NYSE : RYAN
Ryan Specialty Holdings, Inc. — Financial statements
Financials · Insurance - Specialty · United States
Last price 43.84 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.03B
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Financial statements
Ryan Specialty Holdings, Inc. (RYAN) reported revenue of 3.20B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.20B | 2.99B | 2.46B | 2.03B | 1.71B | 1.43B |
| Cost of Revenue | 1.88B | 1.74B | 1.48B | 1.25B | 1.11B | 943.28M |
| Gross Profit | 1.32B | 1.25B | 976.96M | 773.21M | 605.82M | 488.90M |
| Selling, General & Admin | 403.28M | 392.38M | 277.81M | 230.47M | 187.50M | 129.60M |
| Amortization of Goodwill & Intangibles | 263.59M | 274.43M | 157.84M | 106.80M | 103.60M | 107.88M |
| Operating Expenses | 683.35M | 679.90M | 445.44M | 346.30M | 296.79M | 242.28M |
| Operating Income | 632.68M | 573.02M | 531.52M | 426.90M | 309.03M | 246.62M |
| Interest Expense | -211.25M | -214.94M | -167.52M | -141.50M | -98.20M | -78.61M |
| Interest & Investment Income | 59.74M | 64.14M | 81.54M | 82.95M | 13.33M | 592.00K |
| Earnings From Equity Investments | 30.60M | 21.24M | 18.23M | 8.73M | -414.00K | -759.00K |
| Other Non Operating Income (Expenses) | -6.26M | -6.26M | -3.90M | -17.34M | -9.71M | -36.31M |
| EBT Excluding Unusual Items | 505.51M | 437.20M | 459.87M | 359.75M | 214.03M | 131.53M |
| Merger & Restructuring Charges | -114.51M | -98.68M | -154.49M | -68.22M | -32.41M | -57.34M |
| Other Unusual Items | -72.37M | -45.33M | -32.83M | -53.61M | -2.43M | -12.62M |
| Pretax Income | 318.63M | 293.18M | 272.55M | 237.93M | 179.19M | 61.56M |
| Income Tax Expense | 50.37M | 79.03M | 42.64M | 43.45M | 15.94M | 4.93M |
| Earnings From Continuing Operations | 268.26M | 214.16M | 229.91M | 194.48M | 163.26M | 56.63M |
| Minority Interest in Earnings | -163.64M | -150.76M | -135.25M | -133.44M | -102.20M | 9.24M |
| Net Income | 104.62M | 63.40M | 94.67M | 61.04M | 61.05M | 65.87M |
| Preferred Dividends & Other Adjustments | 10.00K | -806.00K | 72.94M | |||
| Net Income to Common | 104.62M | 63.40M | 94.67M | 61.03M | 61.86M | -7.06M |
| Shares Outstanding (Basic) | 126.28M | 127.27M | 120.78M | 114.36M | 108.62M | 105.73M |
| Shares Outstanding (Diluted) | 134.04M | 138.25M | 132.89M | 125.75M | 265.75M | 105.73M |
| EPS (Basic) | 0.83 | 0.50 | 0.78 | 0.53 | 0.57 | -0.07 |
| EPS (Diluted) | 0.79 | 0.47 | 0.71 | 0.52 | 0.52 | -0.07 |
| Free Cash Flow | 499.12M | 572.70M | 467.87M | 447.43M | 312.76M | -79.45M |
| Free Cash Flow Per Share | 3.72 | 4.14 | 3.52 | 3.56 | 1.18 | -0.75 |
| Dividend Per Share | 0.51 | 0.48 | 0.44 | |||
| Gross Margin | 41.14% | 41.84% | 39.78% | 38.15% | 35.39% | 34.14% |
| Operating Margin | 19.78% | 19.13% | 21.64% | 21.07% | 18.05% | 17.22% |
| Profit Margin | 3.27% | 2.12% | 3.85% | 3.01% | 3.61% | -0.49% |
| Free Cash Flow Margin | 15.60% | 19.12% | 19.05% | 22.08% | 18.27% | -5.55% |
| EBITDA | 912.75M | 860.53M | 699.15M | 542.74M | 418.32M | 359.30M |
| EBITDA Margin | 28.54% | 28.74% | 28.47% | 26.78% | 24.44% | 25.09% |
| D&A For EBITDA | 280.07M | 287.51M | 167.63M | 115.84M | 109.29M | 112.68M |
| EBIT | 632.68M | 573.02M | 531.52M | 426.90M | 309.03M | 246.62M |
| EBIT Margin | 19.78% | 19.13% | 21.64% | 21.07% | 18.05% | 17.22% |
| Effective Tax Rate | 15.81% | 26.96% | 15.65% | 18.26% | 8.89% | 8.01% |
| Revenue as Reported | 3.25B | 3.05B | 2.52B | 2.08B | 1.73B | 1.43B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 168.81M | 158.32M | 540.20M | 838.79M | 992.72M | 386.96M |
| Trading Asset Securities | 13.94M | |||||
| Cash & Short-Term Investments | 168.81M | 158.32M | 554.14M | 838.79M | 992.72M | 386.96M |
| Accounts Receivable | 576.11M | 488.95M | 389.76M | 294.19M | 231.42M | 210.90M |
| Other Receivables | 24.60M | 37.44M | 44.31M | 36.47M | 28.63M | 1.80M |
| Receivables | 600.71M | 526.39M | 434.07M | 330.66M | 260.05M | 212.70M |
| Prepaid Expenses | 80.67M | 76.55M | 60.92M | 34.48M | 29.65M | 21.16M |
| Other Current Assets | 4.94B | 4.30B | 3.74B | 3.13B | 2.61B | 2.39B |
| Total Current Assets | 5.79B | 5.06B | 4.79B | 4.34B | 3.89B | 3.01B |
| Property, Plant & Equipment | 191.65M | 199.94M | 183.47M | 170.13M | 175.14M | 100.16M |
| Long-Term Investments | 109.85M | 109.98M | 70.88M | 75.77M | 84.37M | 45.42M |
| Goodwill | 3.22B | 3.23B | 2.65B | 1.65B | 1.31B | 1.31B |
| Other Intangible Assets | 1.45B | 1.62B | 1.48B | 610.67M | 486.44M | 573.93M |
| Long-Term Deferred Tax Assets | 252.22M | 310.14M | 448.29M | 383.82M | 396.81M | 382.75M |
| Long-Term Deferred Charges | 5.90M | 7.50M | 9.60M | 4.10M | 6.40M | |
| Other Long-Term Assets | 30.90M | 34.90M | 26.43M | 20.65M | 25.52M | 36.17M |
| Total Assets | 11.04B | 10.56B | 9.65B | 7.25B | 6.38B | 5.46B |
| Accounts Payable | 193.23M | 217.30M | 191.00M | 127.49M | 87.02M | 83.90M |
| Accrued Expenses | 408.58M | 519.25M | 486.32M | 419.56M | 350.37M | 386.30M |
| Short-Term Debt | 8.80M | 5.37M | 5.86M | 8.21M | 5.72M | 6.37M |
| Current Portion of Long-Term Debt | 33.63M | 54.81M | 45.87M | 27.16M | 24.87M | 17.06M |
| Current Portion of Leases | 28.92M | 25.99M | 22.11M | 21.37M | 22.74M | 18.82M |
| Current Unearned Revenue | 17.30M | 10.00M | 8.70M | 7.80M | 1.40M | 1.10M |
| Other Current Liabilities | 5.06B | 4.36B | 3.79B | 3.13B | 2.64B | 2.40B |
| Total Current Liabilities | 5.75B | 5.19B | 4.55B | 3.74B | 3.13B | 2.92B |
| Long-Term Debt | 3.63B | 3.29B | 3.23B | 1.94B | 1.95B | 1.57B |
| Long-Term Leases | 150.02M | 153.09M | 159.23M | 154.46M | 152.00M | 74.44M |
| Long-Term Deferred Tax Liabilities | 43.55M | 49.83M | 39.92M | 55.00K | 631.00K | |
| Other Long-Term Liabilities | 560.83M | 626.99M | 572.26M | 424.91M | 327.72M | 304.15M |
| Total Liabilities | 10.14B | 9.31B | 8.55B | 6.27B | 5.57B | 4.86B |
| Common Stock | 252.00K | 265.00K | 261.00K | 261.00K | 259.00K | 259.00K |
| Additional Paid-In Capital | 271.89M | 513.61M | 506.26M | 442.00M | 418.12M | 348.87M |
| Retained Earnings | 166.51M | 120.35M | 122.94M | 114.42M | 53.99M | -7.06M |
| Comprehensive Income & Other | 8.06M | 13.85M | -1.80M | 3.08M | 6.04M | 1.71M |
| Total Common Equity | 446.71M | 648.07M | 627.66M | 559.75M | 478.40M | 343.77M |
| Minority Interest | 455.03M | 605.98M | 470.62M | 419.89M | 339.41M | 251.00M |
| Shareholders' Equity | 901.75M | 1.25B | 1.10B | 979.64M | 817.81M | 594.78M |
| Total Liabilities & Equity | 11.04B | 10.56B | 9.65B | 7.25B | 6.38B | 5.46B |
| Total Debt | 3.86B | 3.53B | 3.46B | 2.16B | 2.16B | 1.68B |
| Net Cash (Debt) | -3.69B | -3.37B | -2.91B | -1.32B | -1.16B | -1.30B |
| Net Cash Per Share | -27.50 | -24.39 | -21.90 | -10.47 | -4.38 | -12.26 |
| Filing Date Shares Outstanding | 119.69M | 129.68M | 125.73M | 118.63M | 113.17M | 109.89M |
| Total Common Shares Outstanding | 120.36M | 129.60M | 125.41M | 118.59M | 112.44M | 109.89M |
| Working Capital | 31.43M | -128.57M | 239.77M | 591.29M | 759.70M | 92.87M |
| Book Value Per Share | 3.71 | 5.00 | 5.00 | 4.72 | 4.25 | 3.13 |
| Tangible Book Value | -4.22B | -4.19B | -3.49B | -1.70B | -1.32B | -1.54B |
| Tangible Book Value Per Share | -35.07 | -32.36 | -27.87 | -14.31 | -11.77 | -14.01 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 104.62M | 63.40M | 94.67M | 61.04M | 61.05M | 65.87M |
| Depreciation & Amortization | 306.43M | 314.17M | 190.09M | 140.50M | 132.34M | 132.68M |
| Other Amortization | 9.71M | 9.57M | 23.93M | 12.17M | 12.05M | 11.37M |
| Loss (Gain) From Sale of Investments | 1.74M | 6.96M | 6.96M | 6.96M | 4.64M | |
| Loss (Gain) on Equity Investments | -30.60M | -21.24M | -18.23M | -8.73M | 414.00K | 759.00K |
| Stock-Based Compensation | 105.69M | 108.23M | 109.83M | 81.94M | 106.31M | 114.00M |
| Other Operating Activities | 180.42M | 199.86M | 137.01M | 145.44M | 93.69M | -21.76M |
| Change in Accounts Receivable | -140.27M | -57.56M | -22.01M | -44.19M | -20.37M | -29.66M |
| Change in Other Net Operating Assets | 20.72M | 20.28M | -7.37M | 82.08M | -54.62M | 220.00K |
| Operating Cash Flow | 570.18M | 643.67M | 514.87M | 477.20M | 335.51M | 273.49M |
| Capital Expenditures | -71.06M | -70.97M | -47.00M | -29.78M | -22.76M | -352.94M |
| Cash Acquisitions | -109.56M | -746.49M | -1.71B | -446.68M | -108.88M | |
| Investment in Securities | 23.35M | -16.56M | ||||
| Other Investing Activities | 228.00K | 337.00K | 3.88M | |||
| Investing Cash Flow | -157.28M | -834.01M | -1.76B | -476.23M | -22.42M | -457.94M |
| Long-Term Debt Issued | 1.33B | 2.55B | 394.00M | |||
| Long-Term Debt Repaid | -1.28B | -1.26B | -16.50M | -16.54M | -17.74M | |
| Net Debt Issued (Repaid) | 280.70M | 54.40M | 1.29B | -16.50M | 377.46M | -17.74M |
| Issuance of Common Stock | 1.45B | |||||
| Repurchase of Common Stock | -469.94M | -37.05M | -27.46M | -8.79M | -7.17M | -967.85M |
| Common Dividends Paid | -65.68M | -62.34M | -53.14M | -47.10M | ||
| Dividends Paid | -65.68M | -62.34M | -53.14M | -47.10M | ||
| Other Financing Activities | 246.92M | 123.10M | -12.22M | 12.68M | -55.54M | 92.12M |
| Financing Cash Flow | -8.01M | 78.12M | 1.17B | -12.61M | 314.76M | 429.28M |
| Foreign Exchange Rate Adjustments | -4.48M | 15.89M | -1.51M | 584.00K | -126.00K | -883.00K |
| Net Cash Flow | 400.41M | -96.33M | -75.53M | -11.05M | 627.72M | 243.96M |
| Free Cash Flow | 499.12M | 572.70M | 467.87M | 447.43M | 312.76M | -79.45M |
| Free Cash Flow Margin | 15.60% | 19.12% | 19.05% | 22.08% | 18.27% | -5.55% |
| Free Cash Flow Per Share | 3.72 | 4.14 | 3.52 | 3.56 | 1.18 | -0.75 |
| Levered Free Cash Flow | 544.66M | 506.21M | 523.28M | 382.08M | 258.73M | -18.66M |
| Unlevered Free Cash Flow | 666.98M | 630.98M | 604.05M | 458.35M | 308.06M | 19.09M |
| Cash Interest Paid | 9.52M | 79.36M | ||||
| Cash Income Tax Paid | 14.34M | 27.33M | 16.40M | 11.23M | 6.76M | |
| Change in Working Capital | -119.55M | -37.28M | -29.38M | 37.90M | -74.99M | -29.44M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.03B | 6.65B | 8.03B | 5.09B | 4.66B | 4.43B |
| Enterprise Value | 14.72B | 10.67B | 11.11B | 6.89B | 6.28B | 5.96B |
| Last Close Price | 43.84 | 51.09 | 63.01 | 41.76 | 40.29 | 39.17 |
| PE Ratio | 55.82 | 104.87 | 84.84 | 83.39 | 75.40 | |
| Forward PE | 18.49 | 22.32 | 30.39 | 26.37 | 33.32 | 35.13 |
| PS Ratio | 3.45 | 2.22 | 3.27 | 2.51 | 2.73 | 3.10 |
| PB Ratio | 11.81 | 5.30 | 7.31 | 5.20 | 5.70 | 7.46 |
| P/FCF Ratio | 22.10 | 11.61 | 17.16 | 11.37 | 14.91 | |
| P/OCF Ratio | 19.34 | 10.33 | 15.60 | 10.66 | 13.90 | 16.21 |
| PEG Ratio | 0.85 | 1.26 | 1.38 | 1.35 | 3.22 | 3.22 |
| EV/Sales Ratio | 4.60 | 3.56 | 4.53 | 3.40 | 3.67 | 4.16 |
| EV/EBITDA Ratio | 16.12 | 12.40 | 15.90 | 12.70 | 15.02 | 16.60 |
| EV/EBIT Ratio | 23.26 | 18.62 | 20.91 | 16.14 | 20.33 | 24.18 |
| EV/FCF Ratio | 29.48 | 18.63 | 23.75 | 15.40 | 20.09 | |
| Debt / Equity Ratio | 4.28 | 2.81 | 3.15 | 2.20 | 2.64 | 2.83 |
| Debt / EBITDA Ratio | 4.06 | 3.94 | 4.74 | 3.72 | 4.78 | 4.39 |
| Debt / FCF Ratio | 7.72 | 6.17 | 7.40 | 4.82 | 6.90 | |
| Net Debt / Equity Ratio | 4.09 | 2.69 | 2.65 | 1.34 | 1.42 | 2.18 |
| Net Debt / EBITDA Ratio | 4.04 | 3.92 | 4.16 | 2.42 | 2.78 | 3.61 |
| Net Debt / FCF Ratio | 7.39 | 5.89 | 6.22 | 2.94 | 3.72 | -16.32 |
| Asset Turnover | 0.31 | 0.30 | 0.29 | 0.30 | 0.29 | 0.29 |
| Quick Ratio | 0.13 | 0.13 | 0.22 | 0.31 | 0.40 | 0.20 |
| Current Ratio | 1.00 | 0.97 | 1.05 | 1.16 | 1.24 | 1.03 |
| Return on Equity (ROE) | 25.15% | 18.21% | 22.13% | 21.64% | 23.11% | 12.38% |
| Return on Assets (ROA) | 3.79% | 3.54% | 3.93% | 3.91% | 3.26% | 3.09% |
| Return on Invested Capital (ROIC) | 11.49% | 9.70% | 14.22% | 16.31% | 14.54% | 12.65% |
| Return on Capital Employed (ROCE) | 12.00% | 10.70% | 10.40% | 12.20% | 9.50% | 9.70% |
| Earnings Yield | 1.79% | 0.95% | 1.18% | 1.20% | 1.31% | 1.49% |
| FCF Yield | 4.53% | 8.61% | 5.83% | 8.79% | 6.71% | -1.79% |
| Dividend Yield | 1.19% | 0.94% | 0.69% | |||
| Payout Ratio | 66.21% | 98.33% | 56.13% | 71.50% | ||
| Buyback Yield / Dilution | -6.21% | -4.03% | -5.68% | 52.68% | -151.35% | 86.26% |
| Total Shareholder Return | -5.02% | -3.09% | -5.00% | 52.68% | -151.35% | 86.26% |