Ryan Specialty (RYAN)
Market Price (8/15/2026): $41.81 | Market Cap: $5.2 BilSector: Financials | Industry: Insurance Brokers
Ryan Specialty (RYAN)
Market Price (8/15/2026): $41.81Market Cap: $5.2 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Attractive yieldFCF Yield is 9.5% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Cybersecurity, AI in Financial Services, and Digital & Alternative Assets. Themes include Software Security, Show more. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -76% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 53x Key risksRYAN 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. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Attractive yieldFCF Yield is 9.5% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Cybersecurity, AI in Financial Services, and Digital & Alternative Assets. Themes include Software Security, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -76% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 53x |
| Key risksRYAN 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. |
Qualitative Assessment
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Ryan Specialty (RYAN) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat.
Ryan Specialty reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), significantly surpassing analyst expectations. The company announced adjusted diluted earnings per share (EPS) of $0.74, which beat consensus estimates of $0.60 by $0.14. Quarterly revenue increased 7.2% year-over-year to $916.65 million, exceeding analyst estimates of $873.93 million. This strong performance also included a 6.7% organic revenue growth rate and a 6.0% increase in Adjusted EBITDAC, reaching $326.9 million. This positive earnings report led to an immediate 16.1% surge in the stock price.
2. Numerous Analyst Price Target Upgrades.
Throughout the period, several prominent financial institutions raised their price targets for Ryan Specialty, signaling increased confidence in the company's future prospects. Keefe, Bruyette & Woods (KBW) boosted its price target to $54 from $48, maintaining an Outperform rating. Morgan Stanley increased its target to $42 from $39, affirming an Overweight rating. Other notable upgrades included Piper Sandler to $44 from $40, Wells Fargo & Company to $43 from $39, Barclays to $48 from $46, Royal Bank of Canada to $55 from $45, Goldman Sachs Group to $45 from $40, and Cantor Fitzgerald to $41 from $34.
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Ryan Specialty (RYAN) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat.
Ryan Specialty reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), significantly surpassing analyst expectations. The company announced adjusted diluted earnings per share (EPS) of $0.74, which beat consensus estimates of $0.60 by $0.14. Quarterly revenue increased 7.2% year-over-year to $916.65 million, exceeding analyst estimates of $873.93 million. This strong performance also included a 6.7% organic revenue growth rate and a 6.0% increase in Adjusted EBITDAC, reaching $326.9 million. This positive earnings report led to an immediate 16.1% surge in the stock price.
2. Numerous Analyst Price Target Upgrades.
Throughout the period, several prominent financial institutions raised their price targets for Ryan Specialty, signaling increased confidence in the company's future prospects. Keefe, Bruyette & Woods (KBW) boosted its price target to $54 from $48, maintaining an Outperform rating. Morgan Stanley increased its target to $42 from $39, affirming an Overweight rating. Other notable upgrades included Piper Sandler to $44 from $40, Wells Fargo & Company to $43 from $39, Barclays to $48 from $46, Royal Bank of Canada to $55 from $45, Goldman Sachs Group to $45 from $40, and Cantor Fitzgerald to $41 from $34.
3. Increased Share Repurchase Program.
Ryan Specialty demonstrated its commitment to enhancing shareholder value by increasing its share repurchase program. On May 26, 2026, the company announced a $300 million increase to its share repurchase authorization. In fiscal Q2 2026, Ryan Specialty repurchased approximately $260.0 million of Class A common stock, representing 8.1 million shares. As of June 30, 2026, $300.0 million of the authorized amount remained available for repurchases. This aggressive buyback activity typically signals management's belief in the company's valuation and can positively impact earnings per share.
4. Positive Outlook and Organic Growth Momentum.
The company reinforced investor confidence with its sustained organic revenue growth and positive outlook for the full year. Ryan Specialty achieved an organic revenue growth rate of 6.7% in fiscal Q2 2026. Management maintained its full-year 2026 guidance for an Organic Revenue Growth Rate in the mid-single digits. This consistent organic growth, driven by new client wins, strong renewal retention, and expansion across casualty lines, indicated healthy underlying business momentum.
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Stock Movement Drivers
Fundamental Drivers
The 21.1% change in RYAN stock from 4/30/2026 to 8/14/2026 was primarily driven by a 48.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.52 | 41.82 | 21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,051 | 3,218 | 5.5% |
| Net Income Margin (%) | 2.1% | 3.1% | 48.1% |
| P/E Multiple | 70.3 | 52.9 | -24.8% |
| Shares Outstanding (Mil) | 129 | 125 | 3.1% |
| Cumulative Contribution | 21.1% |
Market Drivers
4/30/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| RYAN | 21.1% | |
| Market (SPY) | 8.0% | -29.9% |
| Sector (XLF) | 11.6% | 34.3% |
Fundamental Drivers
The -12.5% change in RYAN stock from 1/31/2026 to 8/14/2026 was primarily driven by a -40.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.77 | 41.82 | -12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,963 | 3,218 | 8.6% |
| Net Income Margin (%) | 2.3% | 3.1% | 31.8% |
| P/E Multiple | 88.4 | 52.9 | -40.1% |
| Shares Outstanding (Mil) | 128 | 125 | 2.1% |
| Cumulative Contribution | -12.5% |
Market Drivers
1/31/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| RYAN | -12.5% | |
| Market (SPY) | 12.5% | -10.5% |
| Sector (XLF) | 9.4% | 37.1% |
Fundamental Drivers
The -30.6% change in RYAN stock from 7/31/2025 to 8/14/2026 was primarily driven by a -64.7% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.30 | 41.82 | -30.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,654 | 3,218 | 21.2% |
| Net Income Margin (%) | 1.9% | 3.1% | 61.8% |
| P/E Multiple | 149.8 | 52.9 | -64.7% |
| Shares Outstanding (Mil) | 125 | 125 | 0.1% |
| Cumulative Contribution | -30.6% |
Market Drivers
7/31/2025 to 8/14/2026| Return | Correlation | |
|---|---|---|
| RYAN | -30.6% | |
| Market (SPY) | 23.9% | -7.2% |
| Sector (XLF) | 12.4% | 34.9% |
Fundamental Drivers
The -0.6% change in RYAN stock from 7/31/2023 to 8/14/2026 was primarily driven by a -23.8% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.07 | 41.82 | -0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,796 | 3,218 | 79.2% |
| Net Income Margin (%) | 3.7% | 3.1% | -17.9% |
| P/E Multiple | 69.4 | 52.9 | -23.8% |
| Shares Outstanding (Mil) | 111 | 125 | -11.4% |
| Cumulative Contribution | -0.6% |
Market Drivers
7/31/2023 to 8/14/2026| Return | Correlation | |
|---|---|---|
| RYAN | -0.6% | |
| Market (SPY) | 75.6% | 12.5% |
| Sector (XLF) | 72.0% | 32.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RYAN Return | 47% | 3% | 4% | 51% | -19% | -16% | 60% |
| Peers Return | 33% | 2% | 14% | 33% | -8% | -2% | 86% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| RYAN Win Rate | 100% | 50% | 42% | 75% | 42% | 38% | |
| Peers Win Rate | 63% | 45% | 53% | 72% | 52% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RYAN Max Drawdown | - | -30% | -19% | -16% | -33% | -44% | |
| Peers Max Drawdown | -17% | -23% | -19% | -17% | -26% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 8/14/2026 (YTD)
How Low Can It Go
| Event | RYAN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.8% | -6.7% |
| % Gain to Breakeven | 21.6% | 7.1% |
| Time to Breakeven | 58 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 16.1% | 32.4% |
| Time to Breakeven | 50 days | 427 days |
In The Past
Ryan Specialty's stock fell -7.1% during the 2025 US Tariff Shock. Such a loss loss requires a 7.7% gain to breakeven.
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In The Past
Ryan Specialty's stock fell -7.1% during the 2025 US Tariff Shock. Such a loss loss requires a 7.7% 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)
Ryan Specialty Group Holdings, Inc. (RYAN) operates as a vital service provider within the specialized insurance market. The company functions as an essential intermediary, connecting retail insurance brokers and agents who require unique and complex coverage for their clients with insurance carriers that offer these tailored products. Essentially, it bridges the gap for niche risks and non-standard insurance needs that are not typically addressed by conventional insurance offerings.
The company's core services revolve around two primary functions: acting as a wholesale broker and a managing underwriter. As a wholesale broker, Ryan Specialty provides critical distribution channels for specialty insurance products, granting retail brokers access to a wider array of solutions for challenging or uncommon risks. In its role as a managing underwriter, the company takes on responsibilities such as underwriting, new product development, and administrative services on behalf of insurance carriers, effectively managing specific lines of specialty business. It also provides risk management services to further support these operations.
Ryan Specialty's main customers are other participants in the insurance industry. This primarily includes retail insurance brokers and agents who seek expert assistance in placing specialized insurance for their diverse client base. The company also serves insurance carriers, offering them a platform to expand their specialty product lines, leverage underwriting expertise, and outsource administrative tasks for specific market segments. By facilitating these connections and services, Ryan Specialty plays a crucial role in enabling efficient access to the specialty insurance market.
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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.
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- 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.
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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.
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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.
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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.
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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.
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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%.
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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.
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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.
Peer Outperformance in Insurance Brokers
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| RYAN | Ryan Specialty | 19.5% | 52.9x | -28.8% | -2.5% | 43.7% | — |
| AJG | Arthur J. Gallagher | 19.6% | 41.1x | -13.4% | 15.5% | 88.7% | +45pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 9.6% | 132.3% | 139.6% | IBKR 499% · SNEX 245% · GS 186% |
| Reinsurance | 6 | 21.0% | 84.6% | 120.9% | SPNT 140% · MTG 134% · RGA 133% |
| Diversified Banks | 12 | 47.2% | 132.3% | 111.2% | CM 163% · JPM 157% · RY 147% |
| Life & Health Insurance | 19 | 21.1% | 60.5% | 95.8% | UNM 301% · FG 261% · MFC 178% |
| Property & Casualty Insurance | 42 | 13.9% | 76.5% | 68.2% | ASIC 2469900% · HRTG 400% · UVE 275% |
| Regional Banks | 264 | 34.7% | 84.5% | 66.8% | ESQ 419% · GCBC 385% · VBNK 290% |
| Multi-Sector Holdings | 5 | 4.5% | 18.7% | 66.8% | JEF 91% · BRK-B 75% · VOYA 67% |
| Multi-line Insurance | 9 | 18.5% | 82.7% | 63.1% | GNW 175% · L 107% · SLF 89% |
| Consumer Finance | 30 | 15.2% | 92.8% | 41.2% | ENVA 726% · EZPW 379% · FCFS 175% |
| Insurance Brokers ← | 15 | -10.4% | 11.5% | 33.9% | LIFE 604% · AJG 89% · ARX 86% |
| Financial Exchanges & Data | 15 | -6.0% | 10.9% | 33.5% | VIRT 176% · CBOE 149% · NDAQ 63% |
| Commercial & Residential Mortgage Finance | 13 | -24.3% | 33.7% | 23.5% | FNMA 460% · FMCC 445% · IOR 69% |
| Asset Management & Custody Banks | 83 | -6.2% | 21.2% | 23.4% | VCTR 295% · WT 291% · SII 262% |
| Specialized Finance | 3 | 22.9% | 52.3% | 4.3% | EFC 38% · CACC 4% · HASI -8% |
| Mortgage REITs | 34 | -4.1% | 12.8% | -8.6% | RITM 72% · DX 41% · NREF 38% |
| Transaction & Payment Processing Services | 15 | 0.5% | 1.6% | -43.0% | V 63% · MA 62% · CPAY 59% |
| Diversified Capital Markets | 21 | -33.7% | -10.8% | -46.9% | BTCS 467% · OPY 187% · LPLA 159% |
| Diversified Financial Services | 5 | -15.3% | 63.9% | -47.8% | FRHC 127% · EQH 88% · TMS -48% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 291.40 |
| Mkt Cap | 27.2 |
| Rev LTM | 8,383 |
| Op Inc LTM | 2,530 |
| FCF LTM | 1,568 |
| FCF 3Y Avg | 1,265 |
| CFO LTM | 1,722 |
| CFO 3Y Avg | 1,422 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.1% |
| Rev Chg 3Y Avg | 19.4% |
| Rev Chg Q | 12.9% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 10.9% |
| Op Inc Chg 3Y Avg | 13.7% |
| Op Mgn LTM | 24.3% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 19.6% |
| CFO/Rev 3Y Avg | 20.0% |
| FCF/Rev LTM | 17.6% |
| FCF/Rev 3Y Avg | 18.2% |
Price Behavior
| Market Price | $41.82 | |
| Market Cap ($ Bil) | 5.2 | |
| First Trading Date | 07/22/2021 | |
| Distance from 52W High | -29.2% | |
| 50 Days | 200 Days | |
| DMA Price | $39.60 | $42.33 |
| DMA Trend | down | up |
| Distance from DMA | 5.6% | -1.2% |
| 3M | 1YR | |
| Volatility | 47.5% | 42.8% |
| Downside Capture | -198.48 | -42.09 |
| Upside Capture | -31.48 | -71.36 |
| Correlation (SPY) | -32.7% | -9.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.79 | -1.15 | -1.35 | -0.42 | -0.26 | 0.27 |
| Up Beta | -5.86 | -2.39 | -1.68 | 0.20 | 0.10 | 0.43 |
| Down Beta | 0.33 | -0.50 | -0.17 | 0.30 | 0.27 | 0.42 |
| Up Capture | -7% | 7% | -75% | -55% | -34% | 2% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 23 | 33 | 59 | 117 | 385 |
| Down Capture | -281% | -251% | -336% | -128% | -78% | 22% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 19 | 29 | 65 | 133 | 364 |
[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 | -30.6% | 42.8% | -0.73 | - |
| Sector ETF (XLF) | 11.6% | 14.5% | 0.53 | 35.1% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | -9.0% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | -18.2% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | -8.1% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 23.3% |
| Bitcoin (BTCUSD) | -48.7% | 42.8% | -1.44 | -5.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RYAN | |
|---|---|---|---|---|
| RYAN | 7.7% | 35.1% | 0.28 | - |
| Sector ETF (XLF) | 10.8% | 18.4% | 0.45 | 34.5% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 26.9% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | -5.1% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | -2.3% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 32.3% |
| Bitcoin (BTCUSD) | 8.2% | 52.8% | 0.34 | 10.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RYAN | |
|---|---|---|---|---|
| RYAN | 4.6% | 35.0% | 0.33 | - |
| Sector ETF (XLF) | 13.8% | 22.0% | 0.57 | 34.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 26.9% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | -5.2% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | -2.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 32.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.2% | 0.9% | |
| 4/30/2026 | -11.3% | -8.8% | -4.4% |
| 2/12/2026 | -12.8% | -6.9% | -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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 13 |
| # Negative | 11 | 8 | 6 |
| Median Positive | 4.2% | 5.8% | 4.5% |
| Median Negative | -4.7% | -6.3% | -7.1% |
| Max Positive | 12.9% | 13.4% | 18.7% |
| Max Negative | -23.2% | -22.1% | -18.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.2% | 0.9% | |
| 4/30/2026 | -11.3% | -8.8% | -4.4% |
| 2/12/2026 | -12.8% | -6.9% | -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% |
| 5/2/2024 | -2.7% | 0.7% | 7.4% |
| 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% |
| 5/4/2023 | 4.2% | 6.9% | 3.4% |
| 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% |
| 5/12/2022 | 12.9% | 10.3% | 0.2% |
| 3/15/2022 | -10.1% | -5.7% | 1.3% |
| 9/1/2021 | 3.9% | 7.5% | 3.4% |
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 13 |
| # Negative | 11 | 8 | 6 |
| Median Positive | 4.2% | 5.8% | 4.5% |
| Median Negative | -4.7% | -6.3% | -7.1% |
| Max Positive | 12.9% | 13.4% | 18.7% |
| Max Negative | -23.2% | -22.1% | -18.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 09/02/2021 | 10-Q |
| 03/31/2021 | 07/23/2021 | 424B4 |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth Rate | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | |||
| 2026 Adjusted EBITDAC Margin | -1.0% | -0.75% | 0.5% | Raised | Guidance: -1.25% for 2026 | ||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth Rate | 5.0% | ||||||
| 2026 Adjusted EBITDAC Margin Change | -1.5% | -1.25% | -1.0% | ||||
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 | ||||||
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% | 0.0% | 0.0% | Affirmed | Guidance: 10.0% for 2025 | ||
| 2025 Adjusted EBITDAC Margin | |||||||
Insider Activity
Updated 8/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Conklin, Michael | EVP & CHRO | Direct | Sell | 8142026 | 42.26 | 2,043 | 86,344 | 344,573 | Form |
| 2 | Kuczinski, Anthony J | Direct | Buy | 6152026 | 35.77 | 500 | 17,885 | 467,585 | Form | |
| 3 | Kuczinski, Anthony J | Direct | Buy | 6152026 | 34.83 | 2,500 | 87,075 | 437,883 | Form | |
| 4 | Rogers, John W JR | Direct | Buy | 6102026 | 35.16 | 7,500 | 263,732 | 4,147,031 | Form | |
| 5 | Ryan, Patrick G | Executive Chairman | Insider Living Trusts | Buy | 6072026 | 32.50 | 120,000 | 3,899,736 | 449,050,018 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Conklin, Michael | EVP & CHRO | Direct | Sell | 8142026 | 42.26 | 2,043 | 86,344 | 344,573 | Form |
| 2 | Kuczinski, Anthony J | Direct | Buy | 6152026 | 35.77 | 500 | 17,885 | 467,585 | Form | |
| 3 | Kuczinski, Anthony J | Direct | Buy | 6152026 | 34.83 | 2,500 | 87,075 | 437,883 | Form | |
| 4 | Rogers, John W JR | Direct | Buy | 6102026 | 35.16 | 7,500 | 263,732 | 4,147,031 | Form | |
| 5 | Ryan, Patrick G | Executive Chairman | Insider Living Trusts | Buy | 6072026 | 32.50 | 120,000 | 3,899,736 | 449,050,018 | Form |
| 6 | Hamilton, Janice M | Chief Financial Officer | Direct | Buy | 6032026 | 31.79 | 6,300 | 200,293 | 463,344 | Form |
| 7 | Katz, Mark Stephen | EVP & General Counsel | Direct | Buy | 6032026 | 31.07 | 3,215 | 99,888 | 134,593 | Form |
| 8 | Ryan, Patrick G JR | Trusts | Buy | 2242026 | 39.96 | 25,500 | 1,018,860 | 17,112,653 | Form | |
| 9 | Ryan, Patrick G JR | Direct | Buy | 2242026 | 41.41 | 365 | 15,115 | 10,624,110 | Form | |
| 10 | Turner, Timothy William | Chief Executive Officer | Direct | Sell | 12142025 | 53.61 | 129,570 | 6,946,248 | 672,966 | Form |
| 11 | Ryan, Patrick G | Executive Chairman | Insider Living Trusts | Buy | 9142025 | 51.84 | 276,634 | 14,340,264 | 710,183,955 | Form |
| 12 | Ryan, Patrick G JR | Direct | Buy | 9022025 | 55.54 | 100 | 5,554 | 14,229,018 | Form |
Investor Activity (13F)
Updated Aug 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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