Ryan Specialty Group (RYAN)
NYSE:RYAN
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Ryan Specialty Group
(NYSE:RYAN)
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Rating:51Neutral
Price Target:
$35.00
â–¼(-6.54% Downside)
Action:ReiteratedDate:05/01/26
The score is held back primarily by high financial leverage and a demanding valuation, with additional pressure from weak technical trend signals. These are partially offset by solid operating performance and cash generation and a cautiously constructive earnings-call backdrop despite a notable guidance downgrade and expected margin compression.
Positive Factors
Consistent multi-year revenue growth
Sustained ~20%+ annual revenue gains indicate durable demand for Ryan's specialty placement and underwriting capabilities. A multi-year track record reflects scalable distribution, diversified specialty units and repeat broker relationships that support continued top-line resilience across cycles.
Negative Factors
Very high financial leverage
Debt-to-equity near 5–6x substantially elevates refinancing and covenant risk and limits balance-sheet flexibility. High leverage reduces capacity to absorb underwriting volatility or pursue opportunistic M&A without increasing financial strain, a persistent structural constraint on risk tolerance.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent multi-year revenue growth
Sustained ~20%+ annual revenue gains indicate durable demand for Ryan's specialty placement and underwriting capabilities. A multi-year track record reflects scalable distribution, diversified specialty units and repeat broker relationships that support continued top-line resilience across cycles.
Read all positive factors
Ryan Specialty Group (RYAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.15B
Dividend Yield0.93%
Average Volume (3M)1.80M
Price to Earnings (P/E)103.6
Beta (1Y)0.57
Revenue Growth20.70%
EPS Growth-36.96%
CountryUS
Employees5,556
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)0.47
Shares Outstanding128,670,680
10 Day Avg. Volume1,714,528
30 Day Avg. Volume1,796,605
Financial Highlights & Ratios
PEG Ratio-2.89
Price to Book (P/B)10.14
Price to Sales (P/S)2.15
P/FCF Ratio11.41
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue2.52
Enterprise Value/Gross Profit3.62
Enterprise Value/Ebitda10.93
Forecast
1Y Price Target
$43.00Price Target Upside14.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)2.21
Revenue Forecast (FY)$3.37B
Ryan Specialty Group Business Overview & Revenue Model
Company Description
Ryan Specialty Group Holdings, Inc. operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers. It offers distribution, underwriting, product development, administration, and risk management serv...
How the Company Makes Money
Ryan Specialty primarily makes money by earning insurance distribution and underwriting-related fees tied to the placement and management of specialty insurance risks. (1) Wholesale brokerage and distribution revenue: When retail insurance agents/...
Ryan Specialty Group Key Performance Indicators (KPIs)
Ryan Specialty Group Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call reported a strong first quarter with double-digit top-line growth, healthy EBITDA and EPS gains, measurable productivity gains from AI, and continued capital deployment (repurchases and M&A optionality). However, management revised full-year expectations downward due to rapid market softening—notably large property rate declines (25%–35%)—and guided to mid-single-digit organic growth and margin compression (down ~100–150 bps). The company emphasized disciplined underwriting, continued investment in AI/Empower to drive long-term efficiency, and strategic partnerships as defenses against market volatility. Given robust execution in Q1 and clear strategic actions to offset headwinds, but with a meaningful guidance downgrade and near-term margin pressure, the tone is cautiously constructive.Positive Updates
Strong Q1 Top-Line Growth
Total revenue grew 15% year-over-year to $795 million, driven by organic revenue growth of 11.8% and M&A contributions (which added over 2 percentage points).
Negative Updates
Revised Full-Year Organic Growth Guidance
Company updated full-year organic revenue growth guidance to mid-single digits (management clarified ~4%–6%), down from prior high-single-digit expectations; Q2 organic growth is assumed to be near 0% given seasonal concentration in property.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Top-Line Growth
Total revenue grew 15% year-over-year to $795 million, driven by organic revenue growth of 11.8% and M&A contributions (which added over 2 percentage points).
Read all positive updates
Company Guidance
Guidance: For full-year 2026 Ryan Specialty now expects organic revenue growth in the mid‑single digits (roughly 4–6%), with Q2 organic growth assumed to be near 0%; management expects a meaningful decline in the property book for the year driven by assumed property rate declines of 25–35% on the most cat‑exposed lines and anticipates more moderate casualty growth. On profitability, full‑year adjusted EBITDAC margin is now guided to be down roughly 100–150 basis points year‑over‑year (Q2 margins assumed in the low‑30s), versus a Q1 adjusted EBITDAC margin of 29.2% (adjusted EBITDAC of $232 million, up 15.7%). Other key financial assumptions include an adjusted effective tax rate of ~26% for the remainder of 2026, GAAP interest expense net of interest income of approximately $222 million for 2026 (with ~$58 million to be expensed in Q2), ending the quarter at 3.3x total net leverage (within a 3–4x comfort corridor), a $40 million share repurchase completed in Q1, and continued prioritization of M&A and buybacks (willing to temporarily go above the leverage corridor for compelling deals). Management also reiterated Empower charges of ~ $160 million cumulative through 2028 to generate ~ $80 million of annual run‑rate savings by 2029 (ramping through 2027–28) and said organic growth will continue to fluctuate quarter‑to‑quarter.Ryan Specialty Group Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
38
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.16B | 3.05B | 2.52B | 2.08B | 1.73B | 1.43B |
| Gross Profit | 2.19B | 2.76B | 2.52B | 2.08B | 1.73B | 1.43B |
| EBITDA | 726.81M | 803.08M | 598.63M | 473.27M | 393.31M | 253.60M |
| Net Income | 131.64M | 63.40M | 94.67M | 61.04M | 61.05M | 65.87M |
Balance Sheet | ||||||
| Total Assets | 11.01B | 10.56B | 9.65B | 7.25B | 6.38B | 5.46B |
| Cash, Cash Equivalents and Short-Term Investments | 154.65M | 158.32M | 540.20M | 838.79M | 992.72M | 386.96M |
| Total Debt | 3.74B | 3.53B | 3.46B | 2.16B | 2.16B | 1.68B |
| Total Liabilities | 9.79B | 9.31B | 8.55B | 6.27B | 5.57B | 4.86B |
| Stockholders Equity | 636.20M | 648.07M | 627.66M | 559.75M | 478.40M | 343.77M |
Cash Flow | ||||||
| Free Cash Flow | 554.59M | 575.71M | 467.87M | 447.43M | 320.47M | 263.71M |
| Operating Cash Flow | 619.08M | 643.67M | 514.87M | 477.20M | 335.51M | 273.49M |
| Investing Cash Flow | -274.24M | -834.01M | -1.76B | -476.23M | -22.42M | -457.94M |
| Financing Cash Flow | -172.44M | 78.12M | 1.17B | -12.61M | 314.76M | 429.28M |
Ryan Specialty Group Technical Analysis
Negative
37.45
Price Trends
37.55
Negative
44.84
Negative
51.08
Negative
Market Momentum
-0.22
Negative
59.26
Neutral
89.23
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RYAN, the sentiment is Negative. The current price of 37.45 is above the 20-day moving average (MA) of 34.46, below the 50-day MA of 37.55, and below the 200-day MA of 51.08, indicating a neutral trend. The MACD of -0.22 indicates Negative momentum. The RSI at 59.26 is Neutral, neither overbought nor oversold. The STOCH value of 89.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RYAN.
Ryan Specialty Group Risk Analysis
Ryan Specialty Group disclosed 74 risk factors in its most recent earnings report. Ryan Specialty Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ryan Specialty Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $7.15B | 12.41 | 11.87% | 3.58% | 27.63% | 328.74% | |
76 Outperform | $5.60B | 8.93 | 14.33% | 1.89% | -1.24% | 4.62% | |
76 Outperform | $5.69B | 9.33 | 12.09% | 1.88% | 1.22% | 0.61% | |
72 Outperform | $11.76B | 13.93 | 15.61% | 1.36% | 7.89% | 18.12% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | $14.08B | -31.49 | 7.63% | 3.69% | 5.76% | -52.49% | |
51 Neutral | $9.15B | 103.64 | 10.43% | 0.93% | 20.70% | -36.96% |
* Financial Sector Average
RYAN
Ryan Specialty Group
34.77
-29.45
-45.86%
AIZ
Assurant
236.27
47.60
25.23%
FNF
Fidelity National Financial
52.30
-6.59
-11.18%
FAF
First American Financial
70.13
11.67
19.97%
MTG
MGIC Investment
26.48
1.71
6.90%
ESNT
Essent Group
60.52
4.68
8.39%
Ryan Specialty Group Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Ryan Specialty posts strong first-quarter revenue and earnings
Positive
Apr 30, 2026
On April 30, 2026, Ryan Specialty reported strong results for the first quarter ended March 31, 2026, with total revenue up 15.2% year over year to $795.2 million, driven by 11.8% organic growth, new client wins, expanded relationships and continu...
Business Operations and StrategyStock Buyback
Ryan Specialty Announces Long-Term Option Settlement Agreement
Positive
Apr 30, 2026
On April 30, 2026, Ryan Specialty Holdings, Inc. and the Ryan Stock Option Trust, overseen by Executive Chairman Patrick G. Ryan and Shirley W. Ryan, agreed to enter into an option settlement agreement on May 5, 2026 that will obligate the Trust t...
Business Operations and StrategyStock BuybackFinancial Disclosures
Ryan Specialty Launches Empower Program and Share Repurchases
Positive
Feb 12, 2026
On February 10, 2026, Ryan Specialty’s board approved a three-year “Empower Program” restructuring, beginning in the first quarter of 2026, aimed at streamlining brokerage, binding and underwriting operations, scaling data and te...
Regulatory Filings and ComplianceShareholder Meetings
Ryan Specialty Schedules 2026 Virtual Annual Stockholder Meeting
Neutral
Feb 12, 2026
Ryan Specialty Holdings, Inc. has scheduled its 2026 annual meeting of stockholders to be held virtually on April 28, 2026, with the record date set as the close of business on March 2, 2026, determining which shareholders are entitled to receive ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.