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olivLaw · US equity research

Ryanair Holdings plc RYAAY

Air Transportation, Scheduled · SIC 4512 · Vertical: Air Transportation, Scheduled (SIC 4512)

59.05USD+8.15% · 1 dayClose 04 Nov 2026

Ryanair Holdings plc operates a low-cost short-haul airline built on point-to-point routes, mainly across Europe, and remains one of the largest scheduled passenger airline groups in the region. In fiscal 2026 profit after taxation rose to EUR 2.17 billion, while total revenue reached EUR 15.54 billion, helped by higher average fares and cost control.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ryanair Holdings plc (RYAAY) stock was 59.05 USD (+8.15% on the day), with beta 0.98, 52-week range 51.33–73.82 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Mar 2026
P/E (TTM)
unavailable
Diluted EPS TTM 1.45 · TTM to 31 Mar 2025
E/P (TTM)
unavailable
TTM to 31 Mar 2025
Dividend yield
unavailable
Beta (2y)
0.98
Volatility (1y) 37%
52-week range
51.3373.82

Price history

Loading chart…

Technical reading

RSI (14)
68.0
strong (55–70)
Bollinger (20, 2)
50.46 – 56.69
above the upper band · %B 1.38 · band width 11.6%
SMA 50 / 200
54.19 / 59.52
mixed trend
MACD (12, 26, 9)
0.33 / -0.23
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+8.0%−1.1%+9.1 pp—
3 months−3.5%−0.5%−3.0 pp—
6 months+0.9%+4.4%−3.5 pp—
Year to date−18.2%+12.3%−30.5 pp—
1 year−8.6%+13.5%−22.1 pp+4.8%
3 years+56.5%+76.4%−19.9 pp+74.3%
5 years+19.1%+63.7%−44.5 pp—
Max drawdown (1y)
−30.5%
05 Jan 2026 → 14 Oct 2026
Max drawdown (5y)
−54.9%
08 Nov 2021 → 12 Oct 2022
Compound annual growth (5y)
+3.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue7.2 bn7.7 bn8.5 bn1.6 bn4.8 bn10.8 bn13.4 bn13.9 bn
Revenue YoY+7.6%+7.6%+10.4%−80.7%+193.5%+124.4%+24.8%+3.8%
Net income1.5 bn885.0 munavailableunavailableunavailableunavailableunavailableunavailable
Net income YoY+10.2%−39.0%unavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS1.200.770.58-0.91-0.211.151.671.45
Diluted EPS YoY+15.1%−36.4%−24.4%−257.8%unavailableunavailable+45.2%−13.1%
net %20.3%11.5%unavailableunavailableunavailableunavailableunavailableunavailable
Free cash flow762.6 m470.8 munavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Mar 2025

Cash
unavailable EUR
Financial debt
2.5 bn EUR
Net debt
unavailable EUR
Equity
7.0 bn EUR
Total assets
17.5 bn EUR
Debt / equity
0.36x
Current ratio
0.74x
ROE
unavailable
ROA
unavailable
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
10.8 bn
2024
13.4 bn
2025
13.9 bn

SEC (XBRL)· 19 May 2025verified

Operating income
2023
1.4 bn
2024
2.1 bn
2025
1.6 bn

SEC (XBRL)· 19 May 2025verified

Interest expense
2023
76.8 m
2024
83.0 m
2025
66.5 m

SEC (XBRL)· 19 May 2025verified

Pre-tax income
2023
1.4 bn
2024
2.1 bn
2025
1.8 bn

SEC (XBRL)· 19 May 2025verified

Income tax
2023
128.7 m
2024
210.9 m
2025
172.8 m

SEC (XBRL)· 19 May 2025verified

Diluted EPS
2023
1.15
2024
1.67
2025
1.45

SEC (XBRL)· 19 May 2025verified

Weighted average diluted shares
2023
1.1 bn
2024
1.1 bn
2025
1.1 bn

SEC (XBRL)· 19 May 2025verified

Balance sheet · EUR

Inventories
2023
6.0 m
2024
6.2 m
2025
4.6 m

SEC (XBRL)· 19 May 2025verified

Current assets
2023
5.9 bn
2024
5.8 bn
2025
6.0 bn

SEC (XBRL)· 19 May 2025verified

Property, plant & equipment, net
2023
9.9 bn
2024
10.8 bn
2025
10.9 bn

SEC (XBRL)· 19 May 2025verified

Intangibles (excl. goodwill)
2023
146.4 m
2024
146.4 m
2025
146.4 m

SEC (XBRL)· 19 May 2025verified

Total assets
2023
16.4 bn
2024
17.2 bn
2025
17.5 bn

SEC (XBRL)· 19 May 2025verified

Short-term debt
2023
1.1 bn
2024
50.0 m
2025
848.4 m

SEC (XBRL)· 19 May 2025verified

Long-term debt
2023
2.9 bn
2024
2.5 bn
2025
1.7 bn

SEC (XBRL)· 19 May 2025verified

Current liabilities
2023
7.4 bn
2024
6.4 bn
2025
8.2 bn

SEC (XBRL)· 19 May 2025verified

Total liabilities
2023
10.8 bn
2024
9.6 bn
2025
—

SEC (XBRL)· 19 May 2025verified

Equity
2023
5.6 bn
2024
7.6 bn
2025
7.0 bn

SEC (XBRL)· 19 May 2025verified

Shares outstanding at year end
2023
1.1 bn
2024
1.1 bn
2025
1.1 bn

SEC (XBRL)· 19 May 2025verified

Cash flow · EUR

Share repurchases
2023
—
2024
—
2025
1.5 bn

SEC (XBRL)· 19 May 2025verified

Computed indicators

Growth

Revenue growth (YoY)
3.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
42.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
10.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-24.4%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
input data missing
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-13.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
20.2%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
11.2%
computed by olivLawFY 2025
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
input data missing
ROA
unavailable
input data missing
ROIC
unavailable
input data missing
ROCE
16.7%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.4x
computed by olivLawbalance sheet at 31 Mar 2025
Interest coverage
23.4x
computed by olivLawFY 2025

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 31 Mar 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Mar 2025
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
unavailable
input data missing
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

59.05 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
unavailable
input data missing
Net margin
unavailable
input data missing
Revenue growth (YoY)
3.8%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

19/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2025
Latest balance sheet date: 31 Mar 2025
Share count (cover of the latest filing), as of: 31 Mar 2026
Source: SEC (XBRL)published 22 Jun 2026
verified 228derived 2

The data is older than the freshness threshold.

Score by group

19% · Insufficient data

Estimated value range

Low
9.83
EUR per share
Mid
11.04
EUR per share
High
16.00
EUR per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.38 – 23.31 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E13.28 – 23.31 (Mid 14.71)
    6 companies used · median multiple 10.1x · quartiles 9.1x – 16.0x
    CPA, DAL, LUV, RJET, SKYW, UAL
  • Dividend discount (DDM)6.38 – 8.70 (Mid 7.36)
Multiple comparisons use the SIC vertical: Air Transportation, Scheduled (SIC 4512)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth42.7%100 (on a fixed band)44%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet23.4x100 (on a fixed band)33%
Current ratio · Balance sheet0.7x0 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet60/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partialunavailable · 0/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ryanair Holdings plc (RYAAY). Latest full fiscal year: 2025; data up to 2025-03-31.

Figures computed from the financial statements: revenue 13.9 bn EUR in 2025; YoY growth 3.8%.

The estimated value range is 9.83–16.00 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 42.7%
  • Interest coverage: 23.4x

What contradicts it

  • Current ratio: 0.7x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Air Transportation, Scheduled (SIC 4512) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 14.2x
EV/EBITDA
—
vertical median 7.9x
P/S
—
vertical median 0.6x
P/B
—
vertical median 1.8x
ROE
—
vertical median 10.7%
Net margin
—
vertical median 3.3%
EBIT margin
11.2%
vertical median 7.4%
above median (+51.7%)
Revenue YoY
3.8%
vertical median 3.7%
at median
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
—
vertical median 0.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LTMLATAM Airlines Group S.A.27,436.0 bn19,289.5141.1%10.2%+11.2%−1% / unavailable
RYAAYRyanair Holdings plc61.6 bn40.6——+3.8%−9% / +57%
DALDelta Air Lines, Inc.58.7 bn17.815.9%4.6%+2.8%+39% / +142%
UALUnited Airlines Holdings, Inc.37.6 bn10.622.3%5.5%+3.5%+14% / +194%
LUVSouthwest Airlines Co22.7 bn22.913.9%3.3%+2.1%+33% / +82%
AALAmerican Airlines Group Inc.9.0 bn——-0.8%+0.8%−3% / +10%
CPACopa Holdings, S.A.6.0 bn9.026.1%18.6%+5.0%+20% / +57%
ALKAlaska Air Group, Inc.4.5 bn—-4.6%-1.2%+21.3%−7% / +6%
SKYWSkywest Inc3.1 bn8.015.1%9.7%+15.0%−19% / +74%
ALGTAllegiant Travel Co2.2 bn56.71.8%0.9%+3.7%+7% / +19%
ULCCFrontier Group Holdings, Inc.1.6 bn—-175.4%-8.9%−1.4%+55% / +81%
JBLUJetblue Airways Corp1.3 bn—-55.4%-10.0%−2.3%−22% / −19%
RJETRepublic Airways Holdings Inc.958.4 m9.67.5%4.6%+13.7%+2% / +90%
FJETStarfighters Space, Inc.46.8 m—-94.2%—unavailableunavailable / unavailable
AZULAzul SA———0.6%+10.8%unavailable / unavailable

1- and 3-year price returns: for RYAAY from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 Jun 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (14 Oct 2026).

In brief

Ryanair Holdings plc operates a low-cost short-haul airline built on point-to-point routes, mainly across Europe, and remains one of the largest scheduled passenger airline groups in the region. In fiscal 2026 profit after taxation rose to EUR 2.17 billion 1, while total revenue reached EUR 15.54 billion 1, helped by higher average fares and cost control.

SWOT

Strengths

  • Established low-cost model with a cost base the management considers among the lowest in Europe.
  • Strong direct sales channels that removed agent commissions and support significant ancillary revenue.
  • Largely standardised fleet on one aircraft type, reducing maintenance and training costs.

Weaknesses

  • Dependence on fuel costs, which remain the largest category of operating expense.
  • Seasonal sensitivity, with higher revenues and profits in the first half of the fiscal year.
  • Exposure to air traffic control disruptions that affect punctuality and costs.

Opportunities

  • New routes and bases across the EU and countries party to the European Common Aviation Area.
  • Reallocating capacity to markets where higher-cost competitors are cutting their networks.
  • Growth in ancillary revenue through digital services and extra products sold in the app.

Threats

  • Rising navigation charges, environmental costs and sustainable fuel mandates.
  • Geopolitical tensions and conflicts that could disrupt flights and demand.
  • Capacity competition on major routes, especially as rivals recover from the pandemic.

Risks

  • Fuel priceshigh

    Fuel remains the main cost, and a sharp rise in prices could reduce margins, although hedging partly cushions the effect.

  • ATC disruptionshigh

    Strikes and staff shortages in air traffic control can cancel or delay flights, affecting punctuality, customer satisfaction and costs.

  • Aircraft financingmedium

    The delivery programme involves significant capital costs, and instability in credit markets could make financing on acceptable terms harder.

  • Fines and litigationmedium

    The company has booked provisions for fines and litigation, and the outcome of proceedings could affect profit.

  • Demand and economic conditionslow

    An economic slowdown in Ireland, the UK or the EU could reduce demand for low-fares travel and fare pressure.

Investment thesis

What would need to be true (bull case)

  • Rising traffic and higher average fares together show pricing power, and the company reported higher profit after taxation in FY26 1.
  • The cost structure, standardised fleet and high ancillary revenue could support healthy margins even in periods of pressure.
  • The fleet and network expansion plan could open medium-term growth if demand holds.

What would break the thesis

  • Navigation, environmental and staff costs have risen faster than traffic, which could compress margins.
  • Reliance on a single aircraft type and a cost-sensitive low-fares model could become a vulnerability in shocks.
  • ATC disruptions and geopolitical shocks could damage punctuality and the company's reputation.

What to watch

  • Trend in average fuel price and the effect of hedgingQ1 2027
  • Traffic and average fare results for the first half of the fiscal year2027
  • Progress on Boeing 737 deliveries and the expected fleet size by FY34next 20-F
  • ATC and environmental costs, including sustainable fuel mandates2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 Jun 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (14 Oct 2026).

The business

Ryanair runs a low-fares model with one-way tickets, no minimum stay requirements and high frequency between main European business centers. In FY26 the group carried over 208 million passengers across about 235 airports, with more than 3,600 scheduled daily short-haul flights 1. Revenue splits between scheduled fares and ancillary sales, the latter representing about 32% of total operating revenues in FY26 1.

Direct sales through the website and app are central to the strategy, which eliminated travel agent commissions. The company controls costs through an almost single-type Boeing 737 fleet, multi-year airport contracts and productivity-linked pay. On-time performance was around 80% in FY26 despite ATC disruptions 1.

During FY26 the group opened 3 new bases and more than 160 new routes, and its principal fleet at 31 March 2026 comprised 621 Boeing 737 and 26 Airbus A320 aircraft 1. The group expects it could reach around 800 narrow-body aircraft in its operating fleet by FY34, subject to lease hand-backs and disposals 1.

Segments

Scheduled revenues

Scheduled passenger revenues rose 14% in FY26 to EUR 10.56 billion, reflecting 4% traffic growth and 10% higher average fares 1. They accounted for 68% of total revenues in FY26 1.

Ancillary revenues

Ancillary revenues, covering non-flight scheduled operations, onboard sales and internet services, grew 6% to EUR 4.99 billion, supported by 4% traffic growth and higher spend per passenger 1.

Airline operations

The core segment is short-haul airline operation across the group's airlines, including Ryanair DAC, Buzz, Lauda, Malta Air and Ryanair UK 1. Operating profit reached EUR 2.37 billion in FY26 compared with EUR 1.56 billion in FY25 1.

Market context

The European short-haul market remains sensitive to fuel costs, air navigation charges and general economic conditions. Ryanair cites its cost base as the main advantage, which could remain competitive against higher-cost rivals as they recover from the pandemic 1.

The company notes that demand depends on the availability of new airports, capacity competition and public perception of low-cost airline safety 1. Seasonality is significant, with the first half of each fiscal year typically producing higher revenues and income 1.

Trends

  • Higher average farestailwind

    Average fares rose 10% in FY26, partly offsetting higher ATC and environmental costs 1. If demand stays solid, this could support margins.

  • Air navigation and environmental costsheadwind

    Eurocontrol route charges and ATC costs rose significantly in FY26, and environmental costs including emissions trading also increased 1. These pressures could continue.

  • Fuel and hedgingmixed

    The average fuel price was broadly flat in FY26, partly thanks to hedging, but SAF mandates in the EU and UK and geopolitical tensions could raise costs 1.

  • Fleet growth and depreciationmixed

    New aircraft deliveries and spare engine purchases raised depreciation by 13% in absolute terms 1. Fleet expansion can support growth but also increases fixed costs.

Competitive position

Ryanair competes with other low-cost carriers and with traditional European airlines that generally operate with higher cost bases. The company states its cost gap with competitors has widened, but the document does not give an exhaustive competitor list 1. Its stated advantages are cost structure, network density and direct sales channels.

  • Traditional European airlines

    Hub-and-spoke carriers with higher cost structures, referenced in the filing as rivals on higher-fare European routes.

  • Other European low-cost airlines

    Low-fares operators competing on the same short-haul routes and secondary airports.

  • Charter and wet lease operators

    Carriers offering charter or wet lease services on leisure routes, competing for airport capacity.

  • Regional operators

    Regional airlines operating secondary routes in markets where Ryanair is expanding its network.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Ryanair Holdings plc · 22 Jun 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.