RYAN Specialty
RYAN · NYSEInsurance Agents, Brokers & Service · Fiscal year ends Dec 31
RYAN Specialty reported revenue of $3B in the fiscal year ended Dec 2025, up 21.9% from the year before. Operating income was $494M, an operating margin of 16.5%, and net income was $63M. Operating cash flow of $644M less capital expenditure of $3M left free cash flow of $641M. Net debt was $3.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.7B | $2B | $2.5B | $3B |
| Operating income | $187M | $290M | $359M | $428M | $494M |
| Interest expense | $79M | $105M | $120M | – | – |
| Pre-tax income | $62M | $179M | $238M | $273M | $293M |
| Income tax | $5M | $16M | $43M | $43M | $79M |
| Net income | $66M | $61M | $61M | $95M | $63M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $993M | $839M | $540M | $158M |
| Receivables | $210M | $231M | $294M | $390M | $489M |
| Current assets | $3B | $3.9B | $4.3B | $4.8B | $5.1B |
| Net PP&E | $15M | $31M | $42M | $50M | $69M |
| Goodwill | $1.3B | $1.3B | $1.6B | $2.6B | $3.2B |
| Total assets | $5.5B | $6.4B | $7.2B | $9.6B | $10.6B |
| Deferred revenue | $1M | $1M | $8M | $9M | $10M |
| Current liabilities | $2.9B | $3.1B | $3.7B | $4.5B | $5.2B |
| Short-term debt | $23M | $31M | $35M | $52M | $60M |
| Long-term debt | $1.6B | $2B | $1.9B | $3.2B | $3.3B |
| Total liabilities | $4.9B | $5.6B | $6.3B | $8.6B | $9.3B |
| Shareholders' equity | $595M | $478M | $560M | $628M | $648M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $273M | $336M | $477M | $515M | $644M |
| Capital expenditure | $343M | $8M | $0 | $0 | $3M |
| Free cash flow | −$70M | $328M | $477M | $515M | $641M |
| Depreciation & amortisation | $5M | $6M | $9M | $10M | $13M |
| Stock-based compensation | $68M | $77M | $70M | $79M | $69M |
| Acquisitions | – | $0 | $447M | $1.7B | $746M |
| Dividends paid | – | $0 | $0 | $80M | $62M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.5% | 18.4% | 21.2% | 21.9% |
| Operating income growth (YoY) | – | 55.1% | 24.0% | 19.1% | 15.4% |
| Operating margin | 13.0% | 16.9% | 17.7% | 17.4% | 16.5% |
| Net margin | 4.6% | 3.6% | 3.0% | 3.9% | 2.1% |
| Return on equityBlank when equity is negative | 11.1% | 12.8% | 10.9% | 15.1% | 9.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.3% | 8.9% | 10.3% | 8.4% | 9.2% |
| Free cash flow margin | −4.9% | 19.1% | 23.5% | 21.0% | 21.4% |
| Cash conversion (CFO ÷ net income) | 4.15x | 5.50x | 7.82x | 5.44x | 10.2x |
| Receivable days | 54 | 49 | 53 | 58 | 60 |
| Interest cover | 2.35x | 2.76x | 3.00x | – | – |
| Debt ÷ equity | 2.67x | 4.14x | 3.54x | 5.23x | 5.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $450M | $990M | $1.1B | $2.7B | $3.2B |
| Current ratio | 1.03x | 1.24x | 1.16x | 1.05x | 0.98x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.