RYAN

Ryan Specialty is a leading specialty insurance distributor — a wholesale broker, MGU and program administrator focused on the excess-and-surplus (E&S) market, which management notes offers 'significantly more flexibility in terms, conditions, and rates' than the admitted market. FY2025 revenue grew 21.9% to $2.99B, continuing a strong multi-year trajectory ($1.71B in FY2022 to $2.99B now), and operating income rose 15.4% to $494M for a 16.5% operating margin. Crucially, GAAP net income of just $63.4M (-33.0%) understates the economics: under the Up-C holding structure, much of the LLC's income is allocated to non-controlling interests and absorbed by interest expense, intangible amortization and Tax Receivable Agreement obligations, so the headline net margin of 2.1% is not the right lens. Operating cash flow of $644M (+25.0%) is the better gauge of the franchise's earning power.

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