Erie Indemnity vs Ryan Specialty
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The short version
- Erie Indemnity is the larger business, with $4.1B of revenue in fiscal 2025 against $3.1B for Ryan Specialty.
- Ryan Specialty grew revenue faster (21.3%, against 7.2%).
- Erie Indemnity kept more of each dollar of sales as operating profit (17.6% operating margin, against 16.2%).
- Ryan Specialty turned more of its sales into free cash flow (21.0% FCF margin, against 14.0%).
- Erie Indemnity earned a higher return on the capital invested in it (31.8%, against 8.7%).
| Latest fiscal year | ERIE · FY25 | RYAN · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | — |
| Revenue | $4.1B | $3.1B |
| Free cash flow | $571M | $641M |
| Net income | $559M | $63.4M |
| Growth | ||
| Revenue growth | 7.2% | 21.3% |
| 5-year growth | 9.9% | 24.5% |
| Share count change | — | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 17.6% | 16.2% |
| Net margin | 13.8% | 2.1% |
| FCF margin | 14.0% | 21.0% |
| Return on capital | 31.8% | 8.7% |
| Return on equity | 26.2% | 9.9% |
| Balance sheet | ||
| Net debt | −$380M | $3.2B |
| Net debt / EBITDA | −0.5x | 4.1x |
| Dividends and buybacks | $254M | $62.3M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | — |
Revenue
FY16
ERIE $1.6B
RYAN —
FY17
ERIE $1.7B
RYAN —
FY18
ERIE $2.4B
RYAN —
FY19
ERIE $2.5B
RYAN $765M
FY20
ERIE $2.5B
RYAN $1.0B
FY21
ERIE $2.6B
RYAN $1.4B
FY22
ERIE $2.8B
RYAN $1.7B
FY23
ERIE $3.3B
RYAN $2.1B
FY24
ERIE $3.8B
RYAN $2.5B
FY25
ERIE $4.1B
RYAN $3.1B
ERIE
RYAN
Operating margin
FY16
ERIE 18.4%
RYAN —
FY17
ERIE 17.2%
RYAN —
FY18
ERIE 14.5%
RYAN —
FY19
ERIE 14.4%
RYAN 13.2%
FY20
ERIE 13.3%
RYAN 15.6%
FY21
ERIE 12.1%
RYAN 13.0%
FY22
ERIE 13.3%
RYAN 16.8%
FY23
ERIE 15.9%
RYAN 17.3%
FY24
ERIE 17.8%
RYAN 17.0%
FY25
ERIE 17.6%
RYAN 16.2%
ERIE
RYAN
Free cash flow
FY16
ERIE $229M
RYAN —
FY17
ERIE $168M
RYAN —
FY18
ERIE $207M
RYAN —
FY19
ERIE $262M
RYAN $149M
FY20
ERIE $287M
RYAN $130M
FY21
ERIE $254M
RYAN −$69.7M
FY22
ERIE $299M
RYAN $328M
FY23
ERIE $289M
RYAN $477M
FY24
ERIE $486M
RYAN $515M
FY25
ERIE $571M
RYAN $641M
ERIE
RYAN
Return on capital
FY16
ERIE —
RYAN —
FY17
ERIE 26.5%
RYAN —
FY18
ERIE 47.7%
RYAN —
FY19
ERIE 45.1%
RYAN —
FY20
ERIE 27.4%
RYAN —
FY21
ERIE 21.7%
RYAN —
FY22
ERIE 23.9%
RYAN 18.5%
FY23
ERIE 30.4%
RYAN 15.0%
FY24
ERIE 34.8%
RYAN 12.1%
FY25
ERIE 31.8%
RYAN 8.7%
ERIE
RYAN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.