Ryan Specialty (RYAN) Financials

$33.77 +0.10 (+0.29%)

As of 12:43 PM Eastern

Annual Income Statements for Ryan Specialty

This table shows Ryan Specialty's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	64	68	66	61	61	95	63
Consolidated Net Income / (Loss)	63	71	57	163	194	230	214
Net Income / (Loss) Continuing Operations	63	71	57	163	194	230	214
Total Pre-Tax Income	68	79	62	179	238	273	293
Total Operating Income	101	159	187	290	359	428	494
Total Gross Profit	765	1,018	1,433	1,725	2,078	2,516	3,051
Total Revenue	765	1,018	1,433	1,725	2,078	2,516	3,051
Operating Revenue	765	1,018	1,433	1,725	2,078	2,516	3,051
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	664	860	1,246	1,436	1,718	2,088	2,557
Selling, General & Admin Expense	118	107	139	197	276	352	453
Depreciation Expense	4.80	3.93	4.81	5.69	9.04	9.79	13
Amortization Expense	48	64	108	104	107	158	274
Other Operating Expenses / (Income)	494	686	992	1,129	1,321	1,591	1,803
Other Special Charges / (Income)	-1.60	-1.30	2.89	0.44	5.42	-23	13
Total Other Income / (Expense), net	-33	-79	-125	-110	-121	-155	-200
Interest & Investment Income	-0.98	0.44	-0.76	-105	-111	-140	-201
Other Income / (Expense), net	3.47	-32	-45	-5.07	-10	-15	0.69
Income Tax Expense	4.93	8.95	4.93	16	43	43	79
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.11	2.41	-9.24	102	133	135	151
Basic Earnings per Share	$0.00	$0.00	($0.07)	$0.57	$0.53	$0.78	$0.50
Weighted Average Basic Shares Outstanding	0.00	0.00	105.73M	108.62M	114.36M	120.78M	127.27M
Diluted Earnings per Share	$0.00	$0.00	($0.07)	$0.52	$0.52	$0.71	$0.47
Weighted Average Diluted Shares Outstanding	0.00	0.00	105.73M	265.75M	125.75M	132.89M	138.25M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	105.73M	519.30M	520.45M	261.91M	264.19M
Cash Dividends to Common per Share	-	-	-	-	-	$0.04	$0.05

This table shows Ryan Specialty's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-5.05	23	17	47	18	14	-28	52	31	7.98	18
Consolidated Net Income / (Loss)	16	59	41	118	29	43	-4.39	125	63	31	41
Net Income / (Loss) Continuing Operations	16	59	41	118	29	43	-4.39	125	63	31	41
Total Pre-Tax Income	41	59	47	137	20	69	51	138	60	45	47
Total Operating Income	70	96	73	164	81	109	100	191	111	92	95
Total Gross Profit	502	533	552	695	605	664	690	855	755	751	795
Total Revenue	502	533	552	695	605	664	690	855	755	751	795
Operating Revenue	502	533	552	695	605	664	690	855	755	751	795
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	432	437	479	531	523	554	590	664	644	660	701
Selling, General & Admin Expense	69	74	76	83	89	105	106	107	118	123	109
Depreciation Expense	2.20	2.47	2.08	2.27	2.47	2.97	2.64	2.89	3.61	3.96	4.06
Amortization Expense	30	28	28	31	39	60	65	70	70	70	65
Other Operating Expenses / (Income)	329	332	374	414	393	410	430	485	440	447	495
Other Special Charges / (Income)	1.85	1.06	-0.07	1.24	-0.37	-24	-14	-0.76	12	16	27
Total Other Income / (Expense), net	-29	-37	-26	-28	-62	-40	-49	-53	-51	-47	-47
Interest & Investment Income	-29	-85	-24	-27	-45	-104	-50	-53	-51	-47	-48
Other Income / (Expense), net	-0.07	-10	-1.75	-0.23	-17	3.53	0.38	-0.14	0.40	0.06	0.71
Income Tax Expense	25	0.67	6.43	19	-8.96	26	55	13	-2.80	13	6.51
Net Income / (Loss) Attributable to Noncontrolling Interest	21	36	24	71	11	29	23	73	32	23	23
Basic Earnings per Share	($0.04)	$0.18	$0.14	$0.38	$0.15	$0.11	($0.22)	$0.41	$0.24	$0.07	$0.14
Weighted Average Basic Shares Outstanding	115.87M	114.36M	117.81M	118.39M	121.92M	120.78M	125.42M	126.48M	127.94M	127.27M	129.38M
Diluted Earnings per Share	($0.04)	$0.19	$0.13	$0.37	$0.09	$0.12	($0.22)	$0.38	$0.20	$0.11	$0.13
Weighted Average Diluted Shares Outstanding	115.87M	125.75M	269.92M	271.22M	272.69M	132.89M	125.42M	274.14M	273.46M	138.25M	137.34M
Weighted Average Basic & Diluted Shares Outstanding	520.50M	520.45M	520.89M	522.90M	261.84M	261.91M	262.43M	263.70M	263.81M	264.19M	263.66M

This table details how cash moves in and out of Ryan Specialty's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	237	492	244	628	-11	-76	-96
Net Cash From Operating Activities	150	135	273	336	477	515	644
Net Cash From Continuing Operating Activities	165	135	273	336	477	515	644
Net Income / (Loss) Continuing Operations	63	71	57	163	194	230	214
Consolidated Net Income / (Loss)	63	71	57	163	194	230	214
Depreciation Expense	4.80	3.93	4.81	5.69	9.04	9.79	13
Amortization Expense	50	69	119	120	126	189	291
Non-Cash Adjustments To Reconcile Net Income	28	34	123	112	103	99	137
Changes in Operating Assets and Liabilities, net	20	-41	-31	-66	45	-13	-11
Net Cash From Investing Activities	-148	-769	-458	-22	-476	-1,756	-834
Net Cash From Continuing Investing Activities	-148	-769	-458	-22	-476	-1,756	-834
Purchase of Property, Plant & Equipment	-8.09	-18	-353	-23	-30	-47	-71
Acquisitions	-121	-718	-109	0.00	-447	-1,709	-763
Other Investing Activities, net	-8.51	-9.31	3.89	0.34	0.23	0.00	0.00
Net Cash From Financing Activities	62	1,125	429	315	-13	1,167	78
Net Cash From Continuing Financing Activities	220	1,125	429	315	-13	1,167	78
Repayment of Debt	-267	-983	-20	-19	-17	-1,284	-1,282
Payment of Dividends	-	-	-	-40	-72	-185	-154
Issuance of Debt	421	1,956	0.00	394	0.00	2,545	1,333
Other Financing Activities, net	66	152	44	-20	76	91	180
Effect of Exchange Rate Changes	0.27	-	-	-0.13	0.58	-1.51	16

This table details how cash moves in and out of Ryan Specialty's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-350	153	-135	123	-388	325	-369	207	-145	211	-100
Net Cash From Operating Activities	105	227	-117	271	101	260	-143	354	170	263	-167
Net Cash From Continuing Operating Activities	105	227	-117	271	101	260	-143	354	170	263	-167
Net Income / (Loss) Continuing Operations	16	59	41	118	29	43	-4.39	125	63	31	41
Consolidated Net Income / (Loss)	16	59	41	118	29	43	-4.39	125	63	31	41
Depreciation Expense	2.20	2.47	2.08	2.27	2.47	2.97	2.64	2.89	3.61	3.96	4.06
Amortization Expense	34	32	33	35	56	64	69	74	74	74	68
Non-Cash Adjustments To Reconcile Net Income	41	24	13	23	38	25	74	28	17	18	26
Changes in Operating Assets and Liabilities, net	12	109	-205	92	-25	125	-284	125	12	136	-305
Net Cash From Investing Activities	-273	-94	-7.63	-229	-1,050	-469	-573	-46	-88	-127	-13
Net Cash From Continuing Investing Activities	-273	-94	-7.63	-229	-1,050	-469	-573	-46	-88	-127	-13
Purchase of Property, Plant & Equipment	-11	-14	-7.63	-15	-7.10	-17	-17	-20	-16	-17	-13
Acquisitions	-262	-81	0.00	-214	-1,043	-452	-556	-26	-72	-110	0.00
Net Cash From Financing Activities	-183	19	-10	82	553	542	337	-102	-229	73	86
Net Cash From Continuing Financing Activities	-183	19	-10	82	553	542	335	-102	-227	73	86
Repayment of Debt	-4.13	-4.13	0.00	-8.25	-867	-409	-156	-348	-502	-275	-284
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-40
Payment of Dividends	-18	-19	-46	-63	-40	-36	-22	-57	-34	-40	-26
Issuance of Debt	-	-	0.00	-	-	992	574	106	434	218	525
Other Financing Activities, net	-161	43	35	154	-93	-5.87	-61	196	-125	170	-89
Effect of Exchange Rate Changes	-0.17	1.41	-0.66	-1.35	7.65	-7.16	10	1.73	2.70	1.39	-5.19

This table presents Ryan Specialty's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,529	5,459	6,384	7,247	9,650	10,564
Total Current Assets	2,493	3,011	3,894	4,336	4,789	5,060
Cash & Equivalents	313	387	993	839	540	158
Accounts Receivable	178	210	231	294	390	489
Prepaid Expenses	8.84	7.73	8.58	8.72	9.22	14
Other Current Assets	1,994	2,406	2,661	3,194	3,850	4,399
Plant, Property, & Equipment, net	17	15	31	42	50	69
Total Noncurrent Assets	2,019	2,432	2,458	2,869	4,811	5,435
Long-Term Investments	47	45	39	46	71	110
Goodwill	1,224	1,309	1,315	1,646	2,647	3,225
Intangible Assets	605	574	486	611	1,476	1,617
Noncurrent Deferred & Refundable Income Taxes	0.00	383	397	384	448	310
Other Noncurrent Operating Assets	142	121	222	182	169	173
Total Liabilities & Shareholders' Equity	4,529	5,459	6,384	7,247	9,650	10,564
Total Liabilities	4,219	4,864	5,566	6,268	8,552	9,310
Total Current Liabilities	2,482	2,918	3,134	3,744	4,549	5,189
Short-Term Debt	19	23	31	35	52	60
Accounts Payable	116	99	119	136	249	284
Accrued Expenses	350	386	350	420	486	519
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	0.00
Other Current Liabilities	1,998	2,409	2,634	3,153	3,762	4,325
Total Noncurrent Liabilities	1,736	1,946	2,432	2,523	4,003	4,121
Long-Term Debt	1,566	1,567	1,952	1,944	3,231	3,291
Noncurrent Deferred & Payable Income Tax Liabilities	0.58	273	295	359	476	509
Noncurrent Employee Benefit Liabilities	69	4.37	10	25	49	70
Other Noncurrent Operating Liabilities	100	102	174	196	246	251
Total Equity & Noncontrolling Interests	71	595	818	980	1,098	1,254
Total Preferred & Common Equity	70	344	478	560	628	648
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	70	344	478	560	628	648
Common Stock	67	349	418	442	507	514
Retained Earnings	0.00	-7.06	54	114	123	120
Accumulated Other Comprehensive Income / (Loss)	2.70	1.71	6.04	3.08	-1.80	14
Noncontrolling Interest	1.30	251	339	420	471	606

This table presents Ryan Specialty's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,688	6,047	7,236	6,426	7,117	8,272	8,479	9,890	10,626	9,852	11,012
Total Current Assets	3,200	3,469	4,659	3,586	4,216	5,123	4,019	4,609	5,266	4,447	5,579
Cash & Equivalents	833	705	966	754	665	612	235	204	173	153	155
Accounts Receivable	187	235	301	239	299	384	335	432	529	440	565
Prepaid Expenses	7.78	8.35	8.00	9.58	8.15	8.05	8.31	9.25	9.65	10	15
Other Current Assets	2,171	2,521	3,384	2,584	3,244	4,118	3,441	3,964	4,556	3,843	4,844
Plant, Property, & Equipment, net	23	32	33	32	43	46	46	60	66	70	66
Total Noncurrent Assets	2,466	2,546	2,544	2,807	2,857	3,104	4,413	5,221	5,293	5,335	5,367
Long-Term Investments	39	41	44	45	56	59	62	72	96	102	116
Goodwill	1,314	1,379	1,379	1,582	1,647	1,815	2,341	3,024	3,085	3,130	3,217
Intangible Assets	501	515	494	592	592	673	1,353	1,653	1,636	1,620	1,560
Noncurrent Deferred & Refundable Income Taxes	399	402	415	383	383	379	486	309	311	318	306
Other Noncurrent Operating Assets	213	209	212	205	180	179	171	162	165	166	167
Total Liabilities & Shareholders' Equity	5,688	6,047	7,236	6,426	7,117	8,272	8,479	9,890	10,626	9,852	11,012
Total Liabilities	4,930	5,195	6,292	5,485	6,142	7,199	7,377	8,833	9,444	8,620	9,793
Total Current Liabilities	2,518	2,767	3,827	2,982	3,677	4,696	3,966	4,399	5,233	4,457	5,456
Short-Term Debt	29	22	31	36	39	33	33	36	62	42	35
Accounts Payable	82	74	96	115	231	172	206	197	196	257	342
Accrued Expenses	233	158	337	273	184	398	325	230	453	361	257
Current Deferred & Payable Income Tax Liabilities	-	-	-	17	22	22	23	24	25	25	30
Other Current Liabilities	2,174	2,512	3,364	2,541	3,201	4,071	3,379	3,911	4,498	3,772	4,792
Total Noncurrent Liabilities	2,413	2,429	2,464	2,503	2,464	2,503	3,411	4,434	4,210	4,163	4,337
Long-Term Debt	1,953	1,950	1,949	1,945	1,943	1,941	2,647	3,653	3,410	3,349	3,534
Noncurrent Deferred & Payable Income Tax Liabilities	295	288	310	342	339	345	454	462	477	486	478
Noncurrent Employee Benefit Liabilities	9.07	16	18	22	30	62	52	58	67	76	81
Other Noncurrent Operating Liabilities	155	174	187	193	153	156	259	262	256	252	243
Total Equity & Noncontrolling Interests	758	852	944	941	975	1,073	1,102	1,057	1,182	1,232	1,219
Total Preferred & Common Equity	443	509	559	543	554	606	633	543	610	630	636
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	443	509	559	543	554	606	633	543	610	630	636
Common Stock	402	437	453	443	460	478	501	459	479	491	506
Retained Earnings	36	67	97	92	89	122	125	79	115	129	121
Accumulated Other Comprehensive Income / (Loss)	4.37	4.28	8.53	8.24	6.10	5.90	7.08	4.47	15	11	9.39
Noncontrolling Interest	315	343	385	398	420	467	469	515	572	601	583

This table displays calculated financial ratios and metrics derived from Ryan Specialty's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	33.09%	40.71%	20.41%	20.42%	21.09%	21.28%
EBITDA Growth	0.00%	24.89%	33.69%	54.45%	17.85%	26.39%	30.60%
EBIT Growth	0.00%	20.82%	12.20%	100.76%	22.59%	18.37%	19.76%
NOPAT Growth	0.00%	50.11%	22.03%	53.64%	11.28%	22.95%	-0.08%
Net Income Growth	0.00%	11.82%	-19.69%	188.28%	19.13%	18.22%	-6.85%
EPS Growth	0.00%	0.00%	0.00%	842.86%	0.00%	36.54%	-33.80%
Operating Cash Flow Growth	0.00%	-9.44%	102.00%	22.68%	42.23%	7.89%	25.02%
Free Cash Flow Firm Growth	0.00%	0.00%	96.80%	654.09%	-104.61%	-11,620.62%	84.52%
Invested Capital Growth	0.00%	0.00%	14.08%	0.95%	17.24%	81.78%	15.05%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	3.38%	4.94%	5.48%	2.96%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	40.37%	1.75%	10.65%	-1.30%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	69.12%	1.45%	6.96%	-4.12%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	10.02%	8.79%	-7.05%	-0.68%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	10.99%	7.00%	-6.49%	-5.02%
EPS Q/Q Growth	0.00%	0.00%	0.00%	13.04%	8.33%	-8.97%	-2.08%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-4.87%	24.22%	9.74%	6.80%	0.56%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-172.86%	-37.25%	60.31%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-5.32%	-2.29%	8.22%	-0.69%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	20.80%	19.52%	18.55%	23.79%	23.28%	24.30%	26.17%
Operating Margin	13.21%	15.57%	13.03%	16.78%	17.28%	17.01%	16.18%
EBIT Margin	13.66%	12.40%	9.89%	16.49%	16.78%	16.41%	16.20%
Profit (Net Income) Margin	8.24%	6.92%	3.95%	9.46%	9.36%	9.14%	7.02%
Tax Burden Percent	92.75%	88.73%	91.99%	91.11%	81.74%	84.36%	73.05%
Interest Burden Percent	65.05%	62.93%	43.45%	63.00%	68.23%	66.03%	59.31%
Effective Tax Rate	7.25%	11.27%	8.01%	8.89%	18.26%	15.65%	26.95%
Return on Invested Capital (ROIC)	0.00%	18.32%	10.44%	14.98%	15.28%	12.35%	8.90%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	6.86%	0.79%	5.45%	5.59%	5.40%	3.81%
Return on Net Nonoperating Assets (RNNOA)	0.00%	27.07%	2.07%	8.13%	6.36%	9.78%	9.31%
Return on Equity (ROE)	0.00%	45.39%	12.51%	23.11%	21.64%	22.13%	18.21%
Cash Return on Invested Capital (CROIC)	0.00%	-181.69%	-2.71%	14.04%	-0.59%	-45.70%	-5.10%
Operating Return on Assets (OROA)	0.00%	2.79%	2.84%	4.80%	5.12%	4.89%	4.89%
Return on Assets (ROA)	0.00%	1.56%	1.13%	2.76%	2.85%	2.72%	2.12%
Return on Common Equity (ROCE)	0.00%	10.19%	5.71%	13.45%	12.50%	12.65%	9.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	101.04%	16.47%	34.13%	34.74%	36.63%	0.00%
Net Operating Profit after Tax (NOPAT)	94	141	172	264	294	361	361
NOPAT Margin	12.25%	13.82%	11.98%	15.29%	14.13%	14.35%	11.82%
Net Nonoperating Expense Percent (NNEP)	0.00%	11.45%	9.65%	9.53%	9.68%	6.96%	5.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	9.42%	9.92%	8.24%	7.83%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	15.45%	10.55%	9.70%	11.42%	13.29%	13.99%	14.86%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	86.79%	84.43%	86.97%	83.22%	82.72%	82.99%	83.82%
Earnings before Interest and Taxes (EBIT)	105	126	142	284	349	413	494
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	159	199	266	410	484	611	798
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	19.17	60.21	44.53	39.54	26.77	21.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.75	1.31	14.45	12.35	10.65	6.68	4.46
Price to Earnings (P/E)	20.85	19.64	314.21	348.95	362.64	177.47	214.84
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.87%	0.93%
Earnings Yield	4.80%	5.09%	0.32%	0.29%	0.28%	0.56%	0.47%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.83	12.61	12.77	11.40	5.29	3.99
Enterprise Value to Revenue (EV/Rev)	0.00	2.75	15.43	13.10	11.38	7.93	5.67
Enterprise Value to EBITDA (EV/EBITDA)	0.00	14.11	83.19	55.05	48.89	32.62	21.68
Enterprise Value to EBIT (EV/EBIT)	0.00	22.21	156.03	79.44	67.82	48.31	35.02
Enterprise Value to NOPAT (EV/NOPAT)	0.00	19.93	128.77	85.66	80.57	55.26	48.01
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	20.71	80.83	67.34	49.56	38.73	26.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	91.40	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	5.10	2.67	2.42	2.02	2.99	2.67
Long-Term Debt to Equity	0.00	5.04	2.63	2.39	1.98	2.94	2.62
Financial Leverage	0.00	3.94	2.63	1.49	1.14	1.81	2.45
Leverage Ratio	0.00	14.58	11.03	8.38	7.58	8.13	8.59
Compound Leverage Factor	0.00	9.17	4.79	5.28	5.17	5.37	5.10
Debt to Total Capital	0.00%	83.61%	72.78%	70.80%	66.89%	74.93%	72.77%
Short-Term Debt to Total Capital	0.00%	1.01%	1.07%	1.09%	1.20%	1.18%	1.31%
Long-Term Debt to Total Capital	0.00%	82.60%	71.70%	69.70%	65.70%	73.75%	71.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	12.71%	11.49%	12.12%	14.19%	10.74%	13.16%
Common Equity to Total Capital	0.00%	3.68%	15.73%	17.08%	18.92%	14.33%	14.07%
Debt to EBITDA	0.00	7.98	5.98	4.83	4.09	5.37	4.20
Net Debt to EBITDA	0.00	6.17	4.36	2.32	2.26	4.37	3.86
Long-Term Debt to EBITDA	0.00	7.88	5.90	4.76	4.02	5.29	4.12
Debt to NOPAT	0.00	11.27	9.26	7.52	6.74	9.10	9.30
Net Debt to NOPAT	0.00	8.71	6.74	3.61	3.73	7.40	8.55
Long-Term Debt to NOPAT	0.00	11.13	9.13	7.40	6.62	8.95	9.13
Altman Z-Score	0.00	0.51	2.92	2.87	2.68	1.63	1.32
Noncontrolling Interest Sharing Ratio	0.00%	77.54%	54.33%	41.80%	42.24%	42.86%	45.77%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.00	1.03	1.24	1.16	1.05	0.98
Quick Ratio	0.00	0.20	0.20	0.39	0.30	0.20	0.12
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,396	-45	247	-11	-1,335	-207
Operating Cash Flow to CapEx	0.00%	763.47%	77.49%	1,474.33%	1,602.64%	1,095.44%	906.99%
Free Cash Flow to Firm to Interest Expense	0.00	-29.54	-0.56	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	4.21	2.87	3.45	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	4.34	2.49	-1.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.22	0.29	0.29	0.30	0.30	0.30
Accounts Receivable Turnover	0.00	5.73	7.39	7.81	7.91	7.36	6.94
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	58.44	87.60	74.10	56.38	54.31	50.99
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	63.70	49.42	46.72	46.17	49.62	52.56
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	63.70	49.42	46.72	46.17	49.62	52.56
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	1,536	1,752	1,769	2,074	3,770	4,337
Invested Capital Turnover	0.00	1.33	0.87	0.98	1.08	0.86	0.75
Increase / (Decrease) in Invested Capital	0.00	1,536	216	17	305	1,696	567
Enterprise Value (EV)	0.00	2,804	22,106	22,595	23,648	19,942	17,310
Market Capitalization	1,338	1,338	20,698	21,304	22,134	16,800	13,621
Book Value per Share	$0.00	$1.23	$0.66	$0.92	$1.08	$2.40	$2.46
Tangible Book Value per Share	$0.00	($30.91)	($2.97)	($2.55)	($3.26)	($13.35)	($15.90)
Total Capital	0.00	1,896	2,185	2,800	2,959	4,381	4,606
Total Debt	0.00	1,585	1,590	1,982	1,979	3,283	3,352
Total Long-Term Debt	0.00	1,566	1,567	1,952	1,944	3,231	3,291
Net Debt	0.00	1,225	1,158	951	1,094	2,672	3,083
Capital Expenditures (CapEx)	-4.91	18	353	23	30	47	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-282	-271	-202	-212	-249	-227
Debt-free Net Working Capital (DFNWC)	0.00	30	116	790	627	292	-68
Net Working Capital (NWC)	0.00	11	93	760	591	240	-129
Net Nonoperating Expense (NNE)	31	70	115	101	99	131	146
Net Nonoperating Obligations (NNO)	0.00	1,225	1,158	951	1,094	2,672	3,083
Total Depreciation and Amortization (D&A)	55	73	124	126	135	199	304
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-27.74%	-18.89%	-11.73%	-10.21%	-9.89%	-7.43%
Debt-free Net Working Capital to Revenue	0.00%	2.96%	8.12%	45.81%	30.16%	11.59%	-2.24%
Net Working Capital to Revenue	0.00%	1.08%	6.48%	44.04%	28.46%	9.53%	-4.21%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.07)	$0.57	$0.53	$0.78	$0.50
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	259.06M	108.62M	114.36M	120.78M	127.27M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.07)	$0.52	$0.52	$0.71	$0.47
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	259.06M	265.75M	125.75M	132.89M	138.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.07)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	105.73M	519.30M	520.45M	261.91M	264.19M
Normalized Net Operating Profit after Tax (NOPAT)	92	140	174	264	298	342	370
Normalized NOPAT Margin	12.06%	13.70%	12.17%	15.31%	14.34%	13.58%	12.13%
Pre Tax Income Margin	8.89%	7.80%	4.30%	10.39%	11.45%	10.83%	9.61%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	2.94	2.67	1.79	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	2.64	2.98	2.16	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	3.08	2.30	-2.66	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.77	2.60	-2.28	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	24.43%	36.85%	80.53%	71.74%
Augmented Payout Ratio	0.00%	0.00%	462.41%	24.43%	36.85%	80.53%	71.74%

This table displays calculated financial ratios and metrics derived from Ryan Specialty's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,189,701.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,189,701.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.83%	22.49%	20.64%	18.85%	20.47%	24.52%	25.02%	22.97%	24.79%	13.21%	15.22%
EBITDA Growth	13.93%	7.38%	3.65%	30.94%	16.34%	48.68%	62.42%	32.66%	52.92%	-5.83%	-3.03%
EBIT Growth	13.58%	6.16%	0.96%	33.73%	-6.97%	31.23%	41.91%	16.31%	71.36%	-18.82%	-5.27%
NOPAT Growth	-50.77%	35.56%	4.97%	31.57%	338.37%	-29.25%	-113.74%	21.91%	-2.20%	-4.84%	1,045.88%
Net Income Growth	-46.37%	27.79%	11.58%	40.83%	82.40%	-27.26%	-110.79%	5.65%	118.56%	-26.59%	1,024.97%
EPS Growth	-144.44%	26.67%	18.18%	42.31%	325.00%	-36.84%	-269.23%	2.70%	122.22%	-8.33%	159.09%
Operating Cash Flow Growth	868.55%	22.94%	26.80%	-10.93%	-4.32%	14.45%	-22.56%	30.56%	68.08%	1.39%	-17.21%
Free Cash Flow Firm Growth	-83.08%	-490.52%	42.53%	-1,070.13%	-447.08%	-676.82%	-2,286.38%	-473.00%	38.19%	69.10%	101.54%
Invested Capital Growth	13.60%	17.24%	7.54%	24.17%	64.12%	81.78%	99.99%	84.58%	25.37%	15.05%	1.05%
Revenue Q/Q Growth	-14.22%	6.16%	3.60%	25.98%	-13.05%	9.73%	4.01%	23.91%	-11.76%	-0.45%	5.86%
EBITDA Q/Q Growth	-30.99%	13.75%	-12.25%	90.09%	-38.69%	45.36%	-4.13%	55.26%	-29.32%	-10.48%	-1.29%
EBIT Q/Q Growth	-43.17%	23.29%	-17.56%	131.51%	-60.47%	73.92%	-10.85%	89.75%	-41.76%	-17.60%	4.03%
NOPAT Q/Q Growth	-74.92%	252.09%	-34.13%	126.18%	-16.43%	-43.18%	-112.79%	2,106.96%	-32.96%	-44.71%	27.14%
Net Income Q/Q Growth	-81.27%	272.56%	-30.47%	190.18%	-75.73%	48.57%	-110.31%	2,941.31%	-49.80%	-50.10%	29.96%
EPS Q/Q Growth	-115.38%	575.00%	-31.58%	184.62%	-75.68%	33.33%	-283.33%	272.73%	-47.37%	-45.00%	18.18%
Operating Cash Flow Q/Q Growth	-65.30%	115.04%	-151.37%	332.39%	-62.73%	157.22%	-155.01%	347.57%	-52.02%	55.16%	-163.59%
Free Cash Flow Firm Q/Q Growth	-729.09%	7.68%	55.16%	-240.92%	-287.64%	-31.08%	-37.76%	18.14%	58.18%	34.48%	106.87%
Invested Capital Q/Q Growth	10.93%	-2.29%	7.78%	6.30%	46.62%	8.22%	18.57%	-1.89%	-0.41%	-0.69%	4.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	21.18%	22.69%	19.22%	29.01%	20.45%	27.09%	24.97%	31.29%	25.06%	22.54%	21.02%
Operating Margin	13.91%	18.08%	13.16%	23.64%	13.47%	16.48%	14.52%	22.34%	14.68%	12.19%	11.90%
EBIT Margin	13.90%	16.14%	12.84%	23.60%	10.73%	17.01%	14.58%	22.32%	14.74%	12.20%	11.98%
Profit (Net Income) Margin	3.13%	10.98%	7.37%	16.97%	4.74%	6.41%	-0.64%	14.58%	8.30%	4.16%	5.11%
Tax Burden Percent	38.74%	98.86%	86.36%	86.33%	145.54%	61.64%	-8.60%	90.54%	104.68%	70.03%	86.18%
Interest Burden Percent	58.11%	68.81%	66.44%	83.30%	30.33%	61.18%	50.73%	72.14%	53.79%	48.69%	49.42%
Effective Tax Rate	61.26%	1.14%	13.64%	13.67%	-45.54%	38.36%	108.60%	9.46%	-4.68%	29.97%	13.82%
Return on Invested Capital (ROIC)	5.35%	19.32%	11.44%	21.71%	16.68%	8.74%	-0.99%	16.83%	11.60%	6.42%	7.20%
ROIC Less NNEP Spread (ROIC-NNEP)	4.36%	15.73%	9.67%	19.61%	11.64%	7.42%	-0.81%	14.69%	9.67%	5.28%	5.98%
Return on Net Nonoperating Assets (RNNOA)	5.88%	17.90%	13.17%	22.09%	20.30%	13.46%	-1.86%	29.35%	22.86%	12.92%	17.63%
Return on Equity (ROE)	11.22%	37.23%	24.62%	43.81%	36.99%	22.20%	-2.85%	46.19%	34.46%	19.35%	24.83%
Cash Return on Invested Capital (CROIC)	0.78%	-0.59%	6.48%	-6.12%	-34.70%	-45.70%	-57.58%	-49.60%	-13.27%	-5.10%	8.68%
Operating Return on Assets (OROA)	4.54%	4.92%	4.24%	6.95%	3.43%	5.06%	4.55%	6.65%	4.76%	3.68%	3.62%
Return on Assets (ROA)	1.02%	3.35%	2.43%	5.00%	1.52%	1.91%	-0.20%	4.34%	2.68%	1.26%	1.54%
Return on Common Equity (ROCE)	6.51%	21.50%	14.33%	25.30%	21.29%	12.69%	-1.54%	24.90%	18.66%	10.49%	12.86%
Return on Equity Simple (ROE_SIMPLE)	33.47%	0.00%	35.84%	38.45%	38.85%	0.00%	34.07%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	27	95	63	142	119	67	-8.62	173	116	64	82
NOPAT Margin	5.39%	17.87%	11.36%	20.40%	19.61%	10.15%	-1.25%	20.23%	15.37%	8.54%	10.25%
Net Nonoperating Expense Percent (NNEP)	0.99%	3.59%	1.77%	2.10%	5.05%	1.32%	-0.18%	2.14%	1.93%	1.14%	1.22%
Return On Investment Capital (ROIC_SIMPLE)	-	3.22%	-	-	-	1.54%	-0.18%	3.72%	2.51%	1.39%	1.70%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	13.80%	13.81%	13.74%	11.93%	14.67%	15.75%	15.37%	12.52%	15.58%	16.34%	13.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	86.09%	81.92%	86.84%	76.36%	86.53%	83.52%	85.48%	77.66%	85.32%	87.81%	88.10%
Earnings before Interest and Taxes (EBIT)	70	86	71	164	65	113	101	191	111	92	95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	106	121	106	202	124	180	172	268	189	169	167
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	45.93	39.54	51.92	49.71	54.86	26.77	35.66	29.25	23.57	21.02	14.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	12.60	10.65	13.25	13.19	14.56	6.68	7.29	6.34	5.02	4.46	2.82
Price to Earnings (P/E)	444.63	362.64	446.81	371.23	334.58	177.47	383.20	320.47	214.86	214.84	82.01
Dividend Yield	0.00%	0.00%	0.42%	0.59%	0.68%	0.87%	0.92%	0.68%	0.83%	0.93%	1.81%
Earnings Yield	0.22%	0.28%	0.22%	0.27%	0.30%	0.56%	0.26%	0.31%	0.47%	0.47%	1.22%
Enterprise Value to Invested Capital (EV/IC)	12.49	11.40	13.63	13.42	10.78	5.29	5.21	4.93	4.26	3.99	2.83
Enterprise Value to Revenue (EV/Rev)	13.39	11.38	14.02	13.97	15.75	7.93	8.77	7.68	6.28	5.67	4.05
Enterprise Value to EBITDA (EV/EBITDA)	55.78	48.89	62.50	59.59	68.00	32.62	34.35	29.08	23.00	21.68	16.13
Enterprise Value to EBIT (EV/EBIT)	77.15	67.82	87.19	81.59	97.34	48.31	52.60	46.07	36.08	35.02	26.16
Enterprise Value to NOPAT (EV/NOPAT)	98.28	80.57	102.70	96.27	96.76	55.26	76.45	64.98	51.23	48.01	29.26
Enterprise Value to Operating Cash Flow (EV/OCF)	60.98	49.56	58.59	65.52	77.92	38.73	47.64	37.84	29.06	26.89	20.67
Enterprise Value to Free Cash Flow (EV/FCFF)	1,695.88	0.00	217.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00	32.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.10	2.02	2.03	1.84	2.43	2.99	3.49	2.94	2.75	2.67	2.93
Long-Term Debt to Equity	2.07	1.98	1.99	1.81	2.40	2.94	3.45	2.88	2.72	2.62	2.90
Financial Leverage	1.35	1.14	1.36	1.13	1.74	1.81	2.30	2.00	2.36	2.45	2.95
Leverage Ratio	7.13	7.58	7.21	7.69	7.30	8.13	8.37	8.38	7.86	8.59	9.18
Compound Leverage Factor	4.14	5.22	4.79	6.40	2.21	4.97	4.25	6.05	4.23	4.18	4.54
Debt to Total Capital	67.79%	66.89%	67.03%	64.78%	70.87%	74.93%	77.72%	74.60%	73.35%	72.77%	74.54%
Short-Term Debt to Total Capital	1.22%	1.20%	1.33%	1.08%	0.88%	1.18%	0.76%	1.33%	0.90%	1.31%	0.74%
Long-Term Debt to Total Capital	66.57%	65.70%	65.70%	63.70%	69.99%	73.75%	76.96%	73.28%	72.45%	71.47%	73.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.63%	14.19%	14.22%	15.34%	12.39%	10.74%	10.85%	12.29%	13.01%	13.16%	12.17%
Common Equity to Total Capital	18.58%	18.92%	18.75%	19.88%	16.74%	14.33%	11.43%	13.11%	13.64%	14.07%	13.29%
Debt to EBITDA	4.17	4.09	4.07	3.69	4.85	5.37	5.44	4.67	4.19	4.20	4.50
Net Debt to EBITDA	2.49	2.26	2.59	2.43	4.31	4.37	5.04	4.31	3.88	3.86	4.16
Long-Term Debt to EBITDA	4.09	4.02	3.99	3.63	4.79	5.29	5.39	4.59	4.14	4.12	4.46
Debt to NOPAT	7.34	6.74	6.68	5.96	6.90	9.10	12.12	10.44	9.34	9.30	8.16
Net Debt to NOPAT	4.38	3.73	4.25	3.93	6.14	7.40	11.21	9.63	8.64	8.55	7.54
Long-Term Debt to NOPAT	7.21	6.62	6.55	5.86	6.82	8.95	12.00	10.25	9.23	9.13	8.08
Altman Z-Score	3.21	2.56	3.26	2.93	3.16	1.53	1.65	1.48	1.39	1.20	0.89
Noncontrolling Interest Sharing Ratio	41.97%	42.24%	41.80%	42.26%	42.44%	42.86%	46.02%	46.09%	45.86%	45.77%	48.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.16	1.15	1.09	1.01	1.05	1.05	1.01	1.00	0.98	1.02
Quick Ratio	0.33	0.30	0.26	0.21	0.14	0.20	0.14	0.13	0.13	0.12	0.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-227	-210	-94	-321	-1,243	-1,629	-2,244	-1,837	-768	-503	35
Operating Cash Flow to CapEx	990.51%	1,648.39%	-1,527.78%	1,808.29%	1,421.69%	1,501.16%	-821.12%	1,784.34%	1,029.37%	1,523.86%	-1,262.05%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-3.20	-10.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	-3.96	8.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-4.22	8.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.30	0.33	0.29	0.32	0.30	0.31	0.30	0.32	0.30	0.30
Accounts Receivable Turnover	9.29	7.91	8.14	6.66	8.32	7.36	7.25	6.16	7.65	6.94	6.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	72.15	56.38	58.31	58.47	61.22	54.31	51.50	50.25	51.32	50.99	49.89
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	39.28	46.17	44.85	54.81	43.88	49.62	50.31	59.22	47.69	52.56	57.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	39.28	46.17	44.85	54.81	43.88	49.62	50.31	59.22	47.69	52.56	57.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,123	2,074	2,235	2,376	3,484	3,770	4,470	4,386	4,368	4,337	4,517
Invested Capital Turnover	0.99	1.08	1.01	1.06	0.85	0.86	0.79	0.83	0.75	0.75	0.70
Increase / (Decrease) in Invested Capital	254	305	157	462	1,361	1,696	2,235	2,010	884	567	47
Enterprise Value (EV)	26,517	23,648	30,461	31,884	37,566	19,942	23,275	21,618	18,600	17,310	12,795
Market Capitalization	24,937	22,134	28,780	30,114	34,715	16,800	19,347	17,843	14,862	13,621	8,914
Book Value per Share	$1.04	$1.08	$4.71	$1.16	$1.21	$2.40	$2.07	$2.32	$2.39	$2.46	$2.41
Tangible Book Value per Share	($3.13)	($3.26)	($14.30)	($3.61)	($5.85)	($13.35)	($15.79)	($15.66)	($15.62)	($15.90)	($15.68)
Total Capital	2,922	2,959	2,957	3,047	3,781	4,381	4,746	4,654	4,623	4,606	4,788
Total Debt	1,981	1,979	1,982	1,974	2,680	3,283	3,689	3,472	3,391	3,352	3,569
Total Long-Term Debt	1,945	1,944	1,943	1,941	2,647	3,231	3,653	3,410	3,349	3,291	3,534
Net Debt	1,181	1,094	1,260	1,303	2,382	2,672	3,413	3,203	3,136	3,083	3,298
Capital Expenditures (CapEx)	11	14	7.63	15	7.10	17	17	20	16	17	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-114	-212	-87	-153	-148	-249	43	-78	-122	-227	3.59
Debt-free Net Working Capital (DFNWC)	640	627	578	459	87	292	247	95	32	-68	158
Net Working Capital (NWC)	605	591	539	426	53	240	211	33	-10	-129	123
Net Nonoperating Expense (NNE)	11	37	22	24	90	25	-4.23	48	53	33	41
Net Nonoperating Obligations (NNO)	1,181	1,094	1,260	1,303	2,382	2,672	3,413	3,203	3,136	3,083	3,298
Total Depreciation and Amortization (D&A)	37	35	35	38	59	67	72	77	78	78	72
Debt-free, Cash-free Net Working Capital to Revenue	-5.77%	-10.21%	-4.01%	-6.71%	-6.22%	-9.89%	1.63%	-2.77%	-4.11%	-7.43%	0.11%
Debt-free Net Working Capital to Revenue	32.34%	30.16%	26.63%	20.13%	3.64%	11.59%	9.30%	3.36%	1.07%	-2.24%	5.01%
Net Working Capital to Revenue	30.54%	28.46%	24.82%	18.68%	2.24%	9.53%	7.93%	1.17%	-0.34%	-4.21%	3.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	$0.18	$0.14	$0.38	$0.15	$0.11	($0.22)	$0.41	$0.24	$0.07	$0.14
Adjusted Weighted Average Basic Shares Outstanding	115.87M	114.36M	117.81M	118.39M	121.92M	120.78M	125.42M	126.48M	127.94M	127.27M	129.38M
Adjusted Diluted Earnings per Share	($0.04)	$0.19	$0.13	$0.37	$0.09	$0.12	($0.22)	$0.38	$0.20	$0.11	$0.13
Adjusted Weighted Average Diluted Shares Outstanding	115.87M	125.75M	269.92M	271.22M	272.69M	132.89M	125.42M	274.14M	273.46M	138.25M	137.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	520.50M	520.45M	520.89M	522.90M	261.84M	261.91M	262.43M	263.70M	263.81M	264.19M	263.66M
Normalized Net Operating Profit after Tax (NOPAT)	50	96	63	143	57	53	60	172	86	75	105
Normalized NOPAT Margin	9.99%	18.07%	11.35%	20.56%	9.39%	7.96%	8.74%	20.15%	11.39%	10.02%	13.21%
Pre Tax Income Margin	8.07%	11.11%	8.53%	19.66%	3.25%	10.41%	7.40%	16.11%	7.93%	5.94%	5.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.41	5.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	2.13	4.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	2.15	4.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	1.87	4.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.92%	36.85%	58.91%	62.69%	68.39%	80.53%	87.30%	81.02%	65.29%	71.74%	60.94%
Augmented Payout Ratio	32.92%	36.85%	58.91%	62.69%	68.39%	80.53%	87.30%	81.02%	65.29%	71.74%	60.94%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends from Ryan Specialty’s four-year financial data, focusing on the latest quarterly statements (income, cash flow, and balance sheet) to help gauge performance and potential trajectories for investors.

Operating revenue grew from about $435.0 million in Q4 2022 to about $751.2 million in Q4 2025, a roughly 72% increase in four years, signaling meaningful top-line expansion.
Cash flow from continuing operating activities has been strong in several recent quarters, including $263.2 million in Q4 2025 and $353.6 million in Q2 2025, supporting liquidity and potential for investment or debt service.
Net income to common shareholders remained positive across the period (e.g., $7.98 million in Q4 2025, $31.09 million in Q3 2025, $13.75 million in Q4 2024, and $17.59–$17.89 million in the surrounding years), indicating ongoing profitability despite quarterly fluctuations.
Earnings per share in Q4 2025 remained positive (basic $0.07, diluted $0.11), reflecting earnings strength on a per-share basis even as profits vary quarterly.
Total assets trended higher into 2025, with the company reporting roughly the high-single-digit billions (around $9.8–$9.9B) of assets by mid-2025, indicating scale growth.
Shareholder returns via dividends have been ongoing (typical quarterly outlays in the tens of millions), representing a neutral factor for cash flow but a sign of ongoing capital return to investors (e.g., about $21.9–$57.0 million per quarter in 2025).
There were sizable cash outflows for acquisitions in some periods (e.g., Q4 2024 acquisitions around $109.6 million; Q1 2025 around $555.6 million; Q3 2025 around $71.7 million), indicating active investment activity that can affect near-term liquidity and investing cash flows.
Net income attributable to common shareholders declined in Q4 2025 to $7.98 million, down from $13.75 million in Q4 2024 and $17.59 million in Q4 2023, signaling a weakening of core earnings pace at the bottom line.
Cash flow from operating activities was negative in at least one recent period (e.g., Q1 2025 net cash from continuing operating activities around –$142.8 million), highlighting quarterly liquidity volatility that readers should watch.
The quarterly cash flow mix has shown volatility, with significant swings in net changes in cash from operations, investing, and financing across quarters (e.g., large fluctuations in Q1 2025 and Q3 2025), which may complicate short-term liquidity planning.

05/19/26 12:43 PM ETAI Generated. May Contain Errors.

Ryan Specialty Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ryan Specialty's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ryan Specialty's net income appears to be on an upward trend, with a most recent value of $214.16 million in 2025, rising from $63.06 million in 2019. The previous period was $229.91 million in 2024. See where experts think Ryan Specialty is headed by visiting Ryan Specialty's forecast page.

Ryan Specialty's total operating income in 2025 was $493.64 million, based on the following breakdown:

Total Gross Profit: $3.05 billion
Total Operating Expenses: $2.56 billion

Over the last 6 years, Ryan Specialty's total revenue changed from $765.11 million in 2019 to $3.05 billion in 2025, a change of 298.8%.

Ryan Specialty's total liabilities were at $9.31 billion at the end of 2025, a 8.9% increase from 2024, and a 120.7% increase since 2020.

In the past 5 years, Ryan Specialty's cash and equivalents has ranged from $158.32 million in 2025 to $992.72 million in 2022, and is currently $158.32 million as of their latest financial filing in 2025.

Over the last 6 years, Ryan Specialty's book value per share changed from 0.00 in 2019 to 2.46 in 2025, a change of 245.7%.

Related Companies

Financial statements for NYSE:RYAN last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ryan Specialty (RYAN) Financials

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Ryan Specialty (RYAN) Financials

Annual Income Statements for Ryan Specialty

Quarterly Income Statements for Ryan Specialty

Annual Cash Flow Statements for Ryan Specialty

Quarterly Cash Flow Statements for Ryan Specialty

Annual Balance Sheets for Ryan Specialty

Quarterly Balance Sheets for Ryan Specialty

Annual Metrics And Ratios for Ryan Specialty

Quarterly Metrics And Ratios for Ryan Specialty

Financials Breakdown Chart

Key Financial Trends

Ryan Specialty Financials - Frequently Asked Questions

When does Ryan Specialty's financial year end?

How has Ryan Specialty's net income changed over the last 6 years?

What is Ryan Specialty's operating income?

How has Ryan Specialty's revenue changed over the last 6 years?

How much debt does Ryan Specialty have?

How much cash does Ryan Specialty have?

How has Ryan Specialty's book value per share changed over the last 6 years?

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