Ryan Specialty Holdings Inc. Class A Common Stock (RYAN)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am wary of paying a high price for a good story, and Ryan Specialty is a case where the story is easier to like than the price. It is a specialty insurance intermediary—wholesale broker, managing underwriter, program administrator—with 6,171 employees. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $902.7M and net income $42.3M; a year earlier, fiscal Q2 2025 revenue was $840.9M and net income $52.0M. For fiscal 2025, revenue was $3.0B and net income $63.4M, versus fiscal 2024 revenue $2.5B and net income $94.7M. So revenue is advancing, but profit has been uneven and lower in the latest comparisons. At the 2026-10-26 close of $44.47, FairStock shows a P/E of 60.09 and P/B of 10.59. The Graham Number is $8.36, implying a negative 422.49% margin of safety—far outside Graham's bargain zone. Return on equity is 22.09%, but ROCE is only 3.45%, and debt/equity is 3.75; Altman Z is 0.60, a warning sign. Free cash flow is $496.7M, a 5.4% FCF yield, and Piotroski is 7/9, so there are real cash and operating strengths. FairStock's Lynch category is SLOW GROWER — Shrinking: profit -1.4% a year over five years, revenue 24.1%. I see a decent cash-generating business, but not a durable-enough moat or margin of safety at this price.

In plain English: Ryan Specialty helps insurance brokers and insurers place specialty risks; it acts as a wholesale broker and underwriter. Revenue is growing and it produces cash, but profits have been uneven, and the stock price looks high compared with the company's earnings and accounting value. The financial picture is mixed rather than clearly strong.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer