Ryanair Holdings plc (RYAAY) 10-Year Financial Performance & Capital Metrics

RYAAY • • Industrial / General

IndustrialsAirlines & AirportsLow-Cost & Ultra-Low-Cost CarriersInternational Low-Cost Carriers

AboutRyanair Holdings plc, together with its subsidiaries, provides scheduled-passenger airline services in Ireland, the United Kingdom, Italy, Spain, Germany, and other European countries. It is also involved in the provision of various ancillary services, such as non-flight scheduled and Internet-related services; in-flight sale of beverages, food, duty-free, and merchandise; and marketing of car hire and accommodation services, and travel insurance through its website and mobile app. In addition, the company offers aircraft and passenger handling, ticketing, and maintenance and repair services; and markets car parking, fast-track, airport transfers, attractions, and activities on its website and mobile app, as well as sells gift vouchers. As of June 30, 2022, it had a principal fleet of approximately 483 Boeing 737 aircrafts and 29 Airbus A320 aircrafts; and offered approximately 3,000 short-haul flights per day serving approximately 225 airports. Ryanair Holdings plc was founded in 1985 and is headquartered in Swords, Ireland.Show more

Revenue $13.95B +3.8%
EBITDA $2.77B -9.3%
Net Income $1.61B -15.9%
EPS (Diluted) 7.30 -12.9%
Gross Margin 19% -34.1%
EBITDA Margin 19.88% -12.5%
Operating Margin 11.17% -27.1%
Net Margin 11.55% -19.0%
ROE 22% -23.9%
ROIC 18.94% -22.5%
Debt/Equity 0.38 +5.7%
Interest Coverage 23.43 -5.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 24.8%
✓Strong 5Y profit CAGR of 20.0%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.4%
✓Healthy dividend yield of 2.9%
✓Share count reduced 3.3% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.45%

5Y10.43%

3Y42.69%

TTM7.62%

Profit (Net Income) CAGR

10Y6.4%

5Y19.96%

3Y-

TTM43.81%

EPS CAGR

10Y8.6%

5Y20.28%

3Y-

TTM131.97%

ROCE

10Y Avg11.65%

5Y Avg7.84%

3Y Avg17.25%

Latest15.48%

Peer Comparison

International Low-Cost Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RYAAYRyanair Holdings plc	36.22B	69.00	9.45	3.75%	15.65%	26.3%	5.14%	0.38
VLRSControladora Vuela Compañía de Aviación, S.A.B. de C.V.	1.02B	8.88	8.07	-3.59%	-2.07%	-23.66%	49.66%	10.61

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	6.54B	6.65B	7.15B	7.7B	8.49B	1.64B	4.8B	10.78B	13.44B	13.95B
Revenue Growth %	0.16%	0.02%	0.08%	0.08%	0.1%	-0.81%	1.93%	1.24%	0.25%	0.04%
Cost of Goods Sold+	4.36B	4.29B	4.51B	5.49B	6.72B	1.7B	4.68B	8.55B	9.57B	11.3B
COGS % of Revenue	0.67%	0.65%	0.63%	0.71%	0.79%	1.04%	0.97%	0.79%	0.71%	0.81%
Gross Profit+	2.18B	2.35B	2.64B	2.2B	1.77B	-66.9M	120.7M	2.22B	3.88B	2.65B
Gross Margin %	0.33%	0.35%	0.37%	0.29%	0.21%	-0.04%	0.03%	0.21%	0.29%	0.19%
Gross Profit Growth %	0.32%	0.08%	0.12%	-0.16%	-0.2%	-1.04%	2.8%	17.42%	0.74%	-0.32%
Operating Expenses+	405M	820.5M	969.3M	1.2B	646.3M	772.5M	460.3M	780.4M	1.82B	1.09B
OpEx % of Revenue	0.06%	0.12%	0.14%	0.16%	0.08%	0.47%	0.1%	0.07%	0.14%	0.08%
Selling, General & Admin	292.7M	322.3M	410.4M	547.3M	646.3M	201.5M	460.3M	780.4M	921.8M	1.09B
SG&A % of Revenue	0.04%	0.05%	0.06%	0.07%	0.08%	0.12%	0.1%	0.07%	0.07%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	112.3M	498.2M	558.9M	653.8M	0	571M	0	0	894.9M	0
Operating Income+	1.46B	1.53B	1.67B	1.02B	1.13B	-839.4M	-339.6M	1.44B	2.06B	1.56B
Operating Margin %	0.22%	0.23%	0.23%	0.13%	0.13%	-0.51%	-0.07%	0.13%	0.15%	0.11%
Operating Income Growth %	0.4%	0.05%	0.09%	-0.39%	0.11%	-1.74%	0.6%	5.25%	0.43%	-0.24%
EBITDA+	1.89B	2.03B	2.23B	1.66B	1.88B	-337M	379.8M	2.37B	3.06B	2.77B
EBITDA Margin %	0.29%	0.31%	0.31%	0.22%	0.22%	-0.21%	0.08%	0.22%	0.23%	0.2%
EBITDA Growth %	0.33%	0.08%	0.1%	-0.26%	0.13%	-1.18%	2.13%	5.23%	0.29%	-0.09%
D&A (Non-Cash Add-back)	427.3M	497.5M	561M	640.5M	748.7M	502.4M	719.4M	923.2M	994.3M	1.21B
EBIT	1.79B	1.54B	1.67B	1.01B	743.2M	-839.4M	-338.4M	1.52B	2.06B	1.85B
Net Interest Income+	-53.2M	-63M	-58.1M	-55.4M	-51.5M	-53.8M	-91.4M	-34.4M	61.8M	224M
Interest Income	17.9M	4.2M	2M	3.7M	21.4M	16M	0	42.4M	144.8M	290.5M
Interest Expense	71.1M	67.2M	60.1M	59.1M	72.9M	69.8M	91.4M	76.8M	83M	66.5M
Other Income/Expense	262M	-63.7M	-56M	-68.7M	-457.1M	-269.3M	-90.2M	-100K	67.3M	226.4M
Pretax Income+	1.72B	1.47B	1.61B	948.1M	670.3M	-1.11B	-429.8M	1.44B	2.13B	1.78B
Pretax Margin %	0.26%	0.22%	0.23%	0.12%	0.08%	-0.68%	-0.09%	0.13%	0.16%	0.13%
Income Tax+	162.8M	154.4M	161.1M	63.1M	21.6M	-93.6M	-189M	128.7M	210.9M	172.8M
Effective Tax Rate %	0.91%	0.89%	0.9%	0.93%	0.97%	0.92%	0.56%	0.91%	0.9%	0.9%
Net Income+	1.56B	1.32B	1.45B	885M	648.7M	-1.02B	-240.8M	1.31B	1.92B	1.61B
Net Margin %	0.24%	0.2%	0.2%	0.11%	0.08%	-0.62%	-0.05%	0.12%	0.14%	0.12%
Net Income Growth %	0.8%	-0.16%	0.1%	-0.39%	-0.27%	-2.56%	0.76%	6.46%	0.46%	-0.16%
Net Income (Continuing)	1.56B	1.32B	1.45B	885M	648.7M	-1.02B	-240.8M	1.31B	1.92B	1.61B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.80	5.25	6.00	3.85	2.90	-4.57	-2.15	11.55	8.38	7.30
EPS Growth %	0.81%	-0.09%	0.14%	-0.36%	-0.25%	-2.58%	0.53%	6.37%	-0.27%	-0.13%
EPS (Basic)	5.80	5.25	6.10	3.85	2.90	-4.57	-2.15	11.55	8.42	7.35
Diluted Shares Outstanding	269.68M	251.5M	240.8M	230.92M	223.96M	222.08M	113.05M	113.96M	229M	221.54M
Basic Shares Outstanding	268.2M	249.94M	238.7M	228.72M	222.76M	222.08M	113.05M	113.68M	227.84M	220.3M
Dividend Payout Ratio	0.26%	-	-	-	-	-	-	-	0.1%	0.27%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	4.82B	4.71B	4.19B	3.8B	4.93B	3.46B	5.48B	5.91B	5.83B	6.01B
Cash & Short-Term Investments	4.32B	4.13B	3.65B	3.16B	4.18B	3.12B	3.6B	4.66B	4.11B	3.96B
Cash Only	1.26B	1.22B	1.51B	1.68B	2.85B	2.65B	2.67B	3.6B	3.88B	3.86B
Short-Term Investments	3.06B	2.9B	2.13B	1.48B	1.32B	465.5M	934.1M	1.06B	237.8M	100.1M
Accounts Receivable	66.1M	54.3M	57.6M	60.3M	125.42M	18.6M	43.5M	59.7M	76.4M	73.5M
Days Sales Outstanding	3.69	2.98	2.94	2.86	5.39	4.15	3.31	2.02	2.07	1.92
Inventory	3.3M	3.1M	3.7M	2.9M	3.62M	3.6M	4.3M	6M	6.2M	4.6M
Days Inventory Outstanding	0.28	0.26	0.3	0.19	0.2	0.77	0.34	0.26	0.24	0.15
Other Current Assets	285.5M	299.1M	247M	344.4M	430.01M	140.1M	1.42B	1.19B	362.6M	1.97B
Total Non-Current Assets+	6.4B	7.28B	8.17B	9.45B	11.25B	8.87B	9.67B	10.49B	11.35B	11.5B
Property, Plant & Equipment	6.26B	7.21B	8.12B	9.03B	10.62B	8.55B	9.23B	10.12B	11.01B	11.07B
Fixed Asset Turnover	1.04x	0.92x	0.88x	0.85x	0.80x	0.19x	0.52x	1.06x	1.22x	1.26x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	46.8M	46.8M	46.8M	146.4M	160.64M	146.4M	146.4M	146.4M	146.4M	146.4M
Long-Term Investments	0	0	0	0	415.31M	0	0	0	0	0
Other Non-Current Assets	88.5M	23M	2.6M	227.5M	0	160M	257.2M	223.5M	186.5M	277.1M
Total Assets+	11.22B	11.99B	12.36B	13.25B	16.18B	12.33B	15.15B	16.41B	17.18B	17.51B
Asset Turnover	0.58x	0.55x	0.58x	0.58x	0.52x	0.13x	0.32x	0.66x	0.78x	0.80x
Asset Growth %	-0.08%	0.07%	0.03%	0.07%	0.22%	-0.24%	0.23%	0.08%	0.05%	0.02%
Total Current Liabilities+	3.37B	3.01B	3.41B	4.1B	6.04B	3.53B	5.4B	7.42B	6.4B	8.15B
Accounts Payable	230.6M	294.1M	249.6M	573.8M	1.5B	336M	1.03B	1.07B	792.2M	702M
Days Payables Outstanding	19.32	25	20.19	38.13	81.53	72.03	80.25	45.47	30.23	22.68
Short-Term Debt	449.9M	325.7M	434.6M	309.4M	501.77M	1.73B	1.22B	1.06B	50M	848.4M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.27B	2.04B	2.28B	2.89B	3.44B	89.5M	47.8M	406.4M	245.4M	278.2M
Current Ratio	1.43x	1.56x	1.23x	0.93x	0.82x	0.98x	1.01x	0.80x	0.91x	0.74x
Quick Ratio	1.43x	1.56x	1.23x	0.93x	0.82x	0.98x	1.01x	0.80x	0.91x	0.74x
Cash Conversion Cycle	-15.36	-21.75	-16.95	-35.08	-75.94	-67.1	-76.61	-43.2	-27.92	-20.61
Total Non-Current Liabilities+	4.25B	4.55B	4.48B	3.94B	4.75B	4.15B	4.21B	3.34B	3.16B	2.32B
Long-Term Debt	3.57B	3.93B	3.53B	3.33B	3.93B	3.52B	3.71B	2.85B	2.53B	1.69B
Capital Lease Obligations	0	326.3M	0	0	187.52M	130.6M	81.4M	163.1M	125.2M	111.4M
Deferred Tax Liabilities	385.5M	473.1M	395.2M	460.6M	387.88M	272.4M	266.5M	159.3M	362M	377.1M
Other Non-Current Liabilities	678.9M	300M	951.6M	603.8M	238.21M	233.7M	143.3M	165.7M	141.4M	143.6M
Total Liabilities	7.62B	7.57B	7.89B	8.04B	10.79B	7.68B	9.6B	10.76B	9.56B	10.47B
Total Debt+	4.02B	4.38B	3.96B	3.64B	4.62B	5.43B	5.08B	4.12B	2.75B	2.68B
Net Debt	2.76B	3.16B	2.45B	1.97B	1.77B	2.78B	2.41B	516.9M	-1.13B	-1.18B
Debt / Equity	1.12x	0.99x	0.89x	0.70x	0.86x	1.17x	0.92x	0.73x	0.36x	0.38x
Debt / EBITDA	2.13x	2.16x	1.78x	2.20x	2.46x	-	13.37x	1.74x	0.90x	0.97x
Net Debt / EBITDA	1.46x	1.56x	1.10x	1.19x	0.94x	-	6.34x	0.22x	-0.37x	-0.43x
Interest Coverage	20.53x	22.83x	27.74x	17.20x	15.47x	-12.03x	-3.72x	18.78x	24.83x	23.43x
Total Equity+	3.6B	4.42B	4.47B	5.22B	5.39B	4.65B	5.55B	5.64B	7.61B	7.04B
Equity Growth %	-0.11%	0.23%	0.01%	0.17%	0.03%	-0.14%	0.19%	0.02%	0.35%	-0.08%
Book Value per Share	13.34	17.59	18.56	22.58	24.08	20.92	49.05	49.52	33.25	31.76
Total Shareholders' Equity	3.6B	4.42B	4.47B	5.22B	5.39B	4.65B	5.55B	5.64B	7.61B	7.04B
Common Stock	7.7M	7.3M	7M	6.8M	7.13M	6.7M	6.8M	6.9M	6.9M	6.4M
Retained Earnings	3.17B	3.46B	4.08B	4.18B	4.66B	3.23B	2.88B	4.18B	5.9B	5.59B
Treasury Stock	-7.3M	0	0	0	0	0	0	0	0	0
Accumulated OCI	-298.7M	236.8M	-338.4M	275M	-82.84M	211.3M	1.3B	31.4M	303.2M	-21.3M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	1.85B	1.93B	2.23B	1.76B	1.33B	1.94B	1.94B	3.89B	3.16B	3.42B
Operating CF Margin %	0.28%	0.29%	0.31%	0.23%	0.16%	1.19%	0.4%	0.36%	0.23%	0.24%
Operating CF Growth %	0.09%	0.04%	0.16%	-0.21%	-0.25%	0.46%	0%	1.01%	-0.19%	0.08%
Net Income	1.56B	1.32B	1.45B	885M	648.7M	-240.8M	-240.8M	1.31B	1.92B	1.61B
Depreciation & Amortization	427.3M	497.5M	561M	640.5M	748.7M	719.4M	719.4M	923.2M	1.06B	1.21B
Stock-Based Compensation	5.9M	5.7M	6.4M	7.7M	7M	8.6M	8.6M	16.2M	-3.9M	12.8M
Deferred Taxes	162.8M	154.4M	161.1M	63.1M	21.6M	-189M	-189M	128.7M	210.9M	172.8M
Other Non-Cash Items	-889.6M	-161.8M	-114.4M	-91.1M	289.6M	-137M	-137M	151M	-102.6M	8.7M
Working Capital Changes	136M	115.5M	168.9M	254.1M	-388.5M	1.78B	1.78B	1.36B	76.9M	395.4M
Change in Receivables	-6M	11.8M	-3.3M	-1.9M	-8.1M	-24.9M	-24.9M	-16.2M	-16.7M	2.9M
Change in Inventory	-1.2M	200K	-600K	800K	-400K	-700K	-700K	-1.7M	-200K	1.6M
Change in Payables	34.1M	63.5M	-44.5M	66M	15.2M	284.6M	284.6M	31.2M	-46.4M	124.8M
Cash from Investing+	-283.6M	-1.29B	-719.4M	-744.2M	-301.1M	-1.41B	-1.41B	-1.9B	-1.56B	-1.43B
Capital Expenditures	-1.22B	-1.45B	-1.47B	-1.29B	-578.8M	-1.18B	-1.18B	-1.91B	-2.39B	-1.55B
CapEx % of Revenue	0.19%	0.22%	0.21%	0.17%	0.07%	0.72%	0.25%	0.18%	0.18%	0.11%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	536M	-1.29B	751.2M	-1.29B	500K	-232.8M	-232.8M	13.5M	831.5M	121M
Cash from Financing+	-1.49B	-671.6M	-1.22B	-854.5M	-287M	-536.5M	-536.5M	-1.05B	-1.33B	-2B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.1B	0	0	0	0	0	0	0	-199.5M	-437.7M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	397.9M	0	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	628.6M	477.4M	762.6M	470.8M	748.3M	758.9M	758.9M	1.98B	766M	1.86B
FCF Margin %	0.1%	0.07%	0.11%	0.06%	0.09%	0.46%	0.16%	0.18%	0.06%	0.13%
FCF Growth %	-0.3%	-0.24%	0.6%	-0.38%	0.59%	0.01%	0%	1.6%	-0.61%	1.43%
FCF per Share	2.33	1.90	3.17	2.04	3.34	3.42	6.71	17.34	3.34	8.41
FCF Conversion (FCF/Net Income)	1.18x	1.46x	1.54x	1.99x	2.05x	-1.91x	-8.06x	2.96x	1.65x	2.12x
Interest Paid	0	0	0	0	74.3M	86.6M	86.6M	0	0	69.7M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	40.86%	32.82%	32.62%	18.28%	12.23%	-20.22%	-4.73%	23.49%	28.92%	22%
Return on Invested Capital (ROIC)	16.05%	16.5%	17.25%	10.82%	11.79%	-8.63%	-3.31%	15.33%	24.44%	18.94%
Gross Margin	33.35%	35.41%	36.9%	28.64%	20.88%	-4.09%	2.51%	20.63%	28.84%	19%
Net Margin	23.85%	19.79%	20.28%	11.5%	7.64%	-62.06%	-5.02%	12.19%	14.26%	11.55%
Debt / Equity	1.12x	0.99x	0.89x	0.70x	0.86x	1.17x	0.92x	0.73x	0.36x	0.38x
Interest Coverage	20.53x	22.83x	27.74x	17.20x	15.47x	-12.03x	-3.72x	18.78x	24.83x	23.43x
FCF Conversion	1.18x	1.46x	1.54x	1.99x	2.05x	-1.91x	-8.06x	2.96x	1.65x	2.12x
Revenue Growth	15.6%	1.71%	7.57%	7.64%	10.36%	-80.74%	193.49%	124.44%	24.77%	3.75%

Frequently Asked Questions

Valuation & Price

Ryanair Holdings plc (RYAAY) has a price-to-earnings (P/E) ratio of 9.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ryanair Holdings plc (RYAAY) reported $15.07B in revenue for fiscal year 2025. This represents a 243% increase from $4.39B in 2012.

Ryanair Holdings plc (RYAAY) grew revenue by 3.8% over the past year. Growth has been modest.

Yes, Ryanair Holdings plc (RYAAY) is profitable, generating $2.36B in net income for fiscal year 2025 (11.6% net margin).

Dividend & Returns

Yes, Ryanair Holdings plc (RYAAY) pays a dividend with a yield of 2.86%. This makes it attractive for income-focused investors.

Ryanair Holdings plc (RYAAY) has a return on equity (ROE) of 22.0%. This is excellent, indicating efficient use of shareholder capital.

Ryanair Holdings plc (RYAAY) generated $86.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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