Ryan Specialty Holdings, Inc.

Ryan Specialty Holdings, Inc.

RYANยทNYSE

$30.86

-0.64%
Financial ServicesInsurance - Specialty

Ryan Specialty Group Holdings, Inc. operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers. It offers distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter. The company was founded in 2010 and is headquartered in Chicago, Illinois.

At a Glance

Live Snapshot
Market Cap$3.99B
EPS0.5000
P/E Ratio61.72
Earnings Date07/30/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

High confidence

Valuation multiple is elevated (P/E 61.7).

Valuation inputs: P/E 61.7, earnings yield +1.6%, momentum -0.6%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE +9.8%, ROIC +4.3%).

Profitability stack: net margin +2.1%, ROE +9.8%, ROIC +4.3%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Downside profile is elevated and scenario stress-testing is essential.

Risk factors: liabilities/assets +88.1%, momentum -0.6%, net margin +2.1%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

ryan

Ryan Specialty Holdings, Inc. Market vs Earnings Trajectory

RYAN ยท NYSE

Loading price and EPS data...

Ryan Specialty Holdings, Inc.

Ryan Specialty Holdings, Inc. Fair Value Envelope

RYAN ยท NYSE

Our analysis suggests that RYAN has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $30.86, this represents a potential HIDDEN relative to our calculated worth for Ryan Specialty Holdings, Inc..

Intrinsic Value
Current Price: $30.86
3Y-11.0%
5Y-22.0%
10Y-17.0%
3Y+77.0%
5Y+200.0%
10Y+299.0%
3Y+4.0%
5Y-7.0%
10Y-1.0%
3Y+92.0%
5Y+375.0%
10Y+331.0%
3Y+80.0%
5Y+368.0%
10Y+307.0%
3Y+65.0%
5Y+133.0%
10Y+382.0%
Ryan Specialty Holdings, Inc.

Ryan Specialty Holdings, Inc. Profit Bridge

RYAN ยท NYSE
Revenue3.05B
Cost of Goods Sold (287.51M)
Gross Profit2.76B
Operating Expenses (2.14B)
Operating Income625.23M
Interest Expense (222.38M)
Other Income/Expense-332.05M
Pretax Income293.18M
Income Tax (79.03M)
Net Income63.40M
Net Income
63.40M

Profitability Analysis

Gross Margin

90.6%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

20.5%

Healthy operating margins demonstrate effective cost control and strong business fundamentals.

Net Profit Margin

2.1%

Minimal profitability after all expenses. Limited financial flexibility for reinvestment or shareholder returns.

Effective Tax Rate

27.0%

Higher tax burden may reflect limited tax optimization or operations in high-tax jurisdictions.

Profitability Insight

Interest or tax burden: Strong operational performance but thin net margins indicate high interest expenses or unfavorable tax position eating into profits.

90.58%
Gross Profit Margin
-9%
3Y-9.0%
5Y-9.0%
10Y-9.0%
20.49%
Operating Profit Margin
89%
3Y+97.0%
5Y+163.0%
10Y+131.0%
2.08%
Net Profit Margin
-45%
3Y-41.0%
5Y-69.0%
10Y-75.0%
9.78%
Return on Equity
-35%
3Y-23.0%
5Y-56.0%
10Y-90.0%
0.60%
Return on Assets
-39%
3Y-37.0%
5Y-60.0%
10Y-80.0%
4.32%
Return on Invested Capital
71%
3Y+59.0%
5Y+28.0%
10Y-47.0%
RYAN

Ryan Specialty Holdings, Inc. Cash Conversion Engine

RYAN ยท NYSE
Net Income214.16M
Depreciation & Amortization287.51M
Stock-Based Compensation38.78M
Change in Working Capital-37.28M
Others114.45M
Capital Expenditures-67.95M
Free Cash Flow575.71M

Cash Flow Quality Analysis

FCF Conversion Rate

268.8%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

10.6%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+23.1%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

-$37.28M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

ryan

Ryan Specialty Holdings, Inc. Funding & Solvency Profile

RYAN ยท NYSE
Cash & Cash Equivalents154.65M
Net Receivables565.26M
Inventory0.00
Other Current Assets4.86B
Total Current Assets6 B
Property, Plant & Equipment191.94M
Goodwill & Intangible Assets3.34B
Long-Term Investments116.43M
Other Non-Current Assets1.47B
Total Non-Current Assets2 B
Total Assets
11.01B

Financial Health Analysis

Current Ratio

1.02x

Acceptable liquidity, but monitor closely. Current assets just barely cover current liabilities.

Debt-to-Equity Ratio

8.03x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

123 M

Positive working capital, but relatively tight. The company should monitor cash flow carefully.

Asset Composition

51% Current

Balanced asset mix between current and non-current assets, typical of many stable businesses.

ryan

Ryan Specialty Holdings, Inc. Street Expectations Map

RYAN ยท NYSE

Wall Street analysts project that RYAN stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 39.25, with estimates ranging from a low of 31.00 to a high of 45.00.

Lowest Target
31.00
0.45%
Consensus Target
39.25
27.19%
Highest Target
45.00
45.82%

The consensus 1-year price target stands at 39.25, with estimates ranging from a low of 31.00 to a high of 45.00.

Analyst Consensus Analysis

Upside Potential

+27.2%

Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.

Analyst Agreement

35.7% spread

Good consensus alignment. Moderate target spread reflects general agreement on value drivers with some variance in assumptions.

Analyst Conviction

High

Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.

Market Sentiment Insight

Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.

ryan

Ryan Specialty Holdings, Inc. Insider Positioning

RYAN ยท NYSE

During the last 12 months, insiders have purchased $14.41M and sold $233.83M worth of RYAN shares, resulting in $219.42M of net selling activity.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

1.5K

60.30K

Sold

129.6K

6.95M

Net Activity

-6.9M

-$6.89M

6-9 Months

Bought

276.6K

14.34M

Sold

4.1M

225.94M

Net Activity

-211.6M

-$211.60M

9-12 Months

Bought

100

5.55K

Sold

14.4K

946.60K

Net Activity

-941K

-$941K

Top Buyers

1
RPG

Ryan Patrick G

Director, 10 Percent Owner, Officer: Executive Chairman

276.6K sharesโ€ข1 transactions

$14.34M

2
RPGJ

Ryan Patrick G Jr

Director

1.6K sharesโ€ข2 transactions

$66K

Top Sellers

1
OC

Onex Corp

Director

4.1M sharesโ€ข1 transactions

$225.94M

2
TTW

Turner Timothy William

Director, Officer: Chief Executive Officer

129.6K sharesโ€ข1 transactions

$6.95M

3
KMS

Katz Mark Stephen

Officer: Evp & General Counsel

14.4K sharesโ€ข1 transactions

$947K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $219.42M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.06:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Insider Participation

Moderate Selling

3 insider sellers vs. 2 buyers. More insiders selling than buying suggests cautious or negative sentiment.

0.38%
Dividend Yield
66%
3Y-
5Y-52.0%
10Y-11.0%
ย 

ryan Dividend History

RYAN
10Y CAGR 9%
Latest $0.13
Annual $0.62
Stable dividend payments
Last Period: +0%