RYAN SPECIALTY HOLDINGS, INC. vs Waterdrop Inc., two Insurance Brokers stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two small caps at the edges of insurance: Ryan Specialty, a US wholesale broker at $4.3B, and Waterdrop, a Chinese online marketplace at $4.2B traded as an ADR. Their debt loads could not be further apart, Ryan at 2.93 times equity and Waterdrop near zero at 0.01. Returns on equity are closer, 8.92% for Ryan and 10.65% for Waterdrop, while margins split wide, 3.44% at Ryan against 13.8% at Waterdrop. Ryan's strength is cash, a 14.43% free-cash yield to Waterdrop's thin 0.73%. Waterdrop trades at 56.5 times earnings; Ryan carries no clean multiple, so its 3.51 times book stands against Waterdrop's 5.70. Same size, opposite balance sheets.
Comparison updated 2026-07-11.
| Metric | RYAN | WDH |
|---|---|---|
| Price | $40.41 | $1.17 |
| Market cap | $4.4B | $4.3B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | — | 58.5 |
| P/B | 3.64 | 5.90 |
| P/S | 1.41 | 7.64 |
| EV/EBITDA | 15.6 | 77.9 |
| Revenue growth | +19.1% | +6.1% |
| Operating margin | 11.9% | 9.3% |
| Net margin | 3.4% | 13.8% |
| Return on equity | 8.9% | 10.7% |
| Return on assets | 1.0% | 7.7% |
| Debt / equity | 2.93 | 0.01 |
| Current ratio | 1.02 | 2.10 |
| Piotroski F (quality) | 5 / 9 | 6 / 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.