Ryanair Holdings PLC (RYAAY) intrinsic value & 10-year financials
Ryanair Holdings PLC (RYAAY) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 8.8% a year to $13.9B, with an average return on invested capital of 20.3%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $13.9B
- Revenue growth (10-yr CAGR)
- 8.8%
- ROIC (10-yr avg)
- 20.3%
- Free cash flow (FY2025)
- —
RYAAY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $13.9B | $1.6B | — | — | — | 21.3% |
| FY2024 | $13.4B | $2.1B | — | — | — | 31.1% |
| FY2023 | $10.8B | $1.4B | — | — | — | 25.8% |
| FY2022 | $4.8B | -$339.6M | — | — | — | -6.7% |
| FY2021 | $1.6B | -$839.4M | — | — | — | -17.6% |
| FY2020 | $8.5B | $1.1B | — | — | — | 22.3% |
| FY2019 | $7.7B | $885.0M | — | $470.8M | — | 18.3% |
| FY2018 | $7.2B | $1.5B | — | $762.6M | — | 32.6% |
| FY2017 | $6.6B | $1.3B | — | $477.4M | — | 32.8% |
| FY2016 | $6.5B | $1.6B | — | $628.6M | — | 43.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RYANAIR HOLDINGS PLC is a consistent compounder, expanding top-line revenue at 8.8% annually over the past decade.
RYANAIR HOLDINGS PLC has earned high returns on invested capital, averaging 20.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
RYANAIR HOLDINGS PLC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RYANAIR HOLDINGS PLC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment.