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Friday 6 November 2026
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Ryan Specialty Holdings Inc.
RYAN Financial Insurance Brokers
Ryan Specialty Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 21.3% from fiscal 2024.
- Revenue
- +4.69%
- EPS
- +25.0%
- Free cash flow
- +4.14%
- Total debt
- +8.41%
Quarter to September 2026, against a year earlier
47.97
0.43
+0.90%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 765 | 1,018 | 1,433 | 1,725 | 2,078 | 2,516 | 3,051 | 3,253 | +25.9% | 3,284 | 3,525 | 3,816 | +7.7% | |
| Gross margin, % | — | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | — | 68 | 79 | 62 | 179 | 238 | 273 | 293 | 319 | +27.6% | ||||||
| EBT margin, % | — | — | — | 8.89 | 7.80 | 4.30 | 10.39 | 11.45 | 10.83 | 9.61 | 9.79 | +0.7 pt | ||||||
| Net income | — | 0 | — | 63 | 71 | 57 | 163 | 194 | 230 | 214 | 268 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 7.22 | 9.61 | 13.55 | 15.88 | 18.17 | 20.83 | 23.97 | 26.80 | +22.1% | |||||
| Earnings | — | — | — | 0.60 | 0.64 | (0.07) | 0.57 | 0.53 | 0.78 | 0.50 | 0.83 | (3.0%) | ||||||
| Cash flow | — | — | — | 1.41 | 1.28 | 2.59 | 3.09 | 4.17 | 4.26 | 5.06 | 4.70 | +23.7% | ||||||
| Capex | — | — | — | 0.05 | (0.17) | (3.34) | (0.21) | (0.26) | (0.39) | (0.56) | (0.59) | n/m | ||||||
| Free cash flow | — | — | — | 1.46 | 1.11 | (0.75) | 2.88 | 3.91 | 3.87 | 4.50 | 4.11 | +20.7% | ||||||
| Book value | — | — | — | (0.72) | 2.93 | 5.63 | 7.53 | 8.57 | 9.09 | 9.85 | 7.43 | n/m | ||||||
| Shares, m | — | — | — | 106 | 106 | 106 | 109 | 114 | 121 | 127 | 126 | +3.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 61.11 | 61.11 | 252.19 | 73.26 | 79.33 | 82.26 | 105.37 | 57.80 | 102.1 | |||||
| P/S | — | — | — | 5.63 | 5.63 | 2.98 | 2.63 | 2.36 | 3.08 | 2.15 | 1.79 | 3.5 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 7.17 | 5.55 | 5.00 | 7.06 | 5.24 | 6.46 | 4.3 | ||||||
| EV/Sales | — | — | — | 6.65 | 6.65 | 3.82 | 3.20 | 2.91 | 4.17 | 3.20 | — | 4.4 | ||||||
| EV/FCF | — | — | — | 50.60 | 50.60 | (68.84) | 17.67 | 13.50 | 22.43 | 17.05 | — | 14.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 150 | 135 | 273 | 336 | 477 | 515 | 644 | 570 | +27.5% | |||||
| Capex | — | — | — | 5 | (18) | (353) | (23) | (30) | (47) | (71) | (71) | n/m | ||||||
| Free cash flow | — | — | — | 154 | 118 | (79) | 313 | 447 | 468 | 573 | 499 | +24.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (7) | 11 | 93 | 760 | 591 | 240 | (129) | 31 | +63.7% | |||||
| Net debt | — | — | — | 617 | 1,273 | 1,203 | 990 | 1,140 | 2,743 | 3,193 | 3,508 | +31.5% | ||||||
| Shareholders’ equity | — | — | — | (76) | 311 | 595 | 818 | 980 | 1,098 | 1,254 | 902 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 5.86 | 2.03 | (0.14) | 1.03 | 0.90 | 1.12 | 0.63 | 1.00 | (5.2) pt | |||||
| ROIC | — | — | — | 11.68 | 6.26 | 6.49 | 10.01 | 10.59 | 6.96 | 6.94 | 7.19 | (4.7) pt | ||||||
| ROE | — | — | — | (162.45) | (2,522.84) | (2.12) | 8.64 | 6.79 | 9.11 | 5.39 | 9.81 | +167.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 1,214 | 669 | 3,850 | 4,350 | 5,250 | 6,110 | — | +38.2% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.84 | 2.14 | 0.45 | 0.48 | 0.48 | 0.50 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2021
| Wholesale Brokerage | 932 | 65.05% |
|---|---|---|
| Underwriting Management | 291 | 20.28% |
| Binding Authority | 210 | 14.63% |
| Gross margin | 100.00% | |
| Operating margin | 13.03% | |
| Pre-tax margin | 4.30% |
Ryan Specialty Holdings Inc. vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| WTW Willis Towers Watson Public Limited Company | $31.0B | 20.4× | 18.8× | +7.52% (above 0%: growing) | +4.17% (above 0%: growing) | +13.37% (above 0%: growing) | 100.00% | 17.44% | Compare |
| BRO Brown & Brown, Inc. | $24.7B | 20.3× | 20.5× | +7.41% (above 0%: growing) | +9.04% (above 0%: growing) | +9.07% (above 0%: growing) | 50.32% | 24.35% | Compare |
| ERIE Erie Indemnity Company | $13.3B | 22.9× | 20.6× | +0.30% (above 0%: growing) | +0.25% (above 0%: growing) | +0.52% (above 0%: growing) | 19.38% | 19.38% | Compare |
| RYAN Ryan Specialty Holdings Inc. | $12.1B | 57.8× | 48.0× | +4.69% (above 0%: growing) | +25.00% (above 0%: growing) | +4.14% (above 0%: growing) | 100.00% | 17.83% | |
| BWIN Baldwin Insurance Group, Inc. | $4.5B | — (loss-making) | — (loss-making) | +30.13% (above 0%: growing) | n/m | +208.10% (above 0%: growing) | 31.81% | (1.69%) | Compare |
| CRVL CorVel Corp. | $4.3B | 35.9× | — | +11.47% (above 0%: growing) | +24.89% (above 0%: growing) | +8.94% (above 0%: growing) | 27.07% | 17.16% | Compare |
| ARX Accelerant Holdings | $4.3B | — (loss-making) | 46.1× | +62.89% (above 0%: growing) | +620.00% (above 0%: growing) | −139.56% (below 0%: shrinking) | 100.00% | 30.96% | Compare |
| NP Neptune Insurance Holdings Inc. | $3.9B | 86.7× | 77.9× | +34.27% (above 0%: growing) | +116.67% (above 0%: growing) | +66.53% (above 0%: growing) | 100.00% | 46.95% | Compare |
| LIFE Ethos Technologies Inc. | $2.1B | — (loss-making) | — (loss-making) | +164.74% (above 0%: growing) | −93.50% (below 0%: shrinking) | +209.99% (above 0%: growing) | 100.00% | 1.64% | Compare |
| Median of peers | $4.4B | 22.9× | 20.6× | +20.80% | +9.04% | +11.22% | 75.16% | 18.41% |
From the latest earnings call
- CEO Tim Turner said property pricing continued to decline as capacity entered the market, while competition spread into some high-hazard casualty classes.
- CFO Janice Hamilton said Ryan Specialty improved its 2026 adjusted EBITDA margin outlook to a modest year-over-year decline, which she described as around 50 basis points.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
45.51%
Held by the ten largest
24.62%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 11.41m | 4.46% | −46.48k |
| BlackRock | 10.49m | 4.10% | −375.50k |
| Vulcan Value Partners, LLC | 7.91m | 3.09% | +1.32m |
| T. Rowe Price | 6.74m | 2.63% | −468.80k |
| Orbis Allan Gray Ltd | 6.31m | 2.47% | +6.31m |
| Neuberger Berman | 5.57m | 2.18% | +2.47m |
| Fidelity (FMR) | 5.13m | 2.01% | +4.80m |
| State Street | 3.71m | 1.45% | +72.72k |
| Polar Capital Holdings Plc | 2.94m | 1.15% | +490.00k |
| BMO | 2.77m | 1.08% | +479.24k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 17 March 2026
Ownership
Directors and executive officers, together
82.50% of the votes
Patrick G. Ryan
77.10% of the votes
The Vanguard Group
less than 1% of the votes
BlackRock, Inc.
less than 1% of the votes
T. Rowe Price Investment Management, Inc.
less than 1% of the votes
Capital World Investors
less than 1% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Ryan Specialty Holdings Inc. (RYAN) Latest News
30 Oct
29 Oct
27 Oct
22 Oct
30 Jul
23 Jul
9 Jul
RYAN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Ryan Specialty is a specialty insurance intermediary founded in 2010 by Patrick G. Ryan. Timothy W. Turner is its chief executive. The company helps insurance brokers and agents find coverage for risks that can be complex, unusual or difficult to place with standard insurers. It also provides distribution, underwriting and other services to insurance carriers.
A retail insurance broker works directly with a customer seeking coverage. Ryan Specialty generally works between that broker and an insurance carrier, helping match the risk with an insurer. Its wholesale brokerage business finds coverage; its binding authority and underwriting management businesses can also make certain coverage decisions on carriers’ behalf under authority the carriers delegate to them.