% | 10.5% | 14.4% | 10.0% | 6.3% | 7.9% | 8.3% |
| Net Margin | 2.8% | 2.5% | 2.5% | 4.1% | 6.8% | 9.8% | 5.3% | 1.3% | 2.9% | 4.0% |
| FCF Margin | 5.2% | 4.7% | 3.9% | 7.7% | 11.4% | 10.6% | 4.7% | 2.0% | 3.8% | 4.5% |
| Effective Tax Rate | 22.3% | 19.9% | 18.6% | 22.8% | 22.3% | 21.7% | 21.9% | 25.1% | 22.9% | 21.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.47 | $3.88 | $3.10 | $6.28 | $10.47 | $12.90 | $5.26 | $1.64 | $3.38 | $4.56 |
| Dividends Per Share | $1.19 | $1.19 | $1.19 | $1.19 | $1.21 | $1.35 | $1.63 | $1.84 | $1.92 | $2.01 |
| Shares Outstanding (Basic) | $23.4M | $23.4M | $23.5M | $23.6M | $24.9M | $26.8M | $27.1M | $27.3M | $27.6M | $29.0M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when FMP does not expose it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 8.40% |
| Return on Invested Capital | 6.23% |
| Return on Assets | 4.09% |
| Gross Margin | 80.53% |
| Operating Margin | 6.10% |
| Net Margin | 4.12% |
Financial Health
| Debt / Equity | 0.46 |
| Current Ratio | 0.68 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.24 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.77 | 20.34 | 20.50 | 12.25 | 7.74 | 6.62 | 7.15 | 52.93 | 25.47 | 17.22 |
| P/B | 1.68 | 1.48 | 1.45 | 1.29 | 1.20 | 1.67 | 0.85 | 1.17 | 1.33 | 1.24 |
| P/S | 0.54 | 0.51 | 0.51 | 0.50 | 0.53 | 0.65 | 0.38 | 0.71 | 0.75 | 0.70 |
| Gross Margin | 95.5% | 95.1% | 96.3% | 95.6% | 95.0% | 96.2% | 96.7% | 96.4% | 96.8% | 87.7% |
| Operating Margin | 4.4% | 3.8% | 3.8% | 6.0% | 9.5% | 13.1% | 7.6% | 2.7% | 4.6% | 5.7% |
| Net Margin | 2.8% | 2.5% | 2.5% | 4.1% | 6.8% | 9.8% | 5.3% | 1.3% | 2.9% | 4.0% |
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