Latest Ratios: P/E Ratio 87.7x · EV/EBITDA 9.5x · 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 | $5.3B | $14.4B | $17.6B | $5.4B | $11.0B | $4.3B | — | — |
| Enterprise Value | $8.7B | $17.8B | $20.6B | $6.7B | $12.2B | $5.6B | — | — |
| P/E Ratio → | 87.68 | 109.85 | 90.37 | 82.73 | 79.83 | — | — | — |
| P/S Ratio | 1.75 | 4.71 | 7.01 | 2.60 | 6.39 | 2.98 | — | — |
| P/B Ratio | 9.15 | 11.47 | 16.06 | 5.52 | 13.49 | 7.17 | — | — |
| P/FCF | 9.28 | 24.98 | 37.69 | 12.09 | 34.42 | 16.18 | — | — |
| P/OCF | 8.30 | 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 | 9.55 | 19.45 | 46.70 | 19.01 | 42.28 | 31.92 | — | — |
| EV / EBIT | 13.94 | 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 | 0.5% | 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 | 1.1% | 0.9% | 1.1% | 1.2% | 1.3% | — | — | — |
| FCF Yield | 10.8% | 4.0% | 2.7% | 8.3% | 2.9% | 6.2% | — | — |
| Buyback Yield | 0.1% | 0.0% | 0.2% | 0.2% | 0.1% | 22.7% | — | — |
| Total Shareholder Yield | 0.6% | 0.5% | 0.6% | 1.5% | 0.4% | 23.8% | — | — |
| Shares Outstanding | — | $279M | $275M | $126M | $266M | $106M | $106M | $106M |
Acquisition-driven leverage and volatility
As reported in recent financial statements, Ryan Specialty trades at a P/B multiple of 8.63, which significantly exceeds the valuation of peers like Arch Capital Group at 1.52, suggesting that investors are pricing in aggressive future growth rather than current book value stability.
The elevated P/B ratio implies that the market assigns substantial value to the firm's intangible assets and future brokerage commission streams rather than its tangible capital base. This valuation premium warrants caution, as it leaves little margin for error should the firm's acquisition-led growth strategy face integration hurdles or a slowdown in the E&S market.
Based on the 2026Q1 combined ratio of 88.1%, Ryan Specialty maintains a profitable underwriting profile, yet the fluctuation in loss ratios from 9.8% to 62.3% over recent quarters, as noted in financial filings, indicates significant variability in the firm's delegated authority business model.
While a combined ratio below 100% confirms underwriting profitability, the wide swings in the loss ratio suggest that the firm's underwriting management segment is exposed to unpredictable risk concentrations. Investors should monitor whether this volatility is a structural feature of the MGU business or a temporary result of aggressive expansion into complex specialty lines.
According to the provided balance sheet data, the firm's D/E ratio has remained elevated, reaching 3.07 in 2026Q1, which, when compared to the relatively stagnant equity base of $636.2 million, suggests that underwriting leverage is being managed under significant capital constraints.
The persistent reliance on debt to fund acquisitions limits the firm's financial flexibility and increases sensitivity to interest rate fluctuations. This leverage profile appears aggressive for a specialty insurer, potentially restricting the company's ability to absorb unexpected underwriting losses without further diluting shareholders or increasing debt obligations.
As highlighted in recent research, the P/E ratio of 82.72 is a frequently misapplied metric for Ryan Specialty, as it fails to account for the heavy non-cash amortization charges resulting from the firm's aggressive acquisition strategy, which obscures the underlying cash-generative capacity of the brokerage operations.
Relying on P/E for an acquisitive firm like Ryan Specialty leads to a distorted view of profitability, as GAAP earnings are artificially suppressed by accounting entries that do not reflect cash flow. Analysts should instead prioritize Adjusted EBITDAC or cash-based metrics to better evaluate the true economic performance of the firm's core brokerage and underwriting management activities.
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 87.7x. The historical average is 90.7x. This places it at the 50th percentile of its historical range.
Ryan Specialty Holdings, Inc.'s current EV/EBITDA is 9.5x. 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 87.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ryan Specialty Holdings, Inc.'s current dividend yield is 0.54% 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.