Davis won the Classic defeating Hendry 9–8 and then won the Asian Open beating Alan McManus 9–3. He did not win a match at the 1992 World Snooker Championship, however, as he was beaten 4–10 by Peter Ebdon, the first time he had lost in the opening round in nine years. He won the European Open in 1993 where he completed a 10–4 victory against Hendry in the final. Davis won a seventh Irish Masters event in 1993, where he defeated McManus 9–4. At the 1993 World Snooker Championship, Davis defeated Ebdon, who had defeated him the year previously 10–3, but lost again to McManus in the second round 13–11. Davis won his eighth (and final) Irish Masters event in 1994 with a deciding frame win over McManus. Davis progressed past the second round for the first time in three years at the 1994 World Snooker Championship, defeating Dene O'Kane, Steve James and Wattana but was defeated by Hendry 9–16 in the semi-final. Over the next two seasons, Davis won consecutive Welsh Open titles. At the 1994 event, he completed three consecutive whitewash 5–0 victories, and won the final 9–6 over McManus. The following season at the 1995 event, he defeated John Higgins 9–3 in the final. This victory was his last ranking title of his career.