Ryanair Holdings PLC RYAAY

IndustrialsPassenger Transportation ServicesIreland

Last close 54.60 USD on Nov 3, 2026, −23.2% year to date

Quant rating

Quant rating B Rank 108 of 418 in Industrials

Growth A 62 of 418
Valuation B 99 of 418
Quality B 92 of 418
Revisions C 227 of 418
Momentum C 228 of 418

Wall Street consensus Buy (1.57)Average target 70.11 USD +28.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 27.7B
Enterprise value: 25.5B
52-week range: 51.02 – 74.22
3-year range: 37.72 – 74.22
Dividend yield: 1.63%
Beta (5 years): 1.19
Shares outstanding: 1,036M
Next earnings: Nov 2, 2026

About the company

Ryanair Holdings PLC is an Ireland-based airline company. It comprises five separate airlines: Buzz, Lauda Europe (Lauda), Malta Air, Ryanair DAC and Ryanair UK. It has an operating fleet of approximately 636, including Boeing 737s and Airbus A320 aircraft. The fleet comprises approximately 300 Boeing 737-MAX 10, 199 Gamechangers, 411 B737- Next Gen, and 26 A320 aircraft. It provides various ancillary services and engages in other activities connected with its core air passenger service, including non-flight scheduled services, Internet-related services, and the in-flight sale of beverages, food, duty-free, and merchandise. It markets car hire, travel insurance and accommodation services through its Website and mobile application. It offers car hire services via a contract with Rental Cars. It markets car parking, fast-track, airport transfers, attractions and activities on its Website and mobile application.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	17,957	15,088	14,510	11,679	5,312	–
Revenue growth	19.0%	4.0%	24.2%	119.9%	176.9%	56.4%
EPS (basic, normalized)	4.91	3.12	3.62	2.40	−0.50	–
EPS growth	57.3%	−13.8%	51.0%	–	–	–
Gross margin	41.8%	38.7%	40.0%	39.3%	30.9%	38.1%
Net margin	14.0%	11.6%	14.3%	12.2%	−5.0%	9.4%
ROE	25.4%	22.0%	28.9%	23.5%	−4.7%	19.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,898
Current ratio	1.17x
Long-term debt (mil)	611
Net debt (mil)	−2,241
Total equity (mil)	13,159
Net debt / equity	−0.17x
Net debt / EBITDA	−0.50x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	17,957	+19.0%	1.4x	4,442	+48.3%	5.7x	4.91	+57.3%	11.1x
2027	18,180	+1.2%	1.4x	3,976	−10.5%	6.4x	3.84	−21.8%	14.2x
2028	19,890	+9.4%	1.3x	4,239	+6.6%	6.0x	4.45	+15.9%	12.3x
2029	21,071	+5.9%	1.2x	5,218	+23.1%	4.9x	5.47	+22.8%	10.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	18,180	−0.2%	−0.4%	−5.8%	3.84	+0.2%	−5.7%	−28.9%
2028	19,890	−0.1%	+0.1%	−3.6%	4.45	+0.5%	−10.8%	−28.8%
2029	21,071	0.0%	−1.4%	−5.2%	5.47	+3.1%	+17.4%	−14.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,356	3,903	5,565	3,155	2,418	4,917	6,403	3,742	2,941	5,095
Sales mean (mil)	2,317	4,251	5,593	3,011	2,387	4,559	6,381	3,658	2,871	5,132
Surprise	+1.7%	−8.2%	−0.5%	+4.8%	+1.3%	+7.9%	+0.3%	+2.3%	+2.4%	−0.7%
EPS reported	−0.53	0.68	2.82	0.29	−0.59	1.74	3.76	0.24	−0.86	1.19
EPS mean	−0.54	1.16	2.87	0.08	−0.65	1.40	3.60	0.15	−0.98	1.29
Surprise	+2.0%	−41.8%	−1.5%	+248.0%	+8.1%	+24.4%	+4.3%	+66.4%	+12.6%	−7.5%

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RYAAY Ryanair Holdings PLC	27.7B	−0.50x	14.0%	2.17x	14.2x	12.3x	6.4x	6.0x
DAL Delta Air Lines, Inc.	54.8B	1.10x	7.9%	2.43x	15.6x	11.8x	8.1x	6.6x
UAL United Airlines Holdings, Inc.	34.8B	1.44x	5.7%	1.96x	15.4x	9.2x	7.1x	5.4x
ICAG International Consolidated Airlines Group, S.A.	24.3B	–	10.1%	2.57x	7.7x	6.5x	3.7x	3.4x
LUV Southwest Airlines Co	21.3B	1.08x	1.6%	2.90x	15.7x	10.4x	6.9x	5.7x
AIRYY Air China Limited	16.6B	–	–	–	–	–	–	–
Mean		0.78x	7.8%	2.41x	13.7x	10.0x	6.4x	5.4x
Median		1.09x	7.9%	2.43x	15.4x	10.4x	6.9x	5.7x

Technical analysis

1M−0.8%
3M−8.2%
1Y−14.7%
3Y+52.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ryanair Holdings PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	17,957	15,088	14,510	11,679	5,312	1,918
Cost of revenue	10,457	9,245	8,706	7,093	3,673	1,443
Gross profit	7,500	5,843	5,804	4,587	1,639	475
Selling, general & administrative expenses	3,073	2,844	2,436	2,022	1,309	889
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,587	1,314	1,144	1,001	796	670
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	98.2	–	–	–	−90.7	−98.5
Other operating expenses	0	0	0	0	0	0
Operating income	2,743	1,685	2,224	1,564	−376	−984
Net interest income (expense)	56.7	245	72.6	−0.1	−99.8	−316
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,799	1,930	2,297	1,564	−476	−1,300
Provision for taxes	288	187	228	139	−209	−110
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,511	1,743	2,069	1,424	−266	−1,191
Extraordinary items	–	–	–	–	–	–
Net income	2,511	1,743	2,069	1,424	−266	−1,191
EBIT, normalized	2,841	1,685	2,224	1,564	−467	−1,083
EBITDA, normalized	4,427	2,999	3,368	2,564	330	−413
Basic EPS, normalized	4.91	3.12	3.62	2.40	−0.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ryanair Holdings PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	4,096	4,287	4,439	5,046	3,987	3,655
Receivables	56.3	84.7	89.7	75.9	48.1	21.8
Total inventory	5.5	5.0	6.7	6.5	4.8	4.2
Prepaid expenses	2,288	2,280	1,369	941	444	–
Other current assets	2,501	−156	384	338	1,575	375
Total current assets	8,947	6,501	6,289	6,407	6,058	4,056
Property, plant & equipment	13,309	11,977	11,887	10,967	10,212	10,027
Goodwill	–	–	–	–	–	–
Intangibles	169	158	158	159	162	172
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	387	301	204	249	331	204
Total assets	22,813	18,937	18,538	17,782	16,763	14,458
Liabilities
Accounts payable	704	759	855	1,155	1,139	394
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,491	2,972	2,513	2,165	1,592	1,154
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,431	958	96.5	1,192	1,418	2,086
Other current liabilities	4,277	4,129	3,443	3,533	1,825	503
Total current liabilities	9,903	8,819	6,908	8,044	5,974	4,136
Long-term debt	292	1,943	2,868	3,269	4,200	4,279
Minority interest	–	–	–	–	–	–
Other liabilities	948	563	543	352	453	594
Total liabilities	11,143	11,326	10,320	11,666	10,627	9,009
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7.3	6.9	7.4	7.5	7.5	7.9
Additional paid-in capital	1,657	1,538	1,516	1,496	1,470	1,362
Retained earnings (accumulated deficit)	7,890	6,090	6,408	4,580	3,225	3,832
Treasury stock	–	–	–	–	–	–
Other equity	2,114	−22.7	287	33.6	1,433	248
Total equity	11,669	7,612	8,218	6,116	6,136	5,450
Total liabilities & shareholders' equity	22,813	18,937	18,538	17,782	16,763	14,458

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ryanair Holdings PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	2,511	1,743	2,069	1,424	−266	−1,191
Depreciation, depletion & amortization	1,587	1,314	1,144	1,001	796	670
Deferred taxes	–	–	–	–	–	–
Non-cash items	398	210	228	330	−369	−455
Changes in working capital	−227	428	−32.5	1,463	1,987	−1,895
Cash from operations	4,268	3,695	3,408	4,217	2,147	−2,871
Investing activities
Capital expenditures	−2,186	−1,679	−2,582	−2,075	−1,307	−346
Other investing cash flows	−832	131	897	14.6	−258	1,445
Cash from investing	−3,018	−1,548	−1,684	−2,061	−1,565	1,099
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−512	−473	−215	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,030	−1,687	−1,216	−1,142	−594	1,903
Cash from financing	−2,542	−2,160	−1,431	−1,142	−594	1,903
Foreign exchange effects	−13.1	0.8	5.3	−6.0	31.8	−31.9
Net change in cash	−1,305	−13.1	298	1,008	20.2	98.9
Free cash flow	2,082	2,015	827	2,142	840	−3,217

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.