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RYAN SPECIALTY HOLDINGS, INC. (RYAN)

As-reported financials and SEC filings for RYAN SPECIALTY HOLDINGS, INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About RYAN SPECIALTY HOLDINGS, INC.

Ryan Specialty Holdings, Inc. is an international specialty insurance intermediary that provides products and services to insurance brokers, agents, and carriers. The company offers wholesale brokerage, underwriting, product development, administration, and risk management services, primarily focusing on complex and hard-to-place risks in the excess and surplus (E&S) insurance market. Ryan Specialty serves retail insurance brokers by helping place specialty insurance coverage and supports insurance carriers by providing distribution and underwriting expertise.

Snapshot

Revenue
$2.99B
Revenue growth (YoY)
21.9%
Net income
$63.4M
Diluted EPS
Gross margin
Operating margin
16.5%
Net margin
2.1%
FCF margin
21.4%
ROE
5.1%
net income / fiscal-year-end equity
P/E
57.2×
trailing when available, otherwise FY EPS
Market cap
$16.51B
Long-term debt / equity
2.62×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Ryan Specialty Holdings

  • Revenue grew 21.9% to $3.0B in FY2025, in line with the 21.2% the year before.
  • Operating margin is 16.5% in FY2025, +3.5 pp against 13.0% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $903M, up 7.4% from Q2 FY2025.
  • Free cash flow was $641M in FY2025, 21.4% of revenue.
  • Net income fell 33.0% to $63M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Ryan Specialty Holdings’s fundamentals sit among the 88 insurance companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin16.5%
58th percentile of 27
Net margin2.1%
16th percentile of 82
FCF margin21.4%
70th percentile of 55
Revenue growth (YoY)+21.9%
69th percentile of 88
ROE5.1%
21st percentile of 73
P/E57.2×
96th percentile of 72
Long-term debt / equity2.62×
98th percentile of 48
Short interest6.59d
79th percentile of 87

Ryan Specialty Holdings’s long-term debt to equity of 2.62 ranks in the 98th percentile of the 48 insurance companies reporting it. Ryan Specialty Holdings’s P/E of 57.2 ranks in the 96th percentile of the 72 peers with a meaningful P/E.

4 reported insider purchases (code P) totaling $4.3M in the last 90 days, against 1 sale totaling $86,344. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+5 quant / multi-strat
Initiated / added
3
1 new, 2 added
Reduced / exited
4
4 trimmed, 0 exited
Combined position
$40.6M
reported long value
InvestorAs ofPosition valueSharesChange
Gotham Asset ManagementQ2 2026$18.2M483.2KAdded
Millennium ManagementquantQ2 2026$11.4M302.1KReduced
AQR Capital ManagementquantQ2 2026$4.1M109.8KAdded
Citadel AdvisorsquantQ2 2026$2.6M69.6KReduced
Point72 Asset ManagementquantQ2 2026$2.1M54.3KReduced
Renaissance TechnologiesquantQ2 2026$1.6M42.1KReduced
Bridgewater AssociatesQ2 2026$551,06914.6KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
4
3 insiders
Bought (90d)
$4.3M
code P value
Sells (90d)
1
$86K
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-08-13
filed 2026-08-14
Conklin MichaelEVP & CHROSell2.0K$42.26$86K
2026-06-12
filed 2026-06-15
Kuczinski Anthony JDirectorBuy500$35.77$18K
2026-06-11
filed 2026-06-15
Kuczinski Anthony JDirectorBuy2.5K$34.83$87K
2026-06-10
filed 2026-06-11
ROGERS JOHN W JRDirectorBuy7.5K$35.16$264K
2026-06-05
filed 2026-06-08
RYAN PATRICK GExecutive ChairmanBuy120.0K$32.50$3.9M
2026-06-03
filed 2026-06-04
Hamilton Janice MChief Financial OfficerBuy6.3K$31.79$200K
2026-06-03
filed 2026-06-04
KATZ MARK STEPHENEVP & General CounselBuy3.2K$31.07$100K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
13.2M
settled 2026-08-14
Change vs prior
+0.3%
vs previous settlement
Days to cover
6.59
at avg daily volume
Avg daily volume
2.0M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1413.2M+0.3%6.59
2026-07-3113.2M-21.1%5.50
2026-07-1516.7M+12.2%8.72
2026-06-3014.9M+4.3%5.19
2026-06-1514.3M+9.9%5.13
2026-05-2913.0M-1.9%6.21
2026-05-1513.2M+10.7%3.58
2026-04-3012.0M+25.0%5.24

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$2.99B$2.46B$2.03B$1.71B$1.43B
Gross profit
Operating income$493.6M$427.8M$359.1M$289.5M$186.6M
Net income$63.4M$94.7M$61.0M$61.1M$65.9M
Diluted EPS

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$643.7M$514.9M$477.2M$335.5M$273.5M
Capital expenditure$3.0M$0$0$7.7M$343.2M
Free cash flow$640.7M$514.9M$477.2M$327.8M$-69.7M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$902.7M7.4%$42.3M
Q1 FY2026$782.9M15.8%$17.6M
Q4 FY2025$738.0M13.6%$8.0M
Q3 FY2025$739.6M25.7%$31.1M
Q2 FY2025$840.9M23.6%$52.0M
Q1 FY2025$676.1M25.7%$-27.6M
Q4 FY2024$649.4M25.2%$13.8M
Q3 FY2024$588.1M20.7%$17.6M

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryInsurance Agents, Brokers & Service
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2021
SEC CIK1849253

Selected SEC filings

10-Q2026-07-31
View on EDGAR →
10-Q2026-05-01
View on EDGAR →
8-K2026-08-07
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-05-26
View on EDGAR →
8-K2026-05-01
View on EDGAR →

Largest insurance peers

All insurance stocksAll Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.