Latest Ratios: P/E Ratio 15.6x · EV/EBITDA 7.7x · ROE 25.4%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.8B | $30.8B | $23.5B | $33.3B | $21.5B | $19.7B | $25.5B | $11.9B | $17.3B | $29.6B | $20.9B |
| Enterprise Value | $29.4B | $29.5B | $22.3B | $32.2B | $22.0B | $22.5B | $27.2B | $13.9B | $19.3B | $32.0B | $24.0B |
| P/E Ratio → | 15.61 | 14.17 | 14.61 | 17.44 | 16.40 | — | — | 18.31 | 19.47 | 20.48 | 15.80 |
| P/S Ratio | 1.75 | 1.98 | 1.68 | 2.48 | 1.99 | 4.10 | 15.61 | 1.40 | 2.25 | 4.14 | 3.14 |
| P/B Ratio | 2.80 | 3.05 | 3.33 | 4.38 | 3.81 | 4.24 | 5.14 | 2.28 | 3.32 | 6.62 | 4.72 |
| P/FCF | 18.38 | 17.07 | 12.59 | 43.53 | 10.88 | — | 28.05 | 28.10 | 36.76 | 38.79 | 43.71 |
| P/OCF | 7.48 | 8.33 | 6.87 | 10.56 | 5.52 | — | 12.13 | 5.76 | 9.84 | 13.25 | 10.83 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.90 | 1.60 | 2.40 | 2.04 | 4.68 | 16.62 | 1.63 | 2.50 | 4.48 | 3.61 |
| EV / EBITDA | 7.73 | 7.70 | 8.04 | 10.32 | 9.30 | 59.18 | — | 7.39 | 11.63 | 14.37 | 11.83 |
| EV / EBIT | 10.73 | 12.00 | 12.04 | 15.63 | 15.26 | — | — | 12.29 | 19.14 | 19.16 | 15.63 |
| EV / FCF | — | 16.38 | 11.96 | 42.05 | 11.14 | — | 29.86 | 32.75 | 40.94 | 42.00 | 50.33 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.0% | 21.0% | 19.0% | 28.8% | 28.2% | 16.5% | -4.1% | 28.9% | 28.6% | 36.9% | 35.4% |
| Operating Margin | 15.8% | 15.8% | 11.2% | 15.3% | 13.4% | -7.1% | -51.3% | 13.3% | 13.2% | 23.3% | 23.1% |
| Net Profit Margin | 14.0% | 14.0% | 11.6% | 14.3% | 12.2% | -5.0% | -62.1% | 7.6% | 11.5% | 20.3% | 19.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.4% | 25.4% | 22.0% | 28.9% | 25.5% | -5.0% | -19.9% | 12.4% | 18.3% | 32.6% | 32.8% |
| ROA | 11.7% | 11.7% | 9.3% | 11.4% | 9.1% | -1.8% | -7.3% | 4.9% | 6.9% | 11.9% | 11.3% |
| ROIC | 25.1% | 25.1% | 18.9% | 24.4% | 16.4% | -3.4% | -8.4% | 11.8% | 10.8% | 17.2% | 16.5% |
| ROCE | 24.0% | 24.0% | 15.5% | 20.9% | 18.1% | -4.2% | -9.1% | 12.3% | 11.2% | 18.6% | 18.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.38 | 0.36 | 0.73 | 1.09 | 1.09 | 0.70 | 0.70 | 0.89 | 0.99 |
| Debt / EBITDA | 0.39 | 0.39 | 0.97 | 0.88 | 1.74 | 13.37 | — | 1.94 | 2.20 | 1.78 | 2.16 |
| Net Debt / Equity | — | -0.12 | -0.17 | -0.15 | 0.09 | 0.60 | 0.33 | 0.38 | 0.38 | 0.55 | 0.71 |
| Net Debt / EBITDA | -0.32 | -0.32 | -0.43 | -0.36 | 0.22 | 7.31 | — | 1.05 | 1.19 | 1.10 | 1.56 |
| Debt / FCF | — | -0.69 | -0.63 | -1.47 | 0.26 | — | 1.81 | 4.65 | 4.18 | 3.21 | 6.62 |
| Interest Coverage | 65.06 | 65.06 | 27.83 | — | 18.78 | -3.70 | -14.88 | 15.47 | 17.04 | 27.81 | 22.88 |
Net cash position: cash ($2.7B) exceeds total debt ($1.5B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.90 | 0.90 | 0.74 | 0.91 | 0.80 | 1.01 | 0.82 | 0.93 | 0.93 | 1.23 | 1.56 |
| Quick Ratio | 0.90 | 0.90 | 0.74 | 0.91 | 0.80 | 1.01 | 0.82 | 0.93 | 0.93 | 1.23 | 1.56 |
| Cash Ratio | 0.41 | 0.41 | 0.49 | 0.64 | 0.63 | 0.66 | 0.69 | 0.77 | 0.77 | 1.07 | 1.37 |
| Asset Turnover | — | 0.79 | 0.80 | 0.78 | 0.66 | 0.39 | 0.11 | 0.64 | 0.58 | 0.58 | 0.55 |
| Inventory Turnover | 2558.67 | 2558.67 | 2456.11 | 1542.97 | 1289.17 | 1113.83 | 472.97 | 2082.72 | 1894.07 | 1219.54 | 1385.16 |
| Days Sales Outstanding | — | 1.04 | 1.92 | 2.07 | 2.02 | 3.31 | 4.15 | 3.00 | 2.86 | 2.94 | 2.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.4% | 1.9% | 0.6% | — | — | — | — | — | — | — |
| Payout Ratio | 20.4% | 20.4% | 27.2% | 10.4% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 7.1% | 6.8% | 5.7% | 6.1% | — | — | 5.5% | 5.1% | 4.9% | 6.3% |
| FCF Yield | 5.4% | 5.9% | 7.9% | 2.3% | 9.2% | — | 3.6% | 3.6% | 2.7% | 2.6% | 2.3% |
| Buyback Yield | 1.9% | 1.7% | 6.3% | 0.0% | 0.0% | 0.0% | 0.0% | 4.9% | 3.1% | 2.8% | 4.9% |
| Total Shareholder Yield | 3.5% | 3.2% | 8.2% | 0.6% | 0.0% | 0.0% | 0.0% | 4.9% | 3.1% | 2.8% | 4.9% |
| Shares Outstanding | — | $532M | $554M | $573M | $570M | $565M | $555M | $560M | $577M | $602M | $629M |
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RYAAY stock.
Ryanair Holdings plc's current P/E ratio is 15.6x. The historical average is 23.8x. This places it at the 12th percentile of its historical range.
Ryanair Holdings plc's current EV/EBITDA is 7.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.5x.
Ryanair Holdings plc's return on equity (ROE) is 25.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.2%.
Based on historical data, Ryanair Holdings plc is trading at a P/E of 15.6x. This is at the 12th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ryanair Holdings plc's current dividend yield is 1.57% with a payout ratio of 20.4%.
Ryanair Holdings plc has 21.0% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
Ryanair Holdings plc's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Seasonal Earnings and Liquidity Swings
Trailing Multiples Look Cheap on Seasonal Peaks
Based on Ryanair's reported figures, the trailing P/E of 12.77 and EV/EBITDA of 6.72 sit well below Southwest's 56.25 and 12.52, though the forward P/E rising to 17.62 suggests the market expects earnings to normalize lower.
The gap between trailing P/E of 12.77 and forward P/E of 17.62 implies that analysts anticipate earnings compression rather than growth, consistent with revenue growth decelerating toward low single digits. The EV/EBITDA discount to peers may reflect investor skepticism about whether recent peak-quarter EBITDA is repeatable given the recurring Q4 operating losses. Investors should monitor whether the valuation discount narrows once a full seasonal cycle of reported earnings is observed.
Margins Fluctuate Too Widely for Trend Reads
As reported in quarterly statements, operating margin swung from 35.5% in 2026Q2 to -21.3% in 2025Q4, a range so wide that trailing annual margins appear to carry limited information about underlying earning power.
The spread between peak and trough operating margins suggests a largely fixed cost base combined with highly seasonal fare yields, so reported net margins largely reflect calendar timing. Net margin of 28.3% in the strongest quarter against roughly -14% in Q4 indicates the business earns most of its profit in a narrow window. Analysts should evaluate earning power on a full-year basis rather than any single quarter.
Returns Recover Sharply but Remain Cyclical
Based on Ryanair's reported figures, ROIC rose to 16.2% in 2027Q2 from negative territory in late 2026, but the swing from -5.2% to 21.5% within six quarters indicates returns are compounding unevenly rather than steadily.
The recovery in ROIC appears driven primarily by margin normalization rather than improved asset efficiency, since the asset base of roughly $11B in net PP&E remains broadly flat across the period. Compared with Sun Country's steadier 6.9% ROIC, Ryanair's returns are higher at peaks but far less consistent. Whether returns compound over a full cycle remains unproven from the supplied quarterly data.
Deleveraging Leaves Minimal Debt Exposure
According to reported statements, the debt-to-equity ratio fell from 0.38 in 2025Q4 to 0.05 in 2027Q2 as total debt dropped to $580.4M, placing Ryanair far below Frontier's 11.13 and Southwest's 0.75.
The sharp reduction in debt alongside equity growth to $11.6B suggests management has prioritized balance sheet repair, and the interest coverage ratio, which is largely unavailable in the supplied data, is therefore unlikely to be a binding constraint. Debt service appears comfortable on reported figures, though the data does not establish covenant or refinancing terms. Investors should monitor whether leverage remains low once fleet investment resumes.
Sub-Unity Current Ratio Masks Cash Cushion
As reported in financial statements, the current ratio sat below 1.0 in nine of ten quarters, reaching 0.66 in 2026Q1, even as cash ranged between $2.4B and $4.0B across the same period.
The persistent sub-unity current ratio is consistent with an airline model where unearned passenger revenue is classified as a current liability, which can make liquidity appear tighter than the underlying cash position supports. Cash of $2.5B in 2027Q2 provides a meaningful buffer, but the balance sheet swing from 3.9B cash in 2025Q4 to a 0.79 ratio in 2027Q1 suggests liquidity is seasonal rather than stable. Under a severe demand shock during a trough quarter, the cushion could tighten quickly, warranting further investigation of minimum cash requirements.
Annual Earnings Obscure Recurring Q4 Losses
The reported figures suggest that the strong 2027Q2 margins and trailing P/E of 12.77 may overstate sustainable profitability, since both 2025Q4 and 2026Q4 posted operating losses and negative free cash flow.
The most commonly misapplied metric for an airline is trailing P/E, because a single strong peak quarter can make a seasonal business appear inexpensive while ignoring recurring off-season cash burn. Free cash flow margin of 61.0% in 2026Q4 is a further example, since it reflects the timing of deferred revenue rather than durable cash generation. Normalized, multi-year EBITDA or average free cash flow across a full seasonal cycle would give a more reliable basis for valuation.