Ryan Specialty Holdings, Inc. (RYAN) stock analysis
Close on Nov 11, 2026Market cap $11.79BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak8 of 30 checks passed
Ryan Specialty passes 8 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 2/6
- Financial health
- 1/6
- Dividend
- 3/6
What stands out
Revenue growing 10%+ a year
Revenue grew 20.9% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 51.2% over the last twelve months, against a 5-year average of -1.4% a year.
Covered by free cash flow
Dividends take 11.1% of free cash flow.
Covered by earnings
Dividends take 60.3% of net income.
What to watch
Return on equity under 15%
Return on equity was 19.4% over the last twelve months and averaged 12.6% over five years; we look for 15% on both.
High debt
Debt is 823% of shareholders' equity, above the 40% we consider low.
Earnings shrank over 5 years
Net income shrank 1.4% a year on average over the last five fiscal years.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 15.5% of total debt; we look for at least 20%.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
P/S above the industry
Ryan Specialty's price-to-sales of 3.62 is above the Insurance Agents, Brokers, and Service median of 3.43.
P/B above the industry
Ryan Specialty's price-to-book of 26.40 is above the Insurance Agents, Brokers, and Service median of 4.81.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 20.9% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth accelerating
Net income grew 51.2% over the last twelve months, against a 5-year average of -1.4% a year.
Growing slower than the industry
Revenue grew 9.8% over the last twelve months; the Insurance Agents, Brokers, and Service median is 13.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
Banks and insurers do not report gross profit.
Past performance2/6
Return on equity under 15%
Return on equity was 19.4% over the last twelve months and averaged 12.6% over five years; we look for 15% on both.
Return on assets over 1%
Return on assets was 1.0%; for a bank or insurer, 1% or more is considered good.
Return on equity above the industry
Ryan Specialty's return on equity of 19.4% is above the Insurance Agents, Brokers, and Service median of 9.3%.
Earnings shrank over 5 years
Net income shrank 1.4% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 3.2% over the last twelve months, against a 5-year average of 3.4%.
Net margin below the industry
Ryan Specialty's net margin of 3.2% is below the Insurance Agents, Brokers, and Service median of 4.9%.
Financial health1/6
High debt
Debt is 823% of shareholders' equity, above the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 15.5% of total debt; we look for at least 20%.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.01 times current liabilities.
Bankruptcy risk (Altman Z)
The Altman model does not apply to insurers.
Dividend3/6
Pays a dividend
Ryan Specialty paid dividends worth 0.8% of the share price over the last twelve months.
Yield below Treasuries
The 0.8% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Ryan Specialty yields 0.8%.
Dividend stability
Fewer than five years of dividend history.
Covered by earnings
Dividends take 60.3% of net income.
Covered by free cash flow
Dividends take 11.1% of free cash flow.
Fair value
How we estimate itWe don't publish a fair value for Ryan Specialty. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $90.31M
- Value traded per 1% price move
- $41.92M
Downside
Medium risk
- Typical loss in a bad month
- 20.7%
- Volatility (annualized)
- 44%
- Sharpe ratio, 1 year
- -0.51
- Beta to the S&P 500 (5Y)
- 0.26
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +21.3% | +20.9% | +24.5% | – | |
| Operating income | +15.4% | +19.5% | +25.5% | – | |
| Net income | -33.0% | +1.3% | -1.4% | – | |
| Free cash flow | +24.4% | +25.0% | +37.5% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 9.9% | |
| Return on assets | – | – | 0.6% | |
| Current ratio | – | 1.00 | 0.98 | |
| Debt to equity | – | – | 5.17 | |
| Interest coverage | – | 3.4× | – | |
| Capex to revenue | – | 0.5% | 0.1% |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ryan Specialty generated $2.24B from operations and spent $573.38M on capital expenditure, dividends and share buybacks. 62% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.1% | 0.30× | 15.85× | 9.9% |
| FY2024 | 3.8% | 0.30× | 14.23× | 15.9% |
| FY2023 | 2.9% | 0.30× | 13.13× | 11.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$63.40M
- Cash generatingOperating cash flow above zero$643.67M
- Return on assets improvedROA up on the prior year1.3% → 0.7%
- Earnings backed by cashOperating cash flow above net income$643.67M vs $63.40M
- Less leverageLong-term debt to assets fell33.5% → 31.2%
- Better liquidityCurrent ratio rose1.05 → 0.98
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.35 → 0.32
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