RYAN SPECIALTY HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data RYAN SPECIALTY HOLDINGS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	765	1,018	1,433	1,725	2,078	2,516	3,051
General and administrative	118	107	139	197	276	352	453
Operating expenses	664	860	1,246	1,436	1,718	2,088	2,557
Operating income	101	159	187	290	359	428	494
Interest expense	35.5	47.2	79.4	105	120
Other non-operating income	3.47	-32.3	-44.9	-5.07	-10.4	-15	0.69
Pre-tax income	68	79.5	61.6	179	238	273	293
Income tax	4.93	8.95	4.93	15.9	43.4	42.6	79
Net income to minority interests	-1.11	2.41	-9.24	102	133	135	151
Net income	64.2	68.1	65.9	61.1	61	94.7	63.4
EBITDA	106	162	191	295	368	438	507

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	402	896	1,140	993	839	540	158
Receivables		178	210	231	294	390	489
Other current assets		16	15.9	49.7	62.2	110	100
Total current assets		2,493	3,011	3,894	4,336	4,789	5,060
Property, plant and equipment		17.4	15.3	31.3	42.4	50.2	69.5
Lease right-of-use assets		93.7	84.8	144	128	133	130
Goodwill	529	1,224	1,309	1,315	1,646	2,647	3,225
Intangible assets		605	574	29.3	38.3	83.7	120
Other non-current assets		12.3	10.8	57	39.3	18.6	14.6
Total assets		4,529	5,459	6,384	7,247	9,650	10,564
Accounts payable		116	99.4	119	136	249	284
Short-term debt		19.2	23.5	30.6	35.4	51.7	60.2
Total current liabilities		2,482	2,918	3,134	3,744	4,549	5,189
Long-term debt		1,566	1,567	1,952	1,944	3,231	3,291
Lease liabilities		83.7	74.4	152	154	159	153
Other non-current liabilities		16.7	27.7	22.3	41.1	86.6	97.9
Total liabilities		4,219	4,864	5,566	6,268	8,552	9,310
Total debt		1,585	1,590	1,977	1,971	3,277	3,346
Paid-in capital			349	418	442	506	514
Retained earnings		-346	-7.06	54	114	123	120
Other comprehensive income		2.7	1.71	6.04	3.08	-1.8	13.8
Shareholders' equity				478	560	628	648
Minority interests				339	420	471	606
Total equity			595	818	980	1,098	1,254
Total liabilities and equity		4,529	5,459	6,384	7,247	9,650	10,564

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	63.1	70.5	56.6	163	194	230	214
Depreciation and amortization	4.8	3.93	4.81	5.69	9.04	9.79	13.1
Stock-based compensation	8.15	10.8	67.5	77.5	69.7	79	69.5
Deferred income tax	-0.8	0.2	-1.15	8.99	7.13	16.8	26
Change in receivables	-3.73	-31.2	-29.7	-20.4	-44.2	-22	-57.6
Cash from operations	150	135	273	336	477	515	644
Capital expenditures	-0.1	-5.24	-343	-7.71	0	0	-3.01
Acquisitions	-121	-718	-109	0	-447	-1,709	-746
Purchases of investments	-23.5	-23.5	0	0
Cash from investing	-148	-769	-458	-22.4	-476	-1,756	-834
Share buybacks	0	0	-78.3	0	0
Dividends paid				0	0	-80.2	-62.3
Cash from financing	62.3	1,125	429	315	-12.6	1,167	78.1
Exchange rate effect	0.27	1.35	-0.88
Net change in cash	64	494	244	628	-11.1	-75.5	-96.3
Free cash flow	149	130	-69.7	328	477	515	641
Interest paid	32.7	41	79.4	88.5	128	137	196
Income taxes paid	4.83	7.56	6.76	11.2	16.4	27.3	14.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $37.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.8%	Operating income / revenue.
EBITDA margin	15.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.8%	Pre-tax income / revenue.
Net margin	3.1%	Net income / revenue.
FCF margin	17.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.4%	Cash from operations / revenue.
Effective tax rate	14.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Return on invested capital (ROIC)	10.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	15.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	25.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-33.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	25.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	36.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	25.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	37.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	9.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.00x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	7.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.8%	Total debt / total assets.
Liabilities / assets	91.5%	Total liabilities / total assets.
Net debt	$3.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.96x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$13.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	27.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.83B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	49.8x	Revenue / average property, plant and equipment.
Receivables turnover	4.61x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
FCF conversion	560.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	66.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.69B	Share price x shares outstanding.
Enterprise value	$13.12B	Market cap + total debt - cash - short-term investments.
P/E	97.9x	Market cap / net income. Only when net income is positive.
P/S	3.01x	Market cap / revenue.
P/B	19.0x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.4x	Market cap / cash from operations, when positive.
EV/Sales	4.08x	Enterprise value / revenue.
EV/EBIT	27.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	1.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.

What was RYAN SPECIALTY HOLDINGS, INC.'s revenue in fiscal 2025?

RYAN SPECIALTY HOLDINGS, INC. reported revenue of $3.05B for fiscal 2025, 21.3% higher than the year before.

Was RYAN SPECIALTY HOLDINGS, INC. profitable in fiscal 2025?

Yes. Net income was $63.4M, a net margin of 2.1%.

How much free cash flow did RYAN SPECIALTY HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $643.7M minus capital expenditures of $3.0M left free cash flow of $640.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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