As pointed out you can't compare Ryanair to the Dot-coms because of course Ryanair make money in the here and now. They don't promise to make money 5 or 10 years down the line so there's no bubble to burst, they pull in huge revenues and have costs tightly controlled. I mean that's it, that's what every business should strive for.
For an airline to report an operating margin of 25% as Ryanair did at the end of last year is quite remarkable, especially bearing in mind the industry average amongst the top 150 airlines is 4.2%!!! BA's by the way was 1.57% Ryanairs profit margin was 23% again remarkable when the industry average was 1.1% BA'a was -1.34%.
Another key statistic is the companies Return On Equity, Ryans is 20% while BA's is -.44% this tells you that Ryanair are far more effective at using reinvested earnings to generate additional earnings, in other words they're putting good money back into the company while BA simply don't have the money to do that as their margins are so low.. .The only companies that have a bigger Mkt Cap than Ryan are Southwest and Lufthansa groupthat includes all Lufthansas ancillary services like Lufthansa maintenance etc.. .From a financial point of view Ryanair are a remarkable airline that have produced incredibly impressive results in a notoriously difficult industry. You surely must give credit to them for that.