| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 40 | 39.7x | 17.8x | Around median | |
Growth | 79 | 14.4% | 7.1% | Top tier | |
Quality | 54 | — | — | Around median | |
Safety | 13 | — | — | Bottom tier | |
Capital Return | 20 | 0.63% | 2.12% | Bottom tier | |
Momentum | 33 | -21.6% | 2.9% | Bottom tier | |
Sentiment | 82 | 12 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Ryan Specialty Holdings operates in specialty insurance services through two interconnected platforms: wholesale brokerage and delegated underwriting authority, which includes binding authority and underwriting management. The company offers more than 300 specialty insurance products, manages 40 managing general underwriting units, and has more than 25 insurance companies, each supporting ten or more of these units; revenues are therefore tied to the distribution and underwriting of specialty risks and program management on behalf of retail brokers and insurance carrier partners. It is also expanding its scope through Ryan Re for reinsurance underwriting management, alternative capital solutions, benefits, self-insurance management, and structured solutions.
In Q2 fiscal 2026, revenue according to EDGAR was approximately $916.6 million, compared with management’s rounded reported revenue of $917 million, representing year-over-year growth of 7.2% driven by organic growth of 6.7% and a modest contribution from acquisitions. Net income was $42.3 million, while adjusted EBITDAC rose 6% to $327 million, and its margin declined from 36.1% to 35.7%, or 40 basis points. Adjusted earnings per share rose 12.1% to $0.74, while the first half of fiscal 2026 recorded organic growth of 8.9% and adjusted EBITDAC growth of 9.8%.
The performance mix was varied across the platform: underwriting management delivered strong results in transactional liability, transportation, international specialties, casualty, and reinsurance, while binding authority grew despite intensifying competition. Wholesale brokerage benefited from strength in casualty, construction projects, and data centers, while the property book declined modestly under pressure from falling rates and abundant capacity. For fiscal 2026 through Q2, trailing-twelve-month revenue reached $3.2 billion, compared with $3.1 billion in fiscal 2025.
Automated analysis for informational purposes only — not investment advice.
The average analyst target is $48.33, with a Buy consensus and a wide range between $31 and $69; the average is below the 52-week range high of $59.185, while the highest target exceeds that high. The breadth of the targets, together with the expected decline in adjusted EBITDAC margin of between 50 and 100 basis points in fiscal 2026 and the anticipated growth slowdown in the second half, makes the stock’s valuation highly dependent on the company’s ability to offset the weak property cycle with growth in reinsurance, casualty, and new products.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
The company operates through wholesale brokerage and delegated underwriting authority, including binding authority and underwriting management on behalf of retail brokers and insurance carrier partners. The platform includes more than 300 specialty insurance products and 40 managing general underwriting units, with more than 25 insurance companies, each supporting ten or more of those units. Expansion areas include Ryan Re for reinsurance underwriting management, alternative capital solutions, benefits, self-insurance management, and structured solutions.
Revenue according to EDGAR was approximately $916.6 million, and net income was $42.3 million in Q2 fiscal 2026. Management reported year-over-year revenue growth of 7.2%, including organic growth of 6.7%, and adjusted EBITDAC rose 6% to $327 million. The adjusted EBITDAC margin declined 40 basis points to 35.7%, while adjusted earnings per share rose 12.1% to $0.74.
Organic revenue grew 8.9% in the first half of fiscal 2026, but management maintained its full-year outlook at the high end of the mid-single-digit range. The company expects construction project activity to normalize following large bound accounts in June 2026, along with a difficult year-over-year comparison in Q3. The outlook also incorporates continued declines in property rates, intensifying competition in some casualty markets, and weakness in builders’ risk and binding authority.
The company’s FAC Workbench converted a facultative reinsurance submission into a priced, decision-ready file within minutes instead of days, and the company has begun extending this capability to treaty underwriting. During the twelve months ended Q2 fiscal 2026, each RSUM property employee completed 11% more quotes compared with the previous year. The company is also now auditing five times as many files and has begun deploying Agen-tec AI in property inspections to reduce thousands of manual intervention points each month.
Property is experiencing intense competition and abundant capacity, with rates on some large and exposed catastrophe accounts declining by between 25% and 35%. Management expects a moderate decline in the property book, with continued pressure on builders’ risk and weaker growth in binding authority. It also expects the adjusted EBITDAC margin to decline by between 50 and 100 basis points during fiscal 2026 because of talent investments, lower fiduciary investment income, and higher healthcare and benefits costs.
The company repurchased 8.1 million shares for $260 million during Q2 fiscal 2026, then increased the program authorization by $300 million. It added $42 million of purchases during July 2026, while continuing to pay what management described as a modest and sustainable dividend. The company ended the quarter with net credit leverage of 3.3 times, within its stated comfort range of 3 to 4 times, and management does not expect to close a large acquisition during fiscal 2026.
