Ryan Specialty Holdings, Inc. (RYAN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-162.6%

-$28.48

vs $45.53 price

Levered DCF

$92.73

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.81

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	103.26×	82.26×	75.47×	74.12×	-604.04×	42.97×	45.83×
P/B	10.14×	12.35×	8.79×	9.42×	12.41×	41.96×	45.57×
P/S	2.15×	3.08×	2.37×	2.61×	2.98×	2.88×	3.83×
EV / EBITDA	12.38×	17.83×	13.18×	14.42×	21.93×	22.17×	22.64×
Gross margin	90.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	20.5%	10.8%	11.5%	10.4%	4.3%	7.8%	8.9%
Net margin	2.1%	3.8%	2.9%	3.5%	4.6%	6.7%	8.4%
Current ratio	7.51×	7.4×	8.68×	9.45×	7×	0×	1×
Debt / equity	5.45×	5.52×	3.85×	4.51×	4.9×	24.2×	10.41×
Interest coverage	2.81×	1.72×	1.99×	1.71×	0.78×	1.68×	1.91×
Dividend yield	0.9%	1.0%	0.0%	0.9%	1.1%	1.7%	2.5%
Payout ratio	98.3%	84.8%	0.0%	65.3%	71.5%	73.6%	112.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.8%	15.1%	10.9%	12.8%	19.2%	97.6%	99.8%
Return on invested capital	4.3%	2.5%	2.9%	2.7%	1.1%	180.6%	8.2%
Return on assets	0.6%	1.0%	0.8%	1.0%	1.2%	1.5%	2.9%
Free cash flow yield	8.8%	6.0%	9.1%	7.1%	6.2%	4.2%	4.8%
Earnings yield	1.0%	1.2%	1.2%	1.4%	1.5%	2.3%	2.2%
Enterprise value	$9.9B	$10.7B	$6.2B	$5.7B	$5.6B	$4.3B	$3.5B
Net debt / EBITDA	4.2×	4.88×	2.78×	2.96×	5.11×	7.09×	3.94×
Cash conversion cycle (days)	-217	606	608	608	663	773	61