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RYAN

Ryan Specialty Holdings, Inc.

RYAN

Ryan Specialty Holdings, Inc. • NYSE
$58.07 ▼ -0.03% (-0.02)
Market Cap $7.48 B
52w High $77.16
52w Low $50.08
Dividend Yield 0.48%
P/E 109.57
Volume 602.11K
Outstanding Shares 128.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $754.577M ▼ $203.352M ▼ $31.085M ▼ 4.12% ▼ $0.24 ▼ $229.426M ▼
Q2-2025 $855.17M ▲ $717.439M ▲ $51.976M ▲ 6.078% ▲ $0.41 ▲ $268.621M ▲
Q1-2025 $690.166M ▲ $639.125M ▲ $-27.642M ▼ -4.005% ▼ $-0.22 ▼ $173.173M ▼
Q4-2024 $663.529M ▲ $594.488M ▲ $13.754M ▼ 2.073% ▼ $0.12 ▼ $180.672M ▲
Q3-2024 $604.694M $585.013M $17.589M 2.909% $0.21 $110.718M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $153.485M ▼ $9.852B ▼ $8.62B ▼ $630.473M ▲
Q2-2025 $172.589M ▼ $10.626B ▲ $9.444B ▲ $610.086M ▲
Q1-2025 $203.549M ▼ $9.89B ▲ $8.833B ▲ $542.518M ▼
Q4-2024 $540.203M ▲ $9.65B ▲ $8.552B ▲ $627.662M ▼
Q3-2024 $235.199M $8.479B $7.377B $632.833M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $62.603M ▲ $169.661M ▼ $-88.198M ▼ $-229.052M ▼ $-144.889M ▼ $155.529M ▼
Q2-2025 $51.976M ▲ $353.585M ▲ $-45.945M ▲ $-102.47M ▼ $206.896M ▲ $333.769M ▲
Q1-2025 $-4.389M ▼ $-142.825M ▼ $-573.035M ▼ $336.84M ▼ $-368.939M ▼ $-159.555M ▼
Q4-2024 $42.555M ▲ $259.64M ▲ $-469.301M ▲ $541.508M ▼ $324.692M ▲ $242.344M ▲
Q3-2024 $28.643M $100.94M $-1.05B $553.158M $-387.99M $93.84M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Binding Authorities
Binding Authorities
 $70.00M ▲$100.00M ▲$90.00M ▼$90.00M ▲
Underwriting Management
Underwriting Management
 $200.00M ▲$210.00M ▲$270.00M ▲$270.00M ▲
Wholesale Brokerage
Wholesale Brokerage
 $370.00M ▲$360.00M ▼$480.00M ▲$380.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Ryan Specialty’s revenue has grown steadily each year, and profitability at the operating level has improved as the business has scaled. The company appears to be converting more of each dollar of revenue into operating profit over time, which points to good cost control and benefits from scale. However, net income at the bottom line has been more uneven, with a particularly strong year followed by more modest results even as sales continued to rise. That pattern suggests items like interest costs, deal-related expenses, or other non‑operating factors are weighing on reported earnings. Overall, the core business looks healthier than the headline net income trend might imply, but the gap between operating profit and net income is worth watching.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown its asset base and equity meaningfully since going public, but it has leaned heavily on debt to do so. Total borrowings have risen faster than cash balances, and leverage now looks significant compared with the company’s equity. This is consistent with a roll‑up or acquisition‑driven model, where borrowing supports growth. The upside is faster expansion and a larger platform; the risk is higher sensitivity to interest rates, refinancing conditions, and any slowdown in earnings. The relatively modest equity base compared with total assets underscores the importance of maintaining strong, stable cash generation to comfortably service debt.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has grown steadily alongside the business, and free cash flow closely tracks operating cash flow, reflecting an asset‑light model with limited needs for physical investment. Capital spending is small relative to the size of the business, which fits a brokerage and services profile where people, systems, and acquisitions matter more than heavy equipment. This combination—rising cash inflows and low ongoing investment needs—supports financial flexibility. It also helps offset some of the balance sheet risk from higher debt, as long as cash flows remain resilient through insurance cycles and economic swings.

Competitive Edge

Competitive Edge Ryan Specialty occupies a focused niche in specialty and excess‑and‑surplus insurance, where risks are complex and harder for standard insurers to handle. Its model spans wholesale brokerage, binding authority, and specialized underwriting units, allowing it to touch multiple points in the insurance value chain and deepen relationships with both retail brokers and carriers. The firm’s edge rests on deep expertise in complex risks, strong personal relationships across the market, and a talent pool of experienced brokers and underwriters that is not easily replicated. An active acquisition strategy has broadened its product set and geographic footprint, but also increases integration demands. Overall, the company enjoys a solid position in a specialized corner of the industry, with scale and know‑how that create meaningful barriers to entry.

Innovation and R&D

Innovation and R&D Innovation at Ryan Specialty is less about lab research and more about technology, data, and process. The company’s proprietary RT Connector platform streamlines quoting and policy issuance for smaller commercial risks, helping retail agents move faster and access multiple carriers in one place. Ryan Specialty is investing in data warehousing, analytics, and AI to sharpen underwriting decisions and spot emerging risk trends, while also simplifying a previously fragmented tech stack. This should improve efficiency and enable more customized products over time. The firm is also using technology‑oriented acquisitions to strengthen its capabilities. The ongoing challenge will be keeping systems integrated and secure while continuing to expand product breadth and analytical depth.

Summary

Ryan Specialty looks like a growth‑oriented specialty insurance platform with rising revenue, improving operating profitability, and strong cash generation, supported by a scalable, asset‑light model. Its focus on complex, non‑standard risks, combined with technology tools and a deep bench of specialists, gives it a differentiated position in a niche where expertise truly matters. At the same time, the company has taken on substantial debt to fuel expansion, and net income has been more volatile than operating results, hinting at financial and integration complexities beneath the surface. The key themes to watch going forward are how well it manages leverage, integrates acquisitions, maintains its talent advantage, and continues to modernize its technology and data capabilities to support long‑term, sustainable growth.

NEWS

October 30, 2025 · 4:05 PM UTC

Ryan Specialty Reports Third Quarter 2025 Results

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October 28, 2025 · 3:00 AM UTC

Ryan Specialty Signs Definitive Agreement to Acquire Canadian MGU Stewart Specialty Risk Underwriting

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October 8, 2025 · 4:15 PM UTC

Ryan Specialty Appoints Steve Keogh and Brendan Mulshine as Co-Presidents

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October 2, 2025 · 5:08 PM UTC

Ryan Specialty to Announce Third Quarter 2025 Financial Results on Thursday, October 30, 2025

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September 9, 2025 · 4:05 PM UTC

Ryan Specialty Appoints Michael G. Bungert, Distinguished (Re)Insurance Veteran, to Board of Directors

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