Ryanair Holdings plc (RYAAY)
NEUTRALFundamental
67
Price
$57.14
Market Cap
$28.95B
Part 1 · What the company is worth
Overview
Ryanair is Europe's largest low-cost airline by passenger numbers, flying a single aircraft type, the Boeing 737, on short-haul routes across Europe and North Africa. It keeps ticket prices among the lowest in the industry with a no-frills model: minimal in-flight service, fast aircraft turnarounds, secondary airports with lower fees, and one fleet type that keeps crew training and maintenance costs down. Passengers pay separately for almost everything beyond the seat itself.
How it makes money
Revenue splits between scheduled ticket revenue, driven by fares and passenger volume, and ancillary revenue, earned from optional extras such as priority boarding, allocated seats, baggage fees, car hire and onboard sales. Ancillary revenue carries higher margins than the fare itself and has grown to roughly a third of the total, letting Ryanair advertise headline fares lower than what most passengers actually pay once they add their chosen extras.
Revenue by segment
Ticket revenue from scheduled flights, driven by average fares and the number of passengers carried.
Optional extras such as priority boarding, seat selection, baggage fees, car hire and onboard sales, at a higher margin than fares.
Competitive moat
Cost advantage · NarrowRyanair's cost per seat is among the lowest of any European airline, built from operating a single aircraft type, densely seating planes, flying from cheaper secondary airports and turning aircraft around in under 30 minutes. Rivals such as easyJet and Wizz Air run comparable low-cost models, so the advantage is real but not unique — it rests on out-executing peers on cost discipline rather than on a barrier they cannot copy.
What drives demand
CyclicalAir travel demand rises and falls with disposable income and consumer confidence, and is exposed to shocks such as fuel-price spikes, war or pandemics that can shut down travel almost overnight. Ryanair's low fares make it somewhat more resilient than full-service carriers in downturns, as price-sensitive travellers trade down, but volumes still track the broader economic cycle.
Key risks
- Fuel cost volatility — Jet fuel is one of Ryanair's largest costs and its price is volatile and largely outside the company's control; because fares are already low, passing on cost spikes through higher prices is limited.
- Dependence on Boeing — Ryanair sources the large majority of its fleet and spare parts from Boeing; delivery delays or a disruption at Boeing directly constrain the growth and reliability of the flying schedule, as recent delays have shown.
- Low-fare model execution risk — The business depends on keeping costs low enough to profit from fares among the cheapest in the industry; any structural rise in costs the company cannot offset elsewhere would squeeze margins directly.
- Regulatory, labour and airport disruption — Airline strikes, air-traffic-control disruption, and changing aviation regulation or airport charges across the many jurisdictions Ryanair flies to can disrupt schedules and add cost outside the company's control.
Customer concentration
Ryanair sells directly to millions of individual travellers with no material reliance on any single customer; concentration risk in its filings relates to suppliers such as fuel and aircraft, not to buyers.
The case for
Buyers point out that Ryanair's cost structure lets it profit at fares few rivals can match, that ancillary revenue keeps growing as a share of the total, and that Boeing's delivery delays, while a near-term drag, also limit how fast low-cost rivals can add capacity.
The case against
Sellers note that fuel costs and Boeing delivery reliability sit largely outside Ryanair's control, that other low-cost carriers run a similar playbook, and that a full-blown fare war or a travel-demand shock would hit a business built on thin margins particularly hard.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$15.59B
Trailing 12 months (through 6/30/2026)
Net Income
$1.89B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-218M
Total Equity
$11.06B
Total Liabilities
$182M
Current Ratio
0.79
Interest Coverage
-
Debt/EBITDA
0.05
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$64.21
Current Price
$57.14
Margin of Safety
+11.0%
Fair Value Range
$56.55 - $71.88
Estimation Methods
Valuation Metrics
P/E Ratio
13.38
ROE
22.4%
P/B Ratio
2.62
P/FCF
-
Gross Margin
27.9%
ROIC
14.4%
Profitability Radar
Value Creation (Economic Moat)
ROIC
14.4%
WACC
12.6%
ROIC − WACC
+1.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (12)
- Price CAGR 5.29%
- ROIC 14.4%
- P/B Ratio 2.62
- Debt/Equity ratio
- Current Ratio
- Debt/EBITDA
- ROE 20.3%
- Revenue Growth 5Y 56.9%
- Analyst Consensus 83% Buy
- Earnings Surprise avg 2.9%
- Earnings Quality (OCF/NI) 1.58
- Net Margin Trend 14.0% vs 11.6%
Failed (4)
- Gross Margin 27.9%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- Piotroski F-Score 2/9
Unavailable (11)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Michael O'Leary | Group CEO & Executive Director | 64 |
| Mr. Neil Sorahan | Group Chief Financial Officer | 54 |
| Mr. John Hurley | Chief Technology Officer | 50 |
| Mr. Juliusz Komorek | Group Chief Legal Officer & Company Secretary | 47 |
| Ms. Carol Sharkey | Chief Risk Officer | 49 |
| Ms. Tracey McCann | Chief Financial Officer of Ryanair DAC | 50 |
| Mr. Edward Wilson | Chief Executive Officer of Ryanair DAC | 62 |
| Mr. David O'Brien | CEO of Malta Air Limited & Joint CEO of Lauda Europe | 61 |
| Mr. Andreas Gruber | Joint CEO of Laudamotion GmbH | 39 |
| Mr. Michal Kaczmarzyk | Chief Executive Officer of Buzz | 45 |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for RYAAY, sourced from Markets Gazette.
- 7/20/2026NEGATIVERyanair scivola a Dublino, delude l’andamento del primo trimestre
Ryanair Holdings plc experienced a decline in its Dublin-listed shares following a disappointing first-quarter performance. The budget airline's results were negatively impacted by reduced flight fares and escalating fuel costs, exacerbated by the ongoing conflict in the Middle East. This combination of lower revenue per passenger and higher operating expenses has put pressure on profitability. Investors will be closely monitoring management's outlook for the remainder of the fiscal year, particularly concerning fare strategies and fuel hedging effectiveness.
- 5/25/2026POSITIVEA Dublino brilla Ryanair: rimborsa l'ultimo bond e diventa "debt free"
Ryanair Holdings PLC has successfully repaid its final bond, achieving a debt-free status. This significant financial maneuver, announced from Dublin, strengthens the airline's balance sheet and enhances its financial flexibility. The news comes as European airline stocks broadly climbed, influenced by a concurrent drop in crude oil prices. For investors, Ryanair's deleveraging is a strong indicator of robust operational performance and prudent financial management, potentially leading to improved credit ratings and increased shareholder value.
- 5/18/2026NEUTRALRyanair’s CFO says the airline has plans for an ‘armageddon situation’ as the jet fuel crisis threatens weaker European airlines this winter
Ryanair's CFO, Neil Sorahan, stated the airline has contingency plans for an 'Armageddon situation' amid concerns over a potential jet fuel crisis impacting weaker European airlines this winter. While acknowledging the existence of such plans, Sorahan expressed confidence that such a severe scenario is unlikely to materialize. This statement, though cautious, suggests Ryanair is well-prepared for potential market disruptions, a sign of operational resilience that could be viewed positively by investors concerned about industry stability.
- 5/18/2026NEGATIVERyanair CEO Sees European Airline ‘Casualties’ on Jet Fuel Spike
Ryanair CEO Michael O'Leary has warned of potential "casualties" among European airlines if the ongoing conflict in the Middle East leads to sustained restrictions in the Strait of Hormuz, thereby elevating jet fuel prices. This geopolitical tension poses a significant threat to the profitability of carriers reliant on stable fuel costs. Investors should monitor the situation closely, as prolonged high fuel prices could severely impact earnings and lead to consolidation within the European airline sector.
- 4/15/2026POSITIVERyanair Says Jet-Fuel Suppliers Guarantee Shipments to Mid-May
Ryanair Holdings Plc has received assurances from its jet-fuel suppliers that shipments will be guaranteed until at least mid-May. This development provides a crucial short-term stability for the airline's operations, mitigating immediate concerns over fuel availability. While the company acknowledges the situation remains 'fluid' due to ongoing geopolitical tensions in the Middle East, the confirmed supply chain support offers a degree of operational certainty. Investors will view this as a positive step, reducing near-term operational risk and allowing the company to maintain its flight schedules and revenue streams.
via Markets Gazette