# Ryan Specialty Group Holdings (RYAN.US)

Canonical: https://gigainvestors.com/s/RYAN

Analysis as of: 2026-10-16T07:31:44.163Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $40.04 per share; close as of 2026-10-15.

Estimated value: low $16.53 per share, central $18.81 per share, high $21.84 per share. Buy at or below the central value $18.81 per share. Valuation as of 2026-10-16T07:31:44.163Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.04×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.20×

### moat: fail

- Recent gross margin fell 9.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 41.2%

- ROIC, second-lowest year: 25.4%

- Typical minus recent gross margin: 9.4 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 90.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 41.2%

- FY2020: 31.8%

- FY2021: 9.7%

- FY2022: 49.8%

- FY2023: 84.7%

- FY2024: 25.4%

- FY2025: 57.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $685M

- Net income, five-year total: $346M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -11.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.56×

- FY2022: 1.58×

- FY2023: 2.41×

- FY2024: 1.52×

- FY2025: 2.03×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 31.8% vs 57.4%

- Per-share earnings: 0.60 to 0.34 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 21.2%

- Diluted shares, 5-year annual growth: 21.2%

- Per-share value growth: -13.2%

- Per-share value change: -$0.26

- Per-share value, starting three-year median: $0.60

- Per-share value, ending three-year median: $0.34

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 4.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 31.8%

- ROIC, last three-year median: 57.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: $0.60

- FY2020: $0.64

- FY2021: $0.58

- FY2022: $0.23

- FY2023: $0.49

- FY2024: $0.34

- FY2025: $0.23

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 6.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 10.15×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 5.16×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -3.9%

- FY2020: -1.5%

- FY2021: -3.8%

- FY2022: -4.3%

- FY2023: -5.7%

- FY2024: -4.4%

- FY2025: -5.5%

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 47% since Nov 2024 · "Ryan Specialty signals $80M annual savings from Empower restructuring as property pressures persist" (seekingalpha.com, Feb 2026) · sales +21.3%

Story as of 2026-10-16T09:59:32.476Z; price observation 2026-10-15.

Price needs cash profits to grow 10.4% a year for ten years

- 2026-02-13: Ryan Specialty signals $80M annual savings from Empower restructuring as property pressures persist ([seekingalpha.com](https://seekingalpha.com/news/4551771-ryan-specialty-signals-80m-annual-savings-from-empower-restructuring-as-property-pressures?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +21.3%; source https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm; observed 2026-02-13.

- FY2019: $765M 

- FY2020: $1.0B 

- FY2021: $1.4B 

- FY2022: $1.7B 

- FY2023: $2.1B 

- FY2024: $2.5B 

- FY2025: $3.1B 

### Gross margin · FY2025

gross margin 90.6%; source https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm; observed 2026-02-13.

- FY2025: 90.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance brokers; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm#000184925326000006 (filed 2026-02-13); FY2025: revenue 3051126000; grossProfit 2763611000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RYAN.US: 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.

### Why customers stay

Margins ranged from 90.6% to 100% during 2023–25; it earns 41.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 100%.

- Source: https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 90.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 7-year return on capital observations [[2019,0.4121076289424135],[2020,0.31775494569870666],[2021,0.09733711690869747],[2022,0.49792755121647714],[2023,0.8473335657023353],[2024,0.25405284751834567],[2025,0.5741387977887913]]; median 0.4121076289424135. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back USD 3.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 7990000; owner earnings 109274000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 12498000; owner earnings 123107000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 9781000; owner earnings 168775000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 15043000; cash acquisitions 0; owner earnings 96297220.088572. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 29776000; cash acquisitions 446682000; owner earnings 147098000. Growth capex plus acquisitions / owner earnings = 3.036628642129737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 47001000; cash acquisitions 1708737000; owner earnings 144333110.48092103. Growth capex plus acquisitions / owner earnings = 11.838842759685921.

- Source: https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 67953000; cash acquisitions 746485000; owner earnings 128398095.23387048. Growth capex plus acquisitions / owner earnings = 5.813832351954414.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2019,72291000],[2020,50121000],[2021,47096000],[2022,39883000],[2023,71674000],[2024,80236000],[2025,62339000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 3733000 USD.

### Are managers owners

Insiders own 14.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RYAN.US SharesStats.PercentInsiders = 14.606 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.13676311954620035. Price 40.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-07: $29.50 per share

- 2021-08: $32.91 per share

- 2021-09: $33.87 per share

- 2021-10: $37.79 per share

- 2021-11: $38.27 per share

- 2021-12: $40.35 per share

- 2022-01: $37.41 per share

- 2022-02: $40.06 per share

- 2022-03: $38.79 per share

- 2022-04: $36.99 per share

- 2022-05: $37.57 per share

- 2022-06: $39.19 per share

- 2022-07: $43.24 per share

- 2022-08: $42.36 per share

- 2022-09: $40.62 per share

- 2022-10: $44.85 per share

- 2022-11: $40.28 per share

- 2022-12: $41.51 per share

- 2023-01: $42.62 per share

- 2023-02: $42.12 per share

- 2023-03: $40.24 per share

- 2023-04: $40.86 per share

- 2023-05: $40.79 per share

- 2023-06: $44.89 per share

- 2023-07: $43.34 per share

- 2023-08: $48.75 per share

- 2023-09: $48.40 per share

- 2023-10: $43.20 per share

- 2023-11: $45.87 per share

- 2023-12: $43.02 per share

- 2024-01: $43.32 per share

- 2024-02: $52.38 per share

- 2024-03: $55.50 per share

- 2024-04: $49.34 per share

- 2024-05: $55.53 per share

- 2024-06: $57.91 per share

- 2024-07: $61.59 per share

- 2024-08: $64.63 per share

- 2024-09: $66.39 per share

- 2024-10: $65.87 per share

- 2024-11: $75.40 per share

- 2024-12: $64.16 per share

- 2025-01: $66.58 per share

- 2025-02: $69.99 per share

- 2025-03: $73.87 per share

- 2025-04: $65.51 per share

- 2025-05: $71.57 per share

- 2025-06: $67.99 per share

- 2025-07: $61.19 per share

- 2025-08: $56.53 per share

- 2025-09: $56.36 per share

- 2025-10: $54.80 per share

- 2025-11: $58.07 per share

- 2025-12: $51.63 per share

- 2026-01: $48.28 per share

- 2026-02: $39.35 per share

- 2026-03: $33.74 per share

- 2026-04: $34.77 per share

- 2026-05: $31.85 per share

- 2026-06: $37.76 per share

- 2026-07: $44.16 per share

- 2026-08: $42.18 per share

- 2026-09: $37.00 per share

- 2026-10: $40.04 per share

## Annual estimated value (USD per share)

- FY2023: low $21.27 per share, central $24.21 per share, high $28.11 per share

- FY2024: low $7.05 per share, central $8.02 per share, high $9.31 per share

- FY2025: low $6.86 per share, central $7.80 per share, high $9.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.