COMP <GO>

RYAN vs HSBC // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Ryan Specialty Holdings Inc. (NYSE) VS. HSBC Holdings plc. (NYSE) • 15-METRIC TALLY: RYAN 6 — HSBC 8

▲ OPTIONS IMPLIED MOVE & PUT/CALL SKEW LEADER: HSBC

LAST: $43.84 (+1.29%) • MKT CAP: $11.07B

options-implied-move

7.00%

LAST: $85.42 (-1.36%) • MKT CAP: $297.33B

options-implied-move

6.60%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (RYAN VS. HSBC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	RYAN	HSBC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	10.30%	9.90%	+0.40	RYAN	/roic <GO>
EV/EBITDA & P/E Valuation	23.4x	21.0x	+2.40	HSBC	/valuation <GO>
Free Cash Flow Yield	4.60%	2.21%	+2.39	RYAN	/fcf-yield <GO>
Operating Margin	16.50%	13.90%	+2.60	RYAN	/operating-margins <GO>
Net Profit Margin	2.10%	10.90%	-8.80	HSBC	/net-margins <GO>
Revenue Growth (YoY)	21.90%	23.10%	-1.20	HSBC	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.55%	0.00%	+0.55	RYAN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.15	3.74	-2.59	HSBC	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	8/9	-2.00	HSBC	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	7.00%	6.60%	+0.40	HSBC	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	62.2	25.0	+37.19	RYAN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.04	0.92	+0.12	RYAN	/macro-sensitivity <GO>
Forward P/E Multiple	140.0x	27.6x	+112.40	HSBC	/forward-pe <GO>
Enterprise Scale & Market Cap	$11.07B	$297.33B	-$286.26B	HSBC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	RYAN REV	HSBC REV	RYAN GROSS %	HSBC GROSS %	RYAN FCF	HSBC FCF
FY 2025	$2.99B	—	44.0%	—	$508.9M	—
FY 2024	$2.46B	—	44.0%	—	$404.4M	—
FY 2023	$2.03B	—	44.0%	—	$386.0M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

RYAN // BETA 1.04

HSBC // BETA 0.92