A Business at a Glance
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Founded by Patrick G. Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that provides specialty products, solutions, and services for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services through our wholesale brokerage platform and, on behalf of insurance carriers, through delegated underwriting authority via our managing underwriter, binding authority, and national program operations. Our expertise spans an extensive array of property, casualty, professional lines, transportation, personal lines, workers’ compensation, and employee benefits insurance. Our mission is to provide industry-leading innovative solutions for insurance brokers, agents, and carriers. For retail insurance brokers, we assist in the placement of complex or otherwise hard-to-place risks.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.1B | 3.1B | 2.5B | 2.1B | 1.7B | 1.4B |
| Net Income | 63M | 63M | 95M | 61M | 62M | 66M |
| EPS | $0.00 | - | - | - | - | - |
| Free Cash Flow | 641M | 641M | 515M | 477M | 328M | -70M |
| ROIC | 5.7% | 1.6% | 3.0% | 2.5% | 2.7% | 3.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 5.17 | 5.17 | 5.23 | 4.61 | 5.40 | 3.68 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 494M | 494M | 428M | 359M | 290M | 187M |
| Operating Margin | 16.2% | 16.2% | 17.0% | 17.3% | 16.8% | 13.0% |
| ROE | 9.8% | 9.9% | 15.9% | 11.8% | 11.5% | 22.3% |
| Shares Outstanding | 0M | - | - | - | - | - |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 765M | 1.0B | 1.4B | 1.7B | 2.1B | 2.5B | 3.1B | 3.1B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 118M | 107M | 139M | 197M | 276M | 352M | 453M | 453M |
| EBIT | 101M | 159M | 187M | 290M | 359M | 428M | 494M | 494M |
| Op. Margin | 13.2% | 15.6% | 13.0% | 16.8% | 17.3% | 17.0% | 16.2% | 16.2% |
| Net Income | 64M | 68M | 66M | 62M | 61M | 95M | 63M | 63M |
| Net Margin | 8.4% | 6.7% | 4.6% | 3.6% | 2.9% | 3.8% | 2.1% | 2.1% |
| Non-Recurring | -7.8M | 11M | 14M | 5.7M | 56M | 82M | 82M | 82M |
| Returns on Capital | ||||||||
| ROIC | N/A | 8.5% | 3.5% | 2.7% | 2.5% | 3.0% | 1.6% | 5.7% |
| ROE | N/A | 453.0% | 22.3% | 11.5% | 11.8% | 15.9% | 9.9% | 9.8% |
| ROA | N/A | 3.0% | 1.3% | 1.0% | 0.9% | 1.1% | 0.6% | 0.6% |
| Cash Flow | ||||||||
| Op. Cash Flow | 150M | 135M | 273M | 336M | 477M | 515M | 644M | 644M |
| Free Cash Flow | 149M | 130M | -70M | 328M | 477M | 515M | 641M | 641M |
| Owner Earnings | 137M | 57M | 93M | 149M | 292M | 268M | 287M | 287M |
| CapEx | 100K | 5.2M | 343M | 7.7M | 0 | 0 | 3.0M | 3.0M |
| Maint. CapEx | 4.8M | 68M | 113M | 109M | 116M | 168M | 287M | 287M |
| Growth CapEx | 0 | 0 | 231M | 0 | N/A | N/A | 0 | 0 |
| D&A | 4.8M | 68M | 113M | 109M | 116M | 168M | 287M | 287M |
| CapEx/OCF | N/A | N/A | 125.5% | 2.3% | N/A | N/A | 0.5% | 0.5% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 80M | 62M | 62M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 78M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | 0.4% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 8.2M | 11M | 68M | 77M | 70M | 79M | 69M | 69M |
| Debt Repayment | 293K | 79M | 2.4M | 2.4M | 0 | 1.3B | 1.3B | 1.3B |
| Balance Sheet | ||||||||
| Net Debt | -402M | 969M | 1.0B | 1.6B | 1.7B | 2.7B | 3.2B | 3.2B |
| Cash & Equiv. | 402M | 896M | 1.1B | 993M | 839M | 540M | 158M | 158M |
| Long-Term Debt | 0 | 1.6B | 1.6B | 2.0B | 1.9B | 3.2B | 3.3B | 3.3B |
| Debt/Equity | N/A | -613.70 | 3.68 | 5.40 | 4.61 | 5.23 | 5.17 | 5.17 |
| Interest Coverage | 2.8 | 3.4 | 2.4 | 2.8 | 3.0 | 3.1 | 2.5 | 2.5 |
| Equity | N/A | -3.0M | 595M | 478M | 560M | 628M | 648M | 648M |
| Total Assets | N/A | 4.5B | 5.5B | 6.4B | 7.2B | 9.6B | 10.6B | 10.6B |
| Total Liabilities | N/A | 4.2B | 4.9B | 5.6B | 6.3B | 8.6B | 9.3B | 9.3B |
| Intangibles | N/A | 605M | 574M | 29M | 38M | 84M | 120M | 120M |
| Retained Earnings | N/A | N/A | -7.1M | 54M | 114M | 123M | 120M | 120M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Owner EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Book Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Cash Flow/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 77.1 | 80.6 | 89.1 | 109.9 | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | 112.8 | 72.1 | 31.5 | 25.0 | 20.4 | 6.5 |
| Price/Book | N/A | N/A | 80.5 | 43.6 | 19.6 | 13.4 | 10.8 | N/A |
| Price/Sales | N/A | N/A | 12.4 | 11.7 | 5.4 | 3.0 | 2.8 | N/A |
| FCF Yield | N/A | N/A | -0.3% | 1.6% | 4.3% | 6.1% | 9.2% | N/A |
| Market Cap | 0 | N/A | 20.2B | 20.9B | 11.0B | 8.4B | 7.0B | 0 |
| Avg. Price | 0.00 | N/A | 34.18 | 38.86 | 42.68 | 57.50 | 62.30 | 35.70 |
| Year-End Price | 0.00 | N/A | 38.92 | 40.08 | 41.90 | 63.30 | 51.65 | 35.70 |
RYAN SPECIALTY HOLDINGS, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
RYAN SPECIALTY HOLDINGS, INC. trades at 76.0x trailing earnings, compared to its 15-year median P/E of 80.6x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 2.7%. At current prices, the estimated annualized return to fair value is +52.8%.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) has a current P/E ratio of 76.0, compared to its historical median P/E of 80.6. The stock is currently considered Fair based on its historical valuation range.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) has a 5-year average return on invested capital (ROIC) of 2.7%. This is below average and may indicate limited pricing power.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) does not currently pay a regular dividend.
Based on historical P/E analysis, RYAN SPECIALTY HOLDINGS, INC. (RYAN) appears fair. The current P/E of 76.0 is 6% below its historical median of 80.6. The estimated fair value CAGR (P/E method) is 52.8%.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) operates in the Insurance Agents, Brokers & Service industry, within the Financials sector.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) has a net profit margin of 2.1%. This is a modest margin.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) generated $641 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) has a debt-to-equity ratio of 5.17. This indicates higher leverage, which may increase financial risk.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) has a return on equity (ROE) of 9.9%. This indicates moderate shareholder returns.
The Ledger Terminal provides 7 years of financial data for RYAN SPECIALTY HOLDINGS, INC. (RYAN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.