# Ryan Specialty Holdings, Inc. (RYAN)

> Source: Nexqual · https://nexqual.com/RYAN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ryan Specialty Holdings, Inc. (RYAN), nexqual.com/RYAN" · informational, not investment advice.

**Price:** USD 44.49 (+5.28% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 42.26 · day 42.74–44.61 · 52w 29.28–58.94 · market cap $11.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.22B, net income $99.0M (3.1% margin), free cash flow $555M (SEC filings).
- Valuation: P/E 115.1x, EV/EBITDA 30.2x, net debt $3.49B.
- 2 of 80 tracked superinvestors hold RYAN (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.7M; 2 not under a Rule 10b5-1 plan ($1.7M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $4.6M; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.42 on a 1–5 scale) (19 analysts), mean target USD 49.09 (range 38–76).
- Total return with dividends: 1Y -15.2% vs S&P 500 +14.9%; 5Y +25.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.49, revenue estimate $793M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.43B | $1.73B | $2.08B | $2.52B | $3.05B | $3.22B |
| Operating income | $187M | $290M | $359M | $428M | $494M | $477M |
| Net income | $65.9M | $61.1M | $61.0M | $94.7M | $63.4M | $99.0M |
| Free cash flow | -$69.7M | $328M | $477M | $515M | $641M | $555M |
| Operating margin | 13.0% | 16.8% | 17.3% | 17.0% | 16.2% | 14.8% |
| Net margin | 4.6% | 3.5% | 2.9% | 3.8% | 2.1% | 3.1% |
| Revenue growth | +40.7% | +20.4% | +20.4% | +21.1% | +21.3% | — |
| Cash + short-term investments | $1.14B | $993M | $839M | $540M | $158M | — |
| Total debt | $1.59B | $1.98B | $1.98B | $3.28B | $3.35B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 115.1x · P/S 3.5x · EV/EBITDA 30.2x · EV/Sales 4.6x · P/FCF 20.6x · P/B 22.4x · FCF yield 4.86% · Earnings yield 0.87% · Dividend yield (paid, TTM) 0.56% · Net debt $3.49B · EV $14.9B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RYAN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Vulcan Value Partners |  | 9.09% | $299M | Added +20.0% |
| Torray Funds |  | 0.40% | $2.9M | Added +14.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08 | Mulshine Brendan Martin | Co-President and CRO | 40,000 | $1.6M | 34.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-13 | Conklin Michael | EVP & CHRO | 2,043 | $86K | 20% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $4.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11…2026-06-12 | Kuczinski Anthony J | Director | 3,000 | $105K | 34.99 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-10 | Rogers John W Jr | Director | 7,500 | $264K | 35.16 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Ryan Patrick G | Executive Chairman | 120,000 | $3.9M | 32.5 | Too little history (no open-market trades in 2024) |
| 2026-06-03 | Hamilton Janice M | Chief Financial Officer | 6,300 | $200K | 31.79 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03 | Katz Mark Stephen | EVP & General Counsel | 3,215 | $100K | 31.07 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Buy (mean 2.42 on a 1–5 scale), 19 analysts; mean target USD 49.09 (low 38, high 76).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Wells Fargo | Target lowered | Equal-Weight | $43 → $41 |
| 2026-10-07 | Mizuho | Target lowered | Neutral | $43 → $40 |
| 2026-10-06 | Piper Sandler | Target lowered | Neutral | $48 → $40 |
| 2026-09-16 | Mizuho | Target lowered | Neutral | $48 → $43 |
| 2026-08-19 | Morgan Stanley | Target raised | Overweight | $48 → $50 |
| 2026-08-03 | UBS | Target raised | Buy | $50 → $55 |
| 2026-08-03 | Citigroup | Target raised | Buy | $50 → $53.5 |
| 2026-08-03 | JP Morgan | Target raised | Underweight | $39 → $45 |
| 2026-08-03 | Wells Fargo | Target raised | Equal-Weight | $39 → $43 |
| 2026-08-03 | Cantor Fitzgerald | Target raised | Neutral | $34 → $41 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $45 → $55 |
| 2026-07-31 | Mizuho | Target raised | Neutral | $39 → $48 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.2% | +25.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.2% | +4.6% |
| Volatility (annualized) | 44.8% | 34.3% |
| Max drawdown | -49.5% (Dec 2025→May 2026) | -58.7% (Nov 2024→Apr 2026) |

## Peers (Insurance Brokers)
ERIE (Erie Indemnity Company) USD 256.8 +5.19% · BRO (Brown & Brown, Inc.) USD 74.49 +5.61% · BWIN (The Baldwin Insurance Group, In) USD 31.89 -0.09% · ARX (Accelerant Holdings) USD 19.76 +0.05% · CRVL (CorVel Corp.) USD 83.88 +3.93% · WTW (Willis Towers Watson Public Lim) USD 332.18 +4.58%

## More
Full page: https://nexqual.com/RYAN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RYAN's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1849253/000184925326000006/ryan-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Specialty | "In our Underwriting Management Specialty, we utilize delegated authority granted to us by carriers and we" |
| Supplier | New | "accordingly, we depend on distributions from the LLC to pay our taxes, satisfy our obligations under the Tax Receivable" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Wholesale Brokerage | $498.8M | 55.3% | +4.5% |
| Underwriting Management | $303.8M | 33.6% | +12.8% |
| Binding Authority | $100.2M | 11.1% | +6.0% |
| Total revenue | $902.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $852.1M | 94.4% | +6.3% |
| Foreign | $64.6M | 7.2% | +20.3% |
| Total revenue | $902.7M | 100% | — |
The lines above cover 101.5% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.49 | $0.51 | -4.6% | $793.2M | 18 |
| Next quarter (ends 2026-12-31) | $0.48 | $0.48 | -1.5% | $795.3M | 18 |
| Current fiscal year (ends 2026-12-31) | $2.16 | $2.06 | +5.0% | $3.29B | 19 |
| Next fiscal year (ends 2027-12-31) | $2.44 | $2.35 | +3.6% | $3.53B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±12.4%; last 8 reports averaged ±6.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 55.4% | ±12.4% |
| 2026-12-18 | 56 | 49.8% | ±15.5% |
| 2027-01-15 | 84 | 47.2% | ±17.9% |
| 2027-04-16 | 175 | 45.8% | ±24.7% |