Erie Indemnity vs Ryan Specialty
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KIRA’s take AI analyst
I put Erie Indemnity and Ryan Specialty side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Erie Indemnity
ERIE
5/8
Operating marginNet marginReturn on capitalReturn on equityNet debt / EBITDA
Ryan Specialty
RYAN
3/8
Revenue growth5-year growthFCF margin
Side by side
Best in the row
| 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 | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.