RYAAY vs UAL: Ryanair Holdings PLC ADR and United Airlines compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- United Airlines is the larger company, worth $32.5B, close to Ryanair Holdings PLC ADR's $27.8B.
- United Airlines grew revenue faster over the last year (+16.0% vs +3.8%).
- Ryanair Holdings PLC ADR keeps more of each dollar of revenue as operating profit (11.2% vs 7.8%).
- On earnings, United Airlines is the cheaper stock (9.0x vs 11.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | RYAAY | UAL |
|---|---|---|
| Market cap | $27.8B | $32.5B |
| Share price | $54.24 | $107.46 |
| Revenue (last fiscal year) | $13.9B | $59.1B |
| Free cash flow (last fiscal year) | $1.9B | $2.6B |
| Revenue growth, last year | +3.8% | +16.0% |
| Revenue growth per year, last 5 fiscal years | +70.9% | +24.4% |
| Operating margin | 11.2% | 7.8% |
| Net margin | 11.6% | 5.6% |
| Return on equity | 22.9% | 20.9% |
| P/E (trailing) | 11.3x | 8.95x |
| Price / free cash flow | 14.9x | 12.7x |
| EV / EBITDA | 5.53x | 5.99x |
| FCF growth the price implies | — | -0.97% |
| Dividend yield | 1.8% | — |
| Debt / equity | 1.49x | 4.06x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 0 |
| Insider purchases, last 12 months | 0 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
United Airlines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $24.6B | -$40M | -4.1% |
| 2022 | $45.0B | $1.2B | 5.2% |
| 2023 | $53.7B | -$260M | 7.8% |
| 2024 | $57.1B | $3.8B | 8.9% |
| 2025 | $59.1B | $2.6B | 8.0% |
Where the revenue comes from
Ryanair Holdings PLC ADR · by segments, 2026
Ryanair DAC$16.2B91%
Other Airlines$1.7B9%
United Airlines · by products, 2025
Passenger revenue$53.4B90%
Other operating revenue$3.9B7%
Cargo revenue$1.8B3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open RYAAY in InvestinglyQuestions
Which is bigger, Ryanair Holdings PLC ADR or United Airlines?
United Airlines (UAL), at $32.5B against $27.8B.
Is RYAAY or UAL cheaper?
By trailing P/E, United Airlines (8.95x) is cheaper than Ryanair Holdings PLC ADR (11.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, RYAAY or UAL?
United Airlines: revenue grew +16.0% 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.