LUV vs RYAAY: Southwest Airlines 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 1.4 times Southwest Airlines.
- Southwest Airlines grew revenue faster over the last year (+16.4% vs +3.8%).
- Ryanair Holdings PLC ADR keeps more of each dollar of revenue as operating profit (11.2% vs 3.5%).
- On earnings, Ryanair Holdings PLC ADR is the cheaper stock (11.3x vs 26.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LUV | RYAAY |
|---|---|---|
| Market cap | $19.3B | $27.8B |
| Share price | $41.66 | $54.24 |
| Revenue (last fiscal year) | $28.1B | $13.9B |
| Free cash flow (last fiscal year) | -$831M | $1.9B |
| Revenue growth, last year | +16.4% | +3.8% |
| Revenue growth per year, last 5 fiscal years | +15.5% | +70.9% |
| Operating margin | 3.5% | 11.2% |
| Net margin | 2.8% | 11.6% |
| Return on equity | 11.8% | 22.9% |
| P/E (trailing) | 26.3x | 11.3x |
| Price / free cash flow | — | 14.9x |
| EV / EBITDA | 8.58x | 5.53x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.8% | 1.8% |
| Debt / equity | 3.25x | 1.49x |
| Fundamental grade | D | C |
| Superinvestors holding it | 6 | 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.
Southwest Airlines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15.8B | $1.8B | 10.9% |
| 2022 | $23.8B | -$134M | 4.3% |
| 2023 | $26.1B | -$356M | 0.86% |
| 2024 | $27.5B | -$1.6B | 1.2% |
| 2025 | $28.1B | -$831M | 1.5% |
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
Southwest Airlines · by products, 2025
Passenger$25.5B91%
Other$2.4B8%
Freight$171M1%
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 LUV in InvestinglyQuestions
Which is bigger, Southwest Airlines or Ryanair Holdings PLC ADR?
Ryanair Holdings PLC ADR (RYAAY), at $27.8B against $19.3B.
Is LUV or RYAAY cheaper?
By trailing P/E, Ryanair Holdings PLC ADR (11.3x) is cheaper than Southwest Airlines (26.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, LUV or RYAAY?
Southwest Airlines: revenue grew +16.4% 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.