Delta Air Lines, Inc. (DAL)

NYSE: DAL · USD

$80.3

-1.18 (-1.4%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-02

Our latest published analysis: DAL rated Hold

Delta Air Lines, Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$80.7 / share

Potential value

$111 / share

Upside to FV

-3.8%

from $80.3

Moat

6/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$55.2B
Revenue (ttm)	71.8B
Net income (ttm)	3.3B
EPS (ttm)	$5.01
Shares out	654.4M
P/E (trailing)	16.0x
P/E (forward)	9.2x
Dividend	$0.86 (1.07%)
Volume	3,921,755
Beta	1.34

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 71.8B
Net income (ttm): 3.3B
EPS (ttm): $5.01
P/E (trailing): 16.0x
P/E (forward): 9.2x
Market cap: $55.2B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$29.90B	$50.58B	$58.05B	$61.64B	$63.36B	+20.7%
Gross profit	$2.13B	$11.16B	$15.52B	$16.56B	$14.48B	+61.4%
Operating income	$1.89B	$3.66B	$5.52B	$6.00B	$5.82B	+32.6%
Net income	$280.0M	$1.32B	$4.61B	$3.46B	$5.01B	+105.6%
EPS (diluted)	$0.44	$2.06	$7.17	$5.33	$7.66	+104.3%
EBITDA	$3.68B	$5.05B	$8.78B	$7.92B	$8.03B	+21.6%
R&D	$301.0M	$307.0M	$340.0M	—	—	+6.3%
SG&A	$451.0M	$563.0M	$1.38B	$1.39B	$21.34B	+162.3%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAL	American Airlines Group Inc.	8.3B	—	0.1x	3.0%	+20.0%	-6.9%	持有
ALB	Albemarle Corporation	11.4B	198.9x	1.9x	4.1%	+12.8%	+1.9%	持有
ANET	Arista Networks Inc.	235.7B	59.1x	22.4x	284.8%	+32.0%	+19.7%	卖出
ADP	Automatic Data Processing, Inc.	113B	25.3x	5.1x	62.8%	+7.7%	+4.5%	持有
ALLE	Allegion plc	15.2B	22.5x	3.5x	19.4%	+8.8%	+7.2%	持有
AME	AMETEK Inc.	56.9B	36.3x	7.2x	13.2%	+9.8%	+33.6%	卖出

Base and Bull scenarios

Base55%

Price target

$80.73

-3.7% from spot

In the base scenario, premium cabin demand remains resilient while main cabin seat capacity remains flat to slightly down. Industry capacity discipline offsets near-term jet fuel price pressure, allowing operating margins to stabilize at 8.4% in FY2026 before normalizing toward 9.0%-9.4% by FY2028-FY2030. Reinvestment rates step down progressively through FY2030 as capex normalizes toward maintenance levels, supporting steady free cash flow growth and debt paydown.

Operating margin transitions from 8.4% in FY2026 to 9.0% terminal level
Reinvestment rate steps down from 42% in FY2026 to 28% in FY2030
Revenue grows from $63.36B in FY2025 to $75.02B in FY2027,

Bull20%

Price target

$110.73

+32.0% from spot

In the upside scenario, premium cabin demand accelerates beyond expectations with corporate travel fully rebounding alongside high-income leisure growth. Sustained industry capacity discipline and further ULCC retrenchment allow Delta to expand passenger yields while crack spreads normalize, expanding operating margins toward 10.5%. Capital expenditures taper faster toward $4.0B, generating over $4.5B in annual free cash flow that drives total debt down and unlocks expanded share repurchases.

Operating margin reaches 10.5% driven by premium yield expansion
Annual capital expenditures decline to $4.0B
Annual free cash flow expands above $4.5B

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($80.73). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
7.8%	$85.1	$89.6	$95.0	$101	$109
8.3%	$79.8	$83.6	$88.1	$93.4	$99.6
8.8%	$75.1	$78.4	$80.7	$86.6	$91.8
9.3%	$71.1	$73.9	$77.2	$80.9	$85.2
9.8%	$67.5	$69.9	$72.7	$75.9	$79.6

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E9.2

P25 n/aP50 n/aP75 n/a

Trailing P/E13.8

P25 n/aP50 n/aP75 n/a

ROE15.9

P25 n/aP50 n/aP75 n/a

ROIC10.2

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All DAL indicators

Market & fundamental data

Available fields

279

Groups with data

Currency

USD

Showing 279 of 279 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000027904
Company name	Delta Air Lines, Inc.
Country	United States
Country code	US
CUSIP number	247361702
Earnings date	2026-10-09
Earnings time	bmo
Employees	103,000
Employees change	3,000
Employees growth	3%
Enterprise value	$68.7B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1924
In index	SP500
Industry	Airlines
Is primary listing	Yes
Is SPAC	No
ISIN number	US2473617023
Last 10-K release date	2026-02-11
Last earnings date	2026-10-09
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$52.5B
Market cap category	Large-Cap
Next earnings date	2027-01-12
Options	Yes
Price	$80.27
Price currency	USD
Sector	Industrials
SIC code	4512
Stock price date	2026-10-28
Symbol	DAL
U.S. state	Georgia
Website	https://www.delta.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	14.67x
Average P/E ratio (10Y)	19.92x
Average P/E ratio (3Y)	9.19x
Average P/E ratio (5Y)	27.25x
Earnings yield	6.24%
EV/Earnings	21.02x
EV/EBIT	13.2x
EV/EBITDA	9.21x
EV/FCF	22.88x
EV/Sales	0.96x
FCF / EV yield	4.37%
FCF yield	5.7%
Forward EV/Sales	0.9x
Forward P/E	12.33x
Forward P/S	0.69x
Graham number	62.27779
Graham upside	-23.09%
Industry forward P/E	14.21x
Industry P/E	16.91x
Lynch fair value	$25.05
Lynch upside	-69.06%
P/B ratio	2.37x
P/E ratio	16.02x
P/FCF ratio	17.53x
P/OCF ratio	6.62x
P/S ratio	0.74x
PEG ratio	0.75x
Price / tangible book value	7.79x
Price/EBITDA ratio	7.06x
Sector forward P/E	26.24x
Sector P/E	40.28x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	7.29%
EBITDA margin	10.46%
Effective tax rate	24.93%
FCF margin	4.21%
Gross margin	17.9%
Operating margin	7.29%
Pretax margin	6.1%
Profit margin	4.58%
Profit per employee	$31,932
Profitable quarters	2
Profitable years	5
Revenue per employee	$697,087
ROA	3.95%
ROA (5Y)	3.09%
ROCE	9.98%
ROE	15.91%
ROE (5Y)	28.3%
ROIC	10.23%
ROIC (5Y)	8.09%
Tax / revenue	1.52%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-29.35%
EPS growth (Q)	-47.01%
EPS growth (QoQ)	-52.87%
EPS growth 10Y	-2.06%
EPS growth 3Y	-1.86%
EPS growth years	1
FCF growth	-1.69%
FCF growth (Q)	-56.4%
FCF growth (QoQ)	118.98%
FCF growth 3Y	36.59%
Gross profit growth	-3.3%
Gross profit growth (Q)	-1.42%
Gross profit growth 3Y	1.81%
Net income growth	-28.95%
Net income growth (Q)	-46.65%
Net income growth (QoQ)	-52.87%
Net income growth 3Y	-1.11%
Net income growth years	1
OCF growth	0.3%
OCF growth (Q)	-7.26%
OCF growth (QoQ)	7.4%
OCF growth 10Y	0.57%
OCF growth 3Y	4.02%
OCF growth 5Y	41.27%
Operating income growth	-9.16%
Operating income growth (Q)	-11.32%
Operating income growth 3Y	-2.05%
Revenue growth	14.11%
Revenue growth (Q)	21.07%
Revenue growth (QoQ)	2.17%
Revenue growth 10Y	6.11%
Revenue growth 3Y	7.83%
Revenue growth 5Y	24.09%
Revenue growth quarters	5
Revenue growth years	5

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-5B
Depreciation and amortization	$2.3B
EBIT	$5.2B
EBITDA	$7.5B
EPS	$5.01
FCF per share	$4.62
Financing cash flow	$-3.3B
Free cash flow	$3B
Gross profit	$12.8B
Income taxes	$1.1B
Investing cash flow	$-4.8B
Net borrowing	$-2.8B
Net cash flow	$-89M
Net income	$3.3B
Operating income	$5.2B
Revenue	$71.8B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	1.44
Book value per share	$34.40
Debt / EBITDA	1.61
Debt / equity	0.89
Debt / FCF	6.6
Goodwill	$9.8B
Interest coverage	8.73
Long-term assets	$72.6B
Long-term liabilities	$30B
Net cash (debt)	$-16.1B
Net cash / market cap	-30.48%
Net debt / EBITDA	2.15
Net debt / equity	0.72
Net debt / FCF	5.34
Piotroski F-Score	7
Property, plant and equipment	$48.3B
Shareholders' equity	$22.5B
Tangible book value	$6.8B
Tangible book value per share	$10.39
Total assets	$86B
Total cash	$3.8B
Total debt	$19.9B
Total liabilities	$63.5B
WACC	9.04%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.87
Current assets	$13.5B
Current liabilities	$33.6B
Current ratio	0.4
Inventory turnover	28.21
Net working capital	$-18.5B
Quick ratio	0.24
Working capital	$-20.1B
Working capital turnover	-3.87

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.69%
Dividend growth	19.26%
Dividend growth (10Y)	1.78%
Dividend growth (3Y)	59.07%
Dividend growth (5Y)	-12.37%
Dividend growth years	2
Dividend payment date	2026-11-05
Dividend payment years	4
Dividend payout frequency	Quarterly
Dividend per share	$0.86
Dividend yield	1.07%
Ex-dividend date	2026-10-15
FCF payout ratio	18.62%
Last dividend	$0.22
Payout ratio	17.16%
Shareholder yield	0.37%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	92.83%
10Y return CAGR	8.1%
10Y total return	117.81%
150-day SMA	$79.79
15Y price change	825.52%
15Y return CAGR	17.21%
15Y total return	982.4%
1D price change	-1.45%
1M price change	-5.86%
1M total return	-5.59%
1W price change	4.31%
1W total return	4.31%
1Y price change	32.28%
1Y return CAGR	33.72%
1Y total return	33.7%
20-day SMA	$79.88
200-day SMA	$76.58
3M price change	-7.74%
3M total return	-7.48%
3Y price change	160.9%
3Y return CAGR	39.19%
3Y total return	169.72%
50-day SMA	$80.52
50-day SMA vs 200-day SMA	50over200
52-week high	$95.68
52-week high date	2026-07-02
52-week low	$55.03
52-week low date	2025-11-04
5Y price change	104.67%
5Y return CAGR	16.29%
5Y total return	112.63%
6M price change	17.25%
6M total return	18.18%
After-hours change	0.1%
After-hours close	$80.27
After-hours price	$80.35
All-time high	$95.68
All-time high date	2026-07-02
All-time low	$3.51
All-time low date	2009-03-06
Average true range (ATR)	$2.86
Average volume	7.2M
Beta (1Y)	1.14
Beta (2Y)	1.22
Beta (5Y)	1.34
Change from 52-week high	-16.11%
Change from 52-week low	45.87%
Change from all-time high	-16.42%
Change from all-time low	2,178.21%
Change from open	-1.22%
Day's gap	-0.23%
Dollar volume	$314.8M
High price	$82.06
Low price	$79.90
Monthly RSI	59.85
Open price	$81.26
Position in 52-week range	17.13%
Premarket change	-0.49%
Premarket close	$81.45
Premarket price	$81.05
Premarket volume	31.2K
Previous close	$81.45
Price vs 150-day SMA	0.22%
Price vs 20-day SMA	0.11%
Price vs 200-day SMA	4.43%
Price vs 50-day SMA	-0.69%
Relative volume	0.54
RSI	50.05
Sharpe ratio	0.84
Sharpe ratio (3Y)	0.88
Sharpe ratio (5Y)	0.46
Sortino ratio	1.5
Sortino ratio (3Y)	1.58
Sortino ratio (5Y)	0.85
Volume	3.9M
Weekly RSI	51.28
YTD price change	15.22%
YTD total return	16.45%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	650M
Float percentage	99.34%
Shares change (QoQ)	0.15%
Shares change (YoY)	0.69%
Shares held by insiders	0.52%
Shares held by institutions	82.27%
Shares outstanding	654.4M
Short % of float	3.93%
Short % of shares	3.91%
Short ratio	3.6 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	220

Deeper analysis on DAL

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this DAL report

What is the latest published DAL stock rating?

Delta Air Lines, Inc. is shown with Hold in the latest published report, analyzed 2026-10-02. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full DAL analysis?

The full latest published report, analyzed 2026-10-02, lives at /stocks/DAL/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for DAL?

The latest published report analyzed 2026-10-02 gives DAL a fair value of USD 81 and a potential value of USD 111. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the DAL page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-02). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldDAL · Fair value $80.7-3.8%

Read full analysis →

Delta Air Lines, Inc. (DAL)

Our latest published analysis: DAL rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · DAL

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All DAL indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on DAL

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	4.5
Management	9.5
Balance Sheet	3.0
Profitability	6.0
Revenue Growth	7.5
Risk Assessment	5.0
Competitive Moat	6.0
Earnings Quality	6.0
Capital Efficiency	6.5