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Stock research / United States / RYAN · Insurance Agents, Brokers & Service · NYSE

Ryan Specialty Holdings, Inc. (RYAN)

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Ryan Specialty Holdings, Inc. (RYAN) reported revenue of $917 million for Q2 FY2026, the quarter ended 30 June 2026, up 7.2% on the same quarter a year earlier. Net income was $42 million, down 18.6% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue$917 millionup 7.2%
Net income$42 milliondown 18.6%
Diluted EPS$0.33
QuarterQ2 FY2026ended 30 June 2026

Ryan Specialty Holdings (RYAN) in brief

Ryan Specialty Holdings (RYAN) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, up 21.3% on the year before.
Read moreNet income was $63 million and diluted earnings per share $0.47. Revenue was $2.5 billion in fiscal 2024, $2.1 billion in fiscal 2023, $1.7 billion in fiscal 2022 and $1.4 billion in fiscal 2021. Net income in the same years was $95 million, $61 million, $61 million and $66 million. Over the twelve months to 30 June 2026, Ryan Specialty Holdings reported revenue of $3.2 billion and net income of $99 million. Revenue grew 24.5% a year, compounded, over the five years to fiscal 2025.

Ratios

From the filings

ROE19.4%
ROCE11.5%
Operating margin14.8%
Net margin3.1%
FCF margin17.2%
Interest covern/a
Debt to equity7.13
Cash conversion5.64
Share count, 1 yearn/a
Sales CAGR, 3 years20.9%
Profit CAGR, 3 years1.3%
EPS, TTM$0.72

At the close of 8 October 2026

Price$37.79
Market capn/a
Stock P/En/a
Price to bookn/a
EV / EBITDAn/a
Dividend yieldn/a
Market cap / salesn/a
52-week high$58.38
52-week low$29.39
Price, 1 year-35.2%
Price CAGR, 3 years-8.4%
Price CAGR, 5 years1.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the total debt Ryan Specialty Holdings, Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
RYANgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on RYAN

Filings17 in twelve months: 10 current reports (8-K), about 5 other events; 4 results of operations; 3 regulation fd disclosure; 2 material agreement; 1 shareholder vote
Planned insider sales5 Form 144 notices in twelve months, $241.5 million; latest 8 September 2026
Options tapeput/call 0.41 by open interest at the 8 October 2026 close; the straddle prices a 8.0% move to 16 October 2026
13F holders8 of the followed funds hold it; largest FMR LLC; 5 Schedule 13D or 13G filings in twelve months
Insider trading4 sales and 9 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest12.0 million shares short, 6.51 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue502533552695605664690855755751795917
Operating income69.896.372.616481.510910019111191.694.6180
Operating margin14%18%13%24%13%16%15%22%15%12%12%20%
Interest expense31.529.729.431.1n/an/an/an/an/an/an/an/a
Pre-tax income40.559.247.113719.769.051.013859.844.647.1131
Tax rate61%1%14%14%-46%38%109%9%-5%30%14%17%
Net income-5.022.816.546.817.613.8-27.652.031.18.017.642.3
Net margin-1%4%3%7%3%2%-4%6%4%1%2%5%
Diluted EPS-$0.04$0.19$0.13$0.37$0.09$0.12-$0.22$0.38$0.20$0.06$0.13$0.33
Operating cash flow105227-117271101260-143354170263-167293
Capital expenditure10.713.80.00.00.00.00.70.02.40.00.01.6
Free cash flow94.8213-117271101260-143354167263-167291
Buybacksn/an/an/an/an/an/a0.00.0n/an/a40.0260
Dividends paid0.00.040.013.013.513.715.115.416.315.516.816.9
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019 †FY2020 †FY2021FY2022 †FY2023 †FY2024FY2025TTM
Revenue7651,0181,4331,7252,0782,5163,0513,218
Operating income101159187290359428494477
Operating margin13.2%15.6%13.0%16.8%17.3%17.0%16.2%14.8%
Interest expense35.547.279.4105120n/an/an/a
Pre-tax income68.079.561.6179238273293282
Income tax4.99.04.915.943.442.679.039.4
Effective tax rate7.2%11.3%8.0%8.9%18.3%15.6%27.0%14.0%
Net income64.268.165.961.161.094.763.499.0
Net margin8.4%6.7%4.6%3.5%2.9%3.8%2.1%3.1%
Diluted EPSn/an/a-$0.07$0.52$0.52$0.71$0.47$0.72
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States2,0232,3922,86493.9%
Foreign55.01241876.1%
United StatesForeign
2,078FY20232,516FY20243,051FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

Follow the cashA discounted cash flow: five years of free cash flow, added up in today's moneyNot for Ryan Specialty Holdings: an insurer's operating cash flow includes premiums it holds to pay claims later, so it is not cash the owners can take out. Book value and return on equity, in the ratios above, are the usual measures for it.

FY2019 †FY2020 †FY2021FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flow150135273336477515644559
Capital expenditure0.15.23437.70.00.03.03.9
Free cash flow149130-69.7328477515641555
Free cash flow margin19.5%12.8%-4.9%19.0%23.0%20.5%21.0%17.2%
Cash from investing-148-769-458-22.4-476-1,756-834-247
Cash from financing62.31,125429315-12.61,16778.1-66.0
Depreciation and amortisationn/a67.5113109116168287n/a
Share-based compensation8.210.867.577.569.779.069.568.4
Dividends paidn/an/an/a0.00.080.262.365.6
Diluted shares, weightedn/an/a106mn/an/a133mn/an/a
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019 †FY2020 †FY2021FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equityn/an/a595478560628648509
Non-controlling interestn/an/an/a339420471606507
Debtn/a1,5851,5901,9771,9713,2833,3523,633
Operating lease liabilitiesn/a83.774.4152154159153147
Finance lease liabilitiesn/a0.10.10.0n/an/an/an/a
Other liabilitiesn/an/a3,1993,4374,1425,1105,8057,171
Total liabilities and equityn/a4,5295,4596,3847,2479,65010,56411,967
Owned
Fixed assetsn/a17.415.331.342.450.269.564.6
Goodwill5291,2241,3091,3151,6462,6473,2253,216
Intangible assetsn/a60557429.338.383.7120127
Cash and equivalents4028961,140993839540158140
Receivablesn/a178210231294390489698
Other assetsn/a1,6102,2103,7844,3875,9396,5037,722
Total assetsn/a4,5295,4596,3847,2479,65010,56411,967
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a24.5%20.9%14.4%
Profit growth, compoundedn/a-1.4%1.3%77.9%
Return on equity, averagen/a11.9%11.9%9.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Insurance

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Berkshire Hathaway Inc. BRK.B$1.09 trillion12.7311.5%15.0%3.9%n/an/a
UnitedHealth Group Inc. UNH$335.7 billion23.8713.5%4.8%6.5%0.672.4%
Chubb Ltd. CB$132.6 billion12.1614.8%23.1%8.0%0.231.1%
Progressive Corp. PGR$127.2 billion10.9734.1%16.2%10.5%0.246.4%
Marsh & Mclennan Companies, Inc. MRSH$83.0 billion21.2325.8%21.6%8.3%1.272.0%
Arthur J. Gallagher & Co. AJG$60.0 billion38.816.6%12.6%26.3%0.571.1%
Aon plc AON$58.8 billion15.2840.8%26.5%4.9%1.351.1%
Willis Towers Watson plc WTW$27.7 billion18.3220.4%22.2%3.0%0.751.2%
Brown & Brown, Inc. BRO$21.0 billion20.119.6%n/a34.2%0.621.0%
Equitable Holdings, Inc. EQH$14.6 billionn/an/a-5.7%-22.1%n/a2.0%
Erie Indemnity Co. ERIE$11.8 billion20.5223.4%17.9%3.7%0.00n/a
Ryan Specialty Holdings, Inc. RYANn/an/a19.4%14.8%14.4%7.13n/a
All 52 in Insurance
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Berkshire Hathaway Inc. BRK.B$1.09 trillion12.7311.5%15.0%3.9%n/an/a
UnitedHealth Group Inc. UNH$335.7 billion23.8713.5%4.8%6.5%0.672.4%
Chubb Ltd. CB$132.6 billion12.1614.8%23.1%8.0%0.231.1%
Progressive Corp. PGR$127.2 billion10.9734.1%16.2%10.5%0.246.4%
Elevance Health, Inc. ELV$86.9 billion17.8211.1%2.7%6.3%0.691.7%
Marsh & Mclennan Companies, Inc. MRSH$83.0 billion21.2325.8%21.6%8.3%1.272.0%
Travelers Companies, Inc. TRV$77.2 billion9.8725.1%21.1%2.4%0.270.8%
Cigna Group CI$74.3 billion11.6315.1%3.5%7.8%0.682.1%
Manulife Financial Corporation MFC *$69.9 billion19.3511.1%n/an/a0.153.4%
Metlife Inc. MET$62.8 billion18.8313.2%8.3%8.7%0.522.3%
Arthur J. Gallagher & Co. AJG$60.0 billion38.816.6%12.6%26.3%0.571.1%
Aon plc AON$58.8 billion15.2840.8%26.5%4.9%1.351.1%
Allstate Corp. ALL$58.6 billion4.6139.4%23.2%5.9%0.221.7%
Aflac Inc. AFL$57.7 billion12.4016.0%32.0%13.6%0.282.0%
Humana Inc. HUM$46.5 billion36.626.7%1.9%18.3%0.620.9%
Sun Life Financial Inc. SLF *$42.0 billion17.5714.5%n/a8.0%0.333.5%
American International Group, Inc. AIG$40.4 billion14.097.3%13.6%-4.2%0.222.3%
Prudential Financial Inc. PRU$39.2 billion10.2912.4%7.6%9.4%0.624.8%
Hartford Insurance Group, Inc. HIG$35.1 billion8.3722.2%17.3%7.0%0.221.7%
Arch Capital Group Ltd. ACGL$32.8 billion7.5119.5%26.9%0.4%0.185.2%
Centene Corp. CNC$31.9 billionn/a-22.6%-2.8%13.9%0.71n/a
Everest Group, Ltd. EG$27.8 billion7.8912.4%13.4%-5.1%0.032.1%
Willis Towers Watson plc WTW$27.7 billion18.3220.4%22.2%3.0%0.751.2%
W. R. Berkley Corp. WRB$26.7 billion14.7919.6%n/a4.3%n/a2.6%
Cincinnati Financial Corp. CINF$25.4 billion7.7920.0%29.8%19.6%0.052.1%
Principal Financial Group Inc. PFG$23.6 billion15.6412.8%11.9%3.7%0.362.8%
Loews Corp. L$22.0 billion13.208.8%12.3%3.5%0.470.2%
Brown & Brown, Inc. BRO$21.0 billion20.119.6%n/a34.2%0.621.0%
Reinsurance Group of America Inc. RGA$16.7 billion11.2411.0%7.2%19.4%0.421.4%
Corebridge Financial, Inc. CRBG$15.3 billion20.128.5%5.4%29.1%0.832.8%
Globe Life Inc. GL$15.3 billion11.0319.7%24.2%5.2%0.480.7%
Unum Group UNM$14.7 billion21.596.5%6.8%3.4%0.351.9%
Equitable Holdings, Inc. EQH$14.6 billionn/an/a-5.7%-22.1%n/a2.0%
Renaissancere Holdings Ltd. RNR$13.9 billion5.6522.3%39.6%-14.0%0.200.5%
Assurant, Inc. AIZ$13.5 billion13.0317.4%9.9%9.4%0.351.2%
Erie Indemnity Co. ERIE$11.8 billion20.5223.4%17.9%3.7%0.00n/a
American Financial Group Inc. AFG$11.8 billion12.4119.8%14.5%-0.2%0.385.1%
Fidelity National Financial, Inc. FNF$10.7 billion13.8610.4%11.3%13.0%0.595.1%
Molina Healthcare, Inc. MOH$10.2 billionn/a-0.2%0.5%2.6%0.90n/a
OLD Republic International Corp. ORI$9.3 billion8.4518.7%14.8%12.1%n/a9.5%
Voya Financial, Inc. VOYA$8.8 billion16.3013.0%9.1%3.2%0.451.9%
Primerica, Inc. PRI$8.5 billion11.0731.5%29.9%8.6%0.241.5%
Kinsale Capital Group, Inc. KNSL$7.7 billion13.7627.9%35.7%15.8%0.110.2%
Hanover Insurance Group, Inc. THG$7.7 billion10.5920.6%15.4%5.6%0.23n/a
First American Financial Corp. FAF$6.4 billion8.7013.3%12.3%22.6%n/a3.5%
Mgic Investment Corp. MTG$5.8 billion8.7114.1%74.0%-1.9%0.132.2%
Essent Group Ltd. ESNT$5.7 billion8.8712.0%62.0%4.3%0.082.1%
RLI Corp. RLI$5.2 billion11.8325.0%28.0%8.7%0.174.7%
Selective Insurance Group Inc. SIGI$5.1 billion10.5613.6%11.5%7.0%0.251.8%
CNO Financial Group, Inc. CNO$5.0 billion18.4010.8%13.3%6.0%0.521.3%
Brighthouse Financial, Inc. BHF$2.8 billion3.9412.7%14.7%2.6%0.48n/a
Ryan Specialty Holdings, Inc. RYANn/an/a19.4%14.8%14.4%7.13n/a
7 companies share its SEC industry code (Insurance Agents, Brokers & Service); the rest are the names nearest in size in its wider industry, Insurance, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202631 July 2026EDGAR
10-Q31 March 20261 May 2026EDGAR
10-K31 December 202513 February 2026EDGAR
10-Q30 September 202531 October 2025EDGAR
10-Q30 June 20251 August 2025EDGAR
10-Q31 March 20252 May 2025EDGAR
10-K31 December 202421 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 20242 August 2024EDGAR
10-Q31 March 20243 May 2024EDGAR

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