Ryanair Holdings PLC key statistics and ratios

In fiscal 2026, Ryanair Holdings PLC had return on equity of 26.2%, an operating margin of 15.3%, debt equal to 14.8% of equity and a current ratio of 0.90. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ryanair Holdings PLC: financial ratios, annual
Fiscal year	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026
Operating margin	22.3%	23.1%	23.3%	13.2%	13.3%	−51.3%	−7.1%	13.4%	15.3%	11.2%	15.3%
Net margin	23.9%	19.8%	20.3%	11.5%	7.6%	−62.1%	−5.0%	12.2%	14.3%	11.6%	14.0%
Free-cash-flow margin	—	—	10.7%	6.1%	8.8%	−167.7%	15.8%	18.3%	5.7%	13.4%	11.6%
Return on equity	42.0%	32.7%	33.2%	18.1%	12.8%	−21.8%	−4.8%	22.3%	29.0%	21.9%	26.2%
Return on assets	13.5%	11.3%	12.1%	6.8%	4.6%	−7.7%	−1.8%	7.9%	11.4%	9.2%	12.1%
Asset turnover	0.56	0.57	0.60	0.59	0.61	0.12	0.36	0.65	0.80	0.80	0.87
Current ratio	1.43	1.56	1.23	0.93	0.82	0.98	1.01	0.80	0.91	0.74	0.90
Debt to equity	111.8%	99.1%	88.7%	69.9%	85.7%	116.8%	91.6%	72.9%	36.1%	38.1%	14.8%
Interest cover (operating income ÷ interest)	—	—	—	—	15.5x	n/m	n/m	—	—	173.1x	—
Effective tax rate	9.5%	10.5%	10.0%	6.7%	3.2%	—	—	8.9%	9.9%	9.7%	10.3%
Capital spending as % of revenue	18.6%	21.8%	20.6%	16.7%	6.8%	18.0%	24.6%	17.8%	17.8%	11.1%	12.2%
Free cash flow ÷ net income	—	—	52.6%	53.2%	115.4%	—	—	150.4%	40.0%	115.6%	82.9%
Dividends ÷ net income	70.8%	77.4%	57.2%	60.1%	89.5%	—	—	—	10.4%	27.2%	20.4%
Dividends and buybacks ÷ free cash flow	—	—	108.7%	112.9%	77.6%	—	0.0%	—	26.0%	102.8%	54.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 7 checks passed · March 31, 2026

What it owns · $22.7bn

Short-term assets $8.9bnLonger-term assets $13.8bn

What it owes, and who funded it · $22.7bn

Short-term liabilities $9.9bnLonger-term liabilities $1.2bnShareholders' equity $11.6bn

Short-term assets cover short-term liabilities $8.9bn of assets due within a year against $9.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $8.9bn short-term assets against $1.2bn of longer-dated liabilities.
More cash than debt $3.1bn of cash against $1.6bn of debt.
Debt below 40% of shareholders' equity Debt is 13% of equity.
Debt burden no higher than five years ago Debt to equity moved from 76% to 13% over five years.
A year's operating cash flow covers at least 20% of debt $4.3bn of operating cash flow against $1.6bn of debt.
Operating profit covers interest at least five times over Operating income of $2.8bn against $8m of interest.

From Ryanair Holdings PLC's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Ryanair Holdings PLC's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ryanair Holdings PLC.