Cash flow Ryan Specialty Holdings, Inc.

Equities

RYAN

US78351F1075

Multiline Insurance & Brokers

Market Closed - Nyse Other stock markets 04:00:02 2026-03-13 pm EDT			5-day change	1st Jan Change
36.18 ^USD	+0.03%		-8.91%	-29.92%

Mar. 10	PRESS DIGEST-Financial Times - March 11	RE
Feb. 25	BMO Capital Downgrades Ryan Specialty to Market Perform From Outperform, Cuts Price Target to $43 From $66	MT

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Published financial data: RYAN SPECIALTY HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.43B	1.71B	2.03B	2.46B	2.99B
Total Revenues	1.43B	1.71B	2.03B	2.46B	2.99B
Cost of Goods Sold, Total	943M	1.11B	1.3B	1.51B	1.74B
Gross Profit	489M	606M	728M	945M	1.25B
Selling General & Admin Expenses, Total	130M	188M	230M	278M	392M
Depreciation & Amortization - (IS)	4.81M	5.69M	9.04M	9.78M	13.09M
Amortization of Goodwill and Intangible Assets - (IS)	108M	104M	107M	158M	274M
Other Operating Expenses, Total	242M	297M	346M	445M	680M
Operating Income	247M	309M	382M	499M	573M
Interest Expense, Total	-80.1M	-107M	-142M	-168M	-215M
Interest And Investment Income	592K	13.33M	82.95M	81.54M	64.14M
Net Interest Expenses	-79.51M	-93.49M	-58.55M	-85.98M	-151M
Income (Loss) On Equity Invest.	-759K	-414K	8.73M	18.23M	21.24M
Other Non Operating Income (Expenses)	-35.56M	-3.08M	-17.34M	-22M	-6.26M
EBT, Excl. Unusual Items	131M	212M	315M	410M	437M
Restructuring Charges	-14.66M	-5.72M	-49.28M	-59.7M	-
Merger & Related Restructuring Charges	-42.68M	-26.69M	-18.94M	-94.79M	-98.68M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Other Unusual Items	-11.88M	-442K	-8.47M	17.39M	-45.33M
EBT, Incl. Unusual Items	61.56M	179M	238M	273M	293M
Income Tax Expense	4.93M	15.94M	43.44M	42.64M	79.03M
Earnings From Continuing Operations	56.63M	163M	194M	230M	214M
Net Income to Company	56.63M	163M	194M	230M	214M
Minority Interest	9.24M	-102M	-133M	-135M	-151M
Net Income - (IS)	65.87M	61.05M	61.04M	94.66M	63.4M
Preferred Dividend and Other Adjustments	72.94M	-806K	10K	-	-
Net Income to Common Incl Extra Items	-7.06M	61.86M	61.03M	94.66M	63.4M
Net Income to Common Excl. Extra Items	-7.06M	61.86M	61.03M	94.66M	63.4M
Per Share Items
Net EPS - Basic	-0.07	0.57	0.53	0.78	0.5
Basic EPS - Continuing Operations	-0.07	0.57	0.53	0.78	0.5
Basic Weighted Average Shares Outstanding	106M	109M	114M	121M	127M
Net EPS - Diluted	-0.07	0.52	0.52	0.71	0.47
Diluted EPS - Continuing Operations	-0.07	0.52	0.52	0.71	0.47
Diluted Weighted Average Shares Outstanding	106M	266M	126M	133M	138M
Normalized Basic EPS	0.86	0.28	0.55	1	0.96
Normalized Diluted EPS	0.86	0.11	0.5	0.91	0.89
Dividend Per Share	-	-	-	0.44	0.48
Payout Ratio	71.5	65.33	117.43	56.13	98.33
Supplemental Items
EBITDA	359M	418M	498M	667M	861M
EBITA	354M	413M	489M	657M	847M
EBIT	247M	309M	382M	499M	573M
EBITDAR	384M	451M	535M	699M	897M
Total Revenues (As Reported)	1.43B	1.73B	2.08B	2.52B	3.05B
Effective Tax Rate - (Ratio)	8.01	8.89	18.26	15.64	26.95
Current Domestic Taxes	1.04M	2.25M	12.52M	7.2M	-582K
Current Foreign Taxes	5.04M	4.7M	5.44M	9.13M	4.96M
Total Current Taxes	6.08M	6.95M	17.96M	16.32M	4.38M
Deferred Domestic Taxes	-1.68M	8.97M	26.49M	27.93M	83.68M
Deferred Foreign Taxes	523K	20K	-997K	-1.61M	-9.04M
Total Deferred Taxes	-1.15M	8.99M	25.49M	26.32M	74.64M
Normalized Net Income	90.98M	30.32M	63.19M	121M	122M
Interest on Long-Term Debt	4K	2K	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	130M	188M	230M	278M	392M
Net Rental Expense, Total	24.22M	32.94M	37.14M	31.86M	36.5M
Imputed Operating Lease Interest Expense	9.21M	14.66M	19.5M	15.2M	17.94M
Imputed Operating Lease Depreciation	15.02M	18.28M	17.64M	16.66M	18.55M
Stock-Based Comp., COGS (Total)	86.46M	23.39M	31.05M	52.04M	49.66M
Stock-Based Comp., Other (Total)	-	54.09M	38.7M	26.96M	19.79M
Total Stock-Based Compensation	86.46M	77.48M	69.74M	79M	69.45M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	387M	993M	839M	540M	158M
Trading Asset Securities, Total	-	-	-	13.94M	-
Total Cash And Short Term Investments	387M	993M	839M	554M	158M
Accounts Receivable, Total	211M	232M	294M	390M	489M
Other Receivables	1.8M	28.21M	36.47M	44.31M	37.44M
Total Receivables	213M	260M	331M	434M	526M
Prepaid Expenses	21.16M	29.65M	34.48M	60.92M	76.54M
Other Current Assets, Total	2.39B	2.61B	3.13B	3.74B	4.3B
Total Current Assets	3.01B	3.89B	4.34B	4.79B	5.06B
Net Property Plant And Equipment	100M	175M	170M	183M	200M
Long-term Investments	45.42M	38.51M	75.77M	70.88M	110M
Goodwill	1.31B	1.31B	1.65B	2.65B	3.23B
Other Intangibles, Total	574M	486M	611M	1.48B	1.62B
Deferred Tax Assets Long-Term	383M	397M	384M	448M	310M
Deferred Charges Long-Term	-	-	4.1M	9.6M	7.5M
Other Long-Term Assets, Total	36.17M	77.78M	20.65M	26.43M	34.9M
Total Assets	5.46B	6.38B	7.25B	9.65B	10.56B
Liabilities
Accounts Payable, Total	67.7M	110M	122M	191M	217M
Accrued Expenses, Total	386M	350M	420M	486M	519M
Short-term Borrowings	6.37M	5.72M	8.21M	5.86M	5.37M
Current Portion of Long-Term Debt	17.06M	24.83M	27.16M	45.87M	54.81M
Current Portion of Leases	18.82M	22.78M	21.37M	22.11M	25.99M
Unearned Revenue Current, Total	1.1M	1.4M	7.8M	8.7M	10M
Other Current Liabilities	2.4B	2.62B	3.14B	3.79B	4.36B
Total Current Liabilities	2.9B	3.13B	3.74B	4.55B	5.19B
Long-Term Debt	1.57B	1.95B	1.94B	3.23B	3.29B
Long-Term Leases	74.44M	152M	154M	159M	153M
Deferred Tax Liability Non Current	631K	562K	-	39.92M	49.83M
Other Non Current Liabilities	304M	327M	425M	572M	627M
Total Liabilities	4.85B	5.57B	6.27B	8.55B	9.31B
Preferred Stock Redeemable	16.2M	-	-	-	-
Preferred Stock Non Redeemable	-	-	-	-	-
Total Preferred Equity	16.2M	-	-	-	-
Common Stock, Total	259K	259K	261K	261K	265K
Additional Paid In Capital	349M	418M	442M	506M	514M
Retained Earnings	-7.06M	53.99M	114M	123M	120M
Comprehensive Income and Other	1.71M	6.04M	3.08M	-1.8M	13.84M
Total Common Equity	344M	478M	560M	628M	648M
Minority Interest	251M	339M	420M	471M	606M
Total Equity	611M	818M	980M	1.1B	1.25B
Total Liabilities And Equity	5.46B	6.38B	7.25B	9.65B	10.56B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	110M	113M	119M	126M	130M
ECS Total Common Shares Outstanding	110M	112M	119M	125M	130M
Book Value / Share	3.13	4.25	4.72	5	5
Tangible Book Value	-1.54B	-1.32B	-1.7B	-3.49B	-4.19B
Tangible Book Value Per Share	-14.01	-11.77	-14.31	-27.87	-32.36
Total Debt	1.68B	2.16B	2.16B	3.46B	3.53B
Net Debt	1.3B	1.16B	1.32B	2.91B	3.37B
Debt Equivalent Oper. Leases	194M	264M	297M	255M	292M
Minority Interest, Total (Incl. Fin. Div)	251M	339M	420M	471M	606M
Equity Method Investments, Total	45.42M	38.51M	46.1M	70.88M	110M
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	3.55K	3.85K	4.35K	5.25K	6.11K
Accumulated Allowance for Doubtful Accounts (Supple)	2.51M	1.98M	2.46M	3.02M	4.1M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	65.87M	61.05M	61.04M	94.66M	63.4M
Depreciation & Amortization - CF	4.81M	5.69M	33.7M	32.24M	39.75M
Amortization of Goodwill and Intangible Assets - (CF)	108M	104M	107M	158M	274M
Depreciation & Amortization, Total	113M	109M	141M	190M	314M
Amortization of Deferred Charges, Total - (CF)	11.37M	12.05M	12.17M	23.93M	9.57M
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	4.64M	6.96M	6.96M	6.96M
(Income) Loss On Equity Investments - (CF)	759K	414K	-8.73M	-18.23M	-21.24M
Stock-Based Compensation (CF)	114M	106M	81.94M	110M	108M
Other Operating Activities, Total	-1.76M	117M	145M	137M	200M
Change In Accounts Receivable	-29.66M	-20.37M	-44.18M	-22.01M	-57.56M
Change in Other Net Operating Assets	220K	-54.62M	82.08M	-7.37M	20.28M
Cash from Operations	273M	336M	477M	515M	644M
Capital Expenditure	-353M	-22.76M	-29.78M	-47M	-70.97M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-109M	-	-447M	-1.71B	-746M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-16.56M
Other Investing Activities, Total	3.88M	337K	228K	-	-
Cash from Investing	-458M	-22.42M	-476M	-1.76B	-834M
Short Term Debt Issued, Total	-	-	-	1.25B	-
Long-Term Debt Issued, Total	-	394M	-	1.3B	1.33B
Total Debt Issued	-	394M	-	2.55B	1.33B
Short Term Debt Repaid, Total	-	-	-	-1.25B	-
Long-Term Debt Repaid, Total	-17.74M	-16.54M	-16.5M	-8.25M	-1.28B
Total Debt Repaid	-17.74M	-16.54M	-16.5M	-1.26B	-1.28B
Issuance of Common Stock	1.45B	-	-	-	-
Repurchase of Common Stock	-968M	-7.17M	-8.78M	-27.46M	-37.04M
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-78.26M	-	-	-	-
Common Dividends Paid	-47.1M	-39.88M	-71.67M	-53.14M	-62.34M
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-47.1M	-39.88M	-71.67M	-53.14M	-62.34M
Special Dividend Paid	-	-	-	-27.1M	-
Other Financing Activities, Total	92.12M	-15.66M	84.35M	-12.22M	123M
Cash from Financing	429M	315M	-12.61M	1.17B	78.12M
Foreign Exchange Rate Adjustments	-883K	-126K	584K	-1.51M	15.9M
Net Change in Cash	244M	628M	-11.05M	-75.53M	-96.34M
Supplemental Items
Cash Interest Paid	79.36M	90.68M	151M	-	-
Cash Income Tax Paid (Refund)	6.76M	11.23M	16.4M	27.33M	14.34M
Levered Free Cash Flow	-55.8M	230M	354M	503M	506M
Unlevered Free Cash Flow	-17.11M	285M	430M	584M	631M
Change In Net Working Capital	17.44M	72.15M	-11.06M	-49.77M	39.81M
Net Debt Issued / Repaid	-17.74M	377M	-16.5M	1.29B	54.4M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.09	3.26	3.5	3.69	3.54
Return on Total Capital	7.16	7.35	7.81	8.11	7.66
Return On Equity %	12.16	23.11	21.64	22.13	18.21
Return on Common Equity	-3.42	15.05	11.76	15.94	9.94
Margin Analysis
Gross Profit Margin %	34.14	35.39	35.93	38.48	41.84
SG&A Margin	9.05	10.95	11.37	11.31	13.1
EBITDA Margin %	25.09	24.44	24.55	27.16	28.74
EBITA Margin %	24.75	24.1	24.11	26.76	28.3
EBIT Margin %	17.22	18.05	18.84	20.34	19.14
Income From Continuing Operations Margin %	3.95	9.54	9.6	9.36	7.15
Net Income Margin %	4.6	3.57	3.01	3.85	2.12
Net Avail. For Common Margin %	-0.49	3.61	3.01	3.85	2.12
Normalized Net Income Margin	6.35	1.77	3.12	4.92	4.09
Levered Free Cash Flow Margin	-3.9	13.45	17.46	20.49	16.9
Unlevered Free Cash Flow Margin	-1.19	16.65	21.22	23.78	21.07
Asset Turnover
Asset Turnover	0.29	0.29	0.3	0.29	0.3
Fixed Assets Turnover	13.54	12.44	11.74	13.89	15.62
Receivables Turnover (Average Receivables)	7.37	7.73	7.71	7.18	6.82
Short Term Liquidity
Current Ratio	1.04	1.24	1.16	1.05	0.98
Quick Ratio	0.21	0.4	0.31	0.22	0.13
Operating Cash Flow to Current Liabilities	0.09	0.11	0.13	0.11	0.12
Days Sales Outstanding (Average Receivables)	49.52	47.2	47.33	50.97	53.55
Average Days Payable Outstanding	26.67	32.01	29.4	38.58	42.78
Long Term Solvency
Total Debt/Equity	275.5	263.77	219.98	315.42	281.55
Total Debt / Total Capital	73.37	72.51	68.75	75.93	73.79
LT Debt/Equity	268.59	257.25	214.19	308.7	274.67
Long-Term Debt / Total Capital	71.53	70.72	66.94	74.31	71.99
Total Liabilities / Total Assets	88.81	87.19	86.48	88.62	88.13
EBIT / Interest Expense	3.08	2.89	2.7	2.98	2.67
EBITDA / Interest Expense	4.79	4.22	3.78	4.17	4.17
(EBITDA - Capex) / Interest Expense	0.38	4.01	3.57	3.89	3.84
Total Debt / EBITDA	4.39	4.78	4.03	4.96	3.94
Net Debt / EBITDA	3.38	2.58	2.46	4.16	3.76
Total Debt / (EBITDA - Capex)	55.04	5.03	4.27	5.31	4.27
Net Debt / (EBITDA - Capex)	42.39	2.72	2.61	4.46	4.08
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	40.87	19.53	18.39	21.17	21.95
Gross Profit, 1 Yr. Growth %	36.38	23.91	20.18	29.77	28.25
EBITDA, 1 Yr. Growth %	34.2	16.43	18.95	34.05	23.08
EBITA, 1 Yr. Growth %	34.38	16.4	18.4	34.53	22.93
EBIT, 1 Yr. Growth %	23.16	25.31	23.54	30.81	7.81
Earnings From Cont. Operations, 1 Yr. Growth %	-19.69	188.28	19.12	18.22	-6.85
Net Income, 1 Yr. Growth %	-3.28	-7.32	-0.02	55.09	-33.03
Normalized Net Income, 1 Yr. Growth %	20.7	-66.67	100.19	91.14	-13.04
Diluted EPS Before Extra, 1 Yr. Growth %	-179.08	-838.45	0.33	37.73	-34.86
Accounts Receivable, 1 Yr. Growth %	18.68	9.93	27.12	32.48	25.45
Net Property, Plant and Equip., 1 Yr. Growth %	-10.06	74.85	-2.86	7.83	8.98
Total Assets, 1 Yr. Growth %	20.52	16.95	13.53	33.15	9.47
Tangible Book Value, 1 Yr. Growth %	-12.49	-14.06	28.3	105.89	19.99
Common Equity, 1 Yr. Growth %	392.58	39.16	17	12.13	3.25
Cash From Operations, 1 Yr. Growth %	102	22.68	42.23	7.89	25.02
Capital Expenditures, 1 Yr. Growth %	1.89K	-93.55	30.84	57.85	50.99
Levered Free Cash Flow, 1 Yr. Growth %	-115.41	-682.39	40.36	42.2	-3.26
Unlevered Free Cash Flow, 1 Yr. Growth %	-104.39	-33.57K	39.63	35.77	4.46
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	9.09
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	37.42	29.76	18.96	19.77	21.56
Gross Profit, 2 Yr. CAGR %	34.23	30	22.03	24.88	27.3
EBITDA, 2 Yr. CAGR %	46.57	25	17.68	26.28	25.92
EBITA, 2 Yr. CAGR %	47.72	25.07	17.4	26.21	26.01
EBIT, 2 Yr. CAGR %	46.99	24.23	24.42	27.12	15.86
Earnings From Cont. Operations, 2 Yr. CAGR %	-5.23	52.16	85.31	18.67	4.94
Net Income, 2 Yr. CAGR %	1.32	-5.32	-3.74	24.52	1.92
Normalized Net Income, 2 Yr. CAGR %	33.46	-36.58	-16.87	95.61	15.76
Diluted EPS Before Extra, 2 Yr. CAGR %	-	141.65	172.19	17.55	-5.28
Accounts Receivable, 2 Yr. CAGR %	28.79	14.22	18.11	29.78	28.92
Net Property, Plant and Equip., 2 Yr. CAGR %	194.35	25.41	30.33	2.35	8.41
Total Assets, 2 Yr. CAGR %	57.87	18.72	15.22	22.95	20.73
Tangible Book Value, 2 Yr. CAGR %	41.47	-13.28	5.01	62.53	57.18
Common Equity, 2 Yr. CAGR %	113.55	161.82	27.6	14.54	7.6
Cash From Operations, 2 Yr. CAGR %	35.25	57.42	32.09	23.88	16.14
Capital Expenditures, 2 Yr. CAGR %	560.5	13.28	-70.95	43.71	54.38
Levered Free Cash Flow, 2 Yr. CAGR %	-	-20.47	335.45	39.46	15.1
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-14.44	374.62	37.68	17.33
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	31.17	25.85	19.69	20.49
Gross Profit, 3 Yr. CAGR %	-	30.7	26.64	24.56	27.41
EBITDA, 3 Yr. CAGR %	-	35.74	22.95	22.9	27.18
EBITA, 3 Yr. CAGR %	-	36.44	22.8	22.85	27.11
EBIT, 3 Yr. CAGR %	-	39.37	24	26.52	22.85
Earnings From Cont. Operations, 3 Yr. CAGR %	-	37.31	40.24	59.53	9.47
Net Income, 3 Yr. CAGR %	-	-1.64	-3.59	12.85	1.27
Normalized Net Income, 3 Yr. CAGR %	-	-15.95	-5.71	9.72	57.14
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	80.27	116.9	-3.45
Accounts Receivable, 3 Yr. CAGR %	-	22.17	18.3	22.72	28.32
Net Property, Plant and Equip., 3 Yr. CAGR %	-	147.44	15.17	22.35	4.51
Total Assets, 3 Yr. CAGR %	-	42.84	16.96	20.91	18.28
Tangible Book Value, 3 Yr. CAGR %	-	19.82	-1.18	31.43	46.89
Common Equity, 3 Yr. CAGR %	-	85.15	100.17	22.22	10.65
Cash From Operations, 3 Yr. CAGR %	-	30.92	52.18	23.48	24.26
Capital Expenditures, 3 Yr. CAGR %	-	41.16	18.86	-48.93	46.1
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-0.94	199.87	25.07
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	3.38	212.73	27
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	26.49	24.12
Gross Profit, 5 Yr. CAGR %	-	-	-	28.34	28.44
EBITDA, 5 Yr. CAGR %	-	-	-	31.87	26.3
EBITA, 5 Yr. CAGR %	-	-	-	32.25	26.29
EBIT, 5 Yr. CAGR %	-	-	-	34.34	23.4
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	29.53	24.88
Net Income, 5 Yr. CAGR %	-	-	-	8.09	-1.42
Normalized Net Income, 5 Yr. CAGR %	-	-	-	18.78	10.2
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	39.36
Accounts Receivable, 5 Yr. CAGR %	-	-	-	25.11	22.44
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	73.82	12.42
Total Assets, 5 Yr. CAGR %	-	-	-	34.53	18.46
Tangible Book Value, 5 Yr. CAGR %	-	-	-	35.36	18.97
Common Equity, 5 Yr. CAGR %	-	-	-	52.79	56.16
Cash From Operations, 5 Yr. CAGR %	-	-	-	28.06	36.59
Capital Expenditures, 5 Yr. CAGR %	-	-	-	42.18	31.96
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	6.81
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	10.14