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Ryanair Holdings plc (RYAAY)

適正価値
IndustrialsAirlinesIreland

ファンダメンタル

67

株価

$53.49

時価総額

$28.00B

パート1 · 企業の価値

概要

Ryanair is Europe's largest low-cost airline by passenger numbers, flying a single aircraft type, the Boeing 737, on short-haul routes across Europe and North Africa. It keeps ticket prices among the lowest in the industry with a no-frills model: minimal in-flight service, fast aircraft turnarounds, secondary airports with lower fees, and one fleet type that keeps crew training and maintenance costs down. Passengers pay separately for almost everything beyond the seat itself.

収益の仕組み

Revenue splits between scheduled ticket revenue, driven by fares and passenger volume, and ancillary revenue, earned from optional extras such as priority boarding, allocated seats, baggage fees, car hire and onboard sales. Ancillary revenue carries higher margins than the fare itself and has grown to roughly a third of the total, letting Ryanair advertise headline fares lower than what most passengers actually pay once they add their chosen extras.

セグメント別売上高

Scheduled Revenue67.9%

Ticket revenue from scheduled flights, driven by average fares and the number of passengers carried.

Ancillary Revenue32.1%

Optional extras such as priority boarding, seat selection, baggage fees, car hire and onboard sales, at a higher margin than fares.

競争優位性(moat)

コスト優位性 · 狭い

Ryanair's cost per seat is among the lowest of any European airline, built from operating a single aircraft type, densely seating planes, flying from cheaper secondary airports and turning aircraft around in under 30 minutes. Rivals such as easyJet and Wizz Air run comparable low-cost models, so the advantage is real but not unique — it rests on out-executing peers on cost discipline rather than on a barrier they cannot copy.

需要を左右する要因

景気循環型

Air travel demand rises and falls with disposable income and consumer confidence, and is exposed to shocks such as fuel-price spikes, war or pandemics that can shut down travel almost overnight. Ryanair's low fares make it somewhat more resilient than full-service carriers in downturns, as price-sensitive travellers trade down, but volumes still track the broader economic cycle.

主なリスク

  • Fuel cost volatility — Jet fuel is one of Ryanair's largest costs and its price is volatile and largely outside the company's control; because fares are already low, passing on cost spikes through higher prices is limited.
  • Dependence on Boeing — Ryanair sources the large majority of its fleet and spare parts from Boeing; delivery delays or a disruption at Boeing directly constrain the growth and reliability of the flying schedule, as recent delays have shown.
  • Low-fare model execution risk — The business depends on keeping costs low enough to profit from fares among the cheapest in the industry; any structural rise in costs the company cannot offset elsewhere would squeeze margins directly.
  • Regulatory, labour and airport disruption — Airline strikes, air-traffic-control disruption, and changing aviation regulation or airport charges across the many jurisdictions Ryanair flies to can disrupt schedules and add cost outside the company's control.

顧客集中度

Ryanair sells directly to millions of individual travellers with no material reliance on any single customer; concentration risk in its filings relates to suppliers such as fuel and aircraft, not to buyers.

強気材料

Buyers point out that Ryanair's cost structure lets it profit at fares few rivals can match, that ancillary revenue keeps growing as a share of the total, and that Boeing's delivery delays, while a near-term drag, also limit how fast low-cost rivals can add capacity.

弱気材料

Sellers note that fuel costs and Boeing delivery reliability sit largely outside Ryanair's control, that other low-cost carriers run a similar playbook, and that a full-blown fare war or a travel-demand shock would hit a business built on thin margins particularly hard.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

貸借対照表と流動性

売上高

$15.59B

直近12か月(2026/6/30まで)

純利益

$1.89B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$-218M

自己資本合計

$11.04B

負債合計

$182M

流動比率

0.79

利払い倍率

-

負債/EBITDA

0.05

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

景気循環株適正価値

適正価値

$66.32

現在株価

$53.49

安全マージン

+19.3%

適正価値レンジ

$60.87 - $71.76

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$68.88
ディスカウンテッド・キャッシュフロー(DCF):この種の企業には適用されません
利益倍率(P/E):$54.77
グレアムの成長公式:この種の企業には適用されません
収益力価値(EPV):$12.11
正当化されたP/B:この種の企業には適用されません
配当割引モデル(ゴードン):この種の企業には適用されません
P/FFO(運用から生まれる資金):この種の企業には適用されません
中間サイクル利益:算出に必要なデータが不足しています
売上高倍率:この種の企業には適用されません
アナリスト・コンセンサス:強い買い (19B / 4H / 0S)
直近の決算サプライズ:-13.79%

バリュエーション指標

P/E レシオ

13.18

ROE

22.4%

P/B レシオ

2.54

P/FCF

-

粗利益率

27.9%

ROIC

14.4%

収益性レーダー

価値創造(経済的モート)

ROIC

14.4%

WACC

12.6%

ROIC − WACC

+1.9 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(12)

  • Price CAGR 5.08%
  • ROIC 14.4%
  • P/B Ratio 2.54
  • Debt/Equity ratio
  • Current Ratio
  • Debt/EBITDA
  • ROE 20.3%
  • Revenue Growth 5Y 56.9%
  • Analyst Consensus 83% Buy
  • Earnings Surprise avg 2.9%
  • Earnings Quality (OCF/NI) 1.58
  • Net Margin Trend 14.0% vs 11.6%

不合格(4)

  • Gross Margin 27.9%
  • Positive Free Cash Flow
  • DCF valuation (Unknown)
  • Piotroski F-Score 2/9

データなし(11)

  • EPS data insufficient
  • P/FCF NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • CapEx intensity
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-スコア

2/9

重大な財務上の懸念

score
criteria

利益の質

1.58

高品質:利益はキャッシュに裏付けられている

株式希薄化

-

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Michael O'LearyGroup CEO & Executive Director64
Mr. Neil SorahanGroup Chief Financial Officer54
Mr. John HurleyChief Technology Officer50
Mr. Juliusz KomorekGroup Chief Legal Officer & Company Secretary47
Ms. Carol SharkeyChief Risk Officer49
Ms. Tracey McCannChief Financial Officer of Ryanair DAC50
Mr. Edward WilsonChief Executive Officer of Ryanair DAC62
Mr. David O'BrienCEO of Malta Air Limited & Joint CEO of Lauda Europe61
Mr. Andreas GruberJoint CEO of Laudamotion GmbH39
Mr. Michal KaczmarzykChief Executive Officer of Buzz45

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

Latest News

Recent headlines for RYAAY, sourced from Markets Gazette.

  • 8d agoPOSITIVE
    Ryanair esclude supplemento carburante

    Ryanair, the Irish low-cost carrier, has announced it will not implement a fuel surcharge despite rising kerosene prices. CEO Michael O'Leary stated the company's strategy is to absorb such costs through operational efficiencies and fare management, rather than passing them directly to consumers. This commitment to stable pricing is expected to bolster passenger demand and maintain Ryanair's competitive edge in the European aviation market. For investors, this signals strong cost control and a focus on volume growth, potentially leading to increased market share and sustained revenue streams.

  • 8d agoNEUTRAL
    Ryanair Trims Winter Flight Frequency as Oil Prices Tick Upward

    Ryanair Holdings Plc is adjusting its winter flight schedule by reducing frequency to mitigate risks associated with unhedged fuel prices. The airline also plans to reallocate capacity to markets offering lower fees, specifically mentioning Italy and Scandinavia as potential beneficiaries. This strategic move aims to navigate the typically slower winter season more efficiently by controlling operational costs and seeking favorable regulatory environments. Investors will monitor the impact of these adjustments on Ryanair's operational efficiency and profitability throughout the winter period.

  • 21d agoNEGATIVE
    Ryanair’s CEO warns travelers that cheap European flights may not last if oil remains above $100 a barrel into next year

    Ryanair's CEO has cautioned that the era of ultra-cheap European flights may be drawing to a close if crude oil prices persist above $100 per barrel into next year. While the airline's fuel hedging strategy has mitigated the immediate impact of geopolitical tensions, it has already led to a reduction in the winter flight schedule. This outlook suggests that consumers and investors should brace for potentially higher ticket prices, impacting demand and profitability for the airline sector.

  • 29d agoNEGATIVE
    Europe’s largest airline warns of jet-fuel prices hitting $140 this winter as it cuts capacity

    Ryanair Holdings plc has warned that jet-fuel prices could surge to $140 per barrel this winter, prompting the airline to reduce its winter capacity. This strategic move aims to mitigate exposure to unhedged fuel costs, highlighting the significant economic pressures stemming from the ongoing energy crisis. For investors, this signals potential headwinds for the airline's profitability and operational scale in the near term, as higher fuel expenses could impact margins and ticket pricing.

  • 7/20/2026NEGATIVE
    Ryanair scivola a Dublino, delude l’andamento del primo trimestre

    Ryanair Holdings plc experienced a decline in its Dublin-listed shares following a disappointing first-quarter performance. The budget airline's results were negatively impacted by reduced flight fares and escalating fuel costs, exacerbated by the ongoing conflict in the Middle East. This combination of lower revenue per passenger and higher operating expenses has put pressure on profitability. Investors will be closely monitoring management's outlook for the remainder of the fiscal year, particularly concerning fare strategies and fuel hedging effectiveness.

  • 5/25/2026POSITIVE
    A Dublino brilla Ryanair: rimborsa l'ultimo bond e diventa "debt free"

    Ryanair Holdings PLC has successfully repaid its final bond, achieving a debt-free status. This significant financial maneuver, announced from Dublin, strengthens the airline's balance sheet and enhances its financial flexibility. The news comes as European airline stocks broadly climbed, influenced by a concurrent drop in crude oil prices. For investors, Ryanair's deleveraging is a strong indicator of robust operational performance and prudent financial management, potentially leading to improved credit ratings and increased shareholder value.

  • 5/18/2026NEUTRAL
    Ryanair’s CFO says the airline has plans for an ‘armageddon situation’ as the jet fuel crisis threatens weaker European airlines this winter

    Ryanair's CFO, Neil Sorahan, stated the airline has contingency plans for an 'Armageddon situation' amid concerns over a potential jet fuel crisis impacting weaker European airlines this winter. While acknowledging the existence of such plans, Sorahan expressed confidence that such a severe scenario is unlikely to materialize. This statement, though cautious, suggests Ryanair is well-prepared for potential market disruptions, a sign of operational resilience that could be viewed positively by investors concerned about industry stability.

  • 5/18/2026NEGATIVE
    Ryanair CEO Sees European Airline ‘Casualties’ on Jet Fuel Spike

    Ryanair CEO Michael O'Leary has warned of potential "casualties" among European airlines if the ongoing conflict in the Middle East leads to sustained restrictions in the Strait of Hormuz, thereby elevating jet fuel prices. This geopolitical tension poses a significant threat to the profitability of carriers reliant on stable fuel costs. Investors should monitor the situation closely, as prolonged high fuel prices could severely impact earnings and lead to consolidation within the European airline sector.

via Markets Gazette