# Wizz Air Holdings (WIZZ.LSE)

Canonical: https://gigainvestors.com/s/WIZZ.LSE

Analysis as of: 2026-10-16T07:42:49.505Z. Financial observations: FY2014–FY2026.

Listing currency: GBX. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 981.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 6.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.15×

- FY2019: 0.13×

- FY2020: 0.12×

- FY2021: -0.71×

- FY2022: -0.28×

- FY2023: -0.12×

- FY2024: 0.09×

- FY2025: 0.03×

- FY2026: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 9.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.0%

- ROIC, second-lowest year: -12.1%

- Typical minus recent gross margin: 9.3 pp

- Typical gross margin (annual median): 11.1%

- Recent gross margin (lower of latest and 3-year median): 1.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.6%

- ROIC including acquisitions, ten-year median: -12.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: 18.2%

- FY2019: 17.0%

- FY2020: 16.5%

- FY2021: -16.1%

- FY2022: -12.1%

- FY2023: -10.4%

- FY2024: 8.8%

- FY2025: 3.1%

- FY2026: 1.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -4.6B

- Net income, five-year total: EUR -550M

- Return on incremental invested capital: -38.5%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 4.5 pp

- Working capital / revenue, final three-year average: 6.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: EUR -1.2B

- FY2023: EUR -1.3B

- FY2024: EUR -628M

- FY2025: EUR -613M

- FY2026: EUR -797M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.2% vs 3.1%

- Per-share earnings: 3.38 to 1.77 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.3%

- Ordinary dilution, 5-year annual growth: 4.4%

- Market cap gain: EUR -128M

- Cumulative retained earnings: EUR -742M

- Diluted shares, 10-year annual growth: 7.3%

- Diluted shares, 5-year annual growth: 4.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -7.8%

- Per-share value change: EUR -1.62

- Per-share value, starting three-year median: EUR 3.38

- Per-share value, ending three-year median: EUR 1.77

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 109M

- Cumulative net income, 10 years: EUR -29M

- ROIC, first three-year median: 18.2%

- ROIC, last three-year median: 3.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 3.38

- FY2018: EUR 3.78

- FY2019: EUR 4.00

- FY2020: EUR 3.28

- FY2021: EUR -5.55

- FY2022: EUR -6.12

- FY2023: EUR -5.07

- FY2024: EUR 2.95

- FY2025: EUR 1.77

- FY2026: EUR 0.02

### accounting: pass

- Sloan accruals: -11.0%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 568.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -10.1%

- FY2018: -14.3%

- FY2019: -11.7%

- FY2020: 11.6%

- FY2021: -18.1%

- FY2022: -19.7%

- FY2023: -17.1%

- FY2024: -3.5%

- FY2025: -8.7%

- FY2026: -11.0%

## Holders

## Price story

Down 79% since Oct 2021 · "Wizz Air slumps to £170m loss as Iran war hits fuel costs" (finance.yahoo.com, Aug 2026) · sales +7%

Story as of 2026-10-16T10:00:12.521Z; price observation 2026-10-15.

- 2025-11-13: Wizz Air cuts revenue forecast, flags winter capacity challenge ([finance.yahoo.com](https://finance.yahoo.com/video/wizz-air-cuts-revenue-forecast-113724759.html))

- 2026-03-05: Wizz Air sees Iran hit easing from April, profit warning hammers shares ([finance.yahoo.com](https://finance.yahoo.com/video/wizz-air-sees-iran-hit-150313836.html))

- 2026-05-12: Wizz Air says outlook has brightened since profit warning on Iran war ([finance.yahoo.com](https://finance.yahoo.com/video/wizz-air-says-outlook-brightened-131051573.html))

- 2026-06-11: Wizz Air sees earnings drop after £43 million hit from Iran war ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/wizz-air-sees-earnings-drop-071524007.html))

- 2026-08-06: Wizz Air slumps to £170m loss as Iran war hits fuel costs ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/wizz-air-slumps-170m-loss-091344286.html))

### Sales · FY2025–2026

sales +7%; source https://filings.xbrl.org/213800COXGZCORLJZA85/2026-03-31/ESEF/GB/0/213800COXGZCORLJZA85-2026-03-31/reports/213800COXGZCORLJZA85-2026-03-31-T01.html; observed 2026-06-25.

- FY2017: EUR 1.6B 

- FY2018: EUR 1.9B 

- FY2019: EUR 2.3B 

- FY2020: EUR 2.8B 

- FY2021: EUR 739M 

- FY2022: EUR 1.7B 

- FY2023: EUR 3.9B 

- FY2024: EUR 5.1B 

- FY2025: EUR 5.3B 

- FY2026: EUR 5.6B 

### Gross margin · FY2026

gross margin 1.8%; source https://filings.xbrl.org/213800COXGZCORLJZA85/2026-03-31/ESEF/GB/0/213800COXGZCORLJZA85-2026-03-31/reports/213800COXGZCORLJZA85-2026-03-31-T01.html; observed 2026-06-25.

- FY2017: 20.8% 

- FY2018: 20.0% 

- FY2019: 15.9% 

- FY2020: 16.4% 

- FY2024: 23.9% 

- FY2025: 6.4% 

- FY2026: 1.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airlines; annual sales are EUR 5.6 billion.

- Source: https://eodhd.com/api/fundamentals/WIZZ.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: revenue 5637639879; grossProfit 101531799; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIZZ.LSE: Wizz Air Holdings Plc, together with its subsidiaries, engages in the provision of passenger air transportation services. The company offers scheduled short-haul and medium-haul point-to-point routes in Europe, the Middle East, North Africa, and Northwest Asia. As of 31 March 2026, it operated a fleet of 262 aircraft, connecting approximately 200 destinations on 1016 routes in 45 countries. The company provides its services under the Wizz Air brand. Wizz Air Holdings Plc was founded in 2003 and is headquartered in Budapest, Hungary.

### Why customers stay

Margins ranged from 1.8% to 23.9% during 2024–26; it earns 6% on its capital.

- Source: https://eodhd.com/api/fundamentals/WIZZ.LSE.json#2024-03-31 (filed 2026-06-25); FY2024: grossProfit / revenue = 23.9%.

- Source: https://eodhd.com/api/fundamentals/WIZZ.LSE.json#2025-03-31 (filed 2026-06-25); FY2025: grossProfit / revenue = 6.4%.

- Source: https://eodhd.com/api/fundamentals/WIZZ.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: grossProfit / revenue = 1.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,1.1270718847674568],[2018,0.18180577065903686],[2019,0.17031852669978606],[2020,0.1646115369081444],[2021,-0.16060940868493995],[2022,-0.12141200951248514],[2023,-0.10352947782144863],[2024,0.08804487695029757],[2025,0.0314678089011629],[2026,0.014963312032336265]]; median 0.05975634292573023. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/api/fundamentals/WIZZ.LSE.json#2017-03-31 (filed 2026-06-25); FY2017: growth capex 29993419.920621455; upkeep 299506580.07937855; owner earnings 4093419.9206214547. Growth capex / owner earnings = 7.327227722111616.

- Source: https://eodhd.com/api/fundamentals/WIZZ.LSE.json#2018-03-31 (filed 2026-06-25); FY2018: growth capex 104200000; upkeep 90700000; owner earnings 275100000. Growth capex / owner earnings = 0.3787713558705925.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 16.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIZZ.LSE SharesStats.PercentInsiders = 16.175 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Closing price 981.5 GBX; reporting-to-trading FX 84.48781222921298; FY2026 annual sales per share 44.12789213878152; price multiple 0.2632588965184281. FY2026 cash earnings/share -6.242206741876419. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 1,511.00 per share

- 2016-11: GBX 1,676.00 per share

- 2016-12: GBX 1,791.00 per share

- 2017-01: GBX 1,781.00 per share

- 2017-02: GBX 1,671.00 per share

- 2017-03: GBX 1,641.00 per share

- 2017-04: GBX 1,765.00 per share

- 2017-05: GBX 2,279.00 per share

- 2017-06: GBX 2,421.00 per share

- 2017-07: GBX 2,603.00 per share

- 2017-08: GBX 2,945.00 per share

- 2017-09: GBX 2,861.00 per share

- 2017-10: GBX 3,275.00 per share

- 2017-11: GBX 3,344.00 per share

- 2017-12: GBX 3,680.00 per share

- 2018-01: GBX 3,463.00 per share

- 2018-02: GBX 3,625.00 per share

- 2018-03: GBX 3,254.00 per share

- 2018-04: GBX 3,194.00 per share

- 2018-05: GBX 3,402.00 per share

- 2018-06: GBX 3,600.00 per share

- 2018-07: GBX 3,466.00 per share

- 2018-08: GBX 3,171.00 per share

- 2018-09: GBX 2,877.00 per share

- 2018-10: GBX 2,571.00 per share

- 2018-11: GBX 2,996.00 per share

- 2018-12: GBX 2,802.00 per share

- 2019-01: GBX 3,031.00 per share

- 2019-02: GBX 3,041.00 per share

- 2019-03: GBX 3,010.00 per share

- 2019-04: GBX 3,400.00 per share

- 2019-05: GBX 3,134.00 per share

- 2019-06: GBX 3,409.00 per share

- 2019-07: GBX 3,534.00 per share

- 2019-08: GBX 3,596.00 per share

- 2019-09: GBX 3,615.00 per share

- 2019-10: GBX 3,814.00 per share

- 2019-11: GBX 3,950.00 per share

- 2019-12: GBX 3,895.00 per share

- 2020-01: GBX 4,187.00 per share

- 2020-02: GBX 3,415.00 per share

- 2020-03: GBX 2,307.00 per share

- 2020-04: GBX 2,874.00 per share

- 2020-05: GBX 3,280.00 per share

- 2020-06: GBX 3,336.00 per share

- 2020-07: GBX 3,216.00 per share

- 2020-08: GBX 3,888.00 per share

- 2020-09: GBX 3,114.00 per share

- 2020-10: GBX 3,194.00 per share

- 2020-11: GBX 4,502.00 per share

- 2020-12: GBX 4,564.00 per share

- 2021-01: GBX 4,368.00 per share

- 2021-02: GBX 5,310.00 per share

- 2021-03: GBX 4,822.00 per share

- 2021-04: GBX 4,901.00 per share

- 2021-05: GBX 4,823.00 per share

- 2021-06: GBX 4,669.00 per share

- 2021-07: GBX 4,950.00 per share

- 2021-08: GBX 4,860.00 per share

- 2021-09: GBX 5,014.00 per share

- 2021-10: GBX 4,621.00 per share

- 2021-11: GBX 3,946.00 per share

- 2021-12: GBX 4,188.00 per share

- 2022-01: GBX 4,035.00 per share

- 2022-02: GBX 3,404.00 per share

- 2022-03: GBX 2,892.00 per share

- 2022-04: GBX 3,175.00 per share

- 2022-05: GBX 2,920.00 per share

- 2022-06: GBX 1,754.00 per share

- 2022-07: GBX 2,219.00 per share

- 2022-08: GBX 2,138.00 per share

- 2022-09: GBX 1,584.50 per share

- 2022-10: GBX 1,715.00 per share

- 2022-11: GBX 2,222.00 per share

- 2022-12: GBX 1,904.50 per share

- 2023-01: GBX 2,660.00 per share

- 2023-02: GBX 2,580.00 per share

- 2023-03: GBX 2,973.00 per share

- 2023-04: GBX 3,021.00 per share

- 2023-05: GBX 2,776.00 per share

- 2023-06: GBX 2,735.00 per share

- 2023-07: GBX 2,373.00 per share

- 2023-08: GBX 2,253.00 per share

- 2023-09: GBX 1,920.00 per share

- 2023-10: GBX 1,546.50 per share

- 2023-11: GBX 1,883.00 per share

- 2023-12: GBX 2,211.00 per share

- 2024-01: GBX 1,989.00 per share

- 2024-02: GBX 2,137.00 per share

- 2024-03: GBX 2,146.00 per share

- 2024-04: GBX 2,226.00 per share

- 2024-05: GBX 2,292.00 per share

- 2024-06: GBX 2,236.00 per share

- 2024-07: GBX 1,913.00 per share

- 2024-08: GBX 1,334.00 per share

- 2024-09: GBX 1,450.00 per share

- 2024-10: GBX 1,378.00 per share

- 2024-11: GBX 1,287.00 per share

- 2024-12: GBX 1,439.00 per share

- 2025-01: GBX 1,286.00 per share

- 2025-02: GBX 1,670.00 per share

- 2025-03: GBX 1,482.00 per share

- 2025-04: GBX 1,626.00 per share

- 2025-05: GBX 1,596.00 per share

- 2025-06: GBX 1,090.00 per share

- 2025-07: GBX 1,260.00 per share

- 2025-08: GBX 1,358.00 per share

- 2025-09: GBX 1,155.00 per share

- 2025-10: GBX 1,047.00 per share

- 2025-11: GBX 1,169.00 per share

- 2025-12: GBX 1,276.00 per share

- 2026-01: GBX 1,418.00 per share

- 2026-02: GBX 1,220.00 per share

- 2026-03: GBX 849.50 per share

- 2026-04: GBX 892.50 per share

- 2026-05: GBX 1,035.00 per share

- 2026-06: GBX 1,190.00 per share

- 2026-07: GBX 1,062.00 per share

- 2026-08: GBX 1,101.00 per share

- 2026-09: GBX 1,053.00 per share

- 2026-10: GBX 981.50 per share

## Annual estimated value (GBX per share)

- FY2018: low GBX 1,156.72 per share, central GBX 1,165.60 per share, high GBX 1,177.43 per share

- FY2019: low GBX 1,547.08 per share, central GBX 1,557.63 per share, high GBX 1,571.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800COXGZCORLJZA85/2026-03-31/ESEF/GB/0/213800COXGZCORLJZA85-2026-03-31/reports/213800COXGZCORLJZA85-2026-03-31-T01.html); period 2026-03-31, filed 2026-06-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.