Ryan Specialty
Distributes and underwrites specialty insurance through broker and carrier platforms.
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Profile
Distributes and underwrites specialty insurance for brokers, agents, and carriers through wholesale brokerage, binding authority, and underwriting management. It operates internationally under delegated authority from carriers and ordinarily does not retain underwriting risk.
Connects brokers, agents, and carriers in specialty insurance through Wholesale Brokerage, RT Binding Authority, and Underwriting Management. The platform distributes and underwrites coverage across property, casualty, professional lines, transportation, personal lines, workers’ compensation, and employee benefits.
Provides product development, administration, and risk-management services alongside distribution and underwriting. Its international platform combines organic expansion with bolt-on acquisitions.
Rather than ordinarily retaining underwriting risk, it operates under delegated authority from carriers through managing-underwriter, binding-authority, and national-program operations. Those delegated relationships shape how coverage is distributed and underwritten across its specialty platform for brokers and agents.
Company facts
Key statistics
Year to date −13.3% · Average volume (30d) 1.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Overweight | $42 | $50 |
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $34 | $41 |
| Aug 3, 2026 | UBS | Reiterate | Buy | $39 | $55 |
| Jul 31, 2026 | Mizuho Securities | Target | $39 | $48 | |
| Jul 31, 2026 | Piper Sandler | Reiterate | Neutral | $44 | $48 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.60 | $0.74 | +23.7% | $873.9M | $916.6M | +4.9% | +0.16% |
| Apr 30, 2026Q1 FY26 | $0.43 | $0.47 | +9.3% | $781.4M | $795.2M | +1.8% | −11.33% |
| Feb 12, 2026Q4 FY25 | $0.50 | $0.45 | −10.0% | $777.1M | $751.2M | −3.3% | −12.78% |
| Oct 30, 2025Q3 FY25 | $0.47 | $0.47 | 0.0% | $777.4M | $754.6M | −2.9% | +8.13% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $690.2M | $855.2M | $754.6M | $751.2M | $795.2M | $916.6M | |
| Gross profit | $690.2M | $855.2M | $359.0M | $677.7M | $725.8M | $848.1M | |
| Operating income | $51.0M | $137.7M | $155.6M | $134.9M | $144.1M | $215.4M | |
| Net income | −$27.6M | $52.0M | $31.1M | $8.0M | $40.6M | $108.4M | |
| Diluted EPS | −$0.22 | $0.19 | $0.11 | $0.03 | $0.31 | $0.33 | |
| Gross margin | 100.0% | 100.0% | 47.6% | 90.2% | 91.3% | 92.5% | |
| Operating margin | 7.4% | 16.1% | 20.6% | 18.0% | 18.1% | 23.5% |
Fiscal years (4-quarter sums)FY21 $1.43B · FY22 $1.73B · FY23 $2.08B · FY24 $2.52B · FY25 $3.05B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $140.1M · Total debt $3.81B · Total assets $11.97B · Shareholders' equity $509.4M
Dividends
Last raised to $0.13 from $0.12 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 11, 2026 | Aug 11 | Aug 25 | $0.13 | |
| May 12, 2026 | May 12 | May 26 | $0.13 | |
| Feb 24, 2026 | Feb 24 | Mar 10 | $0.13 | raised from $0.12 |
| Nov 10, 2025 | Nov 11 | Nov 25 | $0.12 | |
| Aug 12, 2025 | Aug 12 | Aug 26 | $0.12 | |
| May 13, 2025 | May 13 | May 27 | $0.12 | |
| Mar 4, 2025 | Mar 4 | Mar 18 | $0.12 | raised from $0.11 |
| Nov 12, 2024 | Nov 12 | Nov 26 | $0.11 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 129.47M · Float 113.09M · 87.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Patrick G. Ryan · director, 10 percent owner, officer: Executive Chairman | 13.82M | 10.67% | Form 4 | Jun 8, 2026 |
| BlackRock, Inc. | 10.49M | 8.11% | 13F | Aug 7, 2026 |
| Vulcan Value Partners, LLC | 7.91M | 6.11% | 13F | Aug 10, 2026 |
| T. Rowe Price Investment Management, Inc. | 6.63M | 5.12% | 13F | Aug 14, 2026 |
| Orbis Allan Gray Ltd | 6.31M | 4.87% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Michael Conklin | officer: EVP & CHRO | −2,043 | $42.26 |
| Jun 11, 2026 | Anthony J. Kuczinski | director | +2,500 | $34.83 |
| Jun 12, 2026 | Anthony J. Kuczinski | director | +500 | $35.77 |
| Jun 10, 2026 | John W. Jr Rogers | director | +7,500 | $35.16 |
| Jun 5, 2026 | Patrick G. Ryan | director, 10 percent owner, officer: Executive Chairman | +120,000 | $32.50 |
Peers
- Arthur J. Gallagher
Wholesale, MGA and underwriting-management platform for complex risks
- Brown & Brown
Specialty Distribution platform spanning wholesale, binding and underwriting
- Marsh McLennan
Underwriting-management and selective wholesale platform for specialty programs
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ryan Specialty | $43.63 | −0.52% | $5.68B | 56.4 | 19.2 | 1.8 | +7.2% |
| Arthur J. Gallagher | $250.73 | −6.27% | $68.74B | 44.3 | 19.0 | 4.4 | +22.8% |
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| Marsh McLennan | $185.69 | −3.61% | $91.93B | 23.6 | 17.6 | 3.3 | +6.2% |
| Median | 23.6 | 17.6 | 3.6 | +22.8% |