RYAN SPECIALTY HOLDINGS, INC. RYAN
Founded by Patrick G. Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that
provides specialty products, solutions, and services for insurance brokers, agents, and carriers. We provide distribution,
underwriting, product development, administration, and risk management services through our wholesale brokerage
platform and, on behalf of insurance carriers, through delegated underwriting authority via our managing underwriter,
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.99B | $2.46B | $2.03B | $1.71B | $1.43B | $1.02B | $758.4M | — |
| SG&A | $453.5M | $352.1M | $276.2M | $197.0M | $139.0M | $107.4M | $118.2M | — |
| Total operating expenses | $2.56B | $2.09B | $1.72B | $1.44B | $1.25B | $859.7M | $664.1M | — |
| Operating income | $493.6M | $427.8M | $359.1M | $289.5M | $186.6M | $158.5M | $101.0M | — |
| Interest expense | — | — | $119.5M | $104.8M | $79.4M | $47.2M | $35.5M | — |
| Pre-tax income | $293.2M | $272.6M | $237.9M | $179.2M | $61.6M | $79.5M | $68.0M | — |
| Income tax | $79.0M | $42.6M | $43.4M | $15.9M | $4.9M | $9.0M | $4.9M | — |
| Net income | $63.4M | $94.7M | $61.0M | $61.1M | $65.9M | $68.1M | $64.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $158.3M | $540.2M | $838.8M | $1.77B | $1.14B | $895.7M | $402.2M | $338.1M |
| Receivables | $489.0M | $389.8M | $294.2M | $231.4M | $210.3M | $177.7M | — | — |
| Total current assets | $5.06B | $4.79B | $4.34B | $3.89B | $3.01B | $2.49B | — | — |
| Property, plant and equipment | $69.5M | $50.2M | $42.4M | $31.3M | $15.3M | $17.4M | — | — |
| Goodwill | $3.23B | $2.65B | $1.65B | $1.31B | $1.31B | $1.22B | $528.5M | — |
| Other intangibles | $119.6M | $83.7M | $38.3M | $29.3M | $573.9M | $604.8M | — | — |
| Total assets | $10.56B | $9.65B | $7.25B | $6.38B | $5.46B | $4.53B | — | — |
| Accounts payable | $284.4M | $249.2M | $136.3M | $119.0M | $99.4M | $115.6M | — | — |
| Short-term debt | $60.2M | $51.7M | $35.4M | $30.6M | $23.5M | $19.2M | — | — |
| Total current liabilities | $5.19B | $4.55B | $3.74B | $3.13B | $2.92B | $2.48B | — | — |
| Long-term debt | $3.29B | $3.23B | $1.94B | $1.95B | $1.57B | $1.57B | — | — |
| Total liabilities | $9.31B | $8.55B | $6.27B | $5.57B | $4.86B | $4.22B | — | — |
| Retained earnings | $120.4M | $122.9M | $114.4M | $54.0M | -$7.1M | — | — | — |
| Total equity | $648.1M | $627.7M | $979.6M | $817.8M | $594.8M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $643.7M | $514.9M | $477.2M | $335.5M | $273.5M | $135.4M | $149.5M | — |
| Depreciation and amortisation | $13.1M | $9.8M | $9.0M | $5.7M | $4.8M | $3.9M | $4.8M | — |
| Stock-based compensation | $69.5M | $79.0M | $69.7M | $77.5M | $67.5M | $10.8M | $8.2M | — |
| Capital expenditure | $3.0M | $0 | $0 | $7.7M | $343.2M | $5.2M | $100.0K | — |
| Investing cash flow | -$834.0M | -$1.76B | -$476.2M | -$22.4M | -$457.9M | -$768.5M | -$148.0M | — |
| Financing cash flow | $78.1M | $1.17B | -$12.6M | $314.8M | $429.3M | $1.13B | $62.3M | — |
| Dividends paid | $62.3M | $80.2M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001849253-26-000006.
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