Detailed financial statements for Ryan Specialty Holdings, Inc. (RYAN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Ryan Specialty Holdings, Inc. functions as a provider of specialized insurance products and comprehensive solutions for the benefit of insurance brokers, agents, and carriers. The company delivers a range of services including distribution, underwriting, product development, administration, and risk management, primarily through its roles as a wholesale broker and a managing underwriter. This firm, established in 2010, maintains its headquarters in Chicago, Illinois.
Analysis Summary
Ryan Specialty Holdings, Inc. reported revenue of $3.05B in the most recent fiscal year, growing at a 5-year CAGR of 24.5%. Net income reached $63.4M, with a -1.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 90.6%, operating margin 20.5%, net margin 2.1%. Free cash flow grew at 36.2% CAGR over 5 years.
At the current price of $37.98, RYAN trades at a P/E of 103.26 and an ROE of 9.78%. Market capitalisation stands at $4.9B.
Balance sheet quality for RYAN: current ratio of 7.5, net debt of $3.37B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $575.7M represents 908% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $765.1M | $1.02B | $1.43B | $1.73B | $2.08B | $2.52B | $3.05B |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $287.5M |
| Gross Profit | $765.1M | $1.02B | $1.43B | $1.73B | $2.08B | $2.52B | $2.76B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $612.6M | $793.5M | $1.13B | $1.33B | $1.60B | $1.94B | $453.5M |
| Operating Expenses | $697.1M | $938.8M | $1.37B | $1.55B | $1.84B | $2.24B | $2.14B |
| Operating Income | $68.0M | $79.5M | $61.6M | $179.2M | $237.9M | $272.6M | $625.2M |
| EBITDA | $156.6M | $194.2M | $253.6M | $393.3M | $473.3M | $598.6M | $803.1M |
| Interest Expense | $35.5M | $47.2M | $79.4M | $104.8M | $119.5M | $158.4M | $222.4M |
| Pre-tax Income | $68.0M | $79.5M | $61.6M | $179.2M | $237.9M | $272.6M | $293.2M |
| 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 |
| EPS | $0.60 | $0.64 | $-0.07 | $0.56 | $0.57 | $0.78 | $0.50 |
| EPS (Diluted) | $0.60 | $0.64 | $-0.07 | $0.52 | $0.52 | $0.71 | $0.47 |
| Shares Outstanding (Diluted) | $106.5M | $106.5M | $105.7M | $265.8M | $125.7M | $274.8M | $278.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $754.6M | $751.2M | $795.2M | $916.6M |
| Gross Profit | $359.0M | $677.7M | $725.8M | $848.1M |
| Operating Income | $155.6M | $134.9M | $144.1M | $215.4M |
| EBITDA | $192.3M | $171.3M | $170.2M | $255.9M |
| Net Income | $31.1M | $8.0M | $40.6M | $108.4M |
| EPS | $0.24 | $0.06 | $0.31 | $0.34 |
| EPS (Diluted) | $0.11 | $0.03 | $0.31 | $0.33 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $52.0M | $312.7M | $387.0M | $992.7M | $838.8M | $540.2M | $158.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $13.9M | 0 |
| Receivables | $127.1M | $2.16B | $2.60B | $2.87B | $3.46B | $4.17B | $489.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.42B | 0 | $3.04B | $3.91B | $4.35B | $4.81B | $647.3M |
| Property, Plant & Equipment | $11.6M | $111.4M | $100.2M | $175.1M | $170.1M | $183.5M | $199.9M |
| Goodwill | $528.5M | $1.22B | $1.31B | $1.31B | $1.65B | $2.65B | $3.23B |
| Intangible Assets | $165.2M | $604.8M | $573.9M | $486.4M | $610.7M | $1.48B | $119.6M |
| Total Assets | $2.19B | $4.53B | $5.46B | $6.38B | $7.25B | $9.65B | $10.56B |
| Accounts Payable | $45.9M | 0 | 0 | 0 | 0 | 0 | $217.3M |
| Short-term Debt | $9.2M | $19.2M | $23.5M | $30.6M | $35.4M | $51.7M | $60.2M |
| Total Current Liabilities | $1.43B | 0 | $433.6M | $414.3M | $501.3M | $649.4M | $86.2M |
| Long-term Debt | $660.0M | $1.57B | $1.57B | $1.95B | $1.94B | $3.23B | $3.29B |
| Total Liabilities | $2.13B | $4.46B | $4.86B | $5.57B | $6.27B | $8.55B | $9.31B |
| Retained Earnings | -$173.7M | 0 | -$7.1M | $54.0M | $114.4M | $122.9M | $120.4M |
| Total Equity | $64.3M | $69.8M | $343.8M | $478.4M | $559.8M | $627.7M | $648.1M |
| Total Debt | $669.3M | $1.69B | $1.68B | $2.16B | $2.16B | $3.46B | $3.53B |
| Net Debt | $617.3M | $1.38B | $1.30B | $1.16B | $1.32B | $2.91B | $3.37B |
| Working Capital | -$6.7M | 0 | $2.60B | $3.50B | $3.85B | $4.16B | $561.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $153.5M | $158.3M | $154.7M | $140.1M |
| Total Assets | $9.85B | $10.56B | $11.01B | $11.97B |
| Total Liabilities | $8.62B | $9.31B | $9.79B | $10.95B |
| Total Equity | $630.5M | $648.1M | $636.2M | $509.4M |
| Total Debt | $3.58B | $3.53B | $3.74B | $3.81B |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | $63.1M | $70.5M | $56.6M | $163.3M | $194.5M | $229.9M | $214.2M |
| Depreciation & Amortization | $53.1M | $67.5M | $112.7M | $109.3M | $115.8M | $167.6M | $287.5M |
| Stock-based Compensation | $8.2M | $10.8M | $67.5M | $77.5M | $69.7M | $79.0M | $38.8M |
| Change in Working Capital | $20.4M | -$41.5M | -$29.4M | -$75.0M | $37.9M | -$29.4M | -$37.3M |
| Operating Cash Flow | $149.5M | $135.4M | $273.5M | $335.5M | $477.2M | $514.9M | $643.7M |
| Capital Expenditure | -$8.0M | -$12.5M | -$9.8M | -$15.0M | -$29.8M | -$47.0M | -$68.0M |
| Acquisitions | -$144.4M | -$741.5M | -$108.9M | 0 | -$446.7M | -$1.71B | -$746.5M |
| Stock Repurchased | -$3.2M | -$52.6M | -$967.8M | -$7.2M | -$8.8M | -$2.1M | -$3.7M |
| Dividends Paid | -$72.3M | -$50.1M | -$47.1M | -$39.9M | 0 | -$80.2M | -$62.3M |
| Free Cash Flow | $141.5M | $122.9M | $263.7M | $320.5M | $447.4M | $467.9M | $575.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $169.7M | $263.2M | -$167.4M | $293.0M |
| Capital Expenditure | -$14.1M | -$17.3M | -$13.3M | -$17.2M |
| Free Cash Flow | $155.5M | $246.0M | -$180.7M | $275.9M |
| Dividends Paid | -$16.3M | -$15.5M | -$16.8M | -$16.9M |
| Stock-based Compensation | $11.2M | $18.5M | $17.4M | $1.0M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +33.1% | +40.7% | +20.4% | +20.4% | +21.1% | +21.3% | |
| Net Income Growth (YoY) | +6.1% | -3.3% | -7.3% | -0.0% | +55.1% | -33.0% | |
| EPS Growth (YoY) | +6.7% | -110.4% | +938.3% | +1.8% | +36.8% | -35.9% | |
| Shares Change (YoY) | +0.0% | -0.7% | +151.3% | -52.7% | +118.6% | +1.3% | |
| FCF Growth (YoY) | -13.2% | +114.6% | +21.5% | +39.6% | +4.6% | +23.1% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 90.6% |
| Operating Margin | 8.9% | 7.8% | 4.3% | 10.4% | 11.5% | 10.8% | 20.5% |
| EBITDA Margin | 20.5% | 19.1% | 17.7% | 22.8% | 22.8% | 23.8% | 26.3% |
| Net Margin | 8.4% | 6.7% | 4.6% | 3.5% | 2.9% | 3.8% | 2.1% |
| FCF Margin | 18.5% | 12.1% | 18.4% | 18.6% | 21.5% | 18.6% | 18.9% |
| Effective Tax Rate | 7.2% | 11.3% | 8.0% | 8.9% | 18.3% | 15.6% | 27.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.33 | $1.15 | $2.49 | $1.21 | $3.56 | $1.70 | $2.07 |
| Dividends Per Share | $0.68 | $0.47 | $0.45 | $0.15 | $0.00 | $0.29 | $0.22 |
| Shares Outstanding (Basic) | $106.5M | $106.5M | $105.7M | $108.6M | $114.4M | $120.8M | $127.3M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 9.78% |
| Return on Invested Capital | 4.32% |
| Return on Assets | 0.60% |
| Gross Margin | 90.58% |
| Operating Margin | 20.49% |
| Net Margin | 2.08% |
Financial Health
| Debt / Equity | 5.45 |
| Current Ratio | 7.51 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | 45.83 | 42.97 | -604.04 | 74.12 | 75.47 | 82.26 | 103.26 |
| P/B | 45.57 | 41.96 | 12.41 | 9.42 | 8.79 | 12.35 | 10.14 |
| P/S | 3.83 | 2.88 | 2.98 | 2.61 | 2.37 | 3.08 | 2.15 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 90.6% |
| Operating Margin | 8.9% | 7.8% | 4.3% | 10.4% | 11.5% | 10.8% | 20.5% |
| Net Margin | 8.4% | 6.7% | 4.6% | 3.5% | 2.9% | 3.8% | 2.1% |
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Explore sector: Financial Services · Insurance - Brokers
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