RYAN
Ryan Specialty Holdings, Inc.
NYSEUSDEQUITY
Financial Services
DELAYED
Neutral
-5/100
Last price
38.30
▲ 0.32 (0.84%)
MARKET · —
Price
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1D
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Open
—
Prev close
37.98
Day high
39.12
Day low
37.76
Volume
1.95M
Market cap
$9.82B
P/E (TTM)
53.94
52W range
29.28 – 58.94
Trailing performance
Returnvs SPY
1W
+1.19%
-0.8%
1M
-8.61%
-9.8%
3M
-7.24%
-11.8%
6M
+13.85%
-4.3%
YTD
-25.82%
-40.1%
1Y
-33.78%
-50.2%
3Y
-20.87%
-103.1%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on RYAN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+211.68K
Net buying
Buy transactions
19
253.72K shares
Sell transactions
2
42.04K shares
Net transactions
+21
Buys less sells
Sell : buy shares
0.2 : 1
Mixed
Insider-held shares
17.83M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 8, 26 | MULSHINE BRENDAN MARTIN President |
SELL | 40.00K | $1.62M | Direct |
| Sep 4, 26 | MULSHINE BRENDAN MARTIN President |
— | 40.00K | — | Direct |
| Aug 13, 26 | CONKLIN MICHAEL Officer |
SELL | 2.04K | $86.34K | Direct |
| Aug 10, 26 | BIENEN HENRY S Director |
STOCK | 3.00K | $0 | Indirect |
| Jul 22, 26 | HAMILTON JANICE M. Chief Financial Officer |
— | 5.82K | — | Direct |
| Jun 12, 26 | KUCZINSKI ANTHONY J Director |
BUY | 3.00K | $104.96K | Direct |
| Jun 10, 26 | ROGERS JOHN W JR Director |
BUY | 7.50K | $263.73K | Direct |
| Jun 5, 26 | RYAN PATRICK G Officer, Director and Beneficial Owner |
BUY | 120.00K | $3.90M | Indirect |
| Jun 3, 26 | KATZ MARK STEPHEN General Counsel |
BUY | 3.21K | $99.89K | Direct |
| Jun 3, 26 | HAMILTON JANICE M. Chief Financial Officer |
BUY | 6.30K | $200.29K | Direct |
| May 29, 26 | BIENEN HENRY S Director |
STOCK | 8.46K | $0 | |
| Apr 28, 26 | ROGERS JOHN W JR Director |
STOCK | 5.76K | $0 | Direct |
| Apr 28, 26 | O'HALLERAN MICHAEL D Director |
STOCK | 5.76K | $0 | Direct |
| Apr 28, 26 | COLLINS MICHELLE L Director |
STOCK | 5.76K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BIENEN HENRY S |
Director | — | Stock Gift |
BOLGER DAVID P. |
Director | 87.05K | Stock Award(Grant) |
COLLINS MICHELLE L |
Director | 19.22K | Stock Award(Grant) |
FINDLAY DONALD CAMERON |
Director | 103.22K | Stock Award(Grant) |
MULSHINE BRENDAN MARTIN |
President | 75.37K | Sale |
O'HALLERAN MICHAEL D |
Director | 820.91K | Stock Award(Grant) |
ROGERS JOHN W JR |
Director | 117.93K | Purchase |
RYAN PATRICK G |
Officer, Director and Beneficial Owner | — | Purchase |
RYAN PATRICK G. JR. |
Director | 690.61K | Stock Award(Grant) |
WULLER BENJAMIN MILES |
Officer | 94.09K | Conversion of Exercise of derivative security |
Fundamentals
Market cap$9.82B
Enterprise value$8.85B
Revenue (TTM)$3.16B
Gross profit$1.31B
EBITDA$909.37M
Net income$99.03M
EPS (TTM)$0.71
Free cash flow$584.76M
Total cash$140.12M
Total debt$3.81B
Book value / share$4.20
Shares outstanding122.08M
Float106.18M
Short % of float11.39%
Dividend yield1.36%
Beta (5Y)0.61
Valuation & profitability ratios
Trailing P/E53.94
Forward P/E15.76
PEG ratio—
Price / sales—
Price / book9.13
EV / revenue2.80
EV / EBITDA9.73
Gross margin41.49%
Operating margin25.04%
Profit margin3.13%
Return on equity22.09%
Return on assets3.45%
Debt / equity374.71
Current ratio1.00
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $3.05B | $2.52B | $2.08B | $1.73B | +21.3% |
| Operating revenue | $3.05B | $2.52B | $2.08B | $1.73B | +21.3% |
| Selling, general & admin | $2.26B | $1.94B | $1.60B | $1.33B | +16.1% |
| Net interest income | -$222.38M | -$158.45M | -$119.51M | -$104.83M | -40.4% |
| Pre-tax income | $293.18M | $272.55M | $237.93M | $179.19M | +7.6% |
| Tax provision | $79.03M | $42.64M | $43.45M | $15.94M | +85.3% |
| Net income | $63.40M | $94.67M | $61.04M | $61.05M | -33.0% |
| Net income to common | $63.40M | $94.67M | $61.03M | $61.86M | -33.0% |
| Basic EPS | 0.50 | 0.78 | 0.53 | 0.57 | -35.9% |
| Diluted EPS | 0.47 | 0.71 | 0.52 | 0.52 | -33.8% |
| EBIT | $515.57M | $431.00M | $357.43M | $284.02M | +19.6% |
| Basic shares | 129.60M | 125.41M | 114.36M | 112.44M | +3.3% |
| Diluted shares | 279.03M | 276.29M | 125.75M | 265.75M | +1.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $158.32M | $540.20M | $838.79M | $992.72M | -70.7% |
| Cash & short-term investments | $158.32M | $540.20M | $838.79M | $992.72M | -70.7% |
| Accounts receivable | $0 | $20.16M | $20.56M | $20.56M | -100.0% |
| Property, plant & equipment | $199.94M | $183.47M | $170.13M | $175.14M | +9.0% |
| Goodwill & intangibles | $4.84B | $4.12B | $2.26B | $1.80B | +17.4% |
| Total assets | $10.56B | $9.65B | $7.25B | $6.38B | +9.5% |
| Current debt | $60.19M | $51.73M | $35.38M | $30.59M | +16.3% |
| Long-term debt | $3.29B | $3.23B | $1.94B | $1.95B | +1.9% |
| Total debt | $3.53B | $3.46B | $2.16B | $2.16B | +1.9% |
| Total liabilities | $9.31B | $8.55B | $6.27B | $5.57B | +8.9% |
| Retained earnings | $120.35M | $122.94M | $114.42M | $53.99M | -2.1% |
| Shareholder equity | $648.07M | $627.66M | $559.75M | $478.40M | +3.3% |
| Net tangible assets | -$4.19B | -$3.49B | -$1.70B | -$1.32B | -20.0% |
| Shares issued | 129.60M | 125.41M | 118.59M | 112.44M | +3.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $214.16M | $229.91M | $194.48M | $163.26M | -6.9% |
| Depreciation & amortisation | $287.51M | $167.63M | $115.84M | $109.29M | +71.5% |
| Stock-based compensation | $69.45M | $79.00M | $69.74M | $77.48M | -12.1% |
| Change in working capital | -$37.28M | -$29.38M | $37.90M | -$74.99M | -26.9% |
| Operating cash flow | $643.67M | $514.87M | $477.20M | $335.51M | +25.0% |
| Capital expenditure | -$67.95M | -$47.00M | -$29.78M | -$15.04M | -44.6% |
| Investing cash flow | -$834.01M | -$1.76B | -$476.23M | -$22.42M | +52.5% |
| Share buybacks | -$3.73M | -$2.13M | $0 | $0 | -75.3% |
| Dividends paid | -$62.34M | -$80.24M | $0 | $0 | +22.3% |
| Financing cash flow | $78.12M | $1.17B | -$12.61M | $314.76M | -93.3% |
| Free cash flow | $575.71M | $467.87M | $447.43M | $320.47M | +23.1% |
| End cash position | $1.58B | $1.68B | $1.76B | $1.77B | -5.7% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $916.65M | $795.23M | $751.21M | $754.58M | $855.17M | +15.3% |
| Operating revenue | $916.65M | $795.23M | $751.21M | $754.58M | $855.17M | +15.3% |
| Selling, general & admin | $650.26M | $603.94M | $570.16M | $558.02M | $592.32M | +7.7% |
| Net interest income | -$56.65M | -$53.73M | -$53.20M | -$56.34M | -$58.33M | -5.4% |
| Pre-tax income | $130.73M | $47.10M | $44.61M | $59.81M | $137.73M | +177.5% |
| Tax provision | $22.35M | $6.51M | $13.37M | -$2.80M | $13.03M | +243.4% |
| Net income | $42.31M | $17.65M | $7.98M | $31.09M | $51.98M | +139.8% |
| Net income to common | $42.31M | $17.65M | $7.98M | $31.09M | $51.98M | +139.8% |
| Basic EPS | 0.34 | 0.14 | 0.06 | 0.24 | 0.41 | +142.9% |
| Diluted EPS | 0.33 | 0.13 | 0.06 | 0.20 | 0.38 | +153.8% |
| EBIT | $187.38M | $100.84M | $97.80M | $116.15M | $196.06M | +85.8% |
| Basic shares | 121.43M | 128.87M | 129.60M | 129.52M | 126.77M | -5.8% |
| Diluted shares | 131.33M | 137.34M | 278.51M | 273.46M | 274.14M | -4.4% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $140.12M | $154.65M | $158.32M | $153.49M | $172.59M | — | -9.4% |
| Cash & short-term investments | $140.12M | $154.65M | $158.32M | $153.49M | $172.59M | — | -9.4% |
| Accounts receivable | — | — | $0 | $975.00K | $975.00K | $1.48M | — |
| Property, plant & equipment | $191.49M | $191.94M | $199.94M | $204.30M | $200.74M | — | -0.2% |
| Goodwill & intangibles | $4.72B | $4.78B | $4.84B | $4.75B | $4.72B | — | -1.3% |
| Total assets | $11.97B | $11.01B | $10.56B | $9.85B | $10.63B | — | +8.7% |
| Current debt | $62.47M | $35.36M | $60.19M | $41.81M | $61.69M | — | +76.6% |
| Long-term debt | $3.57B | $3.53B | $3.29B | $3.35B | $3.41B | — | +1.0% |
| Total debt | $3.81B | $3.74B | $3.53B | $3.58B | $3.65B | — | +1.7% |
| Total liabilities | $10.95B | $9.79B | $9.31B | $8.62B | $9.44B | — | +11.8% |
| Retained earnings | $145.33M | $120.53M | $120.35M | $128.85M | $115.35M | — | +20.6% |
| Shareholder equity | $509.41M | $636.20M | $648.07M | $630.47M | $610.09M | — | -19.9% |
| Net tangible assets | -$4.21B | -$4.14B | -$4.19B | -$4.12B | -$4.11B | — | -1.6% |
| Shares issued | 121.43M | 128.87M | 129.60M | 128.70M | 127.11M | — | -5.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $108.38M | $40.60M | $31.24M | $62.60M | $124.70M | +167.0% |
| Depreciation & amortisation | $68.52M | $69.40M | $73.54M | $73.80M | $72.56M | -1.3% |
| Stock-based compensation | $21.39M | $17.35M | $18.46M | $11.19M | $19.93M | +23.3% |
| Change in working capital | $65.18M | -$308.49M | $121.35M | $10.30M | $117.81M | +121.1% |
| Operating cash flow | $293.03M | -$167.41M | $263.25M | $169.66M | $353.58M | +275.0% |
| Capital expenditure | -$17.17M | -$13.27M | -$17.27M | -$14.13M | -$19.82M | -29.4% |
| Investing cash flow | -$18.72M | -$13.27M | -$126.83M | -$88.20M | -$45.95M | -41.1% |
| Share buybacks | -$260.16M | -$40.02M | -$3.48M | -$82.00K | -$167.00K | -550.1% |
| Dividends paid | -$16.95M | -$16.80M | -$15.51M | -$16.32M | -$15.44M | -0.9% |
| Financing cash flow | $3.96M | $86.28M | $72.80M | -$229.05M | -$102.47M | -95.4% |
| Free cash flow | $275.86M | -$180.68M | $245.97M | $155.53M | $333.77M | +252.7% |
| End cash position | $1.76B | $1.48B | $1.58B | $1.37B | $1.52B | +18.7% |
Options analytics
Put / call volume
1.11
Put-heavy session
Put / call open interest
0.21
Positioning, not flow
Max pain
40.00
+4.4% from spot
ATM implied vol
254.4%
Nearest strike to spot
Skew (10% OTM)
-133.7%
Calls bid over puts
Call volume
236
Contracts, this expiry
Put volume
262
Contracts, this expiry
Heaviest call OI
45.00
306 contracts
Heaviest put OI
30.00
91 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.60 | 0.74 | +22.9% |
| Mar 2026 | 0.43 | 0.47 | +8.7% |
| Dec 2025 | 0.49 | 0.45 | -8.3% |
| Sep 2025 | 0.47 | 0.47 | +0.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.49 | 18 | $795.65M | +5.4% |
| Next quarter | 0.47 | 17 | $794.71M | +5.8% |
| Current year | 2.17 | 18 | $3.29B | +7.8% |
| Next year | 2.43 | 19 | $3.53B | +7.3% |
Analyst targets & ownership
Mean target$50.09
High target$76.00
Low target$34.00
Implied upside30.79%
Analyst count16
ConsensusBUY
Strong buy / Buy4 / 4
Hold9
Sell / Strong sell0 / 1
Held by insiders14.61%
Held by institutions98.18%
Institutions holding485
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
37.61
+1.83% from price
SMA 20
38.52
-0.56% from price
SMA 50
41.32
-7.31% from price
SMA 100
38.93
-1.61% from price
SMA 200
39.93
-4.09% from price
EMA 12
38.23
+0.19% from price
EMA 26
39.16
-2.20% from price
EMA 50
39.77
-3.70% from price
RSI (14)
45.2
Neutral
MACD (12,26,9)
-0.93
Hist 0.09
ATR (14)
1.41
3.68% of price
Realised vol 30D
36.1%
Annualised
Bollinger upper
40.83
20, 2σ
Bollinger lower
36.20
20, 2σ
50 / 200 cross
Golden
41.32 vs 39.93
Trend bias
Below 200
-4.09%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
-0.25
Less volatile than market
Correlation to SPY
-0.07
Largely independent
Realised vol 30D
36.1%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-49.7%
Peak to trough
Max drawdown 5Y
-61.3%
Peak to trough
ATR 14
1.41
3.68% of price
Beta (reported)
0.61
5Y monthly, from filing
Short interest
Shares short
11.98M
Prior 13.23M
Change vs prior
-9.5%
Shorts covering
% of float
11.39%
Elevated
% of shares out
9.81%
Against total outstanding
Days to cover
7.9
Crowded exit
Float
106.18M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 6, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Sep 16, 26 | Mizuho | MAINTAINED | Neutral | Neutral |
| Aug 19, 26 | Morgan Stanley | MAINTAINED | Overweight | Overweight |
| Aug 3, 26 | UBS | MAINTAINED | Buy | Buy |
| Aug 3, 26 | Citigroup | MAINTAINED | Buy | Buy |
| Aug 3, 26 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Aug 3, 26 | Wells Fargo | MAINTAINED | Equal-Weight | Equal-Weight |
| Aug 3, 26 | Cantor Fitzgerald | MAINTAINED | Neutral | Neutral |
| Jul 31, 26 | RBC Capital | MAINTAINED | Outperform | Outperform |
| Jul 31, 26 | Mizuho | MAINTAINED | Neutral | Neutral |
| Jul 31, 26 | Goldman Sachs | MAINTAINED | Neutral | Neutral |
| Jul 31, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
Dividends & splits
Forward rate$0.52 / yr
Forward yield1.36%
5-year avg yield—
Payout ratio70.42%
Ex-dividend dateAug 11, 2026
Next pay dateAug 25, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-08-07
Periodic Financial Reports
10-Q · 2026-07-31
Corporate Changes & Voting Matters
8-K · 2026-07-30
Corporate Changes & Voting Matters
8-K · 2026-05-26
Corporate Changes & Voting Matters
8-K · 2026-05-01
Corporate Changes & Voting Matters
8-K · 2026-04-30
Proxy Statements
DEF 14A · 2026-03-17
Periodic Financial Reports
10-K · 2026-02-13
Headlines
Ryan Specialty to Announce Third Quarter 2026 Financial Results on Thursday, October 29, 2026
Business Wire · 6d ago
Pricing Cycle Pressure Weighed on Ryan Specialty (RYAN)
Insider Monkey · 9d ago
Ryan Specialty Shares Gain 9% in 3 Months: What's Driving the Rally?
Zacks · 14d ago
3 Insurance Stocks Retail Investors Are Watching As War Risk Costs Rise
Simply Wall St. · 17d ago
What Makes Ryan Specialty Holdings (RYAN) an Attractive Opportunity?
Insider Monkey · 19d ago
3 Nimble Free Cash Flow Names With Light Assets
MarketBeat · 19d ago
Accelerant’s Take-Private Deal Raises a Bigger Question for Insurance Stocks
MarketBeat · 33d ago
AI is Sharpening Ryan Specialty Holdings (RYAN), Not Replacing Them
Insider Monkey · 43d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.