DELTA AIR LINES, INC.
$86.25
−0.30 (−0.35%) · delayed · Nov 13, 2026
Five-year price
52w $55.27 to $95.68
- Market cap
- $56.7B
- Enterprise value
- $65.7B
- P/E
- 11.3×
- 12.8× on 3y avg EPS
- EV / EBIT
- 11.3×
- FCF yield
- 6.8%
- ROIC
- 15.8%
- Debt / equity
- 0.64
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 13.1%
- ●ROE > 15% (5y avg)5y avg ROE 23.1%
- ●Stable operating marginsMargin volatility 1.4% (σ, 5y)
- ○Earnings convert to cashFCF / net income 38% (5y avg)
- ●Growing revenueRevenue CAGR 5y 30.0%
- ○Shrinking share countDiluted shares 2.8% over 5y
Value
80
- ●P/E below 15P/E 11.3
- ●EV/EBIT below 12EV/EBIT 11.3
- ●FCF yield above 6%FCF yield 6.8%
- ○Price below Graham NumberGraham Number $73.91
- ●P/B below 3P/B 2.7
Safety
40
- ○Debt / equity below 0.5D/E 0.64
- ●Debt payable in < 4 yrs of earningsNet debt $9.0B
- ○Interest coverage > 8xCoverage 6.8x
- ○Current ratio > 1.5Current ratio 0.40
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $63.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.40
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 29%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 12.8
- ○P/E × P/B ≤ 22.5Product 34.9
Valuation lab
What do you have to believe?
At $86.25, the market is pricing in about 3.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $9.0B · 658M shares · 5y revenue CAGR 30.0%
Intrinsic value
$330.18
Price
$86.25
Margin of safety
74%
What the price implies
The market is paying for 3.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 39,450 | 41,138 | 44,438 | 47,007 | 17,095 | 29,899 | 50,582 | 58,048 | 61,643 | 63,364 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 6,996 | 5,966 | 5,264 | 6,618 | (12,469) | 1,886 | 3,661 | 5,521 | 5,995 | 5,822 |
| Operating margin | 17.7% | 14.5% | 11.8% | 14.1% | -72.9% | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Pre-tax income | 6,353 | 5,500 | 5,151 | 6,198 | (15,587) | 398 | 1,914 | 5,608 | 4,658 | 6,185 |
| Income tax | 2,158 | 2,295 | 1,216 | 1,431 | (3,202) | 118 | 596 | 999 | 1,201 | 1,180 |
| Net income | 4,195 | 3,205 | 3,935 | 4,767 | (12,385) | 280 | 1,318 | 4,609 | 3,457 | 5,005 |
| EPS (diluted) | 5.55 | 4.43 | 5.67 | 7.30 | -19.49 | 0.44 | 2.06 | 7.17 | 5.33 | 7.66 |
| Diluted shares | 755 | 723 | 694 | 653 | 636 | 641 | 641 | 643 | 648 | 654 |
Who owns it