Ryan Specialty Hldgs Inc Financials

RYAN

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Ryan Specialty Hldgs Inc (RYAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI RYAN FY2025 2026-05-01

Cash-generative operations fund a serial acquisition model, but the balance sheet stays tight because that cash rarely remains on hand.

Across the latest filings, operating cash flow stayed above $500M while year-end cash fell to $158M, so the operating engine is producing cash even as the treasury balance shrinks. Goodwill climbed to $3.2B as long-term debt remained above $3.2B, pointing to acquisition-led expansion financed with leverage rather than organic reinvestment.

Earnings quality looks very different from headline profit: net income was only $63.4M, yet operating cash flow reached $643.7M. Because capex was just $3M, the business appears asset-light, so most operating cash can be redirected to acquisitions, debt service, and dividends instead of maintaining physical assets.

Liquidity is tighter than profit growth implies: the current ratio slipped below 1.0x while debt-to-equity stayed above 5.0x, leaving limited room for a working-capital surprise. That combination means growth has come with a thinner balance-sheet shock absorber, even though the underlying cash engine remains strong.

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Ryan Specialty Hldgs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Ryan Specialty Hldgs Inc has an operating margin of 16.2%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 59/100, indicating healthy but not exceptional operating efficiency. This is down from 17.0% the prior year.

Growth

Ryan Specialty Hldgs Inc's revenue surged 21.3% year-over-year to $3.1B, reflecting rapid business expansion. This strong growth earns a score of 69/100.

Leverage

Ryan Specialty Hldgs Inc has elevated debt relative to equity (D/E of 5.08), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Ryan Specialty Hldgs Inc's current ratio of 0.98 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Ryan Specialty Hldgs Inc converts 21.0% of revenue into free cash flow ($640.7M). This strong cash generation earns a score of 78/100.

Returns

Ryan Specialty Hldgs Inc's ROE of 9.8% shows moderate profitability relative to equity, earning a score of 37/100. This is down from 15.1% the prior year.

Altman Z-Score Distress

0.71

Ryan Specialty Hldgs Inc scores 0.71, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Ryan Specialty Hldgs Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

10.15x

For every $1 of reported earnings, Ryan Specialty Hldgs Inc generates $10.15 in operating cash flow ($643.7M OCF vs $63.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.1B

YoY+21.3%

5Y CAGR+24.5%

Ryan Specialty Hldgs Inc generated $3.1B in revenue in fiscal year 2025. This represents an increase of 21.3% from the prior year.

EBITDA

$781.1M

YoY+31.2%

5Y CAGR+28.1%

Ryan Specialty Hldgs Inc's EBITDA was $781.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.2% from the prior year.

Net Income

$63.4M

YoY-33.0%

5Y CAGR-1.4%

Ryan Specialty Hldgs Inc reported $63.4M in net income in fiscal year 2025. This represents a decrease of 33.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$640.7M

YoY+24.4%

5Y CAGR+37.5%

Ryan Specialty Hldgs Inc generated $640.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.4% from the prior year.

Cash & Debt

$158.3M

YoY-70.7%

5Y CAGR-29.3%

Ryan Specialty Hldgs Inc held $158.3M in cash against $3.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

16.2%

YoY-0.8pp

5Y CAGR+0.6pp

Ryan Specialty Hldgs Inc's operating margin was 16.2% in fiscal year 2025, reflecting core business profitability. This is down 0.8 percentage points from the prior year.

Net Margin

2.1%

YoY-1.7pp

5Y CAGR-4.6pp

Ryan Specialty Hldgs Inc's net profit margin was 2.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.

Return on Equity

9.8%

YoY-5.3pp

5Y CAGR-12.1pp

Ryan Specialty Hldgs Inc's ROE was 9.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$3.0M

5Y CAGR-10.5%

Ryan Specialty Hldgs Inc invested $3.0M in capex in fiscal year 2025, funding long-term assets and infrastructure.

RYAN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.1B+21.3%	$2.5B+21.1%	$2.1B+20.4%	$1.7B+20.4%	$1.4B+40.7%	$1.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$453.5M+28.8%	$352.1M+27.5%	$276.2M+40.2%	$197.0M+41.8%	$139.0M+29.4%	$107.4M
Operating Income	$493.6M+15.4%	$427.8M+19.1%	$359.1M+24.0%	$289.5M+55.1%	$186.6M+17.7%	$158.5M
Interest Expense	N/A	N/A	$119.5M+14.0%	$104.8M+32.1%	$79.4M+68.0%	$47.2M
Income Tax	$79.0M+85.3%	$42.6M-1.9%	$43.4M+172.6%	$15.9M+223.1%	$4.9M-44.9%	$9.0M
Net Income	$63.4M-33.0%	$94.7M+55.1%	$61.0M0.0%	$61.1M-7.3%	$65.9M-3.3%	$68.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$795.2M+5.9%	$751.2M-0.4%	$754.6M-11.8%	$855.2M+23.9%	$690.2M+4.0%	$663.5M+9.7%	$604.7M-13.0%	$695.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$108.8M-11.4%	$122.8M+4.4%	$117.6M+9.8%	$107.0M+0.9%	$106.1M+1.5%	$104.5M+17.9%	$88.7M+6.9%	$83.0M
Operating Income	$94.6M+3.3%	$91.6M-17.4%	$110.8M-42.0%	$191.1M+90.6%	$100.2M-8.3%	$109.3M+34.2%	$81.5M-50.4%	$164.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$31.1M
Income Tax	$6.5M-51.3%	$13.4M+577.9%	-$2.8M-121.5%	$13.0M-76.5%	$55.4M+109.3%	$26.5M+395.5%	-$9.0M-147.9%	$18.7M
Net Income	$17.6M+121.1%	$8.0M-74.3%	$31.1M-40.2%	$52.0M+288.0%	-$27.6M-301.0%	$13.8M-21.8%	$17.6M-62.4%	$46.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RYAN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$10.6B+9.5%	$9.6B+33.2%	$7.2B+13.5%	$6.4B+16.9%	$5.5B+20.5%	$4.5B
Current Assets	$5.1B+5.7%	$4.8B+10.5%	$4.3B+11.3%	$3.9B+29.3%	$3.0B+20.8%	$2.5B
Cash & Equivalents	$158.3M-70.7%	$540.2M-35.6%	$838.8M-15.5%	$992.7M-12.9%	$1.1B+27.2%	$895.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.2B+21.9%	$2.6B+60.7%	$1.6B+25.2%	$1.3B+0.4%	$1.3B+6.9%	$1.2B
Total Liabilities	$9.3B+8.9%	$8.6B+36.4%	$6.3B+12.6%	$5.6B+14.4%	$4.9B+15.3%	$4.2B
Current Liabilities	$5.2B+14.1%	$4.5B+21.5%	$3.7B+19.5%	$3.1B+7.4%	$2.9B+17.6%	$2.5B
Long-Term Debt	$3.3B+1.9%	$3.2B+66.2%	$1.9B-0.4%	$2.0B+24.6%	$1.6B0.0%	$1.6B
Total Equity	$648.1M+3.3%	$627.7M+12.1%	$559.8M+17.0%	$478.4M-19.6%	$594.8M+91.4%	$310.7M
Retained Earnings	$120.4M-2.1%	$122.9M+7.4%	$114.4M+111.9%	$54.0M+864.3%	-$7.1M+98.0%	-$346.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$11.0B+4.2%	$10.6B+7.2%	$9.9B-7.3%	$10.6B+7.4%	$9.9B+2.5%	$9.6B+13.8%	$8.5B+2.5%	$8.3B
Current Assets	$5.6B+10.2%	$5.1B+13.8%	$4.4B-15.6%	$5.3B+14.3%	$4.6B-3.8%	$4.8B+19.1%	$4.0B-21.5%	$5.1B
Cash & Equivalents	$154.7M-2.3%	$158.3M+3.2%	$153.5M-11.1%	$172.6M-15.2%	$203.5M-62.3%	$540.2M+129.7%	$235.2M-61.6%	$612.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.2B-0.2%	$3.2B+3.0%	$3.1B+1.4%	$3.1B+2.0%	$3.0B+14.3%	$2.6B+13.0%	$2.3B+29.0%	$1.8B
Total Liabilities	$9.8B+5.2%	$9.3B+8.0%	$8.6B-8.7%	$9.4B+6.9%	$8.8B+3.3%	$8.6B+15.9%	$7.4B+2.5%	$7.2B
Current Liabilities	$5.5B+5.1%	$5.2B+16.4%	$4.5B-14.8%	$5.2B+19.0%	$4.4B-3.3%	$4.5B+14.7%	$4.0B-15.6%	$4.7B
Long-Term Debt	$3.5B+7.4%	$3.3B-1.7%	$3.3B-1.8%	$3.4B-6.6%	$3.7B+13.0%	$3.2B+22.1%	$2.6B+36.4%	$1.9B
Total Equity	$636.2M-1.8%	$648.1M+2.8%	$630.5M+3.3%	$610.1M+12.5%	$542.5M-13.6%	$627.7M-0.8%	$632.8M+4.5%	$605.9M
Retained Earnings	$120.5M+0.1%	$120.4M-6.6%	$128.8M+11.7%	$115.4M+45.4%	$79.3M-35.5%	$122.9M-1.6%	$125.0M+2.8%	$121.6M

RYAN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$643.7M+25.0%	$514.9M+7.9%	$477.2M+42.2%	$335.5M+22.7%	$273.5M+102.0%	$135.4M
Capital Expenditures	$3.0M	$0	$0-100.0%	$7.7M-97.8%	$343.2M+6453.8%	$5.2M
Free Cash Flow	$640.7M+24.4%	$514.9M+7.9%	$477.2M+45.6%	$327.8M+570.5%	-$69.7M-153.5%	$130.2M
Investing Cash Flow	-$834.0M+52.5%	-$1.8B-268.7%	-$476.2M-2024.1%	-$22.4M+95.1%	-$457.9M+40.4%	-$768.5M
Financing Cash Flow	$78.1M-93.3%	$1.2B+9353.4%	-$12.6M-104.0%	$314.8M-26.7%	$429.3M-61.9%	$1.1B
Dividends Paid	$61.0M-23.9%	$80.2M	$0	$0-100.0%	$7.0M+9.4%	$6.4M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$78.3M	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$167.4M-163.6%	$263.2M+55.2%	$169.7M-52.0%	$353.6M+347.6%	-$142.8M-155.0%	$259.6M+157.2%	$100.9M-62.7%	$270.8M
Capital Expenditures	$0	$0-100.0%	$2.4M	$0-100.0%	$664K	$0	$0	$0
Free Cash Flow	-$167.4M-163.6%	$263.2M+57.3%	$167.3M-52.7%	$353.6M+346.4%	-$143.5M-155.3%	$259.6M+157.2%	$100.9M-62.7%	$270.8M
Investing Cash Flow	-$13.3M+89.5%	-$126.8M-43.8%	-$88.2M-92.0%	-$45.9M+92.0%	-$573.0M-22.1%	-$469.3M+55.3%	-$1.0B-358.3%	-$229.1M
Financing Cash Flow	$86.3M+18.5%	$72.8M+131.8%	-$229.1M-123.5%	-$102.5M-130.4%	$336.8M-37.8%	$541.5M-2.1%	$553.2M+571.4%	$82.4M
Dividends Paid	$16.7M+7.7%	$15.5M+1.3%	$15.3M+1.3%	$15.1M0.0%	$15.1M+10.3%	$13.7M+1.5%	$13.5M+3.7%	$13.0M
Share Buybacks	$40.0M	N/A	N/A	N/A	$0	N/A	N/A	N/A

RYAN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	16.2%-0.8pp	17.0%-0.3pp	17.3%+0.5pp	16.8%+3.8pp	13.0%-2.5pp	15.6%
Net Margin	2.1%-1.7pp	3.8%+0.8pp	2.9%-0.6pp	3.5%-1.1pp	4.6%-2.1pp	6.7%
Return on Equity	9.8%-5.3pp	15.1%+4.2pp	10.9%-1.9pp	12.8%+1.7pp	11.1%-10.8pp	21.9%
Return on Assets	0.6%-0.4pp	1.0%+0.1pp	0.8%-0.1pp	1.0%-0.3pp	1.2%-0.3pp	1.5%
Current Ratio	0.98-0.1	1.05-0.1	1.16-0.1	1.24+0.2	1.03+0.0	1.00
Debt-to-Equity	5.08-0.1	5.15+1.7	3.47-0.6	4.08+1.4	2.63-2.4	5.04
FCF Margin	21.0%+0.5pp	20.5%-2.5pp	23.0%+4.0pp	19.0%+23.9pp	-4.9%-17.6pp	12.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	11.9%-0.3pp	12.2%-2.5pp	14.7%-7.7pp	22.3%+7.8pp	14.5%-2.0pp	16.5%+3.0pp	13.5%-10.2pp	23.6%
Net Margin	2.2%+1.2pp	1.1%-3.1pp	4.1%-2.0pp	6.1%+10.1pp	-4.0%-6.1pp	2.1%-0.8pp	2.9%-3.8pp	6.7%
Return on Equity	2.8%+1.5pp	1.2%-3.7pp	4.9%-3.6pp	8.5%+13.6pp	-5.1%-7.3pp	2.2%-0.6pp	2.8%-4.9pp	7.7%
Return on Assets	0.2%+0.1pp	0.1%-0.2pp	0.3%-0.2pp	0.5%+0.8pp	-0.3%-0.4pp	0.1%-0.1pp	0.2%-0.4pp	0.6%
Current Ratio	1.02+0.0	0.98-0.0	1.000.0	1.01-0.0	1.050.0	1.05+0.0	1.01-0.1	1.09
Debt-to-Equity	5.55+0.5	5.08-0.2	5.31-0.3	5.59-1.1	6.73+1.6	5.15+1.0	4.18+1.0	3.20
FCF Margin	-21.1%-56.1pp	35.0%+12.9pp	22.2%-19.2pp	41.3%+62.1pp	-20.8%-59.9pp	39.1%+22.4pp	16.7%-22.3pp	38.9%

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Ryan Specialty Hldgs Inc's annual revenue?

Ryan Specialty Hldgs Inc (RYAN) reported $3.1B in total revenue for fiscal year 2025. This represents a 21.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ryan Specialty Hldgs Inc's revenue growing?

Ryan Specialty Hldgs Inc (RYAN) revenue grew by 21.3% year-over-year, from $2.5B to $3.1B in fiscal year 2025.

Is Ryan Specialty Hldgs Inc profitable?

Yes, Ryan Specialty Hldgs Inc (RYAN) reported a net income of $63.4M in fiscal year 2025, with a net profit margin of 2.1%.

What is Ryan Specialty Hldgs Inc's EBITDA?

Ryan Specialty Hldgs Inc (RYAN) had EBITDA of $781.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ryan Specialty Hldgs Inc have?

As of fiscal year 2025, Ryan Specialty Hldgs Inc (RYAN) had $158.3M in cash and equivalents against $3.3B in long-term debt.

What is Ryan Specialty Hldgs Inc's operating margin?

Ryan Specialty Hldgs Inc (RYAN) had an operating margin of 16.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ryan Specialty Hldgs Inc's net profit margin?

Ryan Specialty Hldgs Inc (RYAN) had a net profit margin of 2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ryan Specialty Hldgs Inc's return on equity (ROE)?

Ryan Specialty Hldgs Inc (RYAN) has a return on equity of 9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ryan Specialty Hldgs Inc's free cash flow?

Ryan Specialty Hldgs Inc (RYAN) generated $640.7M in free cash flow during fiscal year 2025. This represents a 24.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ryan Specialty Hldgs Inc's operating cash flow?

Ryan Specialty Hldgs Inc (RYAN) generated $643.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ryan Specialty Hldgs Inc's total assets?

Ryan Specialty Hldgs Inc (RYAN) had $10.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ryan Specialty Hldgs Inc's capital expenditures?

Ryan Specialty Hldgs Inc (RYAN) invested $3.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Ryan Specialty Hldgs Inc's current ratio?

Ryan Specialty Hldgs Inc (RYAN) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Ryan Specialty Hldgs Inc's debt-to-equity ratio?

Ryan Specialty Hldgs Inc (RYAN) had a debt-to-equity ratio of 5.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ryan Specialty Hldgs Inc's return on assets (ROA)?

Ryan Specialty Hldgs Inc (RYAN) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ryan Specialty Hldgs Inc's Altman Z-Score?

Ryan Specialty Hldgs Inc (RYAN) has an Altman Z-Score of 0.71, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ryan Specialty Hldgs Inc's Piotroski F-Score?

Ryan Specialty Hldgs Inc (RYAN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ryan Specialty Hldgs Inc's earnings high quality?

Ryan Specialty Hldgs Inc (RYAN) has an earnings quality ratio of 10.15x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Ryan Specialty Hldgs Inc?

Ryan Specialty Hldgs Inc (RYAN) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.