LTM vs RYAAY: LATAM Airlines Group and Ryanair Holdings PLC ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ryanair Holdings PLC ADR is the larger company, worth $27.8B, about 1.8 times LATAM Airlines Group.
- LATAM Airlines Group grew revenue faster over the last year (+11.2% vs +3.8%).
- LATAM Airlines Group keeps more of each dollar of revenue as operating profit (16.4% vs 11.2%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LTM | RYAAY |
|---|---|---|
| Market cap | $15.7B | $27.8B |
| Share price | $50.25 | $54.24 |
| Revenue (last fiscal year) | $14.3B | $13.9B |
| Free cash flow (last fiscal year) | $2.0B | $1.9B |
| Revenue growth, last year | +11.2% | +3.8% |
| Revenue growth per year, last 5 fiscal years | +30.7% | +70.9% |
| Operating margin | 16.4% | 11.2% |
| Net margin | 10.2% | 11.6% |
| Return on equity | 108.5% | 22.9% |
| P/E (trailing) | — | 11.3x |
| Price / free cash flow | 10.6x | 14.9x |
| EV / EBITDA | 5.15x | 5.53x |
| FCF growth the price implies | -7.2% | — |
| Dividend yield | — | 1.8% |
| Debt / equity | 12.1x | 1.49x |
| Fundamental grade | B | C |
| Superinvestors holding it | 1 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
LATAM Airlines Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.9B | -$771M | -70.1% |
| 2022 | $9.4B | -$684M | 12.9% |
| 2023 | $11.6B | $1.5B | 9.3% |
| 2024 | $12.8B | $1.8B | 12.0% |
| 2025 | $14.3B | $2.0B | 16.4% |
Ryanair Holdings PLC ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | -$2.7B | -51.3% |
| 2022 | $4.8B | $759M | -7.1% |
| 2023 | $10.8B | $2.0B | 13.4% |
| 2024 | $13.4B | $766M | 15.3% |
| 2025 | $13.9B | $1.9B | 11.2% |
Where the revenue comes from
LATAM Airlines Group · by products, 2025
Passengers$12.6B88%
Cargo$1.7B12%
Ryanair Holdings PLC ADR · by segments, 2026
Ryanair DAC$16.2B91%
Other Airlines$1.7B9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LTM in InvestinglyQuestions
Which is bigger, LATAM Airlines Group or Ryanair Holdings PLC ADR?
Ryanair Holdings PLC ADR (RYAAY), at $27.8B against $15.7B.
Which grows faster, LTM or RYAAY?
LATAM Airlines Group: revenue grew +11.2% over the last year, against +3.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.