Ryanair Holdings PLC
RYAAY Industrials Airlines
Ryanair Holdings PLC’s revenue for fiscal 2026 (year ended March 2026) was $18.0 billion, up 20.3% from fiscal 2025. In the quarter to June 2026, revenue grew 3.52%, EPS fell 72.6%, free cash flow fell 10.7% and total debt fell 98.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Ryanair Holdings PLC (RYAAY) Altman Z-score
Ryanair Holdings PLC's Altman Z-score for fiscal 2026 is 3.25, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 3.25 | 0.61 |
| FY2025 | 2.64 | (0.91) |
| FY2024 | 3.54 | 1.20 |
| FY2023 | 2.34 | 0.77 |
| FY2022 | 1.57 | (0.40) |
| FY2021 | 1.98 | 0.18 |
| FY2020 | 1.80 | (0.56) |
| FY2019 | 2.36 | (1.11) |
| FY2018 | 3.47 | 0.42 |
| FY2017 | 3.05 | (0.15) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | 0.34 | — | 0.48 | |
| EBIT / total assets | 0.12 | — | 0.40 | |
| Market value of equity / total liabilities | 2.73 | — | 1.64 | |
| Sales / total assets | 0.79 | — | 0.79 | |
| Altman Z-score | Safe zone | 3.25 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.75 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RYAAY Ryanair Holdings PLC | 3.3× |
| CPA Copa Holdings, S.A. compare | 2.4× |
| LUV Southwest Airlines Co. compare | 2.2× |
| LTM LATAM Airlines Group S.A. compare | 1.8× |
| DAL Delta Air Lines, Inc. compare | 1.4× |
| UAL United Airlines Holdings Inc compare | 1.4× |
| ALK Alaska Air Group, Inc. compare | 1.1× |
| AAL American Airlines Group Inc. compare | 0.7× |
| ZNH China Southern Airlines Company Limited compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets