Ryan Specialty Holdings, Inc. (RYAN)

Ryan Specialty Holdings, Inc. operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, rest of Europe, India, Singapore, and internationally. The company offers distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter or a program administrator with delegated authority from insurance carriers. It serves commercial, industrial, institutional, individual, and government sectors. The company was founded in 2010 and is headquartered in Chicago, Illinois.

Ticker: RYAN
Exchange: NYSE
Sector: Financial Services
Industry: Insurance Brokers
Market cap: $12.01B
52-week range: $29.28 - $58.94

Valuation

Share price: $47.73 (close of Nov 6, 2026)
P/E (TTM): 56.87x
Price to book: 13.32x
Price to free cash flow: 21.12x
Enterprise value: $15.69B
Book value per share: $3.58

Price performance

Period	Change
1 day	-1.10%
5 days	+8.87%
1 month	+24.62%
3 months	+7.33%
6 months	+62.40%
Year to date	-7.55%
1 year	-16.17%
3 years	+7.33%
5 years	+28.03%
All time	+73.56%

Short interest

As of: Oct 15, 2026
Short % of float: 13.45%
Shares short: 13.96M
Days to cover: 7.41
Change since prior report: +6.61%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 5.06%
Return on assets: 0.60%
Net margin: 2.08%
Revenue growth: 21.28%
Net income growth: -33.03%
Free cash flow growth: 24.43%

Cash flow and balance sheet

Free cash flow yield (TTM): 4.74%
Current ratio: 1.01x
Net debt to EBITDA: 7.04x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $3.05B
Net income: $63.40M
Earnings per share: $0.50
Interest expense: $222.38M
Shares outstanding: 126.80M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$3.05B	$63.40M	$0.50
2024-12-31	$2.52B	$94.67M	$0.78
2023-12-31	$2.08B	$61.04M	$0.53
2022-12-31	$1.71B	$61.05M	$0.57
2021-12-31	$1.43B	$65.87M	-$0.07
2020-12-31	$1.02B	$68.10M	$0.00
2019-12-31	$765.11M	$64.17M	$0.00

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	2.08%	5.06%
2024-12-31	3.76%	8.62%
2023-12-31	2.94%	6.23%
2022-12-31	3.57%	7.47%
2021-12-31	4.60%	11.08%
2020-12-31	6.69%	21.92%
2019-12-31	8.39%	-

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$158.32M	$3.29B
2024-12-31	$540.20M	$3.23B
2023-12-31	$838.79M	$1.94B
2022-12-31	$992.72M	$1.95B
2021-12-31	$1.14B	$1.57B
2020-12-31	$895.70M	$1.57B
2019-12-31	-	$660.03M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$640.65M	$69.45M
2024-12-31	$514.87M	$79.00M
2023-12-31	$477.20M	$69.74M
2022-12-31	$327.80M	$77.48M
2021-12-31	-$69.67M	$67.53M
2020-12-31	$130.16M	$10.80M
2019-12-31	$149.41M	$8.15M

Dividend history

Most recent payment: Aug 11, 2026
Paid in the last twelve months: $0.51

Payment date	Dividend per share
2026-08-11	$0.13
2026-05-12	$0.13
2026-02-24	$0.13
2025-11-10	$0.12
2025-08-12	$0.12
2025-05-13	$0.12
2025-03-04	$0.12
2024-11-12	$0.11

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-29	Sep 2026	$0.49
2026-07-30	Jun 2026	$0.61
2026-04-30	Mar 2026	$0.43
2026-02-12	Dec 2025	$0.50
2025-10-30	Sep 2025	$0.47
2025-07-31	Jun 2025	$0.66
2025-05-01	Mar 2025	$0.39
2025-02-20	Dec 2024	$0.47

Filings and sources

Company website: ryanspecialty.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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