Ryanair Holdings

RY4C.DE

Airlines, Airports & Air Services · Industrials

Price

€23.50

+0.51 (+2.22%)

Market Cap

€24.40B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Share count falling — buybacks

−5.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.13B (2022) → 1.06B (2026)

Winston Score History

The full picture

Ryanair is a low-cost airline based in Ireland that flies passengers to destinations across Europe. It is one of the busiest airlines in Europe by passenger numbers, carrying over 180 million passengers per year. The company is known for offering very cheap base fares and operates routes connecting the UK, Ireland, and continental Europe, often using smaller regional airports.

Ryanair makes most of its money from ticket sales, but a large and growing share of revenue comes from "ancillary" fees — things like checked bags, seat selection, and onboard food and drinks. Its business model is built around keeping costs extremely low, which lets it undercut competitors on price and still earn a profit. The main risk the company faces is fuel costs, which make up a large portion of its expenses and can rise sharply when oil prices increase, squeezing margins even when passenger demand stays strong.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-32.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

8.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

€2.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Ryanair Holdings is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.8%

Thin — 17.8% gross margin

Profit after running costs

Operating Margin

13.1%

Healthy — 13.1% operating margin

Return on the money invested

ROCE

22.3%

Exceptional — 22.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.3%

Slow sales growth (+6.3% YoY)

Profit growth

EPS YoY

-5.3%

Earnings shrinking (-5.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

182%

Turns 182% of profit into real cash

Spare cash per sale

FCF Margin

10.9%

Modest free cash flow (10.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.1x

Attractive valuation — P/E 13.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.56%

Small dividend — 1.56% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-22.9%

Dividend cut (-22.9% YoY) — warning sign

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