RYAN // Ryan Specialty Holdings Inc.

Financials • Specialty Insurers

$43.84 ▲ +0.56 (+1.29%)

MKT CAP: $11.21B • VOL: 3.16M

52W L $29 52W H $59

PIOTROSKI

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RYAN // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

RYAN // Ryan Specialty Holdings Inc.

GROSS MARGIN

—

OP MARGIN

16.5%

ROIC %

10.3%

MKT CAP

$11.21B

UPSTREAM INPUTS ──► RYAN OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
RYAN ★	Ryan Specialty Holdings Inc.	$43.84	$11.21B	—	16.5%	10.3%	23.4x	+21.9%	SUBJECT ISSUER
BRK-A	Berkshire Hathaway Inc. (Class A)	$815,600.00	$1.20T	—	27.8%	11.5%	9.7x	+3.9%	RYAN VS BRK-A <GO>
BRK-B	Berkshire Hathaway Inc.	$542.49	$1.20T	—	27.8%	11.5%	9.9x	+3.9%	RYAN VS BRK-B <GO>
JPM	JPMorgan Chase & Co.	$337.04	$895.92B	—	42.1%	17.4%	9.8x	+13.5%	RYAN VS JPM <GO>
BAC	Bank of America Corporation	$50.01	$349.71B	—	32.9%	2.5%	30.2x	+6.8%	RYAN VS BAC <GO>
HSBC	HSBC Holdings plc.	$85.42	$293.28B	—	13.9%	9.9%	21.0x	+23.1%	RYAN VS HSBC <GO>