At a glance
Ryan Specialty Group Holdings Inc is worth $11.17B, about 176 times its fiscal 2025 earnings. Revenue grew 21.3% to $3.05B in fiscal 2025, with 2.1% kept as profit; over 5 years it has grown 24.5% a year. It pays no dividend; it spent $78.3M buying back its shares over FY2021–FY2025. The stock returned −16.9% over the past year with dividends reinvested and +3.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 17.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The business in plain English
Ryan Specialty is an insurance middleman for risks that are hard to place. Patrick G. Ryan founded it in 2010. It helps retail insurance brokers, the firms that deal directly with customers, find coverage for complex risks. It also helps insurance carriers find, underwrite (assess and price) and service that business. It earns money mainly from commissions and fees. It has no retail brokerage of its own, so it does not compete with the brokers who send it business.
Most of its work is in the excess and surplus (E&S) market, which includes Lloyd's of London. In that market, insurers have more freedom than standard insurers to set terms and prices for unusual or high-hazard risks. In 2025, 78% of the premiums it placed were E&S business.
It has three units. Wholesale Brokerage, mainly under the RT Specialty brand, places specialty coverage for retail brokers. It brought in $1.6 billion, or 52.5% of 2025 revenue of $3.05 billion. Underwriting Management (33.6%) runs 39 managing general agents and underwriters. These firms design, price and issue policies on insurers' behalf. Binding Authority (12.1%) handles high volumes of smaller policies that insurers let it approve directly. Based on 2024 premium volume, the company says it is the second-largest U.S. property and casualty wholesale broker and the largest U.S. managing underwriter.
Price history
The interactive chart needs JavaScript.
RYAN -16.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Wholesale Brokerage | $1.60B | 52.5% |
| Underwriting Management | $1.02B | 33.6% |
| Binding Authority | $370.2M | 12.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $790.0M, up 4.7% from a year earlier, and net income was $36.7M (+18.0%).
- For fiscal 2025, revenue was $3.05B (+21.3% year over year; +24.5% a year from FY2020 to FY2025) with a 2.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.5% good |
|---|---|
| Operating margin | 16.2% good |
| Free cash flow margin | 21% good |
| Return on equity (FY2025) | 9.8% watch |
| Return on assets (FY2025) | 0.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.02B | $68.1M | $130.2M |
| FY2021 | $1.43B | $65.9M | $-69.7M |
| FY2022 | $1.73B | $61.1M | $327.8M |
| FY2023 | $2.08B | $61.0M | $477.2M |
| FY2024 | $2.52B | $94.7M | $514.9M |
| FY2025 | $3.05B | $63.4M | $640.7M |
Valuation snapshot
| Market value | $11.17B |
|---|---|
| P/E ratio | 176.2 |
| Dividend yield | 1.2% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RYAN price data to Oct 28, 2026 | -16.6% | -16.9% | -1.0% | +3.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.6% |
| 2025 | -18.9% |
| 2024 | +50.9% |
| 2023 | +3.6% |
| 2022 | +2.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4% over that stretch · deepest drop along the way 17.7%, back to its old high 2.3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 6 open-market purchases ($4.6M) and 2 sales ($1.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 5, 2026 | Patrick G Ryan Executive Chairman, Director, 10% owner | buy | $3.9M |
| Sep 8, 2026 | Brendan Martin Mulshine Co-President and CRO | sell | $1.6M |
| Jun 10, 2026 | John W Jr Rogers Director | buy | $264K |
| Jun 3, 2026 | Janice M Hamilton Chief Financial Officer | buy | $200K |
| Jun 3, 2026 | Mark Stephen Katz EVP & General Counsel | buy | $100K |
Who owns it
Large shareholders (13G filings)
| Patrick G. Ryan | 53.38% | Mar 31, 2025 |
| Vulcan Value Partners, LLC | 6.11% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 5.9% | Dec 31, 2025 |
| Kayne Anderson Rudnick Investment Management, LLC | 3.4% | Dec 31, 2024 |
ETFs with the most weight in RYAN
| NBSM Neuberger Berman Small-Mid Cap ETF | 3.09% |
| KIE SPDR S&P Insurance ETF | 1.95% |
| FPX First Trust US Equity Opportunities ETF | 1.91% |
| FRTY Alger Mid Cap 40 ETF | 1.72% |
| FXO First Trust Financials AlphaDEX Fund | 1.71% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 1.34% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.32% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.99% |
What could go wrong
- The founder controls the company. Founder Patrick G. Ryan reported owning about 53% of the company as of March 31, 2025. The company warns that the Ryan Parties control it and their interests may differ from other shareholders'.
- Tax agreement requires sizable cash payouts. It is a holding company whose main asset is units in an operating LLC. A tax receivable agreement makes it pay current and some former unitholders for certain tax benefits. It expects these payments may be substantial.
- A heavy debt load. As of June 30, 2026, total debt was about $3.63 billion and total equity about $509 million. Loan terms restrict how the company can operate, and credit rating downgrades would raise borrowing costs.
- Tied to the specialty insurance cycle. Most premiums it places (78% in 2025) are in excess and surplus lines. Its revenue depends on premiums and commission rates that insurers set. Falling prices, insurers pulling back or a shift to standard insurers could cut revenue.
- Losing key people or partners. It depends on skilled brokers and underwriters, called producers. Losing them, key retail brokers or carrier partners could hurt results, as could insurers ending its underwriting contracts. It kept 96% of producers in 2025.
- Acquisitions and restructuring may disappoint. Its strategy includes more acquisitions, which carry integration risk, and the value booked for past deals could be written down. Its Empower restructuring program may also fall short of its goals.
Recent events
- Quarterly results released; Other company announcement
- Major agreement signed
- Quarterly results released; Other company announcement
- Investor presentation or announcement
- Shareholder vote results
- Major agreement signed
- Quarterly results released; Other company announcement
- Quarterly results released; Restructuring or exit costs; Investor presentation or announcement; Other company announcement
- Shareholder nomination deadline; Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Ryan Specialty pays a modest dividend with little track record for income investors to judge. The yield was about 1.2% as of October 28, 2026. It paid no dividends in 2022 or 2023, then paid about $80 million in 2024 and $62 million in 2025, so it has no streak of yearly increases. The 2025 payments equaled about 98% of net income but only about 10% of free cash flow (the cash left after running and investing in the business). Buybacks have been small, about $78 million across 2021–2025.
Its price history does not go back to the 2008 or 2020 crashes. In the 2022 downturn, the stock rose about 4% from the market's January 3 peak to its October 12 low. Along the way it fell 17.7% between April 20 and May 12, then recovered by July 20. Later swings were larger: the deepest drop over the three years to October 28, 2026 was about 61%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Ryan Specialty make money?
Mainly from commissions and fees on insurance it helps place. Ryan Specialty works between retail insurance brokers and insurers. It finds coverage for complex, hard-to-place risks, and for some insurers it designs, prices and issues policies on their behalf. In 2025, Wholesale Brokerage brought in about $1.6 billion, or 52.5% of total revenue of $3.05 billion. Underwriting Management contributed 33.6% and Binding Authority 12.1%. Most of the premiums it placed, 78% in 2025, were in the excess and surplus market for unusual or high-hazard risks.
Does Ryan Specialty pay a dividend?
Yes, but it is small and has a short history. The dividend yield was about 1.2% as of October 28, 2026. The company paid no dividends in 2022 or 2023, then paid about $80 million in 2024 and $62 million in 2025. It has no record of yearly increases. The 2025 payments equaled about 98% of net income but only about 10% of free cash flow. Cash flow covers the dividend far more easily than reported profit does.
Is Ryan Specialty still growing?
Revenue is still growing, but more slowly, and profit has fallen. Revenue rose 21.3% in 2025 to $3.05 billion, and it grew about 24.5% a year from 2020 to 2025. Net income fell 33% in 2025 to $63.4 million, about 2 cents per dollar of revenue. In the quarter ended June 30, 2026, revenue rose 7.2% from a year earlier to $916.6 million, while net income fell 18.6% to $42.3 million. Thin earnings help explain a price-to-earnings ratio of about 88 as of October 28, 2026, based on 2025 earnings.
How much debt does Ryan Specialty have?
A lot compared with its equity. As of June 30, 2026, total debt was about $3.63 billion. Cash and investments were about $140 million, and total equity was about $509 million. The company calls its debt substantial. It warns that loan terms restrict how it operates and that credit rating downgrades would raise financing costs. For scale, free cash flow was about $641 million in 2025.
Who owns and controls Ryan Specialty?
Its founder, Patrick G. Ryan, controls the company. Ryan reported owning about 53% of its shares as of March 31, 2025. The company warns that the Ryan Parties' interests may differ from those of other shareholders. Other large holders include Vulcan Value Partners at about 6.1% (as of June 30, 2026) and T. Rowe Price Investment Management at about 5.9% (as of December 31, 2025). Ryan, the executive chairman, purchased about $3.9 million of shares on June 5, 2026.