Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 7.5x · ROE 25.5%. (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 | $34.5B | $30.8B | $23.5B | $33.3B | $10.7B | $9.8B | $25.5B | $11.9B | $17.3B | $29.6B | $20.9B |
| Enterprise Value | $33.0B | $29.5B | $22.3B | $32.2B | $11.3B | $12.3B | $28.3B | $13.7B | $19.3B | $32.0B | $24.0B |
| P/E Ratio → | 14.16 | 14.10 | 14.51 | 17.39 | 8.16 | — | — | 18.31 | 19.47 | 20.48 | 15.80 |
| P/S Ratio | 1.93 | 1.97 | 1.68 | 2.48 | 1.00 | 2.05 | 15.61 | 1.40 | 2.25 | 4.14 | 3.14 |
| P/B Ratio | 3.06 | 3.04 | 3.33 | 4.38 | 1.90 | 1.78 | 5.50 | 2.21 | 3.32 | 6.62 | 4.72 |
| P/FCF | 16.63 | 16.95 | 12.59 | 43.53 | 5.44 | 12.98 | 33.65 | 15.89 | 36.76 | 38.79 | 43.71 |
| P/OCF | 8.11 | 8.27 | 6.87 | 10.56 | 2.76 | 5.08 | 13.16 | 8.96 | 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 | — | 1.88 | 1.60 | 2.40 | 1.05 | 2.55 | 17.31 | 1.61 | 2.50 | 4.48 | 3.61 |
| EV / EBITDA | 7.49 | 7.64 | 8.04 | 10.54 | 4.76 | 32.27 | — | 7.28 | 11.63 | 14.37 | 11.83 |
| EV / EBIT | 11.67 | 12.09 | 12.04 | 14.57 | 7.41 | — | — | 18.38 | 19.14 | 19.16 | 15.63 |
| EV / FCF | — | 16.25 | 11.96 | 42.05 | 5.70 | 16.15 | 37.31 | 18.25 | 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% | 20.6% | 2.5% | -4.1% | 20.9% | 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 | 25.5% | 25.5% | 22.0% | 28.9% | 23.5% | -4.7% | -20.2% | 12.2% | 18.3% | 32.6% | 32.8% |
| ROA | 11.7% | 11.7% | 9.3% | 11.4% | 8.3% | -1.8% | -7.1% | 4.4% | 6.9% | 11.9% | 11.3% |
| ROIC | 25.3% | 25.3% | 18.9% | 24.4% | 15.3% | -3.3% | -8.6% | 11.8% | 10.8% | 17.2% | 16.5% |
| ROCE | 24.1% | 24.1% | 15.5% | 20.9% | 15.4% | -3.7% | -8.9% | 11.7% | 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 | 0.92 | 1.17 | 0.86 | 0.70 | 0.89 | 0.99 |
| Debt / EBITDA | 0.39 | 0.39 | 0.97 | 0.90 | 1.74 | 13.37 | — | 2.46 | 2.20 | 1.78 | 2.16 |
| Net Debt / Equity | — | -0.13 | -0.17 | -0.15 | 0.09 | 0.43 | 0.60 | 0.33 | 0.38 | 0.55 | 0.71 |
| Net Debt / EBITDA | -0.33 | -0.33 | -0.43 | -0.37 | 0.22 | 6.34 | — | 0.94 | 1.19 | 1.10 | 1.56 |
| Debt / FCF | — | -0.70 | -0.63 | -1.47 | 0.26 | 3.17 | 3.66 | 2.36 | 4.18 | 3.21 | 6.62 |
| Interest Coverage | — | — | 27.83 | 26.64 | 19.78 | -3.70 | -12.03 | 10.19 | 17.04 | 27.81 | 22.88 |
Net cash position: cash ($2.8B) 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 | 0.98 | 0.82 | 0.93 | 1.23 | 1.56 |
| Quick Ratio | 0.90 | 0.90 | 0.74 | 0.91 | 0.80 | 1.01 | 0.98 | 0.82 | 0.93 | 1.23 | 1.56 |
| Cash Ratio | 0.42 | 0.42 | 0.49 | 0.64 | 0.63 | 0.67 | 0.88 | 0.69 | 0.77 | 1.07 | 1.37 |
| Asset Turnover | — | 0.79 | 0.80 | 0.78 | 0.66 | 0.32 | 0.13 | 0.52 | 0.58 | 0.58 | 0.55 |
| Inventory Turnover | 2573.15 | 2573.15 | 2456.11 | 1542.97 | 1425.37 | 1088.42 | 472.97 | 1856.18 | 1894.07 | 1219.54 | 1385.16 |
| Days Sales Outstanding | — | 1.03 | 1.92 | 2.07 | 2.02 | 3.31 | 4.15 | 5.39 | 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 | 1.4% | 1.5% | 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 | 7.1% | 7.1% | 6.9% | 5.8% | 12.2% | — | — | 5.5% | 5.1% | 4.9% | 6.3% |
| FCF Yield | 6.0% | 5.9% | 7.9% | 2.3% | 18.4% | 7.7% | 3.0% | 6.3% | 2.7% | 2.6% | 2.3% |
| Buyback Yield | 1.8% | 1.8% | 6.3% | 0.0% | 0.0% | 0.0% | 0.0% | 4.9% | 3.1% | 2.8% | 4.9% |
| Total Shareholder Yield | 3.2% | 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 | $285M | $283M | $555M | $560M | $577M | $602M | $629M |
Seasonal Liquidity Mismatch
Based on current market data, RYAAY trades at a P/E of 13.81, which appears to command a premium over more distressed industry peers, suggesting that investors are pricing in the company's superior balance sheet and structural cost advantages rather than just near-term earnings volatility.
The forward P/E of 16.70 indicates that the market anticipates a normalization of earnings, likely factoring in the impact of capacity constraints from Boeing delivery delays. This valuation multiple appears to reflect a high-quality industrial compounder status, distinguishing it from the speculative pricing often seen in the broader airline sector.
As reported in financial statements, RYAAY's ROIC exhibits extreme seasonal variance, peaking at 21.5% in 2026Q2 before turning negative during off-peak periods, which highlights the company's reliance on high-margin summer traffic to generate meaningful returns on its substantial capital base of aircraft and infrastructure.
The sharp swings in ROIC suggest that the company's ability to compound capital is intrinsically tied to its load factor and ancillary revenue performance during peak travel windows. Investors should monitor whether the company can maintain these returns as it transitions toward a more mature phase of capital allocation, including dividends.
According to recent quarterly filings, RYAAY maintains a negative cash conversion cycle, consistently reaching -14 to -27 days, which indicates that the company effectively utilizes customer advance payments as a form of interest-free financing to support its operational liquidity throughout the volatile fiscal year.
This negative CCC is a hallmark of the ultra-low-cost model, providing a structural buffer that legacy carriers often lack. The efficiency of this working capital cycle appears to be a primary driver of the company's ability to sustain operations during the seasonally weak winter quarters.
Based on the provided balance sheet data, RYAAY has successfully reduced its debt-to-equity ratio to 0.15 as of 2026Q4, a figure that stands in stark contrast to the highly leveraged profiles of many industry peers and suggests a robust capacity to navigate potential sector-wide downturns.
This minimal debt burden provides significant financial flexibility, allowing the company to pursue opportunistic fleet acquisitions even when credit markets tighten. The low leverage appears to be a deliberate strategic choice that mitigates the risks associated with the inherent cyclicality of the European aviation market.
The P/E ratio is frequently misapplied to RYAAY because it fails to account for the extreme seasonal earnings volatility and the significant non-cash charges related to aircraft depreciation, which can distort the perceived profitability of the business during the company's off-peak winter quarters.
Analysts should instead focus on EV/EBITDA or free cash flow yields to better capture the underlying cash-generating power of the business model. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the structural advantages of the company's ancillary revenue streams.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RYAAY stock.
Ryanair Holdings plc's current P/E ratio is 14.2x. The historical average is 23.4x. This places it at the 8th percentile of its historical range.
Ryanair Holdings plc's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.4x.
Ryanair Holdings plc's return on equity (ROE) is 25.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.1%.
Based on historical data, Ryanair Holdings plc is trading at a P/E of 14.2x. This is at the 8th 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 1.44% 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.