Ryanair Holdings plc (RYAAY) 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

+34.6%

$74.98

vs $55.70 price

Levered DCF

$227.61

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.4

Safe zone

Rating

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	12.08×	13.32×	16.18×	7.53×	-36.6×	-21.43×	16.6×	17.4×
P/B	2.61×	3.06×	4.08×	1.75×	1.6×	4.69×	1.99×	2.94×
P/S	1.69×	1.55×	2.31×	0.92×	1.85×	13.31×	1.26×	1.99×
EV / EBITDA	6.57×	6.65×	9.15×	4.26×	29.67×	-89.89×	8.37×	10.49×
Gross margin	21.0%	19.0%	28.8%	20.6%	2.5%	-4.1%	20.9%	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×	0.98×	0.82×	0.93×
Debt / equity	0.15×	0.38×	0.36×	0.73×	0.92×	1.17×	0.86×	0.7×
Interest coverage	0×	23.43×	24.83×	18.78×	-3.72×	-12.03×	15.47×	17.2×
Dividend yield	1.7%	2.0%	0.6%	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	21.6%	22.9%	25.2%	23.3%	-4.3%	-21.8%	12.0%	17.0%
Return on invested capital	17.9%	13.7%	17.1%	13.0%	-1.7%	-7.3%	10.3%	10.0%
Return on assets	11.1%	9.2%	11.2%	8.0%	-1.6%	-8.2%	4.0%	6.7%
Free cash flow yield	6.9%	8.6%	2.5%	20.0%	8.5%	3.5%	7.0%	3.1%
Earnings yield	8.3%	7.5%	6.2%	13.3%	-2.7%	-4.7%	6.0%	5.8%
Enterprise value	$25.1B	$20.4B	$29.9B	$10.4B	$11.3B	$24.5B	$12.5B	$17.3B
Net debt / EBITDA	-0.33×	-0.39×	-0.35×	0.21×	6.32×	-10.17×	1.18×	1.19×
Cash conversion cycle (days)	-17	-21	-28	-43	-77	-67	-76	-35