Axis Capital Holdings Limited (AXS) vs Ryan Specialty Holdings Inc. (RYAN)

Axis Capital Holdings Limited and Ryan Specialty Holdings Inc. are both Insurance Specialty companies. Ryan Specialty Holdings Inc. is the larger, with a market value of $9.4B against $6.9B — 1.4× the size. Axis Capital Holdings Limited trades at the lower P/E: 6.7× against 49.2×. Ryan Specialty Holdings Inc. grew revenue faster over the last twelve months: 14.4% against 9.10%. Axis Capital Holdings Limited has the higher net margin (15.8% vs 3.08%) and the higher return on invested capital (12.5% vs 6.62%). Across the 22 metrics below, Axis Capital Holdings Limited leads on 18 and Ryan Specialty Holdings Inc. on 4.

Valuation

Metric AXS RYAN Insurance Specialty median
P/E 6.65 49.21 9.15
P/S 1.03 1.48 1.84
P/B 1.17 4.67 1.16
Price to free cash flow 2.91 9.63 8.16
EV/EBITDA 5.27 10.62 7.51
EV/Sales 1.08 2.56 2.17
Earnings yield 15.04% 2.03% 10.79%
Free cash flow yield 34.36% 10.38% 11.79%

Profitability

Metric AXS RYAN Insurance Specialty median
Gross margin 30.67% 100.00% 73.81%
Operating margin 20.15% 14.83% 17.70%
Net margin 15.78% 3.08% 13.80%
Free cash flow margin 35.24% 15.31% 34.47%
Return on equity 18.55% 9.01% 12.01%
Return on assets 3.04% 0.88% 4.12%
Return on invested capital 12.51% 6.62% 8.77%

Growth

Metric AXS RYAN Insurance Specialty median
Revenue growth (TTM) 9.10% 14.36% 7.53%
EPS growth (last fiscal year) 0.00% (33.80%) —
Revenue growth, 5-year CAGR 6.27% 24.54% 2.24%
Net income growth, 5-year CAGR 0.00% (1.42%) 0.00%

Health

Metric AXS RYAN Insurance Specialty median
Debt to equity 0.24 3.58 0.15
Current ratio 0.63 1.00 0.53
Net debt to EBITDA 0.07 4.00 0.28

Dividend

Metric AXS RYAN Insurance Specialty median
Dividend yield 3.08% — 2.60%
Payout ratio 0.44 0.00 0.21

Size

Metric AXS RYAN Insurance Specialty median
Market cap 6.91b 9.40b 3.13b

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