Accelerant Holdings (ARX) is overvalued and Ryan Specialty Holdings Inc (RYAN) is overvalued.
Both trade above our estimate of their intrinsic value. RYAN is the closer of the two: -307%, against -499% for ARX.
Values as of the 19 Oct 2026 close.
Book value and earnings at sector multiples values the shares at $3.31; the price of $19.83 is 499% above that value.
No Leak Score yet
Book value at 2.50x, the multiple a 17.7% return on equity justifies, blended with earnings, values the shares at $10.01; the price of $40.77 is 307% above that value.
Leak Score 35/100 on 9 of 12 signals
| Metric | ARX | RYAN |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $19.83 | $40.77 |
| Intrinsic value | $3.31 | $10.01 |
| Margin of safety | -499% | -307% |
| Leak Score | — | 35/100 (9/12) |
| Market cap | $4.3B | $5.0B |
| Revenue growth, 5 years | — | 24.7% |
| Operating margin | 23.4% | 20.5% |
| Net margin | -181.9% | 3.1% |
| Return on equity | -380.1% | 17.7% |
| Debt to equity | 0.17 | 7.47 |
| P/E | — | 59.8x |
| Forward P/E | 21.3x | 16.8x |
| P/B | 6.0x | 9.7x |
| Dividend yield | — | 1.3% |