ESNT vs RYAN: Essent Group and Ryan Specialty Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ryan Specialty Group is the larger company, worth $10.9B, about 1.8 times Essent Group.
- Essent Group grew revenue faster over the last year (+13.6% vs +7.4%).
- Essent Group keeps more of each dollar of revenue as operating profit (62.0% vs 15.1%).
- On earnings, Essent Group is the cheaper stock (9.2x vs 50.1x).
- Ryan Specialty Group's price assumes faster free cash flow growth: about 3% a year, against -9% for Essent Group (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ESNT | RYAN |
|---|---|---|
| Market cap | $5.9B | $10.9B |
| Share price | $62.49 | $37.01 |
| Revenue (last fiscal year) | $1.3B | $3.0B |
| Free cash flow (last fiscal year) | $849M | $641M |
| Revenue growth, last year | +13.6% | +7.4% |
| Revenue growth per year, last 5 fiscal years | +5.2% | +20.2% |
| Operating margin | 62.0% | 15.1% |
| Net margin | 51.5% | 3.1% |
| Return on equity | 12.0% | 19.4% |
| P/E (trailing) | 9.18x | 50.1x |
| Price / free cash flow | 7.01x | 18.8x |
| EV / EBITDA | 7.36x | 33.3x |
| FCF growth the price implies | -9.1% | 2.8% |
| Dividend yield | 2.0% | 1.2% |
| Debt / equity | 0.34x | 21.5x |
| Fundamental grade | B | D |
| Superinvestors holding it | 2 | 3 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Essent Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.0B | $707M | 80.0% |
| 2022 | $1.0B | $585M | 98.7% |
| 2023 | $1.1B | $759M | 74.2% |
| 2024 | $1.2B | $855M | 68.8% |
| 2025 | $1.3B | $849M | 65.2% |
Ryan Specialty Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | -$70M | 13.0% |
| 2022 | $1.7B | $328M | 16.9% |
| 2023 | $2.0B | $477M | 17.7% |
| 2024 | $2.5B | $515M | 17.4% |
| 2025 | $3.0B | $641M | 16.5% |
Where the revenue comes from
Essent Group · by segments, 2025
Mortgage Insurance$1.1B92%
Reinsurance$90M8%
Ryan Specialty Group · by products, 2025
Wholesale Brokerage$1.6B53%
Underwriting Management$1.0B34%
Binding Authority$370M12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ESNT in InvestinglyQuestions
Which is bigger, Essent Group or Ryan Specialty Group?
Ryan Specialty Group (RYAN), at $10.9B against $5.9B.
Is ESNT or RYAN cheaper?
By trailing P/E, Essent Group (9.18x) is cheaper than Ryan Specialty Group (50.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ESNT or RYAN?
Essent Group: revenue grew +13.6% over the last year, against +7.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.