📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Ryan Specialty Holdings, Inc. operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, rest of Europe, India, Singapore, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

⭐ Superinvestors Holding RYAN

View All Superinvestors →

Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	880.0K	$29.7M	0.04%	Mar 2026
Jim Simons Renaissance Technologies LLC	536.6K	$18.1M	0.03%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q2 2025

Mixed

while remaining 'relentless' in pursuing double-digit organic growth. They balanced optimistic language around casualty and new initiatives with careful framing of near-term headwinds.

Q3 2025

Confident Specific

Management repeatedly cited precise figures (25% total revenue growth, 15% organic, 23.8% adjusted EBITDA growth) and provided clear forward guidance on organic growth, but tempered with cautious language about margins, deferring the 35% EBITDA target and warning of flat-to-modestly-down margins for 2025.

Q4 2025

Confident Vague

Management repeatedly emphasizes industry-leading organic growth and resilience, but hedges with cautious forward guidance (high single digits, flat to down margins) and deflects on long-term margin targets.

Q1 2026 latest

Cautious

Management explicitly acknowledges 'one of the most volatile and reactive insurance markets' and lowered organic guidance to mid-single digits, while expressing confidence in long-term diversification and AI investments.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is weaker near-term as pricing headwinds in property and emerging casualty competition pressure organic growth and margins. However, management's confidence in long-term diversification, strategic carrier alliances, and AI-driven efficiency bolsters the narrative of a resilient platform. Specific changes: organic guidance cut from high-single to mid-single digits, margin guidance reversed to down year-over-year. Key to watch next quarter: property trends in Q2 (seasonally largest), whether casualty competition broadens, and if new business flow (still strong) can offset rate declines. The founder's personal equity grant signals conviction in the team and strategy.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Ryan Specialty Q1 2026: Revenue up 15% to $795M, organic growth 11.8%, margins slightly up.

Revenue & Profitability

First quarter 2026 total revenue grew 15% year-over-year to $795 million, driven by organic revenue growth of 11.8% and M&A contributions. Adjusted EBITDA grew 15.7% to $232 million, with margin expanding 10 basis points to 29.2%. Adjusted EPS grew 20% to $0.47. The company repurchased $40 million of its stock and ended the quarter with total net leverage of 3.3x.

Outlook

Management describes the current market as one of the most volatile and reactive they have witnessed. Property rates are declining 25%-35% for cat-exposed lines, and competition is intensifying in casualty for small and medium hazard risks. Despite this, the flow into the E&S channel remains strong (8%+ growth), and the company expects to gain market share. However, due to pricing headwinds, full-year 2026 organic revenue guidance is lowered to mid-single digits (4%-6%), with Q2 near zero.

Growth Drivers

Key growth drivers include the reinsurance managing underwriter Ryan Re (approaching $2 billion in premium), which had a strong Q1 aided by the Markel renewal rights acquisition. Transactional liability and construction (especially data centers) performed well. Benefits and alternative risk (group captives) are expanding. The company is investing in new product innovation and leveraging AI to accelerate underwriter capacity and speed to market.

Balance Sheet & CapEx

The Empower program is on track for a cumulative charge of approximately $160 million through 2028, delivering about $80 million of annual run-rate savings by 2029. The company is making significant investments in AI leadership and infrastructure, partnering with leading AI platforms. Tim Turner highlighted AI-enabled submission processing that reduced turnaround times from ~24 hours to under 2 hours, and in Velocity MGU an AI platform improved submit-to-bind ratios by 11x.

Margins

Adjusted EBITDA margin for Q1 2026 was 29.2%, up 10 basis points year-over-year. For the full year 2026, management now expects margins to be down approximately 100-150 basis points, with Q2 margins in the low-thirties. The pressure is attributed to revenue headwinds, absorption of talent investments, lower fiduciary investment income, and higher healthcare costs. Longer term, management expects modest margin expansion in most years supported by Empower and operating leverage.

Key Risks

Key risks flagged include continued property rate declines of 25%-35%, accelerating competition in casualty (new capital deployment), and the potential for a major storm to disrupt the market. Social inflation and litigation remain as underlying loss drivers. The company also faces disintermediation risk if complexity declines. Management noted that volatility in cycles is inevitable and that the speed of market turnarounds has been surprising.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Revenue grew 7.2% to $917M in Q2 2026, with strong organic growth and robust performance in casualty and professional lines. Adjusted EBITDA margin declined slightly, while EPS rose 12.1%. Guidance points to high-end mid-single digit organic growth for 2026 amid ongoing competition and pricing headwinds.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw 15% revenue growth and 20% EPS growth, but full-year guidance was lowered to mid-single-digit organic growth due to property rate declines and increased competition. Margin pressure is expected, but investments in AI, talent, and M&A remain priorities.

Q4 2025 Q4 2025 2026-02-12

Revenue grew 21% to over $3B with 10.1% organic growth and strong M&A. Project Empower aims to drive $80M in annual savings by 2029, while a $300M share repurchase and 8% dividend increase reflect confidence in the outlook. 2026 guidance calls for high single-digit organic growth.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 saw 25% revenue growth, driven by 15% organic and 10% M&A contributions, with strong performance in casualty and underwriting management. Strategic investments in talent and technology are expected to create near-term margin pressure but support long-term growth.

Q2 2025 Q2 2025 2025-07-31

Q2 2025 saw 23% revenue growth, driven by strong M&A and resilient casualty performance, offsetting property headwinds. Guidance for 2025 was revised to 9%-11% organic growth and 32.5%-33% margins, reflecting ongoing property pricing declines and strategic investments in talent and acquisitions.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.