Ryan Specialty

RYAN · NYSE · Financials · Financials, fiscal 2019 to 2025

RYAN · Last close · October 26, 2026

$44.47

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.

RYAN SPECIALTY HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001849253-26-000006 Updated October 18, 2026

Revenue

$3.1B

21.3%

Operating margin

16.2%

0.8 pts

Net income

$63M

33.0%

Free cash flow

$641M

24.4%

Return on capital

8.7%

3.4 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2025, net income fell 0.2% a year; the filings' structured data doesn't give diluted earnings per share.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ryan Specialty yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ryan Specialty's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Ryan Specialty's diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Ryan Specialty's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 8% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $44.47
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Ryan Specialty's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,140	993	839	540	158
Debt incl. finance leases	1,590	1,977	1,971	3,277	3,346
Net debt (negative means net cash)	450	984	1,132	2,737	3,188
Net debt to EBITDA	1.5x	2.5x	2.4x	4.6x	4.1x
Debt to equity	2.7x	4.1x	3.5x	5.2x	5.2x
Interest coverage	2.4x	2.8x	3.0x	3.1x	2.5x
Current ratio	1.0x	1.2x	1.2x	1.1x	1.0x
Quick ratio	1.0x	1.2x	1.2x	1.1x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 6 insiders bought $5.6 million of Ryan Specialty shares on the open market, and 4 insiders sold $234.6 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 8, 2026	Brendan Martin MulshineCo-President and CRO	Sold	40,000	$40.51	$1.6 million	Form 4
Aug 13, 2026	Michael ConklinEVP & CHRO	Sold	2,043	$42.26	$86,337	Form 4
Jun 12, 2026	Anthony J KuczinskiDirector	Bought	500	$35.77	$17,885	Form 4
Jun 11, 2026	Anthony J KuczinskiDirector	Bought	2,500	$34.83	$87,075	Form 4
Jun 10, 2026	John W Rogers JrDirector	Bought	7,500	$35.16	$263,700	Form 4
Jun 5, 2026	Patrick G RyanExecutive Chairman, Director, 10% owner	Bought	120,000	$32.50	$3.9 million	Form 4
Jun 3, 2026	Janice M HamiltonChief Financial Officer	Bought	6,300	$31.79	$200,277	Form 4
Jun 3, 2026	Mark Stephen KatzEVP & General Counsel	Bought	3,215	$31.07	$99,890	Form 4
Feb 23, 2026	Patrick G Ryan JrDirector	Bought	25,500	$39.96	$1.0 million	Form 4
Feb 20, 2026	Patrick G Ryan JrDirector	Bought	365	$41.41	$15,115	Form 4
Dec 12, 2025	Timothy William TurnerChief Executive Officer, Director	Sold	129,570	$53.61	$6.9 million	Form 4
Dec 5, 2025	Onex RSG Holdings LPDirector	Sold	4,145,621	$54.50	$225.9 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	—	—	—
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—
Accruals ratio	−6.1%	−5.0%	−5.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Ryan Specialty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ryan Specialty	FY25	21.3%	16.2%	21.0%	8.7%	4.1x	—
Erie Indemnity	FY25	7.2%	17.6%	14.0%	31.8%	−0.5x	—	Compare
Brown & Brown	FY25	22.8%	—	23.4%	9.1%	3.8x	4	Compare
Willis Towers Watson	FY25	−2.2%	23.0%	15.9%	12.8%	2.5x	7	Compare
Arthur J. Gallagher	FY25	20.7%	—	12.8%	9.9%	3.3x	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	765	1,018	1,433	1,725	2,078	2,516	3,051
Revenue growth	—	33.1%	40.7%	20.4%	20.4%	21.1%	21.3%
Gross profit	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—
Operating income	101	158	187	290	359	428	494
Net income	64	68	66	61	61	95	63
Diluted EPS (US$)	—	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—
Cash flow
Cash from operations	150	135	274	336	477	515	644
Capital expenditure	0	5	343	8	0	0	3
Free cash flow	149	130	−70	328	477	515	641
Dividends paid	0	0	0	0	0	80	62
Share buybacks	0	0	78	0	0	0	0
Acquisitions	121	718	109	0	447	1,709	746
Stock-based compensation	8	11	68	78	70	79	70
Balance sheet at fiscal year end
Cash and short-term investments	402	896	1,140	993	839	540	158
Debt incl. finance leases	—	1,586	1,590	1,977	1,971	3,277	3,346
Total assets	—	4,529	5,459	6,384	7,247	9,650	10,564
Total liabilities	—	4,219	4,864	5,566	6,268	8,552	9,310
Shareholders' equity	—	—	595	478	560	628	648
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	13.2%	15.6%	13.0%	16.8%	17.3%	17.0%	16.2%
Net margin	8.4%	6.7%	4.6%	3.5%	2.9%	3.8%	2.1%
Free cash flow margin	19.5%	12.8%	−4.9%	19.0%	23.0%	20.5%	21.0%
Return on capital	—	—	—	18.5%	15.0%	12.1%	8.7%
Return on equity	—	—	—	11.4%	11.8%	15.9%	9.9%
Return on assets	—	—	1.3%	1.0%	0.9%	1.1%	0.6%
Net debt to EBITDA	—	3.0x	1.5x	2.5x	2.4x	4.6x	4.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ryan Specialty's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ryan Specialty.