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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Ryan Specialty Holdings's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-44.29.
The industry rank for Ryan Specialty Holdings's Net-Net Working Capital or its related term are showing as below:
RYAN's Price-to-Net-Net-Working-Capital is not ranked *
in the Insurance industry.
Industry Median: 8.33 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Ryan Specialty Holdings (NYSE:RYAN) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Ryan Specialty Holdings Net-Net Working Capital Related Terms
Ryan Specialty Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Ryan Specialty Holdings's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Ryan Specialty Holdings Net-Net Working Capital Chart
RYAN vs RDN, ESNT, MTG: Net-Net Working Capital Comparison
For the Insurance - Specialty subindustry, Ryan Specialty Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ryan Specialty Holdings Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, Ryan Specialty Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Ryan Specialty Holdings's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-44.29 mean?
Ryan Specialty Holdings (RYAN) has a Net-Net Working Capital of $-44.29 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Ryan Specialty Holdings According to the industry distribution chart, Ryan Specialty Holdings ranks #999999 out of 63 companies in the Insurance industry.
Is Ryan Specialty Holdings' Net-Net Working Capital too high?
Ryan Specialty Holdings' current Net-Net Working Capital is $-44.29. Based on the distribution chart, Ryan Specialty Holdings ranks #999999 out of 63 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Ryan Specialty Holdings has a GF Score™ of 81/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ryan Specialty Holdings' Net-Net Working Capital compare to RDN and ESNT?
According to the Insurance industry distribution chart, Ryan Specialty Holdings ranks #999999 out of 63 companies for Net-Net Working Capital. This places Ryan Specialty Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 8.33. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Insurance company?
The median Net-Net Working Capital among Insurance companies is 8.33, based on 63 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Ryan Specialty Holdings For the Insurance industry, the median Net-Net Working Capital is 8.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ryan Specialty Holdings's current Net-Net Working Capital is $-44.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ryan Specialty Holdings stock overvalued right now?
Based on GuruFocus' analysis, Ryan Specialty Holdings (RYAN) is currently considered Significantly Undervalued. The stock's GF Value™ is $79.92, compared to a current price of $43.87 — trading 45.1% below its estimated fair value. The current Net-Net Working Capital is $-44.29. Ryan Specialty Holdings' overall GF Score™ is 81/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Ryan Specialty Holdings (RYAN), the current Net-Net Working Capital is $-44.29 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ryan Specialty Holdings (RYAN) Overvalued in 2026?
Based on GuruFocus' analysis, Ryan Specialty Holdings stock appears to be undervalued.
The current stock price of $43.87 is trading 45.1% below its estimated GF Value™ of $79.92.
GuruFocus considers Ryan Specialty Holdings to be Significantly Undervalued.
Key valuation signals for RYAN:
Net-Net Working Capital: $-44.29
GF Value™: $79.92 vs. price of $43.87 (45.1% below fair value)
No single metric tells the full story. See the RYAN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ryan Specialty Holdings Inc is an international specialty insurance intermediary providing specialty products, solutions, and services for insurance brokers, agents, and carriers. The company offers wholesale insurance brokerage and delegated underwriting authority products and services, including distribution, underwriting, product development, administration, and risk management. Its expertise spans property, casualty, professional lines, transportation, personal lines, workers compensation, and employee benefits insurance, across traditional insurance and alternative risk solutions. The company operates in the United States and foreign markets, with the majority of revenue generated from the United States.
81GF Score
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