Ryan Specialty Holdings, Inc.RYAN
NYSE•Financial Services•Insurance - Specialty
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.
Ryan Specialty Holdings, Inc. (RYAN) reported trailing twelve months revenue of $3.10B as of March 2026, a 20.2% increase year-over-year. Quarterly revenue reached $782.90M, reflecting continued top-line momentum.
Ryan Specialty Holdings, Inc. generated $108.69M in TTM net income, with quarterly EBITDA of $98.66M. The operating margin contracted from 14.8% to 12.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (12.1%) and net margin (2.3%) indicates moderate non-operating costs. Net margin has improved from -4.1% a year ago, signaling stronger bottom-line efficiency.
RYAN trades at a P/S of N/A.
The company reported negative free cash flow of $-180.68M, indicating cash consumption over the period. The balance sheet shows $11.01B in total assets with $3.53B in long-term debt against $636.20M in stockholders equity for a debt-to-equity ratio of 5.6, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 20 quarters of fundamental data
Operating margins are positive at ~16.5% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.6% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~35.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 20 quarters
Operating margins declined 11.1% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 8.3x on average — earnings are well-supported by cash generation.
D/E ratio is 5.6 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.