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DELTA AIR LINES, INC. DAL

NYSE · stock · Air Transportation, Scheduled · website · IPO 2007-04-26 · LEI

DELTA AIR LINES, INC. statistics & valuation

Market cap$60.8B
P / E12.2×
P / S1.0×
P / B2.9×
Dividend yield0.72%
Net margin7.9%
Return on equity24.0%
Net debt$9.0B
Net debt / EBITDA1.1×
Enterprise value USD$69.8B
EV / EBITDA8.4×
Earnings yield EBIT/EV8.3%
Return on capital10.8%
Graham number -17.6%$74.13

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($74.13); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
10.60% 7.80% 8.90% 10.10% -72.40% 0.90% 2.60% 7.90% 5.60% 7.90% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
17.60% 14.50% 11.80% 14.10% -72.90% 6.30% 7.20% 9.50% 9.70% 9.20% 2016201720182019202020212022202320242025
Return on equity (%)
37.20% 25.60% 28.70% 31.00% -807.40% 7.20% 20.00% 41.50% 22.60% 24.00% 2016201720182019202020212022202320242025
Shares outstanding
755.0M 723.0M 694.0M 653.0M 636.0M 641.0M 641.0M 643.0M 648.0M 654.0M 2016201720182019202020212022202320242025
Net debt ($)
$4.25B $6.63B $7.80B $7.22B $19.67B $17.15B $18.11B $15.87B $12.28B $9.00B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
8.10% 6.00% 6.50% 7.40% -17.20% 0.40% 1.80% 6.30% 4.60% 6.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.62× 0.67× 0.68× 0.66× 18.24× 6.45× 3.25× 1.68× 1.00× 0.64× 2016201720182019202020212022202320242025
EPS ($)
$5.55 $4.43 $5.67 $7.30 -$19.49 $0.44 $2.06 $7.17 $5.33 $7.66 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

DELTA AIR LINES, INC. trades at about 11.7× earnings — above its 10-year norm (10-year range 5.5×–90.2×, median 8.7×).

5.5× 90.2×

Shaded band = 10-year range (5.5×–90.2×); dot = today's 11.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin9.2%9.7%9.5%7.2%6.3%-72.9%14.1%11.8%14.5%17.6%
Net margin7.9%5.6%7.9%2.6%0.9%-72.4%10.1%8.9%7.8%10.6%
Return on assets6.2%4.6%6.3%1.8%0.4%-17.2%7.4%6.5%6.0%8.1%
Return on equity24.0%22.6%41.5%20.0%7.2%-807.4%31.0%28.7%25.6%37.2%
Debt / equity0.64×1.00×1.68×3.25×6.45×18.24×0.66×0.68×0.67×0.62×
Current ratio0.400.370.390.500.761.090.410.340.410.49

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.