FNF vs RYAN: Fidelity National Financial 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, close to Fidelity National Financial's $10.5B.
- Fidelity National Financial grew revenue faster over the last year (+11.4% vs +7.4%).
- Ryan Specialty Group keeps more of each dollar of revenue as operating profit (15.1% vs 11.3%).
- On earnings, Fidelity National Financial is the cheaper stock (13.9x vs 50.1x).
- Ryan Specialty Group's price assumes faster free cash flow growth: about 3% a year, against -31% for Fidelity National Financial (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 | FNF | RYAN |
|---|---|---|
| Market cap | $10.5B | $10.9B |
| Share price | $38.80 | $37.01 |
| Revenue (last fiscal year) | $14.4B | $3.0B |
| Free cash flow (last fiscal year) | $5.7B | $641M |
| Revenue growth, last year | +11.4% | +7.4% |
| Revenue growth per year, last 5 fiscal years | -2.0% | +20.2% |
| Operating margin | 11.3% | 15.1% |
| Net margin | 5.0% | 3.1% |
| Return on equity | 10.4% | 19.4% |
| P/E (trailing) | 13.9x | 50.1x |
| Price / free cash flow | 1.65x | 18.8x |
| EV / EBITDA | 5.30x | 33.3x |
| FCF growth the price implies | -31.3% | 2.8% |
| Dividend yield | 5.2% | 1.2% |
| Debt / equity | 14.2x | 21.5x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 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.
Fidelity National Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15.7B | $4.0B | 22.7% |
| 2022 | $11.6B | $4.2B | 15.0% |
| 2023 | $11.8B | $6.3B | 5.9% |
| 2024 | $13.7B | $6.7B | 12.7% |
| 2025 | $14.4B | $5.7B | 9.7% |
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
Fidelity National Financial · by segments, 2025
Title$8.5B58%
F&G$5.7B39%
Corporate and Other$341M2%
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 FNF in InvestinglyQuestions
Which is bigger, Fidelity National Financial or Ryan Specialty Group?
Ryan Specialty Group (RYAN), at $10.9B against $10.5B.
Is FNF or RYAN cheaper?
By trailing P/E, Fidelity National Financial (13.9x) is cheaper than Ryan Specialty Group (50.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, FNF or RYAN?
Fidelity National Financial: revenue grew +11.4% 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.