Want to see RYAAY full AI Analyst Report?
Top Page
Ryanair Holdings
(NASDAQ:RYAAY)
Select Model
Select Model
Rating:68Neutral
Price Target:
$71.00
▲(14.46% Upside)
Action:Downgraded
Date:05/20/26
The score is supported primarily by strong financial performance (improved balance sheet and solid profitability) and reasonable valuation. This is held back by weak technical momentum (price below key moving averages with negative MACD) and a cautious earnings outlook due to fuel/geopolitical risk, rising EU environmental taxes, and limited near-term pricing visibility.
Positive Factors
Very strong balance sheet / effectively debt-free
Ryanair's move to be effectively debt-free with multi-billion euros of gross cash materially reduces refinancing and interest-rate risk, expands strategic optionality for capex, buybacks and crisis resilience, and strengthens its cost advantage versus more leveraged European rivals over cycles.
Negative Factors
Rising EU environmental taxes
A permanent uptick in ETS and related environmental levies increases per‑passenger costs materially, eroding Ryanair's fare competitiveness in Europe, pressuring margins and forcing either higher fares (demand risk) or margin compression versus non‑EU competitors over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong balance sheet / effectively debt-free
Ryanair's move to be effectively debt-free with multi-billion euros of gross cash materially reduces refinancing and interest-rate risk, expands strategic optionality for capex, buybacks and crisis resilience, and strengthens its cost advantage versus more leveraged European rivals over cycles.
Read all positive factors
Ryanair Holdings (RYAAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$32.80B
Dividend Yield1.37%
Average Volume (3M)1.36M
Price to Earnings (P/E)13.5
Beta (1Y)0.63
Revenue Growth19.66%
EPS Growth49.49%
CountryUS
Employees25,863
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)8.84
Shares Outstanding519,252,500
10 Day Avg. Volume905,405
30 Day Avg. Volume1,359,506
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)2.61
Price to Sales (P/S)1.69
P/FCF Ratio14.54
Enterprise Value/Market Cap0.77
Enterprise Value/Revenue1.62
Enterprise Value/Gross Profit6.43
Enterprise Value/Ebitda6.52
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.37
Revenue Forecast (FY)$18.59B
Ryanair Holdings Business Overview & Revenue Model
Company Description
Ryanair Holdings plc, together with its subsidiaries, provides scheduled-passenger airline services in Ireland, Italy, Spain, the United Kingdom, and internationally. The company offers various ancillary services; engages in other activities conne...
How the Company Makes Money
Ryanair makes money primarily by selling air travel and related add-on services. Its revenue model is built around (1) scheduled passenger ticket sales, where base fares are priced to stimulate demand and maximize load factors, and (2) ancillary r...
Ryanair Holdings Earnings Call Summary
Earnings Call Date:May 18, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jul 20, 2026
Earnings Call Sentiment Positive
Overall the call conveyed strong underlying operational and financial performance—record profit, record traffic, disciplined unit costs, robust hedging, a large and improving cash position and near-term plans for fleet modernization and shareholder returns. These positives are tempered by significant macro and industry headwinds: the Middle East conflict and fuel volatility (20% unhedged), rising EU environmental taxes, near-term pricing/bookings uncertainty, some rising maintenance and labor costs, and remaining OEM/certification risks. Management positioned the business conservatively (no FY27 profit guidance), emphasizing balance-sheet strength and optionality to capitalize on market dislocations.Positive Updates
Record Full-Year Profit
Reported record FY26 profit after tax of EUR 2.26 billion, a 40% increase versus prior year (EUR 1.6 billion).
Negative Updates
Middle East Conflict and Fuel Price Risk
Conflict in the Middle East and potential Strait of Hormuz closure have driven spot fuel price spikes. 20% of fuel exposure remains unhedged; if unhedged prices stay elevated, unit costs could rise by a mid-single-digit percentage.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Full-Year Profit
Reported record FY26 profit after tax of EUR 2.26 billion, a 40% increase versus prior year (EUR 1.6 billion).
Read all positive updates
Company Guidance
Ryanair guided that FY‑27 traffic should grow ~4% to ~216m passengers, with 80% of jet fuel hedged at about $67/barrel (≈$668/mt) and 80% of dollar fuel needs hedged at $1.15 (nearly 30% of euro/dollar roughly hedged at $1.20 for H1 next year); the group finished FY‑26 with record profit €2.26bn (↑40% vs €1.6bn), traffic 208.4m (↑4%), gross cash €3.6bn and net cash €2.1bn after €1.9bn CapEx, €1.2bn debt repayment and >€900m shareholder distributions, a fleet of 647 aircraft including 210 Gamechangers, and a declared final dividend €0.195/share (AGM subject); FY‑27 CapEx is ~€2bn (FY‑28 ~€2.5–3bn), management will repay the final €1.2bn bond next week to be effectively debt‑free, intends to complete the remaining ~€150m of a €750m buyback and rebuild cash toward ~€4bn, expects first 15 MAX‑10s in spring 2027 (cert. end Q3/early Q4 2026) and 300 MAX‑10s by Mar‑2034, but warns EU environmental taxes will rise by ~€300m to €1.4bn and—if unhedged fuel stays elevated—unit costs could increase by mid‑single digits (FY‑26 unit costs were +1%); near‑term demand shows strong close‑in bookings but forward pricing has eased (Q1 fares mid‑digit behind prior year, Q2 pricing broadly flat, with occasional 1–2% marginal discounts).Ryanair Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
64
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.65B | 13.95B | 13.44B | 10.78B | 4.80B |
| Gross Profit | 3.28B | 2.65B | 3.88B | 2.22B | 120.70M |
| EBITDA | 3.82B | 3.07B | 3.21B | 2.44B | 381.00M |
| Net Income | 2.19B | 1.61B | 1.92B | 1.31B | -240.80M |
Balance Sheet | |||||
| Total Assets | 19.77B | 17.51B | 17.18B | 16.41B | 15.15B |
| Cash, Cash Equivalents and Short-Term Investments | 3.58B | 3.96B | 4.11B | 4.66B | 3.60B |
| Total Debt | 1.49B | 2.68B | 2.75B | 4.12B | 5.08B |
| Total Liabilities | 9.66B | 10.47B | 9.56B | 10.76B | 9.60B |
| Stockholders Equity | 10.11B | 7.04B | 7.61B | 5.64B | 5.55B |
Cash Flow | |||||
| Free Cash Flow | 1.81B | 1.86B | 766.00M | 1.98B | 758.90M |
| Operating Cash Flow | 3.72B | 3.42B | 3.16B | 3.89B | 1.94B |
| Investing Cash Flow | -2.62B | -1.43B | -1.56B | -1.90B | -1.41B |
| Financing Cash Flow | -2.22B | -2.00B | -1.33B | -1.05B | -536.50M |
Ryanair Holdings Technical Analysis
Positive
62.03
Price Trends
58.66
Positive
60.61
Positive
62.88
Positive
Market Momentum
1.74
Negative
64.57
Neutral
74.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RYAAY, the sentiment is Positive. The current price of 62.03 is above the 20-day moving average (MA) of 61.26, above the 50-day MA of 58.66, and below the 200-day MA of 62.88, indicating a bullish trend. The MACD of 1.74 indicates Negative momentum. The RSI at 64.57 is Neutral, neither overbought nor oversold. The STOCH value of 74.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RYAAY.
Ryanair Holdings Risk Analysis
Ryanair Holdings disclosed 10 risk factors in its most recent earnings report. Ryanair Holdings reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
In 2021, a law was passed in France prohibiting domestic flights where an alternative direct train service operates in under 2.5 hours, with an exception made for connecting flights. The European Commission found this distorted competition between point to point carriers and network operators. Consequently, France amended the law to remove this exemption for connecting flights. The new formulation of the law de facto means that only 3 routes to Paris Orly airport are affected. The European Commission approved this law in December 2022. Q1, 2023
Ryanair Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $60.94B | 13.40 | 23.14% | 0.96% | 5.24% | 20.93% | |
73 Outperform | $38.40B | 10.55 | 24.91% | ― | 4.73% | 1.55% | |
68 Neutral | $32.80B | 13.54 | 24.66% | 1.37% | 19.66% | 49.49% | |
64 Neutral | $16.18B | 9.69 | 126.90% | 3.50% | 16.19% | 62.18% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | $23.45B | 29.24 | 10.67% | 1.73% | 4.72% | 72.71% | |
50 Neutral | $11.85B | 57.81 | -5.17% | ― | 3.33% | -70.60% |
* Industrials Sector Average
RYAAY
Ryanair Holdings
65.49
8.33
14.57%
DAL
Delta Air Lines
92.75
42.49
84.55%
LUV
Southwest Airlines
50.25
16.80
50.22%
UAL
United Airlines Holdings
133.32
50.96
61.87%
AAL
American Airlines
17.92
6.23
53.29%
LTM
LATAM Airlines Group SA Sponsored ADR
56.43
15.42
37.60%
Ryanair Holdings Corporate Events
Ryanair Sets New Monthly Passenger Record as June 2026 Traffic Climbs 7%
Jul 2, 2026
Ryanair reported that June 2026 traffic rose 7% year on year, carrying 21.2 million guests compared with 19.9 million in June 2025. The airline operated over 116,800 flights during the month while maintaining a load factor of 95%, setting a new re...
Ryanair Cancels Over 310,000 Shares in Late-June 2026 Buy-Back
Jun 29, 2026
Ryanair Holdings disclosed that between 22 June and 26 June 2026 it repurchased and cancelled 7,084 ordinary shares and 303,158 ordinary shares underlying American Depositary Shares as part of its ongoing share buy-back programme. The purchases, c...
Ryanair Files 2026 Annual Report with U.S. SEC
Jun 22, 2026
Ryanair Holdings plc filed a Form 6-K with the U.S. Securities and Exchange Commission in June 2026, announcing that it had published its Annual Report for the fiscal year 2026 on June 22, 2026. The report’s filing, signed by Group CFO Neil ...
Ryanair Extends CEO Michael O’Leary’s Contract to 2032 with Performance-Linked Options
Jun 22, 2026
On 19 June 2026, Ryanair’s board confirmed a new contract keeping Michael O’Leary as Group CEO until April 2032, following months of negotiations and extensive engagement with major shareholders. The deal features a modest salary, capp...
Ryanair Grants 10 Million Share Options to CEO Michael O’Leary
Jun 22, 2026
Ryanair Holdings disclosed that its Group Chief Executive Officer, Michael O’Leary, received a grant of options over 10 million ordinary shares on June 19, 2026, under the company’s 2019 Long Term Incentive Plan. The options carry a st...
Ryanair Cancels Over 250,000 Shares in Mid-June Buyback
Jun 22, 2026
Ryanair Holdings said that between 15 June and 19 June 2026 it repurchased and cancelled 9,583 ordinary shares and 241,998 ordinary shares underlying American Depositary Shares as part of its ongoing share buy-back programme. The purchases, execut...
Ryanair Cancels Additional Shares After June 8–12 Buybacks
Jun 15, 2026
Ryanair Holdings said it repurchased and cancelled 7,400 ordinary shares and 334,860 ordinary shares underlying American Depositary Shares between 8 and 12 June 2026. The buys, executed at volume-weighted average prices of about €23.67–...
Ryanair Cancels Over 456,000 Shares in Early June 2026 Buyback
Jun 8, 2026
Ryanair Holdings plc reported that between 1 and 5 June 2026 it repurchased a total of 8,721 ordinary shares and 447,300 ordinary shares underlying American Depositary Shares for cancellation. The transactions, executed at volume-weighted average ...
Ryanair Discloses June 2 Director Share Awards and Sales Under 2019 Incentive Plan
Jun 4, 2026
Ryanair disclosed several director dealings in its ordinary shares under EU market abuse regulations, detailing transactions that took place on 2 June 2026. Non-executive directors Anne Nolan, Eamonn Brennan and Emer Daly each received 3,984 ordin...
Ryanair May 2026 Traffic Rises 6% to 20.7 Million Passengers
Jun 3, 2026
Ryanair reported that in May 2026 it carried 20.7 million guests, a 6% increase from 19.6 million in May 2025, while maintaining a load factor of 95% and operating over 114,000 flights. On a rolling 12-month basis to May 2026, passenger numbers ro...
Ryanair Confirms Total Voting Rights at Just Over 1.04 Billion Shares
Jun 2, 2026
Ryanair Holdings plc reported that, as of 31 May 2026, its issued share capital comprised 1,040,746,147 ordinary shares with a nominal value of €0.006 each, with no shares held in treasury. This leaves a total of 1,040,746,147 shares carryin...
Ryanair Discloses Artisan Partners’ Stake Increase Above 5% Threshold
Jun 2, 2026
Ryanair Holdings PLC disclosed that U.S.-based asset manager Artisan Partners Limited Partnership has increased its stake in the airline, triggering a regulatory notification of major holdings. According to a filing completed in Milwaukee on June ...
Ryanair Slams Belgian ATC Wildcat Strike After 100 Flights Axed on 2 June
Jun 2, 2026
Ryanair reported that on 2 June 2026 an unannounced wildcat strike by Belgian air traffic controllers forced the airline to cancel around 100 flights to and from Charleroi and Brussels Zaventem, affecting nearly 20,000 passengers. The carrier crit...
Ryanair Discloses BlackRock Stake Cut Below 3% Threshold
Jun 2, 2026
Ryanair Holdings disclosed that asset manager BlackRock, Inc., a major institutional investor, has reduced its holding in the airline below the 3% threshold of voting rights. The notification, dated 1 June 2026, states that on 29 May 2026 BlackRoc...
Ryanair Discloses Capital Group Lifting Stake Above 15% in Late May 2026
Jun 2, 2026
Ryanair Holdings PLC disclosed that The Capital Group Companies, Inc. has increased its stake in the airline, crossing the 15% voting rights threshold on 28 May 2026. The resulting holding amounts to 15.07% of Ryanair’s total voting rights, ...
Ryanair Continues Share Buyback With Late-May 2026 Share Cancellations
Jun 1, 2026
Ryanair Holdings plc disclosed that between 25 and 29 May 2026 it repurchased for cancellation a total of 7,640 ordinary shares and 391,004 ordinary shares underlying American Depositary Shares as part of its ongoing share buyback programme. The t...
Ryanair Becomes Effectively Debt-Free After Repaying Final €1.2 Billion Bond
May 26, 2026
Ryanair Holdings, Europe’s largest low-cost airline group, operates a pan-European network through brands including Ryanair, Buzz, Lauda, Malta Air and Ryanair UK. It serves about 216 million passengers annually across 36 countries with near...
Ryanair Cancels Over 500,000 ADS-Linked Shares in Mid-May Buyback
May 18, 2026
Ryanair Holdings said that between 11 and 15 May 2026 it repurchased and cancelled 8,092 ordinary shares and 501,876 ordinary shares underlying American Depositary Shares as part of its ongoing share buy-back programme launched in May 2025. The we...
Ryanair lifts FY26 profit 40% and eyes further growth amid capacity constraints
May 18, 2026
Ryanair reported on 18 May 2026 that full-year profit after tax for the year ended 31 March 2026 rose 40% to a record €2.26bn (pre-exceptional), as revenue increased 11% to €15.54bn and traffic grew 4% to 208.4 million passengers, desp...
Ryanair Wins Italian Court Battle Over €4.2m Covid Fine, Challenges Larger AGCM Penalty
May 13, 2026
On 13 May 2026, Ryanair said Italy’s Council of State had issued a final ruling annulling a €4.2m fine imposed by Italy’s competition authority AGCM in 2021 over Covid-related flight cancellations, and ordered full repayment with...
Ryanair Cancels Over 600,000 ADS-Linked Shares in Early May 2026 Buyback
May 11, 2026
Ryanair Holdings disclosed that between 4 and 8 May 2026 it repurchased for cancellation 2,760 ordinary shares and 606,814 ordinary shares underlying its American Depositary Shares. The purchases, executed at volume-weighted average prices in euro...
Ryanair Discloses Capital Group Stake Trim Below 15% Threshold
May 5, 2026
Ryanair Holdings has disclosed that The Capital Group Companies reduced its stake in the airline, crossing below the 15% voting rights threshold on 30 April 2026, with notification to the company on 1 May. The U.S.-based asset manager now controls...
Ryanair Continues Share Buybacks With Late-April 2026 Purchases and Cancellations
May 5, 2026
Ryanair Holdings said it bought back and cancelled 8,001 ordinary shares and 540,986 ordinary shares underlying American Depositary Shares between 27 April and 1 May 2026. The purchases, executed at volume-weighted average prices around €22 ...
Ryanair April Traffic Rises 5% to 19.3 Million Passengers
May 5, 2026
On 5 May 2026, Ryanair reported that its April 2026 traffic increased by 5% year-on-year to 19.3 million guests, up from 18.3 million in April 2025. The airline maintained a strong load factor of 93% and operated over 108,000 flights during the mo...
Ryanair Continues Share Buyback With April 20–24, 2026 Share Cancellations
Apr 27, 2026
Ryanair Holdings said it bought back and cancelled 10,000 ordinary shares and 574,716 ordinary shares underlying American Depositary Shares between 20 and 24 April 2026, paying volume-weighted average prices ranging from €23.01 to €24....
Ryanair Discloses Capital Group Stake Increase Above 15% Voting Threshold
Apr 27, 2026
Ryanair Holdings disclosed that The Capital Group Companies, Inc., a major U.S.-based asset manager, has increased its stake in the airline above the 15% voting rights threshold. The change, which took place on 23 April 2026 and was notified to Ry...
Ryanair Cancels Over 584,000 Shares in April 2026 Buyback
Apr 20, 2026
Ryanair Holdings said it repurchased and cancelled a total of 10,000 ordinary shares and 574,158 ordinary shares underlying American Depositary Shares between 13 and 17 April 2026. The transactions were executed at volume-weighted average prices o...
Ryanair Confirms EU Investors Hold 30% of Share Capital at March 2026 Year-End
Apr 14, 2026
Ryanair Holdings said that as of its financial year end on 31 March 2026, 30% of its issued share capital was held by EU nationals, including citizens of the EU-27, Iceland, Liechtenstein, Norway and Switzerland. This confirmation follows an earli...
Ryanair Continues Share Buyback With Early April 2026 Purchases for Cancellation
Apr 13, 2026
Ryanair Holdings has continued its capital return strategy with share repurchases conducted between 6 and 10 April 2026 under its ongoing buyback programme launched in May 2025. Over the period, the airline bought 7,322 ordinary shares and 572,296...
Ryanair Cancels Over 460,000 Shares in Latest Buyback Tranche
Apr 7, 2026
Ryanair Holdings plc reported that between 30 March and 2 April 2026 it repurchased 7,500 ordinary shares and 454,920 ordinary shares underlying American Depositary Shares, paying volume-weighted average prices in euros for the local stock and in ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.