HAGERTY, INC. vs RYAN SPECIALTY HOLDINGS, INC., two Insurance Brokers stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both Hagerty and Ryan Specialty work the specialty end of insurance, but from opposite sides of the deal. Hagerty underwrites collector-car policies and holds the risk; Ryan places specialty risk through wholesale channels without keeping it. Ryan brings the numbers here: a 3.44% net margin turned into a 14.43% free-cash yield, an 8.92% return on equity, and heavy debt of 2.93 times equity, at 3.51 times book with no clean earnings multiple. Hagerty likewise shows no earnings multiple in view, and its niche is narrow by design. Ryan is the $4.3B distributor; Hagerty the underwriter of a specific enthusiast market. Same specialty world, different roles.
Comparison updated 2026-07-11.
| Metric | HGTY | RYAN |
|---|---|---|
| Price | $12.25 | $40.41 |
| Market cap | $4.2B | $4.4B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Growth |
| P/B | 6.57 | 3.64 |
| P/S | 2.94 | 1.41 |
| EV/EBITDA | 35.5 | 15.6 |
| Revenue growth | +11.0% | +19.1% |
| Operating margin | — | 11.9% |
| Net margin | 7.6% | 3.4% |
| Return on equity | 16.9% | 8.9% |
| Return on assets | 5.4% | 1.0% |
| Debt / equity | 0.35 | 2.93 |
| Current ratio | — | 1.02 |
| Piotroski F (quality) | 6 / 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.