Brown & Brown vs Ryan Specialty Holdings
Brown & Brown is the larger business, with $5.90bn of revenue in fiscal 2026 against $3.05bn for Ryan Specialty Holdings (1.9 times as much). Brown & Brown grew faster (22.8% against 21.3%). Brown & Brown kept more of each dollar of sales as profit: a net margin of 17.9% against 2.1%. Brown & Brown carries less debt relative to equity (66.3% against 523.7%).
| Latest fiscal year | Brown & BrownBRO, 2026 | Ryan Specialty HoldingsRYAN, 2025 |
|---|---|---|
| Revenue | $5.90bn | $3.05bn |
| Revenue growth | 22.8% | 21.3% |
| Net income | $1.05bn | $63.4m |
| Operating margin | — | 16.2% |
| Net margin | 17.9% | 2.1% |
| Return on equity | 11.1% | 9.9% |
| Free cash flow | $1.38bn | $641m |
| Cash | $1.08bn | $158m |
| Total debt | $8.33bn | $3.39bn |
| Debt to equity | 66.3% | 523.7% |
| Dividend per share | $0.62 | — |
| Dividend yield | 1.0% | 1.2% |
| Share buybacks | $100m | — |
| Employees | — | 6,110 |
| Market value | $23.15bn | $5.56bn |
| Price vs our value range | Below our value range | — |
| Moat score | 60 (Moderate) | — |
| Insider trades, 12 months | 2 buys, 0 sales | 9 buys, 4 sales |