RYANRYAN SPECIALTY HOLDINGS, INC.

Insurance Agents, Brokers & Service

Revenue: $3.0B; 22% YoY
Operating margin: 16.5%; 5.4% YoY
EBITDA: $507M; 16% YoY
Market cap: $4.8B
Employees: 6,110; $490K revenue each
Net debt / EBITDA: 6.9×; $3.5B net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
10× net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$490K · 73rd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$229M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.7B	$2.0B	$2.5B	$3.0B	22%
Operating income	$187M	$290M	$359M	$428M	$494M	15%
Net income	$66M	$61M	$61M	$95M	$63M	33%
Operating cash flow	$273M	$336M	$477M	$515M	$644M	25%
Capex	$343M	$8M	$0	$0	$3M
Stock-based comp	$68M	$77M	$70M	$79M	$69M	12%
Dividends	—	$0	$0	$80M	$62M	22%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 14, 2024	ONEX CORP	SC 13D/A	10.5%	Passive
May 24, 2023	ONEX CORP	SC 13D/A	3.6%	Passive
Aug 2, 2021	ONEX CORP	SC 13D	34.3%	Passive

Insider trading

Open-market buys, 12 mo: $6M · 9
Open-market sells, 12 mo: $235M · 4
Net: −$229M

Pay vs performance

No pay-versus-performance disclosure yet.