RYANRyan Specialty Holdings, Inc.

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

1. Tier 1 · live

   77.1% of the votes, about 48% of the money, and the right to name the whole board

   Class B carries ten votes to Class A's one. Patrick G. Ryan holds 15,678,471 Class A and 112,048,184 Class B shares at 2026-03-02 - 77.1% of the combined voting power - and officers and directors together 82.5%. The Director Nomination Agreement from the 2021 listing lets the Ryan Parties designate "all of the nominees for election to our Board" while they hold half their listing-date stake, on a sliding scale to 20%, and the agreement itself says this "could result in representation on our Board that is disproportionate" to their ownership. The right falls away on his death or disability, except for one nominee.

2. Tier 2 · improving

   Nine charter amendments in one meeting

   At the 2025-05-30 meeting the owners approved, effective the same day: declassifying the board with annual elections phased in to 2028, majority voting in uncontested elections, removal of directors by majority, 2029-09-30 as the outside date for the ten-to-one vote to sunset, action by written consent, the right to call special meetings, the end of two springing supermajorities, and officer exculpation to the Delaware limit. Each passed with under 12m votes against out of about 1.31bn.

3. Tier 2 · live

   The private-equity co-owner sold out at $54.50; the founder bought at $32.50

   Two insider sales totalling $232.9m in the year to Q2 '26 against eleven purchases of $19.9m, none of the selling pre-planned - net selling of about 5.1% of market value, the largest among the companies covered here. Onex sold its whole remaining 4,145,621 Class A shares at $54.50 on 5 Dec '25, about $226m, and its board designee Robert Le Blanc retired two months later; the chief executive sold 129,570 at $53.61 a week after Onex. The stock is now 30% below both. The buying was at the other end: the founder 120,000 at $32.50 in June, the chief financial officer 6,300 at $31.79, the company itself 9.1m shares at about $32.95.

4. Tier 2 · worsening

   A president terminated, two co-presidents installed, and the founder is 88

   Jeremiah Bickham separated as president on 2025-10-08 in what the proxy calls "an involuntarily termination without cause", for $4,248,224, and was replaced by two co-presidents - one of whom, the 8-K discloses, is married to the founder's niece and so a cousin-in-law of a director. The founder is 88 and Executive Chairman; his son, 58, has been a director since 2024. The board also lost its lead director, who died in July 2025 after thirteen years, and Onex's designee, who retired in February 2026 and has not been replaced: twelve directors against an authorised thirteen.

5. Tier 2 · worsening

   The growth promise, and the margin target, both left

   A "Double digit organic growth" build-up slide ran in seven decks from May 2024 to February 2026, where the label became "Industry-leading"; the August 2026 deck drops it, after organic growth went 12.8%, 10.1%, 8.9% and 6.7% in Q2 '26 alone. A 35% adjusted EBITDAC margin "by the end of 2027", given in February 2025 and reaffirmed in August, was deferred with no new date on 2025-10-30 - the month the president left. Three of seven tracked measures stopped: headline organic growth, the specialty mix, and revenue acquired by year. Binding authority stopped being shown alone after Q4 '25 at 12% of commissions; producer retention became a five-year average after it fell to 96%; net leverage moved to a credit basis that counts savings before they arrive. The pipeline's own management gate fails this name: 1 beat, 2 met, 3 missed, 1 withdrawn.

6. Tier 3 · improving

   The chief executive earned $1.45m, because the performance units paid nothing

   Total compensation of $1,454,058 for 2025 - $1,442,308 of salary and $11,750 of 401(k) contributions, no bonus, no stock, no incentive payout - against a $3,000,000 target award granted in February 2025. The proxy's reason is explicit: "actual performance results determined as of December 31, 2025, resulted in no PLUs and PSUs being earned". The pay ratio is 16 to 1 on a median employee at $92,847.