Latest Ratios: P/E Ratio 77.0x · EV/EBITDA 14.7x · ROE 5.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.1B | $14.4B | $17.6B | $5.4B | $11.0B | $4.3B | — | — |
| Enterprise Value | $13.4B | $17.8B | $20.6B | $6.7B | $12.2B | $5.6B | — | — |
| P/E Ratio → | 76.96 | 109.85 | 90.37 | 82.73 | 79.83 | — | — | — |
| P/S Ratio | 3.30 | 4.71 | 7.01 | 2.60 | 6.39 | 2.98 | — | — |
| P/B Ratio | 8.03 | 11.47 | 16.06 | 5.52 | 13.49 | 7.17 | — | — |
| P/FCF | 17.50 | 24.98 | 37.69 | 12.09 | 34.42 | 16.18 | — | — |
| P/OCF | 15.65 | 22.34 | 34.25 | 11.34 | 32.88 | 15.60 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.82 | 8.17 | 3.24 | 7.07 | 3.88 | — | — |
| EV / EBITDA | 14.73 | 19.45 | 46.70 | 19.01 | 42.28 | 31.92 | — | — |
| EV / EBIT | 21.51 | 34.43 | 47.70 | 18.82 | 42.94 | 39.47 | — | — |
| EV / FCF | — | 30.83 | 43.94 | 15.03 | 38.06 | 21.09 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.6% | 90.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 20.5% | 20.5% | 10.8% | 11.5% | 10.4% | 4.3% | 7.8% | 8.9% |
| Net Profit Margin | 2.1% | 2.1% | 3.8% | 2.9% | 3.5% | 4.6% | 6.7% | 8.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 5.4% | 5.4% | 9.1% | 6.8% | 8.6% | 19.8% | 101.5% | 101.6% |
| ROA | 0.6% | 0.6% | 1.1% | 0.9% | 1.0% | 1.3% | 2.0% | 2.9% |
| ROIC | 10.8% | 10.8% | 6.5% | 8.3% | 6.9% | 2.8% | 5.6% | 7.5% |
| ROCE | 6.4% | 6.4% | 3.5% | 3.7% | 3.3% | 1.3% | 2.4% | 8.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.82 | 2.82 | 3.15 | 2.20 | 2.64 | 2.83 | 23.76 | 10.60 |
| Debt / EBITDA | 3.87 | 3.87 | 7.87 | 6.09 | 7.48 | 9.66 | 11.49 | 5.53 |
| Net Debt / Equity | — | 2.69 | 2.66 | 1.34 | 1.42 | 2.18 | 19.36 | 9.77 |
| Net Debt / EBITDA | 3.69 | 3.69 | 6.64 | 3.72 | 4.04 | 7.44 | 9.36 | 5.10 |
| Debt / FCF | — | 5.86 | 6.25 | 2.94 | 3.63 | 4.92 | 11.20 | 4.36 |
| Interest Coverage | 2.32 | 2.32 | 2.72 | 2.99 | 2.71 | 1.78 | 2.68 | 2.91 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.51 | 7.51 | 7.40 | 8.68 | 9.45 | 7.00 | — | 1.00 |
| Quick Ratio | 7.51 | 7.51 | 7.40 | 8.68 | 9.45 | 7.00 | — | 1.00 |
| Cash Ratio | 1.84 | 1.84 | 0.85 | 1.67 | 2.40 | 0.89 | — | 0.04 |
| Asset Turnover | — | 0.29 | 0.26 | 0.29 | 0.27 | 0.26 | 0.22 | 0.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.4% | 0.5% | 1.3% | 0.4% | 1.1% | — | — |
| Payout Ratio | 98.3% | 98.3% | 84.8% | — | 65.3% | 71.5% | 73.6% | 112.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 0.9% | 1.1% | 1.2% | 1.3% | — | — | — |
| FCF Yield | 5.7% | 4.0% | 2.7% | 8.3% | 2.9% | 6.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.2% | 0.1% | 22.7% | — | — |
| Total Shareholder Yield | 0.7% | 0.5% | 0.6% | 1.5% | 0.4% | 23.8% | — | — |
| Shares Outstanding | — | $279M | $275M | $126M | $266M | $106M | $106M | $106M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying RYAN stock.
Ryan Specialty Holdings, Inc.'s current P/E ratio is 77.0x. The historical average is 90.7x.
Ryan Specialty Holdings, Inc.'s current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.9x.
Ryan Specialty Holdings, Inc.'s return on equity (ROE) is 5.4%. The historical average is 36.1%.
Based on historical data, Ryan Specialty Holdings, Inc. is trading at a P/E of 77.0x. Compare with industry peers and growth rates for a complete picture.
Ryan Specialty Holdings, Inc.'s current dividend yield is 0.62% with a payout ratio of 98.3%.
Ryan Specialty Holdings, Inc. has 90.6% gross margin and 20.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ryan Specialty Holdings, Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Volatile loss ratio and reserve adequacy
Metrics are mathematically derived from official filings.
Underwriting Swing Signals Reserve Strain
Ryan Specialty's combined ratio swung from 81.9% in 2026Q1 to 129.3% in 2026Q2, with a loss ratio of 104.4%, indicating severe underwriting deterioration, as per recent financial statements.
The 47.4 percentage point swing in the combined ratio within one quarter is extreme, driven by a loss ratio that jumped from 8.7% to 104.4%. This pattern suggests that favorable reserve development in Q1 may have been insufficient to cover the claims spike in Q2, raising questions about reserve adequacy. Investors should monitor whether this volatility reflects a one-off event or a systemic issue in loss reserving.
ROE Volatility Masks Underlying Weakness
ROE swung from 3.3% in 2026Q1 to 9.7% in 2026Q2, but the 129.3% combined ratio implies underwriting losses, suggesting earnings quality is questionable, based on reported figures.
The ROE improvement in Q2 appears to be driven by non-underwriting items, as the combined ratio indicates a significant underwriting loss. With investment income data unavailable and minimal invested assets, the earnings contribution from float is likely negligible. The reliance on other income to offset underwriting losses warrants further investigation into the sustainability of reported profitability.
Leverage Rises as Equity Cushion Thins
Ryan Specialty's D/E climbed to 3.75 in 2026Q2 from 2.20 in 2024Q1, while equity fell 21% from 2025Q4 to 2026Q2, indicating rising financial leverage, as per balance sheet data.
The increase in debt-to-equity, coupled with a declining equity base, suggests the company is financing growth through debt, which may strain its capital adequacy. The premium-to-surplus ratio, though not directly provided, likely reflects increased underwriting leverage given the asset growth outpacing equity. This trend could heighten sensitivity to underwriting losses and may test rating agency guidelines.
Premium Valuation vs. Peer Underwriting Quality
Ryan Specialty trades at a P/B of 9.43, far above peers like ACGL (1.53) and MMC (6.38), yet its combined ratio volatility and ROE are inferior, suggesting the premium may be unjustified, based on peer data.
The market assigns a substantial premium to Ryan Specialty's book value, implying expectations of high future returns. However, its ROE of 9.7% in the best quarter lags peers like ERIE (24.5%) and MMC (26.9%), and its underwriting results are far more volatile. This disconnect suggests the premium may reflect growth prospects or franchise value, but investors should question whether the underwriting quality supports such a valuation.
Combined Ratio Misleads Without Reserve Context
The combined ratio is often misapplied to Ryan Specialty without adjusting for reserve development, as Q1's 81.9% and Q2's 129.3% both distort true underwriting performance, according to reported figures.
The extreme swings in the loss ratio (8.7% to 104.4%) indicate that reserve releases and deficiencies are materially distorting the combined ratio. A more accurate measure would be the calendar-year combined ratio adjusted for reserve development, or the accident-year combined ratio, which isolates current underwriting performance. Investors should also consider the cash flow from claims paid, which spiked to $957.4M in Q2, to gauge the true economic cost of claims.