Total liabilities have expanded to $9.8 billion as of 2026Q1, significantly outpacing the stagnant $636.2 million equity base and indicating a reliance on external capital to fund growth.
| Total Assets | 11.01B | 10.56B | 9.65B | 7.25B | 6.38B | 5.46B | 4.53B | 2.19B |
| Asset Growth % | 65.46% | 9.47% | 33.15% | 13.53% | 16.95% | 20.52% | 106.79% | - |
| Total Investment Assets | 4M | 109.98M | 84.81M | 46.1M | 38.51M | 45.42M | 47.22M | 22.52M |
| Long-Term Investments | 424.26M | 109.98M | 70.88M | 46.1M | 38.51M | 45.42M | 47.22M | 22.52M |
| Short-Term Investments | 0 | 0 | 13.94M | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 5.58B | 647.27M | 4.81B | 4.35B | 3.91B | 3.04B | 0 | 1.42B |
| Cash & Equivalents | 154.65M | 158.32M | 540.2M | 838.79M | 992.72M | 386.96M | 312.65M | 52.02M |
| Receivables | 10.31B | 488.95M | 4.17B | 3.46B | 2.87B | 2.6B | 2.16B | 127.14M |
| Other Current Assets | 4.86B | -76.55M | 0 | 0 | 0 | 0 | -2.51B | 1.22B |
| Goodwill & Intangibles | 16.16B | 3.34B | 4.12B | 2.26B | 1.8B | 1.88B | 1.83B | 693.75M |
| Goodwill | 3.22B | 3.23B | 2.65B | 1.65B | 1.31B | 1.31B | 1.22B | 528.51M |
| Intangible Assets | 127.05M | 119.62M | 1.48B | 610.67M | 486.44M | 573.93M | 604.76M | 165.24M |
| PP&E (Net) | 191.94M | 199.94M | 183.47M | 170.13M | 175.14M | 100.16M | 111.36M | 11.56M |
| Other Assets | 1.47B | 5.95B | 18.59M | 39.31M | 56.99M | 10.79M | -1.99B | 41.26M |
| Total Liabilities | 9.79B | 9.31B | 8.55B | 6.27B | 5.57B | 4.86B | 4.46B | 2.13B |
| Total Debt | 3.74B | 3.53B | 3.46B | 2.16B | 2.16B | 1.68B | 1.69B | 669.27M |
| Net Debt | 3.59B | 3.37B | 2.92B | 1.32B | 1.16B | 1.3B | 1.38B | 617.26M |
| Long-Term Debt | 3.68B | 3.29B | 3.23B | 1.94B | 1.95B | 1.57B | 1.57B | 660.03M |
| Short-Term Debt | 62.55M | 60.19M | 51.73M | 35.38M | 30.59M | 23.47M | 19.16M | 9.25M |
| Total Current Liabilities | 5.46B | 86.17M | 649.45M | 501.28M | 414.31M | 433.56M | 0 | 1.43B |
| Accounts Payable | 0 | 217.3M | 0 | 0 | 0 | 0 | 0 | 45.93M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.39B | -217.3M | 39.92M | 55K | 562K | 631K | -39.04M | 1.22B |
| Deferred Taxes | 176.17M | 1000K | 1000K | 55K | 562K | 631K | 577K | 0 |
| Other Liabilities | 609.16M | 5.73B | 4.47B | 3.67B | 3.05B | 2.79B | -1.65B | 39.23M |
| Total Equity | 1.22B | 1.25B | 1.1B | 979.64M | 817.81M | 594.78M | 71.09M | 63.15M |
| Equity Growth % | 51.46% | 14.18% | 12.11% | 19.79% | 37.5% | 736.65% | 12.56% | - |
| Shareholders Equity | 636.2M | 648.07M | 627.66M | 559.75M | 478.4M | 343.77M | 69.79M | 64.26M |
| Minority Interest | 582.85M | 605.98M | 470.62M | 419.89M | 339.41M | 251M | 1.3M | -1.11M |
| Retained Earnings | 120.53M | 120.35M | 122.94M | 114.42M | 53.99M | -7.06M | 0 | -173.75M |
| Common Stock | 263K | 265K | 261K | 261K | 259K | 259K | 0 | 97.5M |
| Accumulated OCI | 9.39M | 13.85M | -1.8M | 3.08M | 6.04M | 1.71M | 2.7M | 864K |
| Return on Equity (ROE) | 10.77% | 5.39% | 9.11% | 6.79% | 8.64% | 19.79% | 101.46% | 101.6% |
| Return on Assets (ROA) | 1.25% | 0.63% | 1.12% | 0.9% | 1.03% | 1.32% | 2.03% | 2.93% |
| Equity / Assets | 11.07% | 11.87% | 11.38% | 13.52% | 12.81% | 10.9% | 1.57% | 2.88% |
| Debt / Equity | 3.07x | 2.82x | 3.15x | 2.20x | 2.64x | 2.83x | 23.76x | 10.60x |
| Book Value per Share | 9.41 | 4.50 | 4.00 | 7.79 | 3.08 | 5.63 | 0.67 | 0.59 |
| Tangible BV per Share | -16.40 | -7.51 | -11.00 | -10.16 | -3.70 | -12.19 | -16.51 | -5.92 |
Acquisition-driven leverage and volatility
As reported in recent financial statements, Ryan Specialty has grown total assets to $11.0 billion in 2026Q1 from $7.2 billion in 2023Q4, yet equity remains relatively stagnant at $636.2 million, suggesting that the firm is aggressively utilizing external capital to fund its ongoing acquisition-led growth strategy.
The widening gap between total assets and equity indicates a reliance on debt or other liabilities to finance the expansion of the firm's specialty brokerage footprint. Investors should monitor whether this asset growth translates into sustainable long-term returns on equity, which currently remains in the low single digits.
Based on the provided data, Ryan Specialty's loss reserves surged to $495.2 million in 2026Q1 from zero in previous periods, which, according to financial filings, highlights a significant shift toward assuming more direct underwriting risk within its delegated authority business model.
This sudden emergence of loss reserves suggests a fundamental change in the company's risk profile that warrants close scrutiny of its actuarial assumptions. The volatility in these reserve levels may indicate that the firm is navigating complex, high-severity claims environments that could impact future capital adequacy.
According to the balance sheet figures, the equity base has shown minimal growth over the last ten quarters, hovering near $636.2 million, which may indicate that the firm's capital buffer is being constrained by the persistent costs associated with its aggressive M&A-driven business model.
The limited growth in equity relative to the substantial increase in total liabilities suggests that the company's financial flexibility may be tightening. Analysts should investigate whether this capital structure provides sufficient cushion to absorb potential adverse reserve developments or further integration-related expenses.
Financial statements reveal that total liabilities have climbed to $9.8 billion as of 2026Q1, a significant increase from $6.3 billion in 2023Q4, which, based on reported figures, suggests that the firm is accumulating substantial obligations that could complicate its balance sheet during periods of market stress.
The rapid accumulation of liabilities relative to the modest equity base may indicate that the firm is highly sensitive to interest rate fluctuations and credit market conditions. This leverage profile warrants further investigation into the nature of these liabilities and their potential impact on the firm's long-term solvency.
Quick answers to the most common questions about buying RYAN stock.
As of 2025, Ryan Specialty Holdings, Inc. (RYAN) had total assets of $10.56B including $647.3M in current assets.
Ryan Specialty Holdings, Inc. (RYAN) carries total debt of $3.53B, offset by $158.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ryan Specialty Holdings, Inc. (RYAN) has total shareholders' equity (book value) of $648.1M ($4.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ryan Specialty Holdings, Inc. (RYAN) reported a current ratio of 7.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.