Ryan Specialty Holdings, Inc. (RYAN) Balance Sheet
RYAN balance sheet, 2025
December 31, 2025 · U.S. dollars$10.56B assets = $9.31B liabilities + $1.25B equity
Both columns are drawn to the same scale: what RYAN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RYAN financial health
Descriptive bands, not a rating. Fiscal 2025.
RYAN balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.19B2019 | $10.56B2025 | +30.0%/yr | |
| Total liabilities | $2.13B2019 | $9.31B2025 | +27.9%/yr | |
| Shareholders’ equity | $64.3M2019 | $648.1M2025 | +47.0%/yr | |
| Cash & short-term investments | $52.0M2019 | $158.3M2025 | +20.4%/yr | |
| Total debt | $669.3M2019 | $3.53B2025 | +31.9%/yr | |
| Net cash (debt) | −$617.3M2019 | −$3.37B2025 | −$2.8B | |
| Working capital | −$6.7M2019 | $561.1M2025 | +$567.8M | |
| Book value per share | $0.602019 | $2.332025 | +25.2%/yr | |
| Debt / equity | 10.412019 | 5.452025 | −4.97 | |
| Shares outstanding | 106.5M2019 | 278.5M2025 | +17.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RYAN assets
RYAN liabilities and equity
RYAN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RYAN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $158.3M | $540.2M | $838.8M | $992.7M | $387.0M | $312.7M | $52.0M |
| Cash & equivalents | $158.3M | $540.2M | $838.8M | $992.7M | $387.0M | $312.7M | $52.0M |
| Short-term investments | — | $13.9M | $29.7M | — | — | — | — |
| Receivables | $489.0M | $389.8M | $330.7M | $231.4M | $210.9M | $2.16B | $127.1M |
| Inventory | $0 | $0 | −$36.5M | −$2.61B | −$2.41B | $494.4M | $1 |
| Other current assets | $0 | $3.86B | $3.20B | $5.28B | $4.80B | $0 | $1.24B |
| Total current assets | $647.3M | $4.79B | $4.34B | $3.89B | $2.99B | $2.49B | $1.42B |
| Property, plant & equipment (net) | $199.9M | $183.5M | $170.1M | $175.1M | $100.2M | $111.4M | $11.6M |
| Goodwill & intangible assets | $3.34B | $2.73B | $2.26B | $1.80B | $1.88B | $1.83B | $693.7M |
| Long-term investments | $110.0M | $70.9M | $46.1M | $38.5M | $45.4M | $47.2M | $22.5M |
| Other non-current assets | $6.26B | $1.88B | $438.2M | $474.6M | $442.5M | $48.5M | $41.3M |
| Total assets | $10.56B | $9.65B | $7.25B | $6.38B | $5.46B | $4.53B | $2.19B |
| Liabilities | |||||||
| Accounts payable | $217.3M | $190.2M | $122.2M | $110.1M | $83.9M | $70.2M | $45.9M |
| Short-term debt | $86.2M | $73.8M | $56.7M | $76.1M | $61.0M | $39.0M | $9.2M |
| Deferred revenue | — | — | −$122.2M | −$110.1M | −$41.7M | −$31.1M | −$36.9M |
| Total current liabilities | $86.2M | $4.55B | $3.74B | $3.13B | $42.3M | $2.47B | $1.43B |
| Long-term debt | $3.29B | $3.23B | $1.94B | $1.95B | $1.57B | $1.57B | $660.0M |
| Lease obligations | $179.1M | $181.3M | $175.8M | $174.7M | $93.2M | $103.6M | $0 |
| Other long-term liabilities | $5.93B | $771.4M | $579.4M | $479.7M | $75.0M | $170.1M | $39.2M |
| Total liabilities | $9.31B | $8.55B | $6.27B | $5.57B | $4.86B | $4.46B | $2.13B |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $265,000 | $261,000 | $261,000 | $259,000 | $259,000 | $236.9M | $97.5M |
| Retained earnings (deficit) | $120.4M | $122.9M | $114.4M | $54.0M | −$7.1M | −$244.0M | −$173.7M |
| Accumulated other comprehensive income | $13.8M | −$1.8M | $3.1M | $6.0M | $1.7M | $2.7M | $864,000 |
| Minority interest | $606.0M | $470.6M | $419.9M | $339.4M | — | — | — |
| Total shareholders' equity | $648.1M | $1.10B | $979.6M | $817.8M | $594.8M | $69.8M | $64.3M |
| Key figures | |||||||
| Total debt | $3.53B | $3.46B | $2.16B | $2.16B | $1.68B | $1.69B | $669.3M |
| Net cash (debt) | −$3.37B | −$2.92B | −$1.32B | −$1.16B | −$1.30B | −$1.38B | −$617.3M |
| Working capital | $561.1M | $239.8M | $591.3M | $759.7M | $2.95B | $20.5M | −$6.7M |
| Tangible book value | −$2.70B | −$1.63B | −$1.28B | −$983.6M | −$1.29B | −$1.76B | −$629.5M |
| Book value per share | $2.33 | $3.98 | $3.60 | $3.02 | $5.63 | $0.66 | $0.60 |
| Shares outstanding | 278.5M | 276.3M | 272.3M | 270.5M | 105.7M | 106.5M | 106.5M |
| Current ratio | 7.51 | 1.05 | 1.16 | 1.24 | 70.70 | 1.01 | 1.00 |
| Quick ratio | 7.51 | 0.20 | 0.31 | 0.39 | 14.15 | 1.00 | 0.13 |
| Debt / equity | 5.45 | 3.15 | 2.20 | 2.64 | 2.83 | 24.20 | 10.41 |
| Equity / assets | 6.1% | 11.4% | 13.5% | 12.8% | 10.9% | 1.5% | 2.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $140.1M | $154.7M | $158.3M | $156.6M | $179.6M | $213.4M | $540.2M | $235.2M | $612.4M | $665.4M | $838.8M | $754.4M |
| Cash & equivalents | $140.1M | $154.7M | $158.3M | $153.5M | $172.6M | $203.5M | $540.2M | $235.2M | $612.4M | $665.4M | $838.8M | $754.4M |
| Short-term investments | — | — | — | $3.1M | $7.0M | $9.9M | — | — | — | — | — | — |
| Receivables | $697.6M | $565.3M | $489.0M | $4.23B | $5.03B | $4.35B | $389.8M | $334.6M | $384.4M | $299.2M | $294.2M | $238.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$69.4M | $0 | $0 | $1 | −$2.52B |
| Other current assets | $5.80B | $4.86B | $0 | $79.3M | $71.0M | $64.2M | $3.86B | $3.52B | $4.13B | $3.25B | $3.20B | $5.11B |
| Total current assets | $6.64B | $5.58B | $647.3M | $4.46B | $5.28B | $4.62B | $4.79B | $4.02B | $5.12B | $4.22B | $4.34B | $3.59B |
| Property, plant & equipment (net) | $191.5M | $191.9M | $199.9M | $204.3M | $200.7M | $192.0M | $183.5M | $168.3M | $167.7M | $164.3M | $170.1M | $164.0M |
| Goodwill & intangible assets | $3.34B | $3.34B | $3.34B | $4.75B | $4.72B | $4.68B | $2.73B | $3.69B | $2.49B | $2.24B | $2.26B | $2.17B |
| Long-term investments | $121.7M | $116.4M | $110.0M | $101.8M | $96.0M | $72.4M | $70.9M | $62.4M | $58.7M | $56.0M | $46.1M | $45.3M |
| Other non-current assets | $1.67B | $1.78B | $6.26B | $332.3M | $326.8M | $323.6M | $1.88B | $534.4M | $435.9M | $440.8M | $438.2M | $456.5M |
| Total assets | $11.97B | $11.01B | $10.56B | $9.85B | $10.63B | $9.89B | $9.65B | $8.48B | $8.27B | $7.12B | $7.25B | $6.43B |
| Liabilities | ||||||||||||
| Accounts payable | $340.8M | $237.7M | $217.3M | $202.8M | $166.0M | $179.6M | $190.2M | $182.0M | $114.4M | $174.8M | $127.5M | $96.2M |
| Short-term debt | $90.4M | $62.6M | $86.2M | $66.4M | $85.1M | $58.5M | $73.8M | $54.8M | $53.2M | $59.0M | $56.7M | $55.5M |
| Deferred revenue | −$90,000 | — | — | — | — | — | — | — | −$20.2M | −$174.8M | −$65.4M | −$96.2M |
| Total current liabilities | $90.4M | $5.46B | $86.2M | $540.6M | $645.9M | $384.8M | $4.55B | $3.97B | $4.70B | $3.68B | $3.74B | $2.98B |
| Long-term debt | $3.57B | $3.53B | $3.29B | $3.35B | $3.41B | $3.65B | $3.23B | $2.65B | $1.94B | $1.94B | $1.94B | $1.95B |
| Lease obligations | $174.4M | $173.4M | $179.1M | $183.8M | $180.9M | $178.0M | $181.3M | $170.0M | $169.6M | $167.3M | $175.8M | $176.9M |
| Other long-term liabilities | $7.29B | $802.7M | $5.93B | $4.73B | $5.39B | $4.80B | $771.4M | $764.5M | $562.2M | $521.8M | $579.4M | $557.3M |
| Total liabilities | $10.95B | $9.79B | $9.31B | $8.62B | $9.44B | $8.83B | $8.55B | $7.38B | $7.20B | $6.14B | $6.27B | $5.48B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $255,000 | $263,000 | $265,000 | $264,000 | $262,000 | $262,000 | $261,000 | $262,000 | $261,000 | $261,000 | $261,000 | $259,000 |
| Retained earnings (deficit) | $145.3M | $120.5M | $120.4M | $128.8M | $115.4M | $79.3M | $122.9M | $125.0M | $121.6M | $88.5M | $114.4M | $92.2M |
| Accumulated other comprehensive income | $16.6M | $9.4M | $13.8M | $11.1M | $15.4M | $4.5M | −$1.8M | $7.1M | $5.9M | $6.1M | $3.1M | $8.2M |
| Minority interest | $506.7M | $582.9M | $606.0M | $601.4M | $572.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $509.4M | $636.2M | $648.1M | $630.5M | $610.1M | $542.5M | $627.7M | $632.8M | $605.9M | $554.4M | $559.8M | $543.0M |
| Key figures | ||||||||||||
| Total debt | $3.81B | $3.74B | $3.53B | $3.58B | $3.65B | $3.87B | $3.46B | $2.85B | $2.14B | $2.15B | $2.16B | $2.16B |
| Net cash (debt) | −$3.67B | −$3.59B | −$3.37B | −$3.42B | −$3.47B | −$3.65B | −$2.92B | −$2.61B | −$1.53B | −$1.48B | −$1.32B | −$1.40B |
| Working capital | $6.55B | $122.9M | $561.1M | $3.92B | $4.64B | $4.24B | $239.8M | $53.5M | $426.4M | $539.0M | $591.3M | $604.6M |
| Tangible book value | −$2.83B | −$2.71B | −$2.70B | −$4.12B | −$4.11B | −$4.13B | −$2.10B | −$3.06B | −$1.88B | −$1.68B | −$1.70B | −$1.63B |
| Book value per share | $3.88 | $4.91 | $2.33 | $2.31 | $2.23 | $4.30 | $2.15 | $2.32 | $2.23 | $2.05 | $4.63 | $4.69 |
| Shares outstanding | 131.3M | 129.6M | 278.5M | 273.5M | 274.1M | 126.0M | 291.3M | 272.7M | 271.2M | 269.9M | 120.8M | 115.9M |
| Current ratio | 73.50 | 1.02 | 7.51 | 8.26 | 8.18 | 12.02 | 1.05 | 1.01 | 1.09 | 1.15 | 1.16 | 1.20 |
| Quick ratio | 9.27 | 0.13 | 7.51 | 8.11 | 8.07 | 11.85 | 0.20 | 0.14 | 0.21 | 0.26 | 0.30 | 0.33 |
| Debt / equity | 7.47 | 5.88 | 5.45 | 5.67 | 5.99 | 7.13 | 5.52 | 4.50 | 3.54 | 3.88 | 3.85 | 3.97 |
| Equity / assets | 4.3% | 5.8% | 6.1% | 6.4% | 5.7% | 5.5% | 6.5% | 7.5% | 7.3% | 7.8% | 7.7% | 8.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
RYAN financial position
At the end of fiscal 2025 (December 31, 2025), Ryan Specialty had total assets of $10.6 billion (up 9.5% from a year earlier), total liabilities of $9.3 billion and shareholders' equity of $648.1 million. It held $158.3 million in cash and short-term investments against $3.5 billion of debt, net debt of $3.4 billion. Its current ratio was 7.51. In the latest quarter (ended June 30, 2026) total assets were $12.0 billion and equity $509.4 million.
Related: RYAN income statement, RYAN cash flow statement, RYAN key metrics. See the RYAN stock overview for the latest quote and news.
RYAN balance sheet FAQ
What are Ryan Specialty's total assets?
Ryan Specialty reported total assets of $10.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $9.6 billion a year earlier.
How much debt does Ryan Specialty have?
Ryan Specialty had $3.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 5.45.
How much cash does Ryan Specialty have?
Ryan Specialty held $158.3 million in cash and short-term investments at the end of fiscal 2025; with $3.5 billion of debt that is net debt of $3.4 billion.
What is Ryan Specialty's book value?
Ryan Specialty's shareholders' equity (book value) was $648.1 million at the end of fiscal 2025, or $2.33 per share.
What is Ryan Specialty's current ratio?
Ryan Specialty had current assets of $647.3 million and current liabilities of $86.2 million, a current ratio of 7.51 (it can cover its short-term obligations).
How much goodwill does Ryan Specialty have?
Ryan Specialty carried $3.3 billion of goodwill and intangible assets, 31.7% of total assets, at the end of fiscal 2025.