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RYAN SPECIALTY HOLDINGS, INC.

RYANdata completeness 88%7 fiscal years on file
The thesis, from the filings

RYAN SPECIALTY HOLDINGS, INC. earns about 12% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.43B1$1.71B2$2.03B3$2.46B3$2.99B3
Net income$65.9M4$61.1M5$61M6$94.7M6$63.4M6
Operating cash flow$273.5M7$335.5M8$477.2M9$514.9M9$643.7M9
Capital expenditure$343.2M10$7.71M11$012$012$3.01M12
Free cash flow (derived)−$69.7M7,10$327.8M8,11$477.2M9,12$514.9M9,12$640.7M9,12
Total debt$1.59B13,14$1.98B15,16$1.98B17,18$3.28B19,20$3.35B21,22
Cash & equivalents$1.14B23$992.7M24$838.8M25$540.2M25$158.3M25
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 12%FY22 18%FY23 17%FY24 7%FY25 6%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 111% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021657 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001628280-25-006973 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001849253-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021657 (NetIncomeLoss)
  5. 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001628280-25-006973 (NetIncomeLoss)
  6. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001849253-26-000006 (NetIncomeLoss)
  7. 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021657 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001628280-25-006973 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001849253-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021657 (PaymentsToAcquireProductiveAssets)
  11. 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001628280-25-006973 (PaymentsToAcquireProductiveAssets)
  12. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001849253-26-000006 (PaymentsToAcquireProductiveAssets)
  13. 10-K filed 2022-03-16 · period ending 2021-12-31 · accession 0000950170-22-003831 (LongTermDebtNoncurrent)
  14. 10-K filed 2022-03-16 · period ending 2021-12-31 · accession 0000950170-22-003831 (DebtCurrent)
  15. 10-K filed 2023-03-01 · period ending 2022-12-31 · accession 0000950170-23-005335 (LongTermDebtNoncurrent)
  16. 10-K filed 2023-03-01 · period ending 2022-12-31 · accession 0000950170-23-005335 (DebtCurrent)
  17. 10-K filed 2024-02-28 · period ending 2023-12-31 · accession 0000950170-24-021657 (LongTermDebtNoncurrent)
  18. 10-K filed 2024-02-28 · period ending 2023-12-31 · accession 0000950170-24-021657 (DebtCurrent)
  19. 10-K filed 2025-02-21 · period ending 2024-12-31 · accession 0001628280-25-006973 (LongTermDebtNoncurrent)
  20. 10-K filed 2025-02-21 · period ending 2024-12-31 · accession 0001628280-25-006973 (DebtCurrent)
  21. 10-K filed 2026-02-13 · period ending 2025-12-31 · accession 0001849253-26-000006 (LongTermDebtNoncurrent)
  22. 10-K filed 2026-02-13 · period ending 2025-12-31 · accession 0001849253-26-000006 (DebtCurrent)
  23. 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021657 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001628280-25-006973 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001849253-26-000006 (CashAndCashEquivalentsAtCarryingValue)