ERIE INDEMNITY COMPANY vs RYAN SPECIALTY HOLDINGS, INC., two Insurance Brokers stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Erie Indemnity earns fees for managing the Erie insurance exchange, which lifts its return on equity to 24.28%. Ryan Specialty distributes specialty insurance through wholesale and managing-general-agent channels, and posts a lower 8.92% return on equity on a thin 3.44% net margin. The two diverge on balance sheet: Ryan carries debt of 2.93 times equity, while Erie's fee model needs little capital. Ryan's edge is cash conversion, a 14.43% free-cash yield, and it trades at 3.51 times book with no clean earnings multiple in view. Erie likewise shows no earnings multiple here. Both make money on other people's risk without holding much of it, by very different routes.
Comparison updated 2026-07-11.
| Metric | ERIE | RYAN |
|---|---|---|
| Price | $252.24 | $40.41 |
| Market cap | $11.7B | $4.4B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Growth |
| P/B | 4.97 | 3.64 |
| P/S | 2.86 | 1.41 |
| EV/EBITDA | 16.0 | 15.6 |
| Revenue growth | +4.7% | +19.1% |
| Operating margin | 16.5% | 11.9% |
| Net margin | 14.0% | 3.4% |
| Return on equity | 24.3% | 8.9% |
| Return on assets | 16.9% | 1.0% |
| Debt / equity | 0.00 | 2.93 |
| Current ratio | 1.29 | 1.02 |
| Piotroski F (quality) | 7 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.