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RYAN SPECIALTY HOLDINGS, INC.

RYAN Clue Score63
United States Fiscal year ends December CIK 0001849253
$37.01 -2.06% Close, 9 Oct 2026
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Price $37.01 +5.80% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 22 Jul 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue0.77Operating income0.10Net income0.06Fiscal year 2020Revenue1.02 +33.1%Operating income0.16Net income0.07 +6.1%Fiscal year 2021Revenue1.43 +40.7%Operating income0.19Net income0.07 −3.3%Fiscal year 2022Revenue1.71 +19.5%Operating income0.29Net income0.06 −7.3%Fiscal year 2023Revenue2.03 +18.4%Operating income0.36Net income0.06 −0.0%Fiscal year 2024Revenue2.46 +21.2%Operating income0.43Net income0.09 +55.1%Fiscal year 2025Revenue2.99 +21.9%Operating income0.49Net income0.06 −33.0%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.77 1.02 1.43 1.71 2.03 2.46 2.99
Growth +33.1% +40.7% +19.5% +18.4% +21.2% +21.9%
Operating income 0.10 0.16 0.19 0.29 0.36 0.43 0.49
Net income 0.06 0.07 0.07 0.06 0.06 0.09 0.06
Growth +6.1% −3.3% −7.3% −0.0% +55.1% −33.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin13.2%Net margin8.4%Free cash flow margin19.5%Fiscal year 2020Operating margin15.6%Net margin6.7%Free cash flow margin12.8%Fiscal year 2021Operating margin13.0%Net margin4.6%Free cash flow margin−4.9%Fiscal year 2022Operating margin16.9%Net margin3.6%Free cash flow margin19.1%Fiscal year 2023Operating margin17.7%Net margin3.0%Free cash flow margin23.5%Fiscal year 2024Operating margin17.4%Net margin3.9%Free cash flow margin21.0%Fiscal year 2025Operating margin16.5%Net margin2.1%Free cash flow margin21.4%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 13.2% 15.6% 13.0% 16.9% 17.7% 17.4% 16.5%
Net margin 8.4% 6.7% 4.6% 3.6% 3.0% 3.9% 2.1%
Free cash flow margin 19.5% 12.8% −4.9% 19.1% 23.5% 21.0% 21.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow0.15Capital expenditure−0.00Free cash flow0.15Fiscal year 2020Operating cash flow0.14Capital expenditure−0.01Free cash flow0.13 −12.9%Fiscal year 2021Operating cash flow0.27Capital expenditure−0.34Free cash flow−0.07 −153.5%Fiscal year 2022Operating cash flow0.34Capital expenditure−0.01Free cash flow0.33Dividends paid0.00Fiscal year 2023Operating cash flow0.48Capital expenditure0.00Free cash flow0.48 +45.6%Dividends paid0.00Fiscal year 2024Operating cash flow0.51Capital expenditure0.00Free cash flow0.51 +7.9%Dividends paid−0.08Fiscal year 2025Operating cash flow0.64Capital expenditure−0.00Free cash flow0.64 +24.4%Dividends paid−0.06
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.15 0.14 0.27 0.34 0.48 0.51 0.64
Capital expenditure −0.00 −0.01 −0.34 −0.01 0.00 0.00 −0.00
Free cash flow 0.15 0.13 −0.07 0.33 0.48 0.51 0.64
Growth −12.9% −153.5% +45.6% +7.9% +24.4%
Dividends paid n/a n/a n/a 0.00 0.00 −0.08 −0.06

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash0.40Fiscal year 2020Cash0.90Total debt1.57Net cash (debt)−0.67Fiscal year 2021Cash1.14Total debt1.57Net cash (debt)−0.43Shareholders’ equity0.59Debt to equity2.63Fiscal year 2022Cash0.99Total debt1.95Net cash (debt)−0.96Shareholders’ equity0.48Debt to equity4.08Fiscal year 2023Cash0.84Total debt1.94Net cash (debt)−1.11Shareholders’ equity0.56Debt to equity3.47Fiscal year 2024Cash0.54Total debt3.23Net cash (debt)−2.69Shareholders’ equity0.63Debt to equity5.15Fiscal year 2025Cash0.16Total debt3.29Net cash (debt)−3.13Shareholders’ equity0.65Debt to equity5.08
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.40 0.90 1.14 0.99 0.84 0.54 0.16
Total debt n/a 1.57 1.57 1.95 1.94 3.23 3.29
Net cash (debt) n/a −0.67 −0.43 −0.96 −1.11 −2.69 −3.13
Shareholders’ equity n/a n/a 0.59 0.48 0.56 0.63 0.65
Debt to equity n/a n/a 2.63 4.08 3.47 5.15 5.08

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
13.2% 15.6% 13.0% 16.9% 17.7% 17.4% 16.5%
8.9% 7.8% 4.3% 10.5% 11.7% 11.1% 9.8%
8.4% 6.7% 4.6% 3.6% 3.0% 3.9% 2.1%
19.5% 12.8% −4.9% 19.1% 23.5% 21.0% 21.4%
Spending
15.4% 10.5% 9.7% 11.5% 13.6% 14.3% 15.1%
0.0% 0.5% 24.0% 0.5% 0.0% 0.0% 0.1%
7.2% 11.3% 8.0% 8.9% 18.3% 15.6% 27.0%
Returns
n/a n/a 11.1% 12.8% 10.9% 15.1% 9.8%
n/a 1.5% 1.2% 1.0% 0.8% 1.0% 0.6%
Balance and payout
n/a n/a 2.63 4.08 3.47 5.15 5.08
n/a 93.1% 89.1% 87.2% 86.5% 88.6% 88.1%
n/a n/a n/a 0.0% 0.0% 84.8% 98.3%
n/a n/a n/a 0.0% 0.0% 15.6% 9.7%