Ryanair Holdings plc (RYA.IR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+208.6%

€73.53

vs €23.83 price

Levered DCF

-€14.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.59×	12.76×	12.22×	12.83×	-64.71×	-18.19×	15.88×	14.75×
P/B	2.49×	2.92×	3.07×	3×	2.77×	3.95×	1.97×	2.49×
P/S	1.62×	1.47×	1.74×	1.57×	3.2×	11.23×	1.21×	1.69×
EV / EBITDA	6.25×	6.31×	7.13×	7.37×	46.69×	-45.39×	6.52×	9.08×
Gross margin	21.0%	19.0%	28.8%	28.2%	16.5%	-4.1%	28.9%	28.6%
Operating margin	15.8%	11.2%	15.3%	13.4%	-7.1%	-51.3%	13.3%	13.2%
Net margin	14.0%	11.6%	14.3%	12.2%	-5.0%	-62.1%	7.6%	11.5%
Current ratio	0.9×	0.74×	0.91×	0.8×	1.01×	0.82×	0.93×	0.93×
Debt / equity	0.15×	0.38×	0.36×	0.73×	0.92×	1.17×	0.7×	0.7×
Interest coverage	65.06×	23.43×	0×	18.78×	-3.72×	-12.03×	15.47×	17.2×
Dividend yield	1.8%	2.1%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	20.4%	27.2%	10.4%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.5%	22.9%	25.2%	23.3%	-4.3%	-21.8%	12.4%	17.0%
Return on invested capital	17.8%	13.7%	17.1%	13.0%	-1.9%	-7.0%	11.4%	10.0%
Return on assets	11.0%	9.2%	11.2%	8.0%	-2.0%	-6.9%	4.9%	6.7%
Free cash flow yield	7.2%	9.1%	3.3%	11.7%	-17.9%	5.0%	4.1%	3.6%
Earnings yield	8.6%	7.9%	8.2%	7.8%	-1.6%	-5.5%	6.3%	6.8%
Enterprise value	€24B	€19.3B	€22.3B	€17.4B	€17.8B	€21.2B	€12.2B	€15B
Net debt / EBITDA	-0.32×	-0.39×	-0.36×	0.22×	6.37×	-6.11×	1.05×	1.19×
Cash conversion cycle (days)	-17	-21	-28	-48	-90	-67	-80	-35