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Ryan Specialty Holdings vs Baldwin Insurance Group: RYAN and BWIN compared
Ryan Specialty Holdings is the larger company: $790M of revenue in its latest quarter (Q3 2026) against $493M for Baldwin Insurance Group (Q2 2026). Baldwin Insurance Group is growing faster (+30% against +5% a year earlier). Ryan Specialty Holdings is more profitable, with an operating margin of 17.8% against -1.7%.
Where the money goes: RYAN and BWIN
Ryan Specialty Holdings (RYAN) · Q3 2026
Ryan Specialty Holdings, Q3 2026: revenue $790M (+5% year over year), operating margin 17.8%, net earnings $36.7M, operating cash flow $181M. The chart follows the revenue to costs, profit and cash.
Baldwin Insurance Group (BWIN) · Q2 2026
Baldwin Insurance Group, Q2 2026: revenue $493M (+30% year over year), operating margin -1.7%, net loss $56.0M, operating cash flow $45.6M. The chart follows the revenue to costs, profit and cash.
| Ryan Specialty Holdings (RYAN) | Baldwin Insurance Group (BWIN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $790M | $493M |
| Revenue growth, Y/Y | +5% | +30% |
| Operating margin | 17.8% | -1.7% |
| Net earnings | $36.7M | −$56.0M |
| Net margin | 4.6% | -11.4% |
| Operating cash flow | $181M | $45.6M |
| Free cash flow | $160M | $30.4M |
| Market value | $12.1B | $3.0B |
| P/E | 115.6× | — |
| Analysts’ mean target | $49.66 | $32.42 |
Where the revenue comes from
Ryan Specialty Holdings
- Wholesale Brokerage: $394M (50%)
- Underwriting Management: $288M (36%)
- Binding Authority: $93.0M (12%)
- Other revenues: $14.9M (2%)
Baldwin Insurance Group
- Commissions revenue: $373M (76%)
- Consulting and service fee revenue: $44.9M (9%)
- Profit-sharing revenue: $29.5M (6%)
- Policy fee and installment fee revenue: $21.2M (4%)
Questions
Which is bigger, Ryan Specialty Holdings or Baldwin Insurance Group?
Ryan Specialty Holdings is the larger company: $790M of revenue in its latest quarter (Q3 2026) against $493M for Baldwin Insurance Group (Q2 2026).
Is Ryan Specialty Holdings or Baldwin Insurance Group growing faster?
Baldwin Insurance Group is growing faster (+30% against +5% a year earlier).
Which is more profitable, Ryan Specialty Holdings or Baldwin Insurance Group?
Ryan Specialty Holdings is more profitable, with an operating margin of 17.8% against -1.7%.
More: Ryan Specialty Holdings earnings · how Ryan Specialty Holdings makes money · Baldwin Insurance Group earnings · how Baldwin Insurance Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Jul 30, 2026). Fiscal quarters can end on different dates. Not investment advice.