Tearsheet

Ryan Specialty (RYAN)

Market Price (4/11/2026): $34.57 | Market Cap: $4.5 Bil
Sector: Financials | Industry: Insurance Brokers

Ryan Specialty (RYAN)

Market Price (4/11/2026): $34.57
Market Cap: $4.5 Bil
Sector: Financials
Industry: Insurance Brokers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%

Attractive yield
FCF Yield is 13%

Low stock price volatility
Vol 12M is 37%

Megatrend and thematic drivers
Megatrends include Cybersecurity, AI in Financial Services, and Digital & Alternative Assets. Themes include Software Security, Show more.

Weak multi-year price returns
2Y Excs Rtn is -64%, 3Y Excs Rtn is -78%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 70x

Key risks
RYAN key risks include [1] pricing pressure from softening P&C markets impacting its organic growth guidance and [2] expense management challenges that threaten its ability to meet profitability targets.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%
2	Attractive yield FCF Yield is 13%
3	Low stock price volatility Vol 12M is 37%
4	Megatrend and thematic drivers Megatrends include Cybersecurity, AI in Financial Services, and Digital & Alternative Assets. Themes include Software Security, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -64%, 3Y Excs Rtn is -78%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76%
7	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 70x
8	Key risks RYAN key risks include [1] pricing pressure from softening P&C markets impacting its organic growth guidance and [2] expense management challenges that threaten its ability to meet profitability targets.

Valuation, Metrics & Events

	4/11/26	2025	2024	2023	2022
Share Price CYE	$34.57	$73.87	$55.50	$40.24	$38.79
Market Cap CYE ($ Bil)	4.5	9.3	6.5	4.5	4.1
Total Debt ($ Bil)	3.5	3.9	2.1	2.1	2.1
Total Cash ($ Bil)	0.2	0.2	0.7	0.7	0.7
Enterprise Value ($ Bil)	7.8	13.2	8.6	6.6	6.2
Valuation Ratios
P/S TTM	1.5	3.5	3.0	2.5	2.7
P/EBIT TTM	8.7	20.1	18.1	13.9	26.2
P/E TTM	70.4	183.5	101.5	66.4	52.3
P/FCF TTM	7.8	21.4	13.5	19.8	15.1
Sector Ratios
P/S TTM (Sector)	3.2	2.9	2.7	2.4	3.3
P/EBIT TTM (Sector)	6.6	8.1	7.4	7.5	7.0
P/E TTM (Sector)	11.4	11.2	9.8	8.3	9.9
P/FCF TTM (Sector)	8.8	8.4	7.7	6.0	7.6

	4/11/26	2025	2024
Share Price CYE	$34.57	$73.87	$55.50
Market Cap CYE ($ Bil)	4.5	9.3	6.5
Total Debt ($ Bil)	3.5	3.9	2.1
Total Cash ($ Bil)	0.2	0.2	0.7
Enterprise Value ($ Bil)	7.8	13.2	8.6
Valuation Ratios
P/S TTM	1.5	3.5	3.0
P/EBIT TTM	8.7	20.1	18.1
P/E TTM	70.4	183.5	101.5
P/FCF TTM	7.8	21.4	13.5
Sector Ratios
P/S TTM (Sector)	3.2	2.9	2.7
P/EBIT TTM (Sector)	6.6	8.1	7.4
P/E TTM (Sector)	11.4	11.2	9.8
P/FCF TTM (Sector)	8.8	8.4	7.7

	RYAN	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	3.1
Rev Chg Q	13.2%	7.5%
Rev Chg LTM	21.3%	6.8%
Rev Chg 3Y Avg	20.9%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	21.1%	20.6%
Net Inc Mgn	2.1%	12.8%
VALUATION	HIGH
P/S	1.5	3.2
P/CFO	6.9	15.4
P/FCF	7.8	19.8
P/E	70.4	24.1

AI Analysis | Feedback

Metric	Value	Date	Source
Producer Retention Rate	98%	12312024	Link
Number of Employees	5250	12312024	Link
Number of retail insurance brokerage firms relationships	over 20,000	2282024	Link

Upcoming
4/30/2026	Earnings Release	Rev: $782 Mil (E) EPS: $0.45 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Ryan Specialty (RYAN) stock has lost about 35% since 12/31/2025 because of the following key factors:

1. Ryan Specialty missed Q4 2025 earnings and revenue estimates, reporting lower-than-expected financial performance.

The company announced Q4 2025 adjusted earnings per share (EPS) of $0.45 on February 12, 2026, falling short of the consensus estimate of $0.50 by $0.05. Additionally, quarterly revenue for Q4 2025 was $751.21 million, missing analyst estimates of $777.43 million. Net income for the quarter also decreased by 26.6% year-over-year to $31.2 million.

2. The company experienced a deceleration in organic revenue growth driven by a rapidly softening property insurance market.

Ryan Specialty's organic revenue growth rate slowed to 6.6% in the fourth quarter of 2025, compared to 11.0% in the prior-year period. This slowdown was largely attributed to a significant weakening in property pricing, particularly in December 2025, where rates on certain large accounts were down 25% to 35%. This challenging market condition is anticipated to persist into 2026.

Show more

Stock Movement Drivers

Fundamental Drivers

The -32.8% change in RYAN stock from 12/31/2025 to 4/10/2026 was primarily driven by a -26.0% change in the company's P/E Multiple.

(LTM values as of)	12312025	4102026	Change
Stock Price ($)	51.46	34.57	-32.8%
Change Contribution By:
Total Revenues ($ Mil)	2,963	3,051	3.0%
Net Income Margin (%)	2.3%	2.1%	-11.0%
P/E Multiple	95.2	70.4	-26.0%
Shares Outstanding (Mil)	128	129	-1.0%
Cumulative Contribution			-32.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/10/2026

	Return	Correlation
RYAN	-32.8%
Market (SPY)	-5.4%	-7.1%
Sector (XLF)	-7.3%	35.3%

Fundamental Drivers

The -38.3% change in RYAN stock from 9/30/2025 to 4/10/2026 was primarily driven by a -44.7% change in the company's P/E Multiple.

(LTM values as of)	9302025	4102026	Change
Stock Price ($)	56.06	34.57	-38.3%
Change Contribution By:
Total Revenues ($ Mil)	2,814	3,051	8.4%
Net Income Margin (%)	2.0%	2.1%	5.0%
P/E Multiple	127.3	70.4	-44.7%
Shares Outstanding (Mil)	126	129	-2.1%
Cumulative Contribution			-38.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/10/2026

	Return	Correlation
RYAN	-38.3%
Market (SPY)	-2.9%	-4.9%
Sector (XLF)	-5.4%	36.1%

Fundamental Drivers

The -52.8% change in RYAN stock from 3/31/2025 to 4/10/2026 was primarily driven by a -44.8% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4102026	Change
Stock Price ($)	73.20	34.57	-52.8%
Change Contribution By:
Total Revenues ($ Mil)	2,516	3,051	21.3%
Net Income Margin (%)	3.8%	2.1%	-44.8%
P/E Multiple	96.6	70.4	-27.1%
Shares Outstanding (Mil)	125	129	-3.3%
Cumulative Contribution			-52.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/10/2026

	Return	Correlation
RYAN	-52.8%
Market (SPY)	16.3%	18.8%
Sector (XLF)	3.0%	40.0%

Fundamental Drivers

The -12.1% change in RYAN stock from 3/31/2023 to 4/10/2026 was primarily driven by a -41.3% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4102026	Change
Stock Price ($)	39.35	34.57	-12.1%
Change Contribution By:
Total Revenues ($ Mil)	1,725	3,051	76.9%
Net Income Margin (%)	3.5%	2.1%	-41.3%
P/E Multiple	71.1	70.4	-0.9%
Shares Outstanding (Mil)	110	129	-14.6%
Cumulative Contribution			-12.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/10/2026

	Return	Correlation
RYAN	-12.1%
Market (SPY)	63.3%	20.1%
Sector (XLF)	64.9%	33.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
RYAN Return	47%	3%	4%	51%	-19%	-32%	30%
Peers Return	33%	2%	14%	33%	-8%	-12%	68%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	82%
Monthly Win Rates [3]
RYAN Win Rate	100%	50%	42%	75%	42%	25%
Peers Win Rate	63%	45%	53%	72%	52%	25%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
RYAN Max Drawdown	0%	-20%	-14%	-2%	-21%	-38%
Peers Max Drawdown	-10%	-19%	-7%	-2%	-16%	-17%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AJG, BRO, AON, WTW, KNSL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)

How Low Can It Go

Unique Key	Event	RYAN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	43.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	284 days	464 days

Compare to AJG, BRO, AON, WTW, KNSL

In The Past

Ryan Specialty's stock fell -30.2% during the 2022 Inflation Shock from a high on 8/15/2022. A -30.2% loss requires a 43.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ryan Specialty (RYAN)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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 management services by acting as a wholesale broker and a managing underwriter. The company was founded in 2010 and is headquartered in Chicago, Illinois.

AI Analysis | Feedback

Here are 1-2 brief analogies for Ryan Specialty (RYAN):

Like Sysco, but for specialty insurance: they distribute highly specialized insurance products and solutions to other insurance brokers and agents.
Imagine Intel, but for the insurance industry: Ryan Specialty develops and manages the specialized 'brains' (underwriting programs) for niche insurance policies that other carriers utilize.

AI Analysis | Feedback

Wholesale Brokerage Services: Ryan Specialty acts as an intermediary, facilitating the distribution of specialty insurance products from carriers to retail brokers and agents.
Managing Underwriter (MGU) Services: Ryan Specialty provides comprehensive services including underwriting, product development, administration, and risk management on behalf of insurance carriers.

AI Analysis | Feedback

Ryan Specialty (RYAN) sells its products and solutions primarily to other companies within the insurance industry. Due to the nature of its business as a wholesale broker and managing underwriter, Ryan Specialty serves a broad and diversified client base rather than having a few identifiable "major customers" that account for a significant portion of its revenue.

According to its public filings, no single customer company accounts for a material portion of Ryan Specialty's total revenue. Instead, its customer base consists of a vast network of:

Retail Insurance Brokers: These are the firms that interact directly with clients to understand their insurance needs and seek out appropriate coverage, often turning to wholesale brokers like Ryan Specialty for complex or specialty risks.
Insurance Agents: Similar to brokers, these individuals or agencies connect clients with insurance products and utilize Ryan Specialty's expertise and access to specialty markets.
Insurance Carriers: Ryan Specialty partners with insurance carriers to develop, underwrite, and distribute specialized insurance programs and products.

AI Analysis | Feedback

null

AI Analysis | Feedback

The following are key members of the management team at Ryan Specialty:

Patrick G. Ryan, Founder & Executive Chairman
A widely respected entrepreneur and global insurance leader, Patrick G. Ryan formed Ryan Specialty in 2010. Prior to launching Ryan Specialty, he founded Aon Corporation and served as its Chairman and CEO for 41 years. At the time of his retirement from Aon, the company had over 500 offices in 120 countries and generated revenues in excess of $7 billion. Mr. Ryan also founded Pat Ryan & Associates in 1964, a brokerage and underwriting agency. Ryan Specialty was seeded by founder capital and private investors.

Timothy W. Turner, CEO
Timothy W. Turner became CEO of Ryan Specialty on October 1, 2024. He initially joined Ryan Specialty in 2010 to establish and expand RT Specialty, Ryan Specialty's wholesale brokerage division, which has grown to be one of the top wholesale distributors of specialty insurance in the United States. Before joining Ryan Specialty, Mr. Turner served as President of CRC Insurance Services, Inc., which was one of the largest wholesale insurance brokers in the U.S. at the time. He joined the Crump Group in 1990 as a casualty broker and was later named President of its Chicago Office. His insurance career began in 1987 with A.J. Renner & Associates.

Janice M. Hamilton, CFO
Janice M. Hamilton was appointed Chief Financial Officer of Ryan Specialty on October 1, 2024. She possesses over 15 to 20 years of experience within both the U.S. and international insurance markets. Before her current role, Ms. Hamilton served as the Chief Financial Officer for AmTrust International, which oversees the non-U.S. operations of AmTrust Financial Services Inc. Her prior roles also include CFO of ANV and Finance Director for Jubilee Group Holdings, a former subsidiary of Ryan Specialty. Ms. Hamilton started her career with EY, where she provided audit services to insurance sector companies.

Jeremiah R. Bickham, President
Jeremiah R. Bickham transitioned from Chief Financial Officer to President of Ryan Specialty on October 1, 2024. He joined the company in 2011 and previously served as its Chief Financial Officer starting in March 2021. Prior to becoming CFO, he was the Global Treasurer and Head of Corporate Development for Ryan Specialty, where he was instrumental in establishing the company's treasury department. Mr. Bickham was actively involved in Ryan Specialty's merger and acquisition activities since 2011 and led that function from 2018 through 2021. Before joining Ryan Specialty, he worked at KPMG, LLP as a research analyst and auditor.

Brendan Mulshine, Co-President and Chief Revenue Officer
Brendan Mulshine was appointed to the additional role of Co-President of Ryan Specialty on October 8, 2025, alongside his duties as Chief Revenue Officer. He joined Ryan Specialty in 2012 and brings over 30 years of experience in the insurance industry. Before his tenure at Ryan Specialty, Mr. Mulshine held several leadership positions at Aon over an 18-year period, where he focused on strategic relationships with brokers, agents, and carrier trading partners.

AI Analysis | Feedback

Here are the key risks to Ryan Specialty's business:

Key Risks to Ryan Specialty (RYAN)

Market Cyclicality and Pricing Pressure: Ryan Specialty is significantly exposed to the cyclical nature of the insurance market and broader economic conditions. A shift from a "hard" to a "soft" market, characterized by increased competition and lower premium rates, could compress commission income and slow organic growth, directly impacting profitability. The company's reliance on the Excess & Surplus (E&S) market, while a growth driver, also exposes it to industry cycles, with a softening property market already noted as impacting growth.
Competition and Potential Disintermediation: The company faces intense competition from other wholesale brokers, managing underwriters, and emerging insurtech companies. A significant risk is the potential for retail brokers to bypass wholesale distributors like Ryan Specialty, leading to reduced business volume. Deterioration of crucial relationships with insurance carriers and retail brokers, or dependency on a limited number of these partners, could adversely affect operations and reduce intermediary value.
Underwriting Risks and Reputational Harm: As a managing underwriter, Ryan Specialty assumes underwriting authority on behalf of carriers. Errors in its underwriting models or ineffective risk evaluation could lead to unfavorable loss ratios for its carrier partners, damaging its reputation and relationships. Damage to its brand and reputation, which are vital for attracting clients and partners, could also arise from factors like catastrophe and reinsurance cost volatility or social inflation affecting underwriting margins.

AI Analysis | Feedback

The rise of tech-enabled Managing General Agents (MGAs) and digital placement platforms. These new players leverage advanced data analytics and artificial intelligence to streamline underwriting, risk management, and distribution of specialty insurance products, potentially disintermediating traditional wholesale brokers and offering more efficient alternatives to established managing underwriters like Ryan Specialty.

AI Analysis | Feedback

Ryan Specialty Group Holdings, Inc. (RYAN) operates in the specialty insurance market, primarily providing wholesale brokerage and managing underwriter services.

The addressable markets for Ryan Specialty's main products and services are sizable, both globally and within the U.S.:

Global Specialty Insurance Market: The global specialty insurance market was valued at approximately USD 112.77 billion in 2025 and is projected to reach USD 337.89 billion by 2034, growing at a compound annual growth rate (CAGR) of 13.10%. Another estimate places the global market size at USD 139.74 billion in 2025, expanding to about USD 362.14 billion by 2035 with a CAGR of 9.99%.
North America Specialty Insurance Market: North America held a significant share of the global specialty insurance market, valued at USD 43.99 billion in 2025 and USD 49.88 billion in 2026. The U.S. market specifically is projected to reach USD 32.94 billion by 2026.
U.S. Managing General Agent (MGA) Market (which includes managing underwriters): The U.S. Managing General Agent (MGA) market experienced substantial growth, with direct written premiums rising by 16% to an estimated USD 114.1 billion in 2024. This segment accounted for approximately 9% of the U.S. property and casualty (P&C) insurance market in 2024.
Global Insurance Brokerage Market: The global insurance brokerage market size was estimated at USD 342.92 billion in 2025 and is projected to increase to approximately USD 818.12 billion by 2035, demonstrating a CAGR of 9.08%. The wholesale brokerage segment within this market is anticipated to show significant growth.
U.S. Insurance Brokerage Market: The United States insurance brokerage market, encompassing both retail and wholesale services, was valued at approximately USD 260.1 billion in 2024 and USD 261.7 billion in 2025. It is projected to grow from USD 140.38 billion in 2025 to USD 176.14 billion by 2031, at a CAGR of 3.86%.

AI Analysis | Feedback

Ryan Specialty (RYAN) is expected to drive future revenue growth over the next two to three years through a combination of organic expansion, strategic acquisitions, and the continued development of its specialized offerings.

Here are 3-5 expected drivers of future revenue growth:

Sustained Organic Growth through Client Expansion and E&S Market Penetration: Ryan Specialty anticipates high single-digit organic revenue growth for 2026, stemming from acquiring new clients and deepening relationships with existing ones. This growth is further supported by the continued expansion of the Excess & Surplus (E&S) market, where Ryan Specialty strategically places a significant portion of its premiums.
Strategic Mergers and Acquisitions (M&A): The company consistently leverages strategic acquisitions to contribute to its top-line growth. In 2025, Ryan Specialty completed five acquisitions, which are projected to add over $125 million in annualized revenue. The company maintains a robust pipeline for future M&A activities, indicating that inorganic growth will remain a key priority.
Expansion of Underwriting Management (Delegated Authority) and Reinsurance Services: Ryan Specialty's underwriting management business, particularly its delegated authority programs, has demonstrated strong growth, with a 34.2% increase in commissions and fees in the fourth quarter of 2025. The company is focused on growing this segment and has expanded into the reinsurance market, notably through the 2024 acquisition of USRE and the launch of Ryan Re Underwriting Managers.
Geographic and Product Diversification: The company is expanding its international footprint, increasing its number of global offices and the range of products offered. This includes the formation of MGU (Managing General Underwriter) cells in Europe, targeting niche products, and broader expansion in its UK and European operations. Ryan Specialty aims to continually diversify its product offerings and penetrate new specialties.

AI Analysis | Feedback

Share Repurchases

In February 2026, Ryan Specialty's board approved a share repurchase program authorizing the company to repurchase up to $300 million of its Class A common stock.
The company's annual share buybacks were $183.616 million in 2021.
Ryan Specialty recorded $0.00 in annual share buybacks in 2025, 2024, and 2022.

Share Issuance

Ryan Specialty Holdings' shares outstanding increased by 4.03% in 2025 and 5.68% in 2024, while declining by 52.68% in 2023.
In December 2022, Ryan Specialty Holdings, Inc. issued 18,953 shares of Class A Common Stock in a private placement to a former employee.
The company issued $600 million in Senior Secured Notes in 2024 as part of its capital management efforts.

Outbound Investments

Ryan Specialty completed 11 acquisitions, with the most active years being 2025 (5 acquisitions), 2023 (3), and 2024 (2).
In 2025, Ryan Specialty completed several strategic acquisitions including Velocity Risk Underwriters, USQRisk Holdings, 360° Underwriting, JM Wilson, and Stewart Specialty Risk Underwriting (SSRU), which are expected to contribute over $125 million in annualized revenue.
In December 2025, Ryan Specialty completed the acquisition of Stewart Specialty Risk Underwriting Ltd. (SSRU), a Toronto-based managing general underwriter, to expand its presence in the Canadian market.

Capital Expenditures

Capital expenditures were $67.953 million in 2025 and $47.001 million in 2024.
For the nine months ended September 30, 2025, capital expenditures amounted to $50.678 million, compared to $29.705 million for the same period in 2024.
Ryan Specialty initiated the "Empower Program" in the first quarter of 2026, a three-year restructuring initiative to streamline operations and enhance efficiencies, with expected cumulative one-time charges of approximately $160 million through 2028.

Interactive Breakdown

null

null

Better Bets vs. Ryan Specialty (RYAN)

null

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Ryan Specialty Stock Slides 12% With A 10-Day Losing Spree	03/28/2026
2	Ryan Specialty Stock Slides 8.7% With A 9-Day Losing Spree	03/27/2026
3	Ryan Specialty Stock Plummets 7.4% With 8-Day Losing Streak	03/26/2026
4	Ryan Specialty Stock Delivers Strong Cash Yield - Upside Ahead?	12/31/2026
5	With Ryan Specialty Stock Sliding, Have You Assessed The Risk?	10/17/2025
6	Why Ryan Specialty Stock Moved: RYAN Stock Has Gained 34% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
7	Ryan Specialty (RYAN) Valuation Ratios Comparison	08/08/2025
8	Ryan Specialty Total Shareholder Return (TSR): 52.0% in 2024 and 17.5% 3-yr compounded annual returns (above peer average)	03/07/2025
9	Time To Buy Ryan Specialty Stock?	02/28/2025
10	Ryan Specialty (RYAN) Operating Cash Flow Comparison	02/17/2025
11	ARTICLES
12	Ryan Specialty Stock Plummets -12% With 10-Day Losing Streak	03/28/2026
13	Ryan Specialty Stock 9-Day Losing Spree: Stock Falls -8.7%	03/27/2026
14	Ryan Specialty Stock In Shambles: Down -7.4% With 8-Day Losing Streak	03/26/2026
15	Stocks Trading At 52-Week Low	03/26/2026
16	With Strong Cash Flow, Ryan Specialty Stock Poised to Rise?	12/31/2025

	Title
0	DASHBOARDS
1	Ryan Specialty Stock Slides 12% With A 10-Day Losing Spree
2	Ryan Specialty Stock Slides 8.7% With A 9-Day Losing Spree
3	Ryan Specialty Stock Plummets 7.4% With 8-Day Losing Streak
4	Ryan Specialty Stock Delivers Strong Cash Yield - Upside Ahead?
5	With Ryan Specialty Stock Sliding, Have You Assessed The Risk?
6	Why Ryan Specialty Stock Moved: RYAN Stock Has Gained 34% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues
7	Ryan Specialty (RYAN) Valuation Ratios Comparison
8	Ryan Specialty Total Shareholder Return (TSR): 52.0% in 2024 and 17.5% 3-yr compounded annual returns (above peer average)
9	Time To Buy Ryan Specialty Stock?
10	Ryan Specialty (RYAN) Operating Cash Flow Comparison
11	ARTICLES
12	Ryan Specialty Stock Plummets -12% With 10-Day Losing Streak
13	Ryan Specialty Stock 9-Day Losing Spree: Stock Falls -8.7%
14	Ryan Specialty Stock In Shambles: Down -7.4% With 8-Day Losing Streak
15	Stocks Trading At 52-Week Low
16	With Strong Cash Flow, Ryan Specialty Stock Poised to Rise?

Trade Ideas

Select ideas related to RYAN.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	0.0%
MKTX_3202026_Dip_Buyer_FCFYield	03202026	MKTX	MarketAxess	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	-5.2%	-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03202026	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-2.7%	-2.7%	-8.5%
RYAN_9192025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	09192025	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-34.6%	-36.3%	-40.1%
RYAN_11302022_Insider_Buying_GTE_1Mil_EBITp+DE_V2	11302022	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	1.3%	13.9%	-11.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OGN	Organon	2.3	27.8%	23.5%
LWLG	Lightwave Logic	1.4	25.6%	227.2%
POET	POET Technologies	0.6	15.8%	11.2%
ALAB	Astera Labs	25.3	15.1%	-10.4%
MANE	Veradermics	1.4	14.7%	82.3%
TTMI	TTM Technologies	12.6	13.0%	76.1%
AAOI	Applied Optoelectronics	10.6	13.0%	332.0%
FBYD	Falcons Beyond Global	0.5	12.6%	-18.9%
TE	T1 Energy	0.8	12.2%	-29.8%
CRWV	CoreWeave	51.7	10.9%	42.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	3.5	-21.7%	126.6%
REPL	Replimune	0.4	-19.5%	-51.0%
AKAM	Akamai Technologies	13.2	-16.7%	4.7%
FICO	Fair Isaac	21.9	-14.0%	-45.4%
SEZL	Sezzle	2.0	-13.6%	-5.9%
NET	Cloudflare	58.6	-13.5%	-15.3%
DOCN	DigitalOcean	6.9	-13.3%	57.1%
SMPL	Simply Good Foods	1.0	-11.5%	-48.0%
EVMN	Evommune	0.8	-11.0%	49.0%
GH	Guardant Health	10.1	-9.8%	-23.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AEHR	Aehr Test Systems	2.1	58.9%	248.8%
CAR	Avis Budget	10.6	57.5%	133.7%
AAOI	Applied Optoelectronics	10.6	44.9%	332.0%
OGN	Organon	2.3	38.8%	23.5%
LWLG	Lightwave Logic	1.4	38.4%	227.2%
HUT	Hut 8	7.2	37.4%	43.9%
SLNO	Soleno Therapeutics	2.8	33.3%	13.7%
STAA	Staar Surgical	1.3	30.8%	14.5%
RIOT	Riot Platforms	5.8	29.1%	31.0%
CIFR	Cipher Digital	6.6	28.9%	12.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.4	-43.4%	-51.0%
FSLY	Fastly	3.5	-31.1%	126.6%
SMPL	Simply Good Foods	1.0	-26.3%	-48.0%
AKAM	Akamai Technologies	13.2	-22.6%	4.7%
GWRE	Guidewire Software	10.0	-21.8%	-41.3%
OKTA	Okta	11.2	-21.5%	-27.2%
HUBS	HubSpot	10.1	-21.4%	-52.1%
NET	Cloudflare	58.6	-21.1%	-15.3%
VRDN	Viridian Therapeutics	1.4	-20.6%	-52.0%
SNOW	Snowflake	41.5	-20.2%	-44.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1475.9%	-5.1%
CAR	Avis Budget	10.6	196.4%	133.7%
SATL	Satellogic	1.0	135.7%	292.0%
LWLG	Lightwave Logic	1.4	111.2%	227.2%
APLS	Apellis Pharmaceuticals	5.2	110.5%	62.4%
FBYD	Falcons Beyond Global	0.5	92.1%	-18.9%
FLY	Firefly Aerospace	6.0	82.2%	67.8%
KOD	Kodiak Sciences	2.3	75.7%	54.2%
KODK	Eastman Kodak	1.2	74.0%	42.9%
ORKA	Oruka Therapeutics	3.2	73.1%	96.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.3	-49.0%	-57.8%
VRDN	Viridian Therapeutics	1.4	-47.8%	-52.0%
MAZE	Maze Therapeutics	1.2	-47.1%	-35.6%
BUR	Burford Capital	1.0	-47.0%	-51.1%
FRMI	Fermi	2.9	-43.9%	-39.1%
TE	T1 Energy	0.8	-42.4%	-29.8%
REPL	Replimune	0.4	-39.7%	-51.0%
ADMA	ADMA Biologics	2.3	-38.1%	-46.8%
FIG	Figma	9.3	-34.8%	-51.4%
BOBS	Bobs Discount Furniture	1.4	-34.7%	-34.8%

Peer Comparisons

Peers to compare with:

Financials

	RYAN	AJG	BRO	AON	WTW	KNSL	Median
Name	Ryan Spe.	Arthur J.	Brown & .	Aon	Willis T.	Kinsale .
Mkt Price	34.57	213.55	65.08	312.57	280.14	348.31	246.84
Mkt Cap	4.5	54.8	21.7	67.3	26.6	8.0	24.2
Rev LTM	3,051	13,942	5,764	17,181	9,708	1,874	7,736
Op Inc LTM	-	2,556	1,503	4,709	2,257	-	2,406
FCF LTM	576	1,785	1,382	3,218	1,546	990	1,464
FCF 3Y Avg	497	2,021	1,138	3,073	1,305	932	1,222
CFO LTM	644	1,930	1,450	3,481	1,775	1,044	1,612
CFO 3Y Avg	545	2,182	1,211	3,317	1,544	960	1,378

Growth & Margins

	RYAN	AJG	BRO	AON	WTW	KNSL	Median
Name	Ryan Spe.	Arthur J.	Brown & .	Aon	Willis T.	Kinsale .
Rev Chg LTM	21.3%	20.7%	22.5%	9.4%	-2.2%	18.0%	19.4%
Rev Chg 3Y Avg	20.9%	17.7%	17.5%	11.3%	3.1%	31.5%	17.6%
Rev Chg Q	13.2%	33.6%	36.2%	3.7%	-3.3%	17.3%	15.2%
QoQ Delta Rev Chg LTM	3.0%	7.0%	7.9%	0.9%	-1.0%	3.9%	3.5%
Op Mgn LTM	-	18.3%	26.1%	27.4%	23.2%	-	24.7%
Op Mgn 3Y Avg	-	18.8%	27.5%	27.9%	21.3%	-	24.4%
QoQ Delta Op Mgn LTM	-	-2.2%	-1.5%	0.8%	0.1%	-	-0.7%
CFO/Rev LTM	21.1%	13.8%	25.2%	20.3%	18.3%	55.7%	20.7%
CFO/Rev 3Y Avg	21.5%	18.8%	24.7%	21.8%	15.9%	62.5%	21.6%
FCF/Rev LTM	18.9%	12.8%	24.0%	18.7%	15.9%	52.8%	18.8%
FCF/Rev 3Y Avg	19.7%	17.4%	23.2%	20.2%	13.4%	60.8%	19.9%

Valuation

	RYAN	AJG	BRO	AON	WTW	KNSL	Median
Name	Ryan Spe.	Arthur J.	Brown & .	Aon	Willis T.	Kinsale .
Mkt Cap	4.5	54.8	21.7	67.3	26.6	8.0	24.2
P/S	1.5	3.9	3.8	3.9	2.7	4.3	3.8
P/EBIT	8.7	21.8	12.9	12.1	12.0	12.5	12.3
P/E	70.4	36.7	20.6	18.2	16.6	15.9	19.4
P/CFO	6.9	28.4	15.0	19.3	15.0	7.7	15.0
Total Yield	2.8%	3.0%	5.7%	6.4%	7.4%	6.5%	6.1%
Dividend Yield	1.4%	0.3%	0.9%	0.9%	1.3%	0.2%	0.9%
FCF Yield 3Y Avg	7.8%	3.4%	4.6%	4.4%	4.5%	10.3%	4.5%
D/E	0.8	0.2	0.4	0.2	0.3	0.0	0.3
Net D/E	0.8	0.2	0.3	0.2	0.1	-0.3	0.2

Returns

	RYAN	AJG	BRO	AON	WTW	KNSL	Median
Name	Ryan Spe.	Arthur J.	Brown & .	Aon	Willis T.	Kinsale .
1M Rtn	-5.0%	1.8%	-4.8%	-1.4%	-3.0%	-3.4%	-3.2%
3M Rtn	-31.7%	-19.0%	-19.1%	-10.7%	-14.9%	-12.3%	-17.0%
6M Rtn	-37.0%	-28.8%	-31.9%	-12.8%	-16.4%	-25.8%	-27.3%
12M Rtn	-51.5%	-33.8%	-44.1%	-14.6%	-10.5%	-27.0%	-30.4%
3Y Rtn	-15.6%	11.6%	12.7%	-0.2%	22.9%	11.6%	11.6%
1M Excs Rtn	-5.6%	1.2%	-5.4%	-2.0%	-3.7%	-4.0%	-3.8%
3M Excs Rtn	-29.5%	-17.5%	-17.5%	-9.5%	-14.1%	-13.7%	-15.8%
6M Excs Rtn	-41.3%	-31.0%	-32.8%	-15.0%	-18.9%	-28.1%	-29.5%
12M Excs Rtn	-84.8%	-67.6%	-78.5%	-49.3%	-43.0%	-57.0%	-62.3%
3Y Excs Rtn	-78.1%	-53.0%	-51.4%	-65.8%	-42.0%	-48.2%	-52.2%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/13/2026	2/13/2026	2/21/2025	2/28/2024	3/1/2023	3/16/2022	7/23/2021
Key Financials
Total Revenue	3,051	3,051	2,516	2,078	1,725	1,433	1,018
Net Income	63	63	95	61	61	66	68
EPS	0.49	0.50	0.78	0.53	0.57	-0.07	0.64
Growth Rates
Total Revenue Growth	21.3%	21.3%	21.1%	20.4%	20.4%	40.7%	33.1%
Net Income Growth	-33.0%	-33.0%	55.1%	-0.0%	-7.3%	-3.3%	6.1%
Margins
Net Income Margin	2.1%	2.1%	3.8%	2.9%	3.5%	4.6%	6.7%
Cash & Debt
Total Cash	158	158	540	839	993	387	313
Total Debt	3,531	3,531	3,464	2,155	2,157	1,683	1,689
Net Debt / (Cash)	3,372	3,372	2,924	1,316	1,164	1,296	1,376
Cash Flows
Net Cash from Operations	644	644	515	477	336	273	135
Free Cash from Operations	576	576	468	447	320	264	123
Returns to Shareholders
Dividends	62	62	80	-0	-0	-0	50
Share Repurchases	4	4	2	-0	-0	1,046	53

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/13/2026	10/31/2025	8/1/2025	5/2/2025	2/21/2025	10/31/2024	8/2/2024	5/3/2024	2/28/2024	11/3/2023	8/4/2023	5/5/2023
Key Financials Quarterly
Total Revenue	751	755	855	690	664	605	695	552	533	502	585	458
Net Income	8	31	52	-28	14	18	47	17	23	-5	30	13
EPS	0.06	0.24	0.41	-0.22	0.11	0.15	0.38	0.14	0.19	-0.04	0.27	0.12
Key Financials TTM
Total Revenue TTM	3,051	2,963	2,814	2,654	2,516	2,385	2,282	2,172	2,078	1,980	1,890	1,796
Net Income TTM	63	69	56	50	95	104	81	64	61	56	73	67
Growth Rates Quarterly
Total Revenue Growth	13.2%	24.8%	23.0%	25.0%	24.5%	20.5%	18.8%	20.6%	22.5%	21.8%	19.1%	18.3%
Net Income Growth	-42.0%	76.7%	11.1%	-267.2%	-39.8%	448.5%	55.6%	25.6%	27.7%	-143.0%	22.8%	90.4%
Margins Quarterly
Net Income Margin	1.1%	4.1%	6.1%	-4.0%	2.1%	2.9%	6.7%	3.0%	4.3%	-1.0%	5.1%	2.9%
Cash & Debt
Total Cash	158	153	173	204	540	235	612	665	839	754	966	705
Total Debt	3,531	3,575	3,653	3,867	3,464	2,850	2,143	2,149	2,155	2,158	2,160	2,145
Net Debt / (Cash)	3,372	3,422	3,480	3,663	2,924	2,615	1,531	1,484	1,316	1,404	1,194	1,440
Cash Flows Quarterly
FCF from Operations	263	170	354	-143	260	101	271	-117	227	105	304	-159
Cash Flows TTM
FCF from Operations TTM	644	640	571	489	515	482	487	520	477	435	316	242
Returns to Shareholders Quarterly
Dividends	16	16	15	15	14	13	13	40	0	0	0	0
Share Repurchases	3	0	-0	-0	0	0	0	2	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	3.2%	6.1%	12.5%	4.9%	5.0%	2.5%	23.4%	8.3%	13.3%	3.4%	20.2%	7.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.5%	5.7%	4.8%	4.5%	6.7%	7.9%	11.6%	10.2%	11.0%	9.8%	11.8%	9.7%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Single segment	2,078
Fiduciary investment income		13	1	2
Net commissions and fees		1,712	1,432	1,017
Total	2,078	1,725	1,433	1,018

Price Behavior

Price Behavior

Market Price	$34.57
Market Cap ($ Bil)	4.5
First Trading Date	07/22/2021
Distance from 52W High	-53.0%
	50 Days	200 Days
DMA Price	$38.64	$51.84
DMA Trend	down	down
Distance from DMA	-10.5%	-33.3%
	3M	1YR
Volatility	46.3%	36.2%
Downside Capture	0.06	0.26
Upside Capture	-263.12	-50.75
Correlation (SPY)	-9.0%	6.0%

RYAN Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.04	-0.24	-0.23	-0.15	0.37	0.39
Up Beta	-2.76	1.94	1.08	0.25	0.57	0.51
Down Beta	-0.53	0.07	0.02	-0.07	0.41	0.43
Up Capture	-99%	-205%	-164%	-73%	-18%	6%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	5	15	25	55	114	385
Down Capture	119%	59%	59%	38%	65%	60%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	17	27	38	71	138	363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with RYAN
RYAN	-48.1%	36.6%	-1.71	-
Sector ETF (XLF)	16.9%	17.3%	0.74	38.7%
Equity (SPY)	31.2%	17.3%	1.47	14.9%
Gold (GLD)	60.1%	27.8%	1.69	-9.8%
Commodities (DBC)	29.8%	16.6%	1.58	-4.9%
Real Estate (VNQ)	21.3%	15.2%	1.07	24.7%
Bitcoin (BTCUSD)	-5.7%	43.7%	-0.01	3.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with RYAN
RYAN	5.2%	33.6%	0.22	-
Sector ETF (XLF)	9.7%	18.7%	0.40	35.0%
Equity (SPY)	11.1%	17.0%	0.50	31.6%
Gold (GLD)	22.1%	17.8%	1.02	-2.2%
Commodities (DBC)	11.8%	18.8%	0.52	-0.5%
Real Estate (VNQ)	3.7%	18.8%	0.10	33.2%
Bitcoin (BTCUSD)	4.0%	56.5%	0.29	13.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with RYAN
RYAN	2.5%	33.6%	0.22	-
Sector ETF (XLF)	12.7%	22.2%	0.53	35.0%
Equity (SPY)	13.8%	17.9%	0.66	31.6%
Gold (GLD)	14.2%	15.9%	0.74	-2.2%
Commodities (DBC)	8.6%	17.6%	0.41	-0.5%
Real Estate (VNQ)	5.1%	20.7%	0.22	33.2%
Bitcoin (BTCUSD)	67.4%	66.9%	1.07	13.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	9.7 Mil
Short Interest: % Change Since 3152026	37.8%
Average Daily Volume	2.0 Mil
Days-to-Cover Short Interest	4.9 days
Basic Shares Quantity	129.2 Mil
Short % of Basic Shares	7.5%

Returns Analyses

	Title
0	With Ryan Specialty Stock Sliding, Have You Assessed The Risk?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/12/2026	-12.8%	-6.6%	-18.2%
10/30/2025	8.1%	12.4%	11.6%
7/31/2025	-5.5%	-2.7%	-7.4%
5/1/2025	3.2%	8.2%	11.2%
2/20/2025	-4.7%	2.1%	3.7%
10/30/2024	-4.5%	-0.0%	9.5%
8/1/2024	9.7%	4.7%	3.6%
2/27/2024	7.5%	13.4%	18.7%
...
SUMMARY STATS
# Positive	6	8	10
# Negative	9	7	5
Median Positive	5.7%	6.1%	7.0%
Median Negative	-4.7%	-5.7%	-7.4%
Max Positive	9.7%	13.4%	18.7%
Max Negative	-23.2%	-22.1%	-18.2%

	Forward Returns
2/12/2026	-12.8%	-6.6%	-18.2%
10/30/2025	8.1%	12.4%	11.6%
7/31/2025	-5.5%	-2.7%	-7.4%
5/1/2025	3.2%	8.2%	11.2%
2/20/2025	-4.7%	2.1%	3.7%
10/30/2024	-4.5%	-0.0%	9.5%
8/1/2024	9.7%	4.7%	3.6%
2/27/2024	7.5%	13.4%	18.7%
11/2/2023	2.1%	3.0%	4.5%
8/3/2023	-2.6%	-0.8%	10.5%
2/28/2023	-1.8%	-7.8%	-6.7%
11/10/2022	-23.2%	-22.1%	-9.3%
8/11/2022	-0.8%	1.1%	-5.1%
3/15/2022	-10.1%	-5.7%	1.3%
9/1/2021	3.9%	7.5%	3.4%
SUMMARY STATS
# Positive	6	8	10
# Negative	9	7	5
Median Positive	5.7%	6.1%	7.0%
Median Negative	-4.7%	-5.7%	-7.4%
Max Positive	9.7%	13.4%	18.7%
Max Negative	-23.2%	-22.1%	-18.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/13/2026	10-K
09/30/2025	10/31/2025	10-Q
06/30/2025	08/01/2025	10-Q
03/31/2025	05/02/2025	10-Q
12/31/2024	02/21/2025	10-K
09/30/2024	10/31/2024	10-Q
06/30/2024	08/02/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	02/28/2024	10-K
09/30/2023	11/03/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/10/2022	10-Q
06/30/2022	08/12/2022	10-Q
03/31/2022	05/13/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/12/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2028 Empower Program Cumulative Charges		160.00 Mil
2029 Empower Program Annual Savings		80.00 Mil

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Organic Revenue Growth Rate		10.0%		0		Affirmed	Guidance: 10.0% for 2025
2025 Adjusted EBITDAC Margin						Lowered	Guidance: 32.75% for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Turner, Timothy William	Chief Executive Officer	Direct	Sell	12142025	53.61	129,570	6,946,248	672,966	Form
2	Ryan, Patrick G	Executive Chairman	Insider Living Trusts	Buy	9142025	51.84	276,634	14,340,264	710,183,955	Form
3	Ryan, Patrick G Jr		Direct	Buy	9022025	55.54	100	5,554	14,229,018	Form
4	Katz, Mark Stephen	EVP & General Counsel	Direct	Sell	6172025	65.84	14,377	946,603	73,545	Form
5	Bolger, David P		David P. Bolger Revocable Trust dated 10/30/1995	Sell	6052025	70.80	5,000	353,975	5,059,506	Form

RYAN Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing RYAN?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What RYAN Makes & Who Pays

TTM figures based on

RYAN Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

Insurance Brokers Resources

Insurance Business America

A.M. Best

National Underwriter

Insurance News

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Ryan Specialty (RYAN)

Market Price (4/11/2026): $34.57 | Market Cap: $4.5 BilSector: Financials | Industry: Insurance Brokers

Ryan Specialty (RYAN)

Market Price (4/11/2026): $34.57Market Cap: $4.5 BilSector: FinancialsIndustry: Insurance Brokers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Ryan Specialty (RYAN)

Key Risks to Ryan Specialty (RYAN)

Interactive Breakdown

Better Bets vs. Ryan Specialty (RYAN)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

RYAN Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Industry Resources

Market Price (4/11/2026): $34.57 | Market Cap: $4.5 Bil
Sector: Financials | Industry: Insurance Brokers

Market Price (4/11/2026): $34.57
Market Cap: $4.5 Bil
Sector: Financials
Industry: Insurance Brokers