A Business at a Glance
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RYAN SPECIALTY HOLDINGS, INC.
RYAN
$7.0B
Mkt Cap
$41.75
+4.43%
RYAN SPECIALTY HOLDINGS, INC. (RYAN) has a current P/E ratio of 88.8, compared to its historical median P/E of 80.6. The stock is currently considered Expensive 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 expensive. The current P/E of 88.8 is 10% above its historical median of 80.6. The estimated fair value CAGR (P/E method) is 48.6%.
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 is an international specialty insurance intermediary founded in 2010 that provides wholesale brokerage, delegated underwriting authority, and risk management services to retail insurance brokers, agents, and insurance carriers. The company operates through three main specialties: Wholesale Brokerage (with over 700 producers generating revenue), Binding Authority, and Underwriting Management (developing and underwriting over 300 individual products), providing access to over 35,000 retail brokerage firms and over 350 insurance carriers. Ryan Specialty is compensated primarily through commissions and fees, with 78% of premiums placed in the Excess & Surplus (E&S) market, which offers greater flexibility in terms, pricing, and conditions compared to the Admitted market, enabling the company to craft bespoke solutions for complex, hard-to-place risks. The company's competitive moat is built on its lack of retail operations (eliminating channel conflicts), deep industry relationships, intellectual capital, and differentiated product offerings across property, casualty, professional lines, transportation, personal lines, workers' compensation, and employee benefits insurance. As the second-largest U.S. P&C insurance wholesale broker and largest U.S. P&C managing underwriter by 2024 premium volume, Ryan Specialty serves a diverse customer base including global, national, regional, and local retail brokers, Lloyd's syndicates, multi-line underwriters, and E&S specialists, with geographic reach spanning the United States and international markets.
【Market pricing pressures moderating】 Management expects mid-single-digit organic revenue growth for 2026, reflecting continued property rate declines of 25%-35% for cat-exposed lines and accelerating competition in casualty, particularly for small and medium hazard risks. The company anticipates adjusted EBITDA margins will decline approximately 100-150 basis points year-over-year in 2026, with the most pronounced pressure in the second quarter, though management expects modest margin expansion in most years supported by the Empower efficiency program and natural operating leverage. New talent investments made in the second half of 2025 are expected to become margin-accretive within two to three years, with AI tools accelerating institutional knowledge transfer and reducing ramp-up time for junior brokers. Management remains committed to disciplined capital allocation, including opportunistic share repurchases when valuations present attractive opportunities, while maintaining flexibility to pursue strategic M&A that meets cultural fit and accretion criteria.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | mid-single digits | FY2026 |
| Adjusted EBITDA margin | down approximately 100-150 basis points year-over-year | FY2026 |
| Property rate declines | 25%-35% | FY2026 |
| GAAP interest expense, net of interest income | approximately $222 million | FY2026 |
| Empower program annual run rate savings | approximately $80 million | 2029 |
Organic revenue growth (FY2026): “for the full year, we are now guiding to organic revenue growth in the mid-single digits”
Adjusted EBITDA margin (FY2026): “On margins, we are now guiding to a full year adjusted EBITDA margin that will be down approximately 100- 150 basis points year over year”
Property rate declines (FY2026): “Our guidance embeds continued property rate declines of 25%-35% for the most cat-exposed lines”
GAAP interest expense, net of interest income (FY2026): “we expect GAAP interest expense, net of interest income on our operating funds of approximately $222 million in 2026”
Empower program annual run rate savings (2029): “delivering approximately $80 million of annual run rate savings in 2029”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.1B | 2.5B | 2.1B | 1.7B | 1.4B |
| Net Income | 109M | 63M | 95M | 61M | 62M | 66M |
| EPS | $0.00 | - | - | - | - | - |
| Free Cash Flow | 617M | 641M | 515M | 477M | 328M | -70M |
| ROIC | 9.4% | 1.6% | 3.0% | 2.5% | 2.7% | 3.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 5.61 | 5.17 | 5.23 | 4.61 | 5.40 | 3.68 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 488M | 494M | 428M | 359M | 290M | 187M |
| Operating Margin | 15.5% | 16.2% | 17.0% | 17.3% | 16.8% | 13.0% |
| ROE | 17.1% | 9.9% | 15.9% | 11.8% | 11.5% | 22.3% |
| Shares Outstanding | 0M | - | - | - | - | - |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 765M | 1.0B | 1.4B | 1.7B | 2.1B | 2.5B | 3.1B | 3.2B |
| 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 | 456M |
| EBIT | 101M | 159M | 187M | 290M | 359M | 428M | 494M | 488M |
| Op. Margin | 13.2% | 15.6% | 13.0% | 16.8% | 17.3% | 17.0% | 16.2% | 15.5% |
| Net Income | 64M | 68M | 66M | 62M | 61M | 95M | 63M | 109M |
| Net Margin | 8.4% | 6.7% | 4.6% | 3.6% | 2.9% | 3.8% | 2.1% | 3.4% |
| Non-Recurring | -7.8M | 11M | 14M | 5.7M | 56M | 82M | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | 8.5% | 3.5% | 2.7% | 2.5% | 3.0% | 1.6% | 9.4% |
| ROE | N/A | 453.0% | 22.3% | 11.5% | 11.8% | 15.9% | 9.9% | 17.1% |
| ROA | N/A | 3.0% | 1.3% | 1.0% | 0.9% | 1.1% | 0.6% | 1.0% |
| Cash Flow | ||||||||
| Op. Cash Flow | 150M | 135M | 273M | 336M | 477M | 515M | 644M | 619M |
| Free Cash Flow | 149M | 130M | -70M | 328M | 477M | 515M | 641M | 617M |
| Owner Earnings | 137M | 57M | 93M | 149M | 292M | 268M | 287M | 538M |
| CapEx | 100K | 5.2M | 343M | 7.7M | 0 | 0 | 3.0M | 2.4M |
| Maint. CapEx | 4.8M | 68M | 113M | 109M | 116M | 168M | 287M | 15M |
| Growth CapEx | 0 | 0 | 231M | 0 | N/A | N/A | 0 | 0 |
| D&A | 4.8M | 68M | 113M | 109M | 116M | 168M | 287M | 15M |
| CapEx/OCF | N/A | N/A | 125.5% | 2.3% | N/A | N/A | 0.5% | 0.4% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 80M | 62M | 64M |
| 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 | 67M |
| Debt Repayment | 272M | 734M | 2.4M | 2.4M | 0 | 1.3B | 1.3B | 1.3B |
| Balance Sheet | ||||||||
| Net Debt | -402M | 988M | 1.0B | 1.6B | 1.7B | 2.7B | 3.2B | 3.4B |
| Cash & Equiv. | 402M | 896M | 1.1B | 993M | 839M | 540M | 158M | 155M |
| Long-Term Debt | 0 | 1.6B | 1.6B | 2.0B | 1.9B | 3.2B | 3.3B | 3.5B |
| Debt/Equity | N/A | -619.96 | 3.68 | 5.40 | 4.61 | 5.23 | 5.17 | 5.61 |
| 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 | 636M |
| Total Assets | N/A | 4.5B | 5.5B | 6.4B | 7.2B | 9.6B | 10.6B | 11.0B |
| Total Liabilities | N/A | 4.2B | 4.9B | 5.6B | 6.3B | 8.6B | 9.3B | 9.8B |
| Intangibles | N/A | 605M | 574M | 29M | 38M | 84M | 120M | 127M |
| Retained Earnings | N/A | N/A | -7.1M | 54M | 114M | 123M | 120M | 121M |
| 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 | 7.0 |
| 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 | 41.75 |
| Year-End Price | 0.00 | N/A | 38.92 | 40.08 | 41.90 | 63.30 | 51.65 | 41.75 |
RYAN SPECIALTY HOLDINGS, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
RYAN SPECIALTY HOLDINGS, INC. trades at 88.8x trailing earnings, compared to its 15-year median P/E of 80.6x, suggesting it is currently Expensive 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 +48.6%.
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.
Based on recent SEC filings and earnings disclosures, Management expects mid-single-digit organic revenue growth for 2026, reflecting continued property rate declines of 25%-35% for cat-exposed lines and accelerating competition in casualty, particularly for small and medium hazard risks. The company anticipates adjusted EBITDA margins will decline approximately 100-150 basis points year-over-year in 2026, with the most pronounced pressure in the second quarter, though management expects modest margin expansion in most years supported by the Empower efficiency program and natural operating leverage. New talent investments made in the second half of 2025 are expected to become margin-accretive within two to three years, with AI tools accelerating institutional knowledge transfer and reducing ramp-up time for junior brokers. Management remains committed to disciplined capital allocation, including opportunistic share repurchases when valuations present attractive opportunities, while maintaining flexibility to pursue strategic M&A that meets cultural fit and accretion criteria.
Based on recent SEC filings and earnings calls, RYAN SPECIALTY HOLDINGS, INC. (RYAN) has provided the following forward guidance: Organic revenue growth: mid-single digits (FY2026); Adjusted EBITDA margin: down approximately 100-150 basis points year-over-year (FY2026); Property rate declines: 25%-35% (FY2026); GAAP interest expense, net of interest income: approximately $222 million (FY2026); Empower program annual run rate savings: approximately $80 million (2029).