# RLI Corp. (RLI)

> Source: Nexqual · https://nexqual.com/RLI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, RLI Corp. (RLI), nexqual.com/RLI" · informational, not investment advice.

**Price:** USD 67.01 (+4.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 63.9 · day 63.28–67.28 · 52w 47.26–67.28 · market cap $6.15B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $1.94B, net income $395M (20.3% margin), free cash flow $532M (SEC filings).
- Valuation: P/E 15.6x (avg 18.9x at the last 3 fiscal year-ends), net debt $251M.
- 2 of 80 tracked superinvestors hold RLI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (8 analysts), mean target USD 58.25 (range 48–74).
- Total return with dividends: 1Y +19.1% vs S&P 500 +14.9%; 5Y +55.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-19, EPS estimate USD 0.7, revenue estimate $473M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.18B | $1.70B | $1.51B | $1.77B | $1.88B | $1.94B |
| Net income | $279M | $583M | $305M | $346M | $403M | $395M |
| EPS (diluted) | $3.06 | $6.37 | $3.31 | $3.74 | $4.37 | — |
| Free cash flow | $377M | $245M | $458M | $556M | $609M | $532M |
| Net margin | 23.7% | 34.4% | 20.1% | 19.5% | 21.4% | 20.3% |
| Revenue growth | +19.9% | +44.0% | -11.0% | +17.1% | +6.3% | — |
| Cash + short-term investments | $88.8M | $22.8M | $36.4M | $39.8M | $51.6M | — |
| Total debt | $200M | $200M | $200M | $200M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 15.6x · P/S 3.2x · EV/Sales 3.3x · P/FCF 11.6x · P/B 3.6x · FCF yield 8.64% · Earnings yield 6.42% · Dividend yield (paid, TTM) 7.00% · Net debt $251M · EV $6.40B
P/E at fiscal year-ends: Dec 2025 14.7x, Dec 2024 22.0x, Dec 2023 20.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RLI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 1.48% | $149M | Added +188.9% |
| Thomas Gayner | Markel Group | 1.08% | $141M | Unchanged |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 8 analysts; mean target USD 58.25 (low 48, high 74).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Keefe, Bruyette & Woods | Target raised | Outperform | $69 → $74 |
| 2026-10-21 | Wells Fargo | Target raised | Underweight | $51 → $53 |
| 2026-10-12 | Wells Fargo | Target lowered | Underweight | $57 → $51 |
| 2026-08-25 | Jefferies | Downgrade | Hold → Underperform | $53 |
| 2026-07-29 | Keefe, Bruyette & Woods | Target raised | Outperform | $70 → $74 |
| 2026-07-29 | Wells Fargo | Downgrade | Equal-Weight → Underweight | $57 |
| 2026-07-09 | Wells Fargo | Target raised | Equal-Weight | $55 → $62 |
| 2026-07-08 | Keefe, Bruyette & Woods | Target raised | Outperform | $67 → $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +19.1% | +55.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +19.1% | +9.2% |
| Volatility (annualized) | 26.4% | 24.0% |
| Max drawdown | -27.9% (Dec 2025→May 2026) | -41.8% (Nov 2024→May 2026) |

## Peers (Insurance - Property & Casualty)
SIGI (Selective Insurance Group, Inc.) USD 91.74 +0.72% · WTM (White Mountains Insurance Group) USD 2,247.52 +1.70% · THG (Hanover Insurance Group Inc) USD 239.59 +3.30% · KNSL (Kinsale Capital Group, Inc.) USD 390.64 +3.70% · ORI (Old Republic International Corp) USD 40.08 -0.12% · PLMR (Palomar Holdings, Inc.) USD 144.53 +3.85%

## More
Full page: https://nexqual.com/RLI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.69 | $0.67 | +3.3% | $473.4M | 8 |
| Next quarter (ends 2027-03-31) | $0.78 | $0.78 | -0.2% | $477.7M | 7 |
| Current fiscal year (ends 2026-12-31) | $3.18 | $2.78 | +14.3% | $1.91B | 8 |
| Next fiscal year (ends 2027-12-31) | $2.77 | $2.70 | +2.3% | $1.94B | 8 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 34.2% | ±8.1% |
| 2026-12-18 | 56 | 29.3% | ±8.0% |
| 2027-03-19 | 147 | 27.2% | ±13.8% |
| 2027-06-17 | 237 | 25.5% | ±16.4% |