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Side-by-side financial comparison of RYAN SPECIALTY HOLDINGS, INC. (RYAN) and TIAN RUIXIANG HOLDINGS LTD (TIRX). Click either name above to swap in a different company.
RYAN SPECIALTY HOLDINGS, INC. is the larger business by last-quarter revenue ($738.0M vs $2.0M, roughly 366.8× TIAN RUIXIANG HOLDINGS LTD). RYAN SPECIALTY HOLDINGS, INC. runs the higher net margin — 1.1% vs -12.3%, a 13.4% gap on every dollar of revenue. On growth, RYAN SPECIALTY HOLDINGS, INC. posted the faster year-over-year revenue change (13.6% vs -35.8%).
Aon plc is a British-American professional services firm. The company operates two divisions: Risk Capital, which provides brokerage and consulting services for risk management and insurance and reinsurance, and Human Capital, which provides services for health insurance, retirement plans, pension plans, and talent advisory.
Tian Ruixiang Holdings Ltd is a China-based insurance intermediary service provider. It distributes various insurance products including property insurance, casualty insurance and life insurance from multiple partner insurance carriers, catering to both individual and corporate clients mainly across regional markets in mainland China.
RYAN vs TIRX — Head-to-Head
Income Statement — Q4 2025 vs Q2 2025
| Metric | | |
|---|---|---|
| Revenue | $738.0M | $2.0M |
| Net Profit | $8.0M | $-248.3K |
| Gross Margin | — | 85.6% |
| Operating Margin | 12.4% | -6.7% |
| Net Margin | 1.1% | -12.3% |
| Revenue YoY | 13.6% | -35.8% |
| Net Profit YoY | -42.0% | -159.3% |
| EPS (diluted) | — | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $738.0M | — | ||
| Q3 25 | $739.6M | — | ||
| Q2 25 | $840.9M | $2.0M | ||
| Q1 25 | $676.1M | — | ||
| Q4 24 | $649.4M | — | ||
| Q3 24 | $588.1M | — | ||
| Q2 24 | $680.2M | $3.1M | ||
| Q1 24 | $537.9M | — |
| Q4 25 | $8.0M | — | ||
| Q3 25 | $31.1M | — | ||
| Q2 25 | $52.0M | $-248.3K | ||
| Q1 25 | $-27.6M | — | ||
| Q4 24 | $13.8M | — | ||
| Q3 24 | $17.6M | — | ||
| Q2 24 | $46.8M | $418.9K | ||
| Q1 24 | $16.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 85.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 89.7% | ||
| Q1 24 | — | — |
| Q4 25 | 12.4% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 22.7% | -6.7% | ||
| Q1 25 | 14.8% | — | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | 13.9% | — | ||
| Q2 24 | 24.2% | 18.6% | ||
| Q1 24 | 13.5% | — |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 4.2% | — | ||
| Q2 25 | 6.2% | -12.3% | ||
| Q1 25 | -4.1% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | 6.9% | 13.4% | ||
| Q1 24 | 3.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $0.01 | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $158.3M | $28.0M |
| Total DebtLower is stronger | $3.3B | $3.5M |
| Stockholders' EquityBook value | $648.1M | $-16.1M |
| Total Assets | $10.6B | $6.0M |
| Debt / EquityLower = less leverage | 5.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $158.3M | — | ||
| Q3 25 | $153.5M | — | ||
| Q2 25 | $172.6M | $28.0M | ||
| Q1 25 | $203.5M | — | ||
| Q4 24 | $540.2M | — | ||
| Q3 24 | $235.2M | — | ||
| Q2 24 | $1.7B | $27.5M | ||
| Q1 24 | $1.6B | — |
| Q4 25 | $3.3B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $3.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $648.1M | — | ||
| Q3 25 | $630.5M | — | ||
| Q2 25 | $610.1M | $-16.1M | ||
| Q1 25 | $542.5M | — | ||
| Q4 24 | $627.7M | — | ||
| Q3 24 | $632.8M | — | ||
| Q2 24 | $605.9M | $32.3M | ||
| Q1 24 | $554.4M | — |
| Q4 25 | $10.6B | — | ||
| Q3 25 | $9.9B | — | ||
| Q2 25 | $10.6B | $6.0M | ||
| Q1 25 | $9.9B | — | ||
| Q4 24 | $9.6B | — | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $8.3B | $38.0M | ||
| Q1 24 | $7.1B | — |
| Q4 25 | 5.16× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.22× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $263.2M | $263.7K |
| Free Cash FlowOCF − Capex | — | $263.1K |
| FCF MarginFCF / Revenue | — | 13.1% |
| Capex IntensityCapex / Revenue | 0.0% | 0.0% |
| Cash ConversionOCF / Net Profit | 32.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $263.2M | — | ||
| Q3 25 | $169.7M | — | ||
| Q2 25 | $353.6M | $263.7K | ||
| Q1 25 | $-142.8M | — | ||
| Q4 24 | $259.6M | — | ||
| Q3 24 | $100.9M | — | ||
| Q2 24 | $270.8M | $-646.8K | ||
| Q1 24 | $-116.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | $167.3M | — | ||
| Q2 25 | — | $263.1K | ||
| Q1 25 | $-143.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 22.6% | — | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | -21.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | 32.99× | — | ||
| Q3 25 | 5.46× | — | ||
| Q2 25 | 6.80× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 18.88× | — | ||
| Q3 24 | 5.74× | — | ||
| Q2 24 | 5.79× | -1.54× | ||
| Q1 24 | -7.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RYAN
| Wholesale Brokerage | $385.7M | 52% |
| Underwriting Management | $268.3M | 36% |
| Binding Authorities | $84.0M | 11% |
TIRX
Segment breakdown not available.
