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Ryan Specialty

RYAN NYSE Insurance Brokers Financials FY2019–FY2025

Ryan Specialty's revenue rose 21.3% to $3.1 billion in fiscal 2025. Its operating margin was 16.2%, down from 17.0% a year earlier. Free cash flow was $641 million, up 24.4%. It paid out $62 million in dividends and buybacks, 10% of free cash flow.

Last close · Oct 23, 2026

$43.68

1.8%
Value it Compare
Revenue Total sales reported in the income statement.
$3.1B
21.3% vs prior year
Operating margin Operating income as a share of revenue.
16.2%
0.8 pts
Net income Profit after all expenses, interest and tax.
$63.4M
33.1%
Free cash flow Cash from operations minus capital spending.
$641M
24.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.7%
3.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
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Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Ryan Specialty does

No business description yet.

Legal name
RYAN SPECIALTY HOLDINGS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001849253-26-000006
0001849253

Revenue and margins

Ryan Specialty had $3.1B of revenue in fiscal 2025, up 21.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $641M in fiscal 2025, 21.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ryan Specialty returned $62.3M to shareholders in fiscal 2025, 10% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ryan Specialty yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.2B and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Ryan Specialty can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$993M$839M$540M$158M
Debt incl. finance leases $1.6B$2.0B$2.0B$3.3B$3.3B
Net debt / EBITDA 1.5x2.5x2.4x4.6x4.1x
Debt / equity 2.7x4.1x3.5x5.2x5.2x
Interest coverage 2.4x2.8x3.0x3.1x2.5x
Current ratio 1.0x1.2x1.2x1.1x1.0x
Quick ratio 1.0x1.2x1.2x1.1x1.0x
Total assets $5.5B$6.4B$7.2B$9.6B$10.6B
Total liabilities $4.9B$5.6B$6.3B$8.6B$9.3B
Shareholders' equity $595M$478M$560M$628M$648M
Net debt (− = net cash) $451M$984M$1.1B$2.7B$3.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$5.6M

6 insiders

Sold, 12 months

$235M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 8, 2026 Brendan Martin MulshineCo-President and CRO Sold 40,000 $40.51 $1.6M Form 4
Aug 13, 2026 Michael ConklinEVP & CHRO Sold 2,043 $42.26 $0.1M Form 4
Jun 12, 2026 Anthony J KuczinskiDirector Bought 500 $35.77 $0.0M Form 4
Jun 11, 2026 Anthony J KuczinskiDirector Bought 2,500 $34.83 $0.1M Form 4
Jun 10, 2026 John W Rogers JrDirector Bought 7,500 $35.16 $0.3M Form 4
Jun 5, 2026 Patrick G RyanExecutive Chairman, Director, 10% owner Bought 120,000 $32.50 $3.9M Form 4
Jun 3, 2026 Janice M HamiltonChief Financial Officer Bought 6,300 $31.79 $0.2M Form 4
Jun 3, 2026 Mark Stephen KatzEVP & General Counsel Bought 3,215 $31.07 $0.1M Form 4
Feb 23, 2026 Patrick G Ryan JrDirector Bought 25,500 $39.96 $1.0M Form 4
Feb 20, 2026 Patrick G Ryan JrDirector Bought 365 $41.41 $0.0M Form 4
Dec 12, 2025 Timothy William TurnerChief Executive Officer, Director Sold 129,570 $53.61 $6.9M Form 4
Dec 5, 2025 Onex RSG Holdings LPDirector Sold 4,145,621 $54.50 $226M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise — — —
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −6.1%−5.0%−5.7%
Altman Z'' 1.080.640.41

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ryan Specialty RYAN — 21.3% 16.2% 21.0% 8.7% — —
Erie Indemnity ERIE — 7.2% 17.6% 14.0% 31.8% — — Compare →
Brown & Brown BRO $24.4B 22.8% — 23.4% 9.1% 23.0x 4 Compare →
Willis Towers Watson WTW $30.6B −2.2% 23.0% 15.9% 12.8% 20.1x 7 Compare →
Arthur J. Gallagher AJG $68.8B 20.7% — 12.8% 9.9% 44.5x 3 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $765M $1.0B $1.4B $1.7B $2.1B $2.5B $3.1B
Operating income $101M $159M $187M $290M $359M $428M $494M
Interest expense $35.5M $47.2M $79.4M $105M $120M $137M $196M
Pretax income $68.0M $79.5M $61.6M $179M $238M $273M $293M
Income tax $4.9M $9.0M $4.9M $15.9M $43.4M $42.6M $79.0M
Net income $64.2M $68.1M $65.9M $61.1M $61.0M $94.7M $63.4M
Cash flow
Cash from operations $150M $135M $274M $336M $477M $515M $644M
Capital expenditure $0.1M $5.2M $343M $7.7M $0.0M $0.0M $3.0M
Free cash flow $149M $130M −$69.7M $328M $477M $515M $641M
Depreciation and amortization $4.8M $67.5M $113M $109M $116M $168M $288M
Stock-based compensation $8.2M $10.8M $67.5M $77.5M $69.7M $79.0M $69.5M
Acquisitions $121M $718M $109M $0.0M $447M $1.7B $747M
Share buybacks $0.0M $0.0M $78.3M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $80.2M $62.3M
Dividends and buybacks $0.0M $0.0M $78.3M $0.0M $0.0M $80.2M $62.3M
Balance sheet
Cash and short-term investments $402M $896M $1.1B $993M $839M $540M $158M
Total debt — $1.6B $1.6B $2.0B $2.0B $3.3B $3.3B
Finance lease liabilities $0.0M $0.2M $0.1M $0.1M $0.0M $0.0M $0.0M
Current assets — $2.5B $3.0B $3.9B $4.3B $4.8B $5.1B
Current liabilities — $2.5B $2.9B $3.1B $3.7B $4.5B $5.2B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $17.4M $15.3M $31.3M $42.4M $50.2M $69.5M
Total assets — $4.5B $5.5B $6.4B $7.2B $9.6B $10.6B
Total liabilities — $4.2B $4.9B $5.6B $6.3B $8.6B $9.3B
Shareholders' equity — — $595M $478M $560M $628M $648M
Margins
Operating margin 13.2% 15.6% 13.0% 16.8% 17.3% 17.0% 16.2%
EBITDA margin 13.8% 22.2% 20.9% 23.1% 22.9% 23.7% 25.6%
Net margin 8.4% 6.7% 4.6% 3.5% 2.9% 3.8% 2.1%
FCF margin 19.5% 12.8% −4.9% 19.0% 23.0% 20.5% 21.0%
Returns
Return on capital — — — 18.5% 15.0% 12.1% 8.7%
Return on capital employed — — 8.1% 10.0% 10.6% 9.9% 9.4%
Return on equity — — — 11.4% 11.8% 15.9% 9.9%
Return on assets — — 1.3% 1.0% 0.9% 1.1% 0.6%
Growth
Revenue growth — 33.1% 40.7% 20.4% 20.4% 21.1% 21.3%
Net income growth — 6.1% −3.3% −7.3% −0.0% 55.1% −33.0%
FCF growth — −12.9% −153.5% — 45.6% 7.9% 24.4%
Financial health
Net debt / EBITDA — 3.1x 1.5x 2.5x 2.4x 4.6x 4.1x
Debt / equity — — 2.7x 4.1x 3.5x 5.2x 5.2x
Interest coverage 2.8x 3.4x 2.4x 2.8x 3.0x 3.1x 2.5x
Current ratio — 1.0x 1.0x 1.2x 1.2x 1.1x 1.0x
Quick ratio — 1.0x 1.0x 1.2x 1.2x 1.1x 1.0x
Capital allocation
Capex / revenue 0.0% 0.5% 24.0% 0.5% 0.0% 0.0% 0.1%
Stock comp / revenue 1.1% 1.1% 4.7% 4.5% 3.4% 3.1% 2.3%
Payouts / FCF 0.0% 0.0% — 0.0% 0.0% 15.6% 9.7%
Quality scores
Altman Z'' — — 0.5 1.3 1.1 0.6 0.4
Accruals ratio — — −4.2% −4.6% −6.1% −5.0% −5.7%

Source: SEC EDGAR XBRL filings (CIK 0001849253). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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