RYAN

MKT CAP:$5B

Ryan Specialty Holdings, Inc.

Market Cap

$5B

Financial Services·Insurance - Specialty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$38.25-$12.36 (-24.42%)

Apr 21, 2026

Company Details

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 manageme...

CEO

Patrick G. Ryan

IPO Date

Jul 22, 2021

Website

ryansg.com

Key Metrics TTM

Revenue

$2.3B

+44.4% YoY

Net Income

$46M

EPS (Diluted)

$0.38

Free Cash Flow

$480M

Revenue / Share

$8.24

Gross Margin

96.8%

Operating Margin

13.7%

Net Margin

2.0%

FCF Margin

20.9%

P/S

2.0x

P/E

97.9x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 13, 2026

$751MEPS $0.06

Q4 2025

Feb 13, 2026

$751MEPS $0.03

FY 2023

Nov 3, 2023

$1.5B+87.9%EPS $0.56

Q3 2023

Nov 3, 2023

$502MEPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$246M	$246M	$51M
Q2 21	$390M	$390M	$66M
Q4 21	$379M	$379M	$35M
Q1 22	$387M	$387M	$14M
Q4 22	$435M	$435M	$52M
Q1 23	$458M	$458M	$43M
Q2 23	$585M	$585M	$95M
Q3 23	$502M	$502M	$41M
Q4 25	$751M	$678M	$135M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q2 21	—	—
Q4 21	—	—
Q1 22	2.9x	31.2x
Q4 22	2.9x	47.3x
Q1 23	2.8x	95.1x
Q2 23	2.8x	75.9x
Q3 23	2.8x	97.8x
Q4 25	2.9x	145.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$100M	$98M
Q2 21	$183M	$181M
Q4 21	$119M	$116M
Q1 22	-$65M	-$68M
Q4 22	$185M	$174M
Q1 23	-$159M	-$162M
Q2 23	$304M	$301M
Q3 23	$105M	$95M
Q4 25	$263M	$246M

Capital Expenditures

Quarter	CapEx
Q2 20	$3M
Q2 21	$2M
Q4 21	$3M
Q1 22	$2M
Q4 22	$11M
Q1 23	$3M
Q2 23	$3M
Q3 23	$11M
Q4 25	$17M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+76.6%	+96.8%
Q1 23	+17.3%	+27.9%
Q2 23	+54.6%	+42.7%
Q3 23	+29.7%	+23.6%
Q4 25	+72.7%	+60.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$1M	0.6%
Q2 21	$3M	0.8%
Q4 21	$40M	10.5%
Q1 22	$23M	6.0%
Q4 22	$16M	3.8%
Q1 23	$18M	3.9%
Q2 23	$19M	3.2%
Q3 23	$8M	1.6%
Q4 25	$18M	2.5%

OpEx Breakdown

Quarter	G&A
Q2 20	$179M
Q2 21	$267M
Q4 21	$296M
Q1 22	$317M
Q4 22	$328M
Q1 23	$359M
Q2 23	$434M
Q3 23	$399M
Q4 25	$123M

Revenue Segments

Quarter	Binding Authorities	Underwriting Management	Wholesale Brokerage
Q2 21	$54M	$80M	$256M
Q4 21	$48M	$74M	$256M
Q1 22	$63M	$79M	$245M
Q4 22	$53M	$87M	$288M
Q1 23	$70M	$92M	$286M
Q2 23	$70M	$122M	$382M
Q3 23	$69M	$109M	$309M
Q4 25	$84M	$268M	$386M

Revenue by Geography

Quarter	Non-US	United States
Q4 25	$55M	$696M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$706M	$0	$706M
Q2 22	$867M	$0	$867M
Q3 22	$833M	$0	$833M
Q4 22	$993M	$0	$993M
Q1 23	$705M	$0	$705M
Q2 23	$966M	$0	$966M
Q3 23	$754M	$0	$754M
Q4 23	$839M	$0	$839M
Q1 24	$665M	$0	$665M
Q2 24	$612M	$0	$612M
Q3 24	$235M	$0	$235M
Q4 24	$540M	$0	$540M
Q1 25	$204M	$0	$204M
Q2 25	$173M	$0	$173M
Q3 25	$153M	$0	$153M
Q4 25	$158M	$0	$158M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	106M	—	—
Q2 21	106M	0.0%	—
Q4 21	114M	+6.6%	—
Q1 22	264M	+132.6%	—
Q4 22	268M	+1.4%	+151.5%
Q1 23	111M	-58.5%	+4.3%
Q2 23	124M	+11.5%	+9.1%
Q3 23	116M	-6.4%	-56.1%
Q4 25	279M	+140.4%	+4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q2 21	—	—
Q4 21	$106.7K	4K
Q1 22	$109.1K	4K
Q4 22	$113.0K	4K
Q1 23	$118.9K	4K
Q2 23	$152.0K	4K
Q3 23	$130.4K	4K
Q4 25	$122.9K	6K

Revenue / Employee