Erie Indemnity Co (ERIE) is overvalued and Ryan Specialty Holdings Inc (RYAN) is overvalued.
Both trade above our estimate of their intrinsic value. ERIE is the closer of the two: -64%, against -284% for RYAN.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 24.8% return on equity justifies, blended with earnings, values the shares at $142.88; the price of $234.38 is 64% above that value.
Leak Score 44/100 on 2 of 12 signals
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 $38.44 is 284% above that value.
Leak Score 0/100 on 2 of 12 signals
| Metric | ERIE | RYAN |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $234.38 | $38.44 |
| Intrinsic value | $142.88 | $10.01 |
| Margin of safety | -64% | -284% |
| Leak Score | 44/100 (2/12) | 0/100 (2/12) |
| Market cap | $10.9B | $9.8B |
| Revenue growth, 5 years | 9.9% | 24.7% |
| Operating margin | 17.9% | 20.5% |
| Net margin | 14.0% | 3.1% |
| Return on equity | 24.8% | 17.7% |
| Debt to equity | 0.00 | 7.47 |
| P/E | 21.4x | 56.4x |
| Forward P/E | — | 15.9x |
| P/B | 4.4x | 9.2x |
| Dividend yield | 2.5% | 1.3% |