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Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that provides specialty products, solutions, and services for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services through our wholesale brokerage platform and, on behalf of insurance carriers, through delegated underwriti…
16.18% operating margin is respectable but not wide. ROIC at 10.03%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 21.3%, still solid.
Net debt of $3.37B represents 5.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.16B
▲ +21.3% YoY
Net Income (TTM)
$85M
▼ -33.0% YoY
Op. Margin
15.46%
▼ -0.8pp YoY
ROIC
10.76%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$617M
▲ +24.4% YoY
Op. Cash Flow (TTM)
$619M
▲ +25.0% YoY
Net Debt
$3.59B
Cash & Equiv.
$155M
5Y CAGR: +24.5%
5Y CAGR: +37.5%
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