Ryanair Holdings plc (RYAAY) Key Metrics

NASDAQ: RYAAYValuation, returns, debt and efficiency ratios over 10 years.

RYAAY key metrics, FY2017–FY2026

Fiscal year ended March 31, 2026 · euros

RYAAY returns How much profit the business earns on the capital it uses.

Return on equity+3.5 pts
25.5%
FY2026 · hover or tap a bar for each year
FY2017: 32.8% (−10.5 pts)FY2018: 32.6% (−0.2 pts)FY2019: 18.3% (−14.3 pts)FY2020: 12.2% (−6.0 pts)FY2021: −20.2% (−32.5 pts)FY2022: −4.7% (+15.5 pts)FY2023: 23.5% (+28.2 pts)FY2024: 28.9% (+5.4 pts)FY2025: 22.0% (−6.9 pts)FY2026: 25.5% (+3.5 pts)
FY2017FY2026
Return on invested capital+8.8 pts
32.2%
FY2026 · hover or tap a bar for each year
FY2017: 34.4% (−5.7 pts)FY2018: 31.7% (−2.7 pts)FY2019: 18.1% (−13.6 pts)FY2020: 18.9% (+0.8 pts)FY2021: −10.4% (−29.3 pts)FY2022: −3.8% (+6.5 pts)FY2023: 21.7% (+25.5 pts)FY2024: 32.7% (+11.0 pts)FY2025: 23.4% (−9.3 pts)FY2026: 32.2% (+8.8 pts)
FY2017FY2026
Return on assets+2.4 pts
11.7%
FY2026 · hover or tap a bar for each year
FY2017: 11.3% (−2.6 pts)FY2018: 11.9% (+0.6 pts)FY2019: 6.9% (−5.0 pts)FY2020: 4.4% (−2.5 pts)FY2021: −7.1% (−11.5 pts)FY2022: −1.8% (+5.4 pts)FY2023: 8.3% (+10.1 pts)FY2024: 11.4% (+3.1 pts)FY2025: 9.3% (−2.1 pts)FY2026: 11.7% (+2.4 pts)
FY2017FY2026
Free cash flow margin−1.8 pts
11.6%
FY2026 · hover or tap a bar for each year
FY2017: 7.2% (−2.4 pts)FY2018: 10.7% (+3.5 pts)FY2019: 6.1% (−4.5 pts)FY2020: 8.8% (+2.7 pts)FY2021: 46.4% (+37.6 pts)FY2022: 15.8% (−30.6 pts)FY2023: 18.3% (+2.5 pts)FY2024: 5.7% (−12.6 pts)FY2025: 13.4% (+7.7 pts)FY2026: 11.6% (−1.8 pts)
FY2017FY2026
Cash conversion (OCF / net income)−19.8%
1.70
FY2026 · hover or tap a bar for each year
FY2017: 1.46 (+23.7%)FY2018: 1.54 (+5.1%)FY2019: 1.99 (+29.1%)FY2020: 2.05 (+2.9%)FY2023: 2.96FY2024: 1.65 (−44.4%)FY2025: 2.12 (+28.7%)FY2026: 1.70 (−19.8%)
FY2017FY2026
Asset turnover+4.4%
0.84
FY2026 · hover or tap a bar for each year
FY2017: 0.57 (−1.7%)FY2018: 0.59 (+2.5%)FY2019: 0.60 (+2.3%)FY2020: 0.58 (−4.0%)FY2021: 0.11 (−80.1%)FY2022: 0.35 (+204.5%)FY2023: 0.68 (+95.4%)FY2024: 0.80 (+17.2%)FY2025: 0.80 (+0.5%)FY2026: 0.84 (+4.4%)
FY2017FY2026

RYAAY returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

RYAAY debt vs cash

Total debtCash & short-term investments

Debt includes short- and long-term borrowings and, where reported, lease liabilities.

RYAAY cash returned to shareholders

DividendsBuybacksFree cash flow

RYAAY key metrics in euros

FY2017–FY2026
FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Returns & profitability
Return on equity (ROE)25.5%22.0%28.9%23.5%−4.7%−20.2%12.2%18.3%32.6%32.8%
Return on invested capital (ROIC)32.2%23.4%32.7%21.7%−3.8%−10.4%18.9%18.1%31.7%34.4%
Return on assets (ROA)11.7%9.3%11.4%8.3%−1.8%−7.1%4.4%6.9%11.9%11.3%
Return on tangible assets11.2%9.3%11.3%8.1%−1.6%−8.3%4.0%6.8%11.8%11.0%
Free cash flow margin11.6%13.4%5.7%18.3%15.8%46.4%8.8%6.1%10.7%7.2%
Income quality (OCF / net income)1.702.121.652.96——2.051.991.541.46
Financial health
Total debt€1.49B€2.68B€2.75B€4.12B€5.08B€5.43B€4.62B€3.64B€3.96B€4.38B
Cash & short-term investments€3.58B€3.96B€4.11B€4.66B€3.60B€3.12B€4.18B€3.16B€3.65B€4.13B
Net debt−€2.09B−€1.28B−€1.37B−€539.3M€1.47B€2.31B€442.4M€484.4M€317.5M€256.0M
Debt / equity0.150.380.360.730.921.170.860.700.890.99
Debt / assets0.080.150.160.250.340.440.290.280.320.37
Net debt / EBITDA−0.55−0.42−0.42−0.223.87—0.300.290.140.13
Current ratio0.900.740.910.801.010.980.820.931.231.56
Quick ratio0.900.740.910.801.010.980.820.931.231.56
Interest coverage65.523.424.818.8-3.7-12.015.517.227.722.8
Working capital−€828.8M−€2.14B−€573.5M−€1.51B€76.4M−€68.6M−€1.11B−€292.6M€776.1M€1.69B
Invested capital€8.02B€5.76B€6.25B€5.10B€7.02B€6.96B€5.83B€5.70B€4.79B€4.68B
Tangible asset value€9.82B€6.89B€7.47B€5.50B€5.40B€4.50B€5.23B€5.07B€4.42B€4.38B
Net current asset value−€1.90B−€4.46B−€3.73B−€4.85B−€4.13B−€4.22B−€5.86B−€4.23B−€3.70B−€2.86B
Capital allocation
Dividends paid€446.3M€437.7M€199.5M€0€0——€0€0€0
Share buybacks (net)€540.1M€1.48B€0€0€0€0€580.5M€531.6M€829.1M€1.02B
Dividend payout ratio20.4%27.2%10.4%0.0%———0.0%0.0%0.0%
Dividends + buybacks / free cash flow54.4%102.8%26.0%0.0%0.0%0.0%77.6%112.9%108.7%213.2%
Capex / revenue12.2%11.1%17.8%17.8%24.6%72.2%6.8%16.7%20.6%21.8%
Capex / operating cash flow51.2%45.5%75.7%49.2%60.9%60.9%43.6%73.2%65.9%75.2%
Capex / depreciation1.381.282.262.071.642.090.772.012.622.91
Stock-based compensation / revenue0.1%0.1%−0.0%0.2%0.2%0.5%0.1%0.1%0.1%0.1%
SG&A / revenue5.1%7.8%6.9%7.2%9.6%14.4%7.6%7.8%11.5%5.4%
Efficiency
Days sales outstanding1.42.01.81.72.416.14.02.82.93.3
Days of inventory on hand0.10.20.20.20.30.80.20.20.30.3
Days payables outstanding19.424.135.444.753.2196.956.327.422.022.3
Cash conversion cycle (days)-17.9-22.0-33.4-42.7-50.6-180.1-52.2-24.3-18.9-18.7
Receivables turnover265.80186.10197.56208.82154.6222.7291.48130.58127.81110.43
Payables turnover18.8415.1210.308.176.861.856.4813.3416.6016.37
Inventory turnover2,629.242,092.241,568.261,660.621,184.86471.602,061.391,664.481,327.151,341.88
Asset turnover0.840.800.800.680.350.110.580.600.590.57
Average receivables€58.9M€75.0M€68.0M€51.6M€31.1M€72.0M€92.9M€59.0M€56.0M€60.2M
Average payables€656.2M€747.1M€928.9M€1.05B€682.5M€918.6M€1.04B€411.7M€271.9M€262.4M
Average inventory€4.7M€5.4M€6.1M€5.2M€4.0M€3.6M€3.3M€3.3M€3.4M€3.2M
Intangibles / total assets1.5%0.8%0.9%0.9%1.0%1.2%1.0%1.1%0.4%0.4%

Computed from RYAAY's annual financial statements (latest annual report filed June 22, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.

RYAAY valuation and financial ratios

Ryanair earned a return on equity of 25.5% and a return on invested capital of 32.2% in fiscal 2026. It ended the year with €1.5 billion of debt and €3.6 billion in cash and short-term investments, a net cash position of €2.1 billion. It returned €986.4 million to shareholders: €446.3 million in dividends and €540.1 million in share buybacks, 54% of free cash flow.

See the RYAAY income statement, the RYAAY chart for price history, or the RYAAY stock overview for the latest quote and news.

RYAAY key metrics FAQ

What is Ryanair's return on equity?

Ryanair's return on equity (ROE) was 25.5% in fiscal 2026: net income of €2.2 billion on average shareholders' equity of €8.6 billion.

What is Ryanair's ROIC?

Ryanair's return on invested capital was 32.2% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.

How much debt does Ryanair have?

Ryanair had total debt of €1.5 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.15 and more cash than debt.

Does Ryanair buy back its shares?

Yes. Ryanair spent €540.1 million on net share repurchases in fiscal 2026.

What is Ryanair's current ratio?

Ryanair's current ratio was 0.90 at the end of fiscal 2026: current assets were 0.90 times current liabilities.

Airlines key metrics