Ryanair Holdings Plc - ADR
RYAAY - Insider Information
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+ FollowMarket Cap$30.63B
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Earnings Call Q2 2027
November 2, 2026 - AI Summary
Profit down 15% YoY, driven by oil hedging gap (bad)
- H1 FY27 profit: EUR 2.15bn, down 15%.
- Main negative driver: unhedged jet fuel costs doubled vs the hedge price (hedge reference $67/bbl), increasing the fuel bill.
- Operating costs: up 10% to EUR 7.7bn (oil + supplier compensations for final “Gamechangers” deliveries).
Demand resilient but pricing fell in peak summer (mixed/surprising)
- Traffic: up 6% in H1.
- Fares: down 4% during peak summer, attributed to:
- Easter timing (April didn’t include a full Easter)
- Middle East conflict causing consumer hesitancy early summer, with Ryanair needing to price down to stimulate volumes later.
- However, pricing has improved recently: since early August, fares have been modestly higher YoY; Q3 demand strong (into December).
- Winter capacity target reduced: from 216m to 214m passengers, implying broadly flat winter YOY (Nov–Mar) due to unhedged fuel exposure management.
Oil hedging strategy is the key swing factor for FY28 (opportunity + risk)
- FY27 fuel exposure: ~80% hedged at $67/bbl out to March, insulating near-term earnings and passenger impact.
- Rolling hedges forward: FY28 cover extended from 15% → 25% at ~$95/bbl (still meaningfully higher than this year’s hedge level).
- Management view: unless Middle East resolves quickly, jet fuel stays elevated into 2027.
- Fuel headwind forecast: +EUR ~2bn fuel cost next year (FY28).
- Ryanair argues Europe’s short-haul airfares will need to rise ~20% / ~EUR 10 per passenger to cover this—management believes Ryanair likely won’t fully capture the entire increase, but sees potential for partial-to-strong recovery depending on fares.
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$-44.38
175.2% downside
Current Fair Value
175.2% downsideOvervalued by 175.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $30.63 Billion |
|---|---|
| Enterprise Value | $28.45 Billion |
| Annual dividend | $1.43 |
| Dividend yield | 1.69% |
| Earnings per Share | $4.14 |
| Beta | 0.98 |
| Outstanding Shares | 520,650,000 |
Return
| Return on Equity | 19.88% |
|---|---|
| Return on Assets | 10.38% |
| Return on Invested Capital | 19.72% |
Valuation & Multiples
| P/E Ratio | 12.8 |
|---|---|
| PEG | -37.19 |
| Price to Sales | 2.04 |
| Price to Book Ratio | 3.28 |
| Enterprise Value to Revenue | 1.82 |
| Enterprise Value to EBIT | 13.99 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.03 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$3.46
Consensus analyst estimateRevenue Estimate
$6.46 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 25, 2027
EPS Estimate
$0.04
Consensus analyst estimateRevenue Estimate
$3.70 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 68.93% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.51%▼ 37.00% |
|---|---|
| Total Invested | $718.78M▼ 94.66% |
| Investors Holding | 115▼ 306.00% |
About Ryanair Holdings Plc
27,000 employees
CEO: Michael O'Leary
Ryanair Holdings plc, along with its subsidiaries, operates as a leading airline, providing scheduled passenger transportation throughout Ireland, the United Kingdom, Italy, Spain, Germany, and other European countries. The company diver...