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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%
Market cap
$12.1B
P/E
57.8×
Fwd P/E
48.0×
Dividend yield
1.06%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Ryan Specialty Holdings Inc. (RYAN) valuation and DCF model

What the price implies · reverse DCF

At $47.97 the price implies 24.4% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 6.9% a year over the last five years. The price asks for about four times its five-year rate. Return on equity averaged −379.6% over ten years; the price implies 44.5% for good.

In December 2022 the price assumed 39.8% a year; Ryan Specialty Holdings Inc. went on to grow the dividend a share 34.5% a year to FY2025.

Price implies
24.4%
Last 5 years, reported
6.9%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
24.4% a year for ten years
$47.97
today’s price
Its base case
6.9% a year for five years, then 4.1%
$11.82
75.4% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Ryan Specialty Holdings Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 24.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Ryan Specialty Holdings Inc.’s own cost of capital: risk-free 4.3% + beta 0.54 × equity premium 4.5% = 6.7% cost of equity; weighted, 6.7%.

Use 6.7%
Base case value per share $11.82 ten years discounted, and what follows
Current price $47.97 market price per share
Below today’s price 75.4% downside at the base case’s assumptions

How we got there$5.11 10 years of dividends+$6.71 terminal value=$11.82 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Brokers).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 57.80× 79.60× 96.55× 40% below 22.14× 161% above
P/FCF 11.66× 13.03× 21.56× 46% below 22.32× 48% below
P/B 6.46× 5.86× 6.08× 6% above 3.02× 113% above
EV/EBITDA — 14.42× 17.82× — 3.38× —
EV/Sales — 3.46× 4.37× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
12.03×21.45×30.88×40.30×10Y avg 21.56×2019202020222023202420252026

RYAN trades at 11.66× P/FCF, against a 10-year average of 21.56× (range 10.95×–42.87×). That is cheaper than 67% of the last 6 year-end readings; re-rating to the average implies $88.64 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.