Loading…
Wholesale insurance broker and underwriting manager specializing in hard-to-place, non-standard commercial risks.
Wholesale insurance broker and underwriting manager specializing in hard-to-place, non-standard commercial risks.
Is paid commissions as a share of the premiums on policies it places, usually collected by the insurer, and earns fees and profit shares for managing underwriting on behalf of insurers. It works on hard-to-place coverage sold through retail brokers, who keep the client relationship. Founded in 2010 by Pat Ryan, who earlier built Aon; went public in 2021.
Moat: narrow (distribution, process know-how, scale). Deep carrier relationships and underwriting expertise in excess & surplus lines are hard to replicate quickly.
Headquarters: Chicago, Illinois, US · Founded: 2010 · Employees: 6,110
Size Ryan Specialty (RYAN) is a United States Financials company (Insurance Brokers/Services) with a market value of $12.0B, the 693rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.73 on 6 Nov 2026.
Performance Over six months the shares gained 52.4%, against +28.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 8 in its peer set.
Growth Revenue grew 9.3% over the last twelve months (peer median +16.8%); the operating margin is 20.4% (peer median 22.9%).
Valuation It trades at 12.86× book value against a peer median of 3.10× (most expensive of 7).
Price implies The share price implies a return on equity of about 61.4%; Ryan Specialty delivers 19.4%, so the price asks more than the business earns today.
Short interest Short interest is 11.4% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.26B | $3.07B | $2.54B | $2.10B | $1.73B |
| Revenue growth | — | +21% | +21% | +22% | — |
| EBITDA | $943M | $928M | $779M | $610M | $487M |
| Net income | $105M | $63.4M | $94.7M | $61.0M | $61.1M |
| Free cash flow | $499M | $573M | $468M | $447M | $313M |
| Capital expenditure | $71.1M | $71.0M | $47.0M | $29.8M | $22.8M |
| Total debt | $3.86B | $3.53B | $3.46B | $2.16B | $2.16B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Ryan Specialty RYAN | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% |
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RYAN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +26.3% | +8.9% | highest of 8 |
| 6-month return | +52.4% | +28.8% | 2nd highest of 8 |
| Return on equity | 19.4% | 11.9% | 3rd highest of 7 |
| Price / book | 12.86× | 3.10× | most expensive of 7 |
| Trailing P/E | 62.2× | 23.4× | 2nd most expensive of 7 |
| ROE the price implies | 61.4% | 16.6% | 2nd most demanding of 7 |
| ROE delivered | 19.4% | 11.9% | 3rd highest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Ryan Specialty RYAN | United States | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% | 19.4% |
| Tryg A/S TRYG.CO | Denmark | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% | 12.4% |
| Brown & Brown BRO | United States | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% | 9.6% |
| Willis Towers Watson WTW | United States | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% | 20.2% |
| Baldwin Insurance BWIN | United States | $4.48B | +58% | +19% | -11% | 3.48× | 26.6% | -10.7% |
| Steadfast SDF.AX | Australia | $4.46B | +46% | +17% | 11% | 2.73× | 14.3% | 11.3% |
| CorVel CRVL | United States | $4.20B | +42% | +8% | 31% | 10.74× | 80.5% | 30.6% |
| Neptune Insurance NP | United States | $3.86B | -7% | +34% | n/a | n/a | n/a | n/a |