Ryan Specialty Holdings, Inc.

RYAN

Financial ServicesInsurance - SpecialtyNYSE

$31.29

Market Cap: $4.05B

Ryan Specialty Holdings, Inc. (RYAN) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$25.91 – $254.04	$56.41	+65.1%
Growth Exit 10Y	$72.68 – $598.80	$142.86	+318.2%
EBITDA Exit 5Y	$6.07 – $60.97	$31.11	-8.9%
EBITDA Exit 10Y	$26.82 – $112.82	$62.99	+84.4%
▸ Trading Multiples
P/E	$1.90 – $2.46	$9.09	-73.4%
EV/EBITDA	$3.96 – $27.34	$5.64	-83.5%
EV/Revenue	-$1.33 – $40.72	$3.65	-89.3%
▸ PEG
PEG Fair Value	$56.83 – $56.83	$56.83	+66.4%
▸ Earnings Power Value
Earnings Power Value	$25.80 – $48.13	$34.43	+0.8%
▸ Dividend Discount
Dividend Discount	$2.68 – $6.09	$3.61	-89.4%

Valuation History

DCF Analysis

Fair Value

$56.41

Market Price

$31.29

Upside / Downside

+80.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Ryan Specialty Holdings, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 12.7% to 20.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 286, DPO 276, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (92% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $56.41 per share, suggesting RYAN is undervalued by 80.3% at the current price of $31.29.

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	1,759
(−) Net Interest	213	240	270	326	394	404
(+) D&A	34	42	50	56	62	63
EBITDA	1,174	1,328	1,496	1,803	2,172	2,226

(−) Tax	144	163	183	221	267	274
(−) CapEx	49	55	62	75	90	92
(−) ΔWC	2,383	341	371	700	846	867
Free Cash Flow (FCFF)	-1,402	769	880	807	968	993

Terminal Value						24,248
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-1,358	699	750	645	727	17,620

Enterprise Value	19,083
Projection Period	1,462	7.7%
Terminal Value	17,620	92.3%

(−) Current Net Debt	3,372

Equity Value	15,711
(/) Outstanding Shares	279

Fair Price	$56.41

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$86	$103	$130	$172	$254
5.6%	$60	$69	$81	$98	$123
6.6%	$44	$50	$56	$65	$77
7.6%	$33	$37	$41	$47	$53
8.6%	$26	$28	$31	$35	$39

Current price: $31.29. Green = undervalued, Red = overvalued.

Fair Value

$142.86

Market Price

$31.29

Upside / Downside

+356.6%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Ryan Specialty Holdings, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 12.7% to 6.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 286, DPO 276, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (83% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $142.86 per share, suggesting RYAN is undervalued by 356.6% at the current price of $31.29.

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	2,022	2,323	2,599	2,831	3,000	3,075
(−) Net Interest	213	240	270	326	394	464	533	597	650	689	706
(+) D&A	34	42	50	56	62	66	78	91	106	121	124
EBITDA	1,174	1,328	1,496	1,803	2,172	2,552	2,933	3,287	3,587	3,810	3,905

(−) Tax	144	163	183	221	267	315	361	404	440	467	478
(−) CapEx	49	55	62	75	90	106	122	137	149	158	162
(−) ΔWC	2,383	341	371	700	846	876	861	792	665	484	496
Free Cash Flow (FCFF)	-1,402	769	880	807	968	1,255	1,589	1,954	2,333	2,702	2,769

Terminal Value											67,649
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-1,358	699	750	645	727	883	1,049	1,211	1,356	1,473	35,723

Enterprise Value	43,159
Projection Period	7,435	17.2%
Terminal Value	35,723	82.8%

(−) Current Net Debt	3,372

Equity Value	39,786
(/) Outstanding Shares	279

Fair Price	$142.86

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$224	$263	$322	$417	$599
5.6%	$157	$177	$203	$239	$292
6.6%	$118	$129	$143	$161	$184
7.6%	$91	$98	$107	$117	$130
8.6%	$73	$77	$83	$89	$97

Current price: $31.29. Green = undervalued, Red = overvalued.

Fair Value

$31.13

Market Price

$31.29

Upside / Downside

-0.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Ryan Specialty Holdings, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 12.7% to 20.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 286, DPO 276, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (88% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 6.5x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $31.11 per share, suggesting RYAN is fairly valued by 0.6% at the current price of $31.29.

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

EV/EBITDA Exit Multiple

6.54x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	1,759
(−) Net Interest	213	240	270	326	394	404
(+) D&A	34	42	50	56	62	63
EBITDA	1,174	1,328	1,496	1,803	2,172	2,226

(−) Tax	144	163	183	221	267	—
(−) CapEx	49	55	62	75	90	—
(−) ΔWC	2,383	341	371	700	846	—
Free Cash Flow (FCF)	-1,402	769	880	807	968	—

Peers' EBITDA Multiple						6.5x
Terminal Value						14,557
WACC / Discount Rate	6.59%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-1,358	699	750	645	727	10,578

Enterprise Value	12,041
Projection Period	1,462	12.1%
Terminal Value	10,578	87.9%

(−) Current Net Debt	3,372
Equity Value	8,669
(÷) Outstanding Shares	279M
Fair Price	$31	-0.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	2.5x	4.5x	6.5x	8.5x	10.5x
4.6%	$10	$23	$35	$48	$61
5.6%	$9	$21	$33	$45	$58
6.6%	$8	$19	$31	$43	$54
7.6%	$7	$18	$29	$40	$51
8.6%	$6	$17	$27	$38	$48

Current price: $31.29. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$63.01

Market Price

$31.29

Upside / Downside

+101.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Ryan Specialty Holdings, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 12.7% to 6.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 286, DPO 276, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 6.5x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $62.99 per share, suggesting RYAN is undervalued by 101.3% at the current price of $31.29.

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

EV/EBITDA Exit Multiple

6.54x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	2,022	2,323	2,599	2,831	3,000	3,075
(−) Net Interest	213	240	270	326	394	464	533	597	650	689	706
(+) D&A	34	42	50	56	62	66	78	91	106	121	124
EBITDA	1,174	1,328	1,496	1,803	2,172	2,552	2,933	3,287	3,587	3,810	3,905

(−) Tax	144	163	183	221	267	315	361	404	440	467	—
(−) CapEx	49	55	62	75	90	106	122	137	149	158	—
(−) ΔWC	2,383	341	371	700	846	876	861	792	665	484	—
Free Cash Flow (FCF)	-1,402	769	880	807	968	1,255	1,589	1,954	2,333	2,702	—

Peers' EBITDA Multiple											6.5x
Terminal Value											25,539
WACC / Discount Rate	6.59%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-1,358	699	750	645	727	883	1,049	1,211	1,356	1,473	13,486

Enterprise Value	20,921
Projection Period	7,435	35.5%
Terminal Value	13,486	64.5%

(−) Current Net Debt	3,372
Equity Value	17,549
(÷) Outstanding Shares	279M
Fair Price	$63	+101.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	2.5x	4.5x	6.5x	8.5x	10.5x
4.6%	$41	$59	$77	$95	$113
5.6%	$37	$53	$70	$86	$102
6.6%	$33	$48	$63	$78	$93
7.6%	$30	$43	$57	$70	$84
8.6%	$27	$39	$51	$64	$76

Current price: $31.29. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$9.09

Market Price

$31.29

Upside / Downside

-70.9%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Ryan Specialty Holdings, Inc. (RYAN) has a fair value of $9.09 based on 8 comparable companies in the Insurance - Specialty industry.

P/E Valuation — Insurance - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Ryan Specialty Holdings, Inc.RYAN	8,714	66.6x	17.4x
Arch Capital Group Ltd.ACGL	34,484	8.3x	11.0x
RenaissanceRe Holdings Ltd.RNR	13,090	5.3x	7.2x
BOK Financial CorporationBOKF	7,884	14.1x	16.1x
Lincoln National CorporationLNC	6,706	6.0x	4.5x
Voya Financial, Inc.VOYA	6,497	10.8x	7.6x
First American Financial CorporationFAF	6,165	10.1x	38.1x
MGIC Investment CorporationMTG	5,854	8.6x	9.5x
Essent Group Ltd.ESNT	5,640	8.6x	8.6x
Industry Median		8.6x	9.0x
(*) Profit after tax		63	500
Equity Value		547	4,519
(/) Outstanding shares		279	279
Fair Price		$2	$16

Selected Fair Value (avg of trailing + forward)

$9.09

-70.9%

Fair Value

$5.64

Market Price

$31.29

Upside / Downside

-82.0%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Ryan Specialty Holdings, Inc. (RYAN) has a fair value of $5.64 based on 8 comparable companies in the Insurance - Specialty industry.

EV/EBITDA Valuation — Insurance - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Ryan Specialty Holdings, Inc.RYAN	8,714	15.1x	18.3x
Arch Capital Group Ltd.ACGL	34,484	6.8x	8.4x
RenaissanceRe Holdings Ltd.RNR	13,090	3.3x	3.8x
BOK Financial CorporationBOKF	7,884	13.7x	22.4x
Lincoln National CorporationLNC	6,706	2.2x	2.1x
Voya Financial, Inc.VOYA	6,497	28.2x	27.5x
First American Financial CorporationFAF	6,165	5.6x	6.8x
MGIC Investment CorporationMTG	5,854	6.3x	6.3x
Essent Group Ltd.ESNT	5,640	7.1x	7.2x
Industry Median		6.5x	7.0x
(*) EBITDA		803	661
= Enterprise Value		5,250	4,635
(-) Net Debt		3,372	3,372
Equity Value		1,878	1,262
(/) Outstanding shares		279	279
Fair Price		$7	$5

Selected Fair Value (avg of trailing + forward)

$5.64

-82.0%

Fair Value

$3.65

Market Price

$31.29

Upside / Downside

-88.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ryan Specialty Holdings, Inc. (RYAN) has a fair value of $3.65 based on 8 comparable companies in the Insurance - Specialty industry.

EV/Revenue Valuation — Insurance - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ryan Specialty Holdings, Inc.RYAN	8,714	4.0x	4.8x
Arch Capital Group Ltd.ACGL	34,484	1.8x	2.3x
RenaissanceRe Holdings Ltd.RNR	13,090	1.1x	1.2x
BOK Financial CorporationBOKF	7,884	3.3x	5.3x
Lincoln National CorporationLNC	6,706	0.2x	0.2x
Voya Financial, Inc.VOYA	6,497	1.0x	1.0x
First American Financial CorporationFAF	6,165	0.9x	1.1x
MGIC Investment CorporationMTG	5,854	5.0x	5.1x
Essent Group Ltd.ESNT	5,640	4.8x	4.9x
Industry Median		1.4x	1.7x
(*) Revenue		3,051	2,512
= Enterprise Value		4,411	4,365
(-) Net Debt		3,372	3,372
Equity Value		1,038	993
(/) Outstanding shares		279	279
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$3.65

-88.3%

PEG Fair Value

Fair Value

$56.83

Market Price

$31.29

Upside / Downside

+81.6%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 25.0% plus 1.4% dividend yield, the company has a fair value of $56.83 based on NTM EPS (FY2026) of $2.27. The current PEG ratio is 0.17.

PEG Ratio

0.17Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 15.0 ÷ (86.3% + 1.4%) = 0.17

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	86.3%
Dividend Yield	+1.4%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$2.27
Fair Value	$56.83

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.47	—	—
FY2026E	$2.27	+383.6%	11
FY2027E	$2.65	+16.5%	11
FY2028E	$3.04	+14.8%	6

3Y Forward EPS CAGR: 86.3%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$65.9M	$-0.07	—
FY2022	$61.1M	$0.52	—
FY2023	$61.0M	$0.52	+0.0%
FY2024	$94.7M	$0.71	+36.5%
FY2025	$63.4M	$0.47	-33.8%

4Y Historical EPS CAGR: 0.9%

Earnings Power Value

Fair Value

$34.43

Market Price

$31.29

Upside / Downside

+10.0%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 6.6% and normalized earnings of $854.5M, the company has a fair value of $34.43 per share. The EPV range is $25.80 – $48.13 based on WACC sensitivity (5.1% – 8.1%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	855	855	855
(/) WACC	8.1%	6.6%	5.1%
Enterprise Value	10,558	12,960	16,777
(-) Net debt	3,372	3,372	3,372
Equity Value	7,186	9,588	13,405
(/) Outstanding shares	279	279	279
Fair Price	$25.80	$34.43	$48.13

Dividend Discount Model

Fair Value

$3.61

Market Price

$31.29

Upside / Downside

-88.5%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 8.2% and projected dividend growth of 0.0%, the fair value is $3.61 per share. The DDM range is $2.68 – $6.09 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.22

Dividend Yield

1.41%

Payout Ratio

98.3%

Dividend Coverage

1.02x

FCF Payout Ratio10.8%

DPS CAGR (3Y)-20.5%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.22	98.3%	-23.3%
2024	$0.29	84.8%	—
2023	—	0.0%	-100.0%
2022	$0.15	65.3%	-66.3%
2021	$0.45	71.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.22	0.0%	0.9244	$0.21
2027	$0.22	0.0%	0.8545	$0.19
2028	$0.22	0.0%	0.7898	$0.18
2029	$0.22	0.0%	0.7301	$0.16
2030	$0.22	0.0%	0.6749	$0.15
Terminal Value	$0.23 DPS	2.5%		$2.72

PV of Projected Dividends$0.89

PV of Terminal Value$2.72

Fair Value per Share$3.61

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
6.2%	$6	$6	$6	$6	$6
7.2%	$4	$4	$4	$5	$5
8.2%	$4	$4	$4	$4	$4
9.2%	$3	$3	$3	$3	$3
10.2%	$3	$3	$3	$3	$3

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Ryan Specialty Holdings, Inc. (RYAN) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$25.91 – $254.04	$56.41	+65.1%
Growth Exit 10Y	$72.68 – $598.80	$142.86	+318.2%
EBITDA Exit 5Y	$6.07 – $60.97	$31.11	-8.9%
EBITDA Exit 10Y	$26.82 – $112.82	$62.99	+84.4%
▸ Trading Multiples
P/E	$1.90 – $2.46	$9.09	-73.4%
EV/EBITDA	$3.96 – $27.34	$5.64	-83.5%
EV/Revenue	-$1.33 – $40.72	$3.65	-89.3%
▸ PEG
PEG Fair Value	$56.83 – $56.83	$56.83	+66.4%
▸ Earnings Power Value
Earnings Power Value	$25.80 – $48.13	$34.43	+0.8%
▸ Dividend Discount
Dividend Discount	$2.68 – $6.09	$3.61	-89.4%

Valuation History

DCF Analysis

Fair Value

$56.41

Market Price

$31.29

Upside / Downside

+80.3%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	1,759
(−) Net Interest	213	240	270	326	394	404
(+) D&A	34	42	50	56	62	63
EBITDA	1,174	1,328	1,496	1,803	2,172	2,226

(−) Tax	144	163	183	221	267	274
(−) CapEx	49	55	62	75	90	92
(−) ΔWC	2,383	341	371	700	846	867
Free Cash Flow (FCFF)	-1,402	769	880	807	968	993

Terminal Value						24,248
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-1,358	699	750	645	727	17,620

Enterprise Value	19,083
Projection Period	1,462	7.7%
Terminal Value	17,620	92.3%

(−) Current Net Debt	3,372

Equity Value	15,711
(/) Outstanding Shares	279

Fair Price	$56.41

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$86	$103	$130	$172	$254
5.6%	$60	$69	$81	$98	$123
6.6%	$44	$50	$56	$65	$77
7.6%	$33	$37	$41	$47	$53
8.6%	$26	$28	$31	$35	$39

Current price: $31.29. Green = undervalued, Red = overvalued.

Fair Value

$142.86

Market Price

$31.29

Upside / Downside

+356.6%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	2,022	2,323	2,599	2,831	3,000	3,075
(−) Net Interest	213	240	270	326	394	464	533	597	650	689	706
(+) D&A	34	42	50	56	62	66	78	91	106	121	124
EBITDA	1,174	1,328	1,496	1,803	2,172	2,552	2,933	3,287	3,587	3,810	3,905

(−) Tax	144	163	183	221	267	315	361	404	440	467	478
(−) CapEx	49	55	62	75	90	106	122	137	149	158	162
(−) ΔWC	2,383	341	371	700	846	876	861	792	665	484	496
Free Cash Flow (FCFF)	-1,402	769	880	807	968	1,255	1,589	1,954	2,333	2,702	2,769

Terminal Value											67,649
WACC / Discount Rate	6.6%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-1,358	699	750	645	727	883	1,049	1,211	1,356	1,473	35,723

Enterprise Value	43,159
Projection Period	7,435	17.2%
Terminal Value	35,723	82.8%

(−) Current Net Debt	3,372

Equity Value	39,786
(/) Outstanding Shares	279

Fair Price	$142.86

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.6%	$224	$263	$322	$417	$599
5.6%	$157	$177	$203	$239	$292
6.6%	$118	$129	$143	$161	$184
7.6%	$91	$98	$107	$117	$130
8.6%	$73	$77	$83	$89	$97

Current price: $31.29. Green = undervalued, Red = overvalued.

Fair Value

$31.13

Market Price

$31.29

Upside / Downside

-0.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Ryan Specialty Holdings, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 12.7% to 20.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 286, DPO 276, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (88% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 6.5x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $31.11 per share, suggesting RYAN is fairly valued by 0.6% at the current price of $31.29.

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

EV/EBITDA Exit Multiple

6.54x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	1,759
(−) Net Interest	213	240	270	326	394	404
(+) D&A	34	42	50	56	62	63
EBITDA	1,174	1,328	1,496	1,803	2,172	2,226

(−) Tax	144	163	183	221	267	—
(−) CapEx	49	55	62	75	90	—
(−) ΔWC	2,383	341	371	700	846	—
Free Cash Flow (FCF)	-1,402	769	880	807	968	—

Peers' EBITDA Multiple						6.5x
Terminal Value						14,557
WACC / Discount Rate	6.59%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-1,358	699	750	645	727	10,578

Enterprise Value	12,041
Projection Period	1,462	12.1%
Terminal Value	10,578	87.9%

(−) Current Net Debt	3,372
Equity Value	8,669
(÷) Outstanding Shares	279M
Fair Price	$31	-0.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	2.5x	4.5x	6.5x	8.5x	10.5x
4.6%	$10	$23	$35	$48	$61
5.6%	$9	$21	$33	$45	$58
6.6%	$8	$19	$31	$43	$54
7.6%	$7	$18	$29	$40	$51
8.6%	$6	$17	$27	$38	$48

Current price: $31.29. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$63.01

Market Price

$31.29

Upside / Downside

+101.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Ryan Specialty Holdings, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 12.7% to 6.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 286, DPO 276, DIO 60). At a 6.6% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 6.5x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $62.99 per share, suggesting RYAN is undervalued by 101.3% at the current price of $31.29.

FCFF Present Value Calculation

WACC

6.59%

3% – 20%

EV/EBITDA Exit Multiple

6.54x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	927	1,046	1,176	1,421	1,716	2,022	2,323	2,599	2,831	3,000	3,075
(−) Net Interest	213	240	270	326	394	464	533	597	650	689	706
(+) D&A	34	42	50	56	62	66	78	91	106	121	124
EBITDA	1,174	1,328	1,496	1,803	2,172	2,552	2,933	3,287	3,587	3,810	3,905

(−) Tax	144	163	183	221	267	315	361	404	440	467	—
(−) CapEx	49	55	62	75	90	106	122	137	149	158	—
(−) ΔWC	2,383	341	371	700	846	876	861	792	665	484	—
Free Cash Flow (FCF)	-1,402	769	880	807	968	1,255	1,589	1,954	2,333	2,702	—

Peers' EBITDA Multiple											6.5x
Terminal Value											25,539
WACC / Discount Rate	6.59%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-1,358	699	750	645	727	883	1,049	1,211	1,356	1,473	13,486

Enterprise Value	20,921
Projection Period	7,435	35.5%
Terminal Value	13,486	64.5%

(−) Current Net Debt	3,372
Equity Value	17,549
(÷) Outstanding Shares	279M
Fair Price	$63	+101.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	2.5x	4.5x	6.5x	8.5x	10.5x
4.6%	$41	$59	$77	$95	$113
5.6%	$37	$53	$70	$86	$102
6.6%	$33	$48	$63	$78	$93
7.6%	$30	$43	$57	$70	$84
8.6%	$27	$39	$51	$64	$76

Current price: $31.29. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$9.09

Market Price

$31.29

Upside / Downside

-70.9%

Verdict

Overvalued

P/E Valuation — Insurance - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Ryan Specialty Holdings, Inc.RYAN	8,714	66.6x	17.4x
Arch Capital Group Ltd.ACGL	34,484	8.3x	11.0x
RenaissanceRe Holdings Ltd.RNR	13,090	5.3x	7.2x
BOK Financial CorporationBOKF	7,884	14.1x	16.1x
Lincoln National CorporationLNC	6,706	6.0x	4.5x
Voya Financial, Inc.VOYA	6,497	10.8x	7.6x
First American Financial CorporationFAF	6,165	10.1x	38.1x
MGIC Investment CorporationMTG	5,854	8.6x	9.5x
Essent Group Ltd.ESNT	5,640	8.6x	8.6x
Industry Median		8.6x	9.0x
(*) Profit after tax		63	500
Equity Value		547	4,519
(/) Outstanding shares		279	279
Fair Price		$2	$16

Selected Fair Value (avg of trailing + forward)

$9.09

-70.9%

Fair Value

$5.64

Market Price

$31.29

Upside / Downside

-82.0%

Verdict

Overvalued

EV/EBITDA Valuation — Insurance - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Ryan Specialty Holdings, Inc.RYAN	8,714	15.1x	18.3x
Arch Capital Group Ltd.ACGL	34,484	6.8x	8.4x
RenaissanceRe Holdings Ltd.RNR	13,090	3.3x	3.8x
BOK Financial CorporationBOKF	7,884	13.7x	22.4x
Lincoln National CorporationLNC	6,706	2.2x	2.1x
Voya Financial, Inc.VOYA	6,497	28.2x	27.5x
First American Financial CorporationFAF	6,165	5.6x	6.8x
MGIC Investment CorporationMTG	5,854	6.3x	6.3x
Essent Group Ltd.ESNT	5,640	7.1x	7.2x
Industry Median		6.5x	7.0x
(*) EBITDA		803	661
= Enterprise Value		5,250	4,635
(-) Net Debt		3,372	3,372
Equity Value		1,878	1,262
(/) Outstanding shares		279	279
Fair Price		$7	$5

Selected Fair Value (avg of trailing + forward)

$5.64

-82.0%

Fair Value

$3.65

Market Price

$31.29

Upside / Downside

-88.3%

Verdict

Overvalued

EV/Revenue Valuation — Insurance - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ryan Specialty Holdings, Inc.RYAN	8,714	4.0x	4.8x
Arch Capital Group Ltd.ACGL	34,484	1.8x	2.3x
RenaissanceRe Holdings Ltd.RNR	13,090	1.1x	1.2x
BOK Financial CorporationBOKF	7,884	3.3x	5.3x
Lincoln National CorporationLNC	6,706	0.2x	0.2x
Voya Financial, Inc.VOYA	6,497	1.0x	1.0x
First American Financial CorporationFAF	6,165	0.9x	1.1x
MGIC Investment CorporationMTG	5,854	5.0x	5.1x
Essent Group Ltd.ESNT	5,640	4.8x	4.9x
Industry Median		1.4x	1.7x
(*) Revenue		3,051	2,512
= Enterprise Value		4,411	4,365
(-) Net Debt		3,372	3,372
Equity Value		1,038	993
(/) Outstanding shares		279	279
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$3.65

-88.3%

PEG Fair Value

Fair Value

$56.83

Market Price

$31.29

Upside / Downside

+81.6%

Verdict

Undervalued

PEG Ratio

0.17Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 15.0 ÷ (86.3% + 1.4%) = 0.17

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	86.3%
Dividend Yield	+1.4%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$2.27
Fair Value	$56.83

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.47	—	—
FY2026E	$2.27	+383.6%	11
FY2027E	$2.65	+16.5%	11
FY2028E	$3.04	+14.8%	6

3Y Forward EPS CAGR: 86.3%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$65.9M	$-0.07	—
FY2022	$61.1M	$0.52	—
FY2023	$61.0M	$0.52	+0.0%
FY2024	$94.7M	$0.71	+36.5%
FY2025	$63.4M	$0.47	-33.8%

4Y Historical EPS CAGR: 0.9%

Earnings Power Value

Fair Value

$34.43

Market Price

$31.29

Upside / Downside

+10.0%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	855	855	855
(/) WACC	8.1%	6.6%	5.1%
Enterprise Value	10,558	12,960	16,777
(-) Net debt	3,372	3,372	3,372
Equity Value	7,186	9,588	13,405
(/) Outstanding shares	279	279	279
Fair Price	$25.80	$34.43	$48.13

Dividend Discount Model

Fair Value

$3.61

Market Price

$31.29

Upside / Downside

-88.5%

Verdict

Overvalued

Dividend Profile

Current DPS

$0.22

Dividend Yield

1.41%

Payout Ratio

98.3%

Dividend Coverage

1.02x

FCF Payout Ratio10.8%

DPS CAGR (3Y)-20.5%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.22	98.3%	-23.3%
2024	$0.29	84.8%	—
2023	—	0.0%	-100.0%
2022	$0.15	65.3%	-66.3%
2021	$0.45	71.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.22	0.0%	0.9244	$0.21
2027	$0.22	0.0%	0.8545	$0.19
2028	$0.22	0.0%	0.7898	$0.18
2029	$0.22	0.0%	0.7301	$0.16
2030	$0.22	0.0%	0.6749	$0.15
Terminal Value	$0.23 DPS	2.5%		$2.72

PV of Projected Dividends$0.89

PV of Terminal Value$2.72

Fair Value per Share$3.61

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
6.2%	$6	$6	$6	$6	$6
7.2%	$4	$4	$4	$5	$5
8.2%	$4	$4	$4	$4	$4
9.2%	$3	$3	$3	$3	$3
10.2%	$3	$3	$3	$3	$3