Baldwin Insurance Group vs Ryan Specialty Holdings
Ryan Specialty Holdings is the larger business, with $3.05bn of revenue in fiscal 2025 against $1.50bn for Baldwin Insurance Group (2.0 times as much). Ryan Specialty Holdings grew faster (21.3% against 8.3%). Ryan Specialty Holdings kept more of each dollar of sales as profit: a net margin of 2.1% against -2.2%.
| Latest fiscal year | Baldwin Insurance GroupBWIN, 2025 | Ryan Specialty HoldingsRYAN, 2025 |
|---|---|---|
| Revenue | $1.50bn | $3.05bn |
| Revenue growth | 8.3% | 21.3% |
| Net income | −$33.8m | $63.4m |
| Operating margin | — | 16.2% |
| Net margin | -2.2% | 2.1% |
| Return on equity | -5.7% | 9.9% |
| Free cash flow | −$68.9m | $641m |
| Cash | $124m | $158m |
| Total debt | $1.60bn | $3.39bn |
| Debt to equity | — | 523.7% |
| Dividend per share | — | — |
| Dividend yield | — | 1.2% |
| Share buybacks | — | — |
| Employees | 5,000 | 6,110 |
| Market value | $2.96bn | $5.55bn |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 2 buys, 12 sales | 9 buys, 4 sales |