Delta Air Lines, Inc. (DAL) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Airlines, Airports & Air Services
EV/EBITDA
↓
7.82
-8% vs avg
5yr avg: 8.52
30Y Low3.8·High13.3
P/FCF
↓
12.47
↓-97% vs avg
5yr avg: 403.43
30Y Low4.3·High53.2
P/B Ratio
↓
2.31
↓-31% vs avg
5yr avg: 3.34
30Y Low0.5·High38.4
ROE
↑
27.8%
-2% vs avg
5yr avg: 28.3%
30Y Low-221%·High222%
Debt/EBITDA
↓
2.55
↓-44% vs avg
5yr avg: 4.59
30Y Low0.2·High28.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DAL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Delta Air Lines, Inc. trades at 9.6x earnings, 63% below its 5-year average of 26.2x, sitting at the 56th percentile of its historical range. Compared to the Industrials sector median P/E of 25.9x, the stock trades at a discount of 63%. On a free-cash-flow basis, the stock trades at 12.5x P/FCF, 97% below the 5-year average of 403.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $47.9B | $45.4B | $39.2B | $25.9B | $21.1B | $25.1B | $25.6B | $38.2B | $34.6B | $40.5B | $37.1B |
| Enterprise Value | $64.7B | $62.2B | $58.9B | $50.4B | $48.4B | $51.8B | $52.8B | $52.6B | $49.6B | $47.5B | $41.7B |
| P/E Ratio → | 9.57 | 9.06 | 11.35 | 5.61 | 15.95 | 88.82 | — | 8.01 | 8.80 | 12.64 | 8.50 |
| P/S Ratio | 0.76 | 0.72 | 0.64 | 0.45 | 0.42 | 0.84 | 1.50 | 0.81 | 0.78 | 0.98 | 0.94 |
| P/B Ratio | 2.31 | 2.19 | 2.56 | 2.33 | 3.20 | 6.44 | 16.67 | 2.49 | 2.53 | 3.23 | 3.02 |
| P/FCF | 12.47 | 11.82 | 13.59 | 22.67 | — | 1565.64 | — | 10.91 | 18.76 | 32.23 | 9.74 |
| P/OCF | 5.74 | 5.44 | 4.89 | 4.00 | 3.31 | 7.68 | — | 4.53 | 4.94 | 7.87 | 5.15 |
P/E links to full P/E history page with 30-year chart
DAL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Delta Air Lines, Inc.'s enterprise value stands at 7.8x EBITDA, 8% below its 5-year average of 8.5x. The Industrials sector median is 13.9x, placing the stock at a 44% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 0.96 | 0.87 | 0.96 | 1.73 | 3.09 | 1.12 | 1.12 | 1.16 | 1.06 |
| EV / EBITDA | 7.82 | 7.52 | 6.92 | 6.41 | 8.39 | 13.34 | — | 5.71 | 6.53 | 5.81 | 4.69 |
| EV / EBIT | 11.11 | 11.12 | 10.90 | 7.82 | 16.45 | 30.89 | — | 8.09 | 9.08 | 8.06 | 6.19 |
| EV / FCF | — | 16.18 | 20.42 | 44.18 | — | 3237.27 | — | 15.01 | 26.86 | 37.82 | 10.94 |
DAL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Delta Air Lines, Inc. earns an operating margin of 9.2%, above the Industrials sector average of 4.9%. ROE of 27.8% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 12.0% represents solid returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8% | 22.8% | 26.9% | 26.7% | 22.1% | 7.1% | -25.6% | 28.9% | 25.0% | 28.0% | 31.1% |
| Operating Margin | 9.2% | 9.2% | 9.7% | 9.5% | 7.2% | 6.3% | -72.9% | 14.1% | 11.8% | 14.5% | 17.7% |
| Net Profit Margin | 7.9% | 7.9% | 5.6% | 7.9% | 2.6% | 0.9% | -72.4% | 10.1% | 8.9% | 7.8% | 10.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.8% | 27.8% | 26.2% | 52.1% | 25.2% | 10.3% | -146.6% | 32.8% | 30.0% | 25.8% | 36.3% |
| ROA | 6.4% | 6.4% | 4.6% | 6.3% | 1.8% | 0.4% | -18.1% | 7.6% | 6.9% | 6.1% | 8.0% |
| ROIC | 12.0% | 12.0% | 12.7% | 11.9% | 8.5% | 4.8% | -32.0% | 17.0% | 16.4% | 24.6% | 30.8% |
| ROCE | 11.4% | 11.4% | 12.5% | 11.8% | 7.5% | 3.5% | -24.8% | 15.4% | 13.8% | 17.0% | 19.5% |
DAL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Delta Air Lines, Inc. carries a Debt/EBITDA ratio of 2.6x, which is moderately leveraged (19% below the sector average of 3.2x). Net debt stands at $16.8B ($21.1B total debt minus $4.3B cash). Interest coverage of 8.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 1.49 | 2.46 | 4.65 | 8.92 | 23.17 | 1.12 | 1.21 | 0.71 | 0.60 |
| Debt / EBITDA | 2.55 | 2.55 | 2.68 | 3.47 | 5.31 | 8.93 | — | 1.88 | 2.18 | 1.08 | 0.82 |
| Net Debt / Equity | — | 0.81 | 1.29 | 2.21 | 4.15 | 6.88 | 17.76 | 0.94 | 1.09 | 0.56 | 0.37 |
| Net Debt / EBITDA | 2.03 | 2.03 | 2.32 | 3.12 | 4.74 | 6.89 | — | 1.56 | 1.97 | 0.86 | 0.51 |
| Debt / FCF | — | 4.37 | 6.83 | 21.51 | — | 1671.63 | — | 4.11 | 8.11 | 5.58 | 1.20 |
| Interest Coverage | 8.57 | 8.57 | 8.03 | 6.62 | 3.56 | 1.47 | -13.42 | 21.99 | 16.93 | 15.07 | 18.03 |
DAL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.40x is below 1.0, meaning current liabilities exceed current assets — though the company's $4.3B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.40 | 0.40 | 0.37 | 0.39 | 0.50 | 0.76 | 1.09 | 0.41 | 0.34 | 0.41 | 0.49 |
| Quick Ratio | 0.34 | 0.34 | 0.32 | 0.34 | 0.45 | 0.71 | 1.05 | 0.35 | 0.28 | 0.34 | 0.43 |
| Cash Ratio | 0.16 | 0.16 | 0.12 | 0.15 | 0.25 | 0.54 | 0.89 | 0.14 | 0.08 | 0.14 | 0.21 |
| Asset Turnover | — | 0.78 | 0.82 | 0.79 | 0.70 | 0.41 | 0.24 | 0.73 | 0.74 | 0.77 | 0.77 |
| Inventory Turnover | 30.54 | 30.54 | 31.57 | 32.37 | 27.68 | 25.29 | 29.32 | 26.71 | 31.60 | 22.29 | 30.49 |
| Days Sales Outstanding | — | 16.42 | 19.09 | 19.68 | 22.92 | 29.35 | 29.81 | 22.16 | 19.01 | 21.09 | 19.10 |
DAL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Delta Air Lines, Inc. returns 0.9% to shareholders annually primarily through dividends. The payout ratio of 8.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 10.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.0% | 0.8% | 0.5% | — | — | 1.0% | 2.6% | 2.6% | 1.8% | 1.4% |
| Payout Ratio | 8.8% | 8.8% | 9.3% | 2.8% | — | — | — | 20.6% | 23.1% | 22.8% | 12.1% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.4% | 11.0% | 8.8% | 17.8% | 6.3% | 1.1% | — | 12.5% | 11.4% | 7.9% | 11.8% |
| FCF Yield | 8.0% | 8.5% | 7.4% | 4.4% | — | 0.1% | — | 9.2% | 5.3% | 3.1% | 10.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 5.3% | 4.5% | 4.1% | 7.0% |
| Total Shareholder Yield | 0.9% | 1.0% | 0.8% | 0.5% | 0.0% | 0.0% | 2.4% | 7.9% | 7.2% | 5.9% | 8.4% |
| Shares Outstanding | — | $654M | $648M | $643M | $641M | $641M | $636M | $653M | $694M | $723M | $755M |
Peer Comparison
Compare DAL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DALYou | $48B | 9.6 | 7.8 | 12.5 | 22.8% | 9.2% | 27.8% | 12.0% | 2.6 |
 UAL | $32B | 9.8 | 7.5 | 12.7 | 64.1% | 8.0% | 24.0% | 9.1% | 4.1 |
 AAL | $9B | 76.1 | 12.4 | — | 19.2% | 2.7% | — | 3.5% | 10.5 |
 LUV | $20B | 52.5 | 11.6 | — | 17.4% | 1.5% | 4.8% | 3.0% | 3.0 |
 ALK | $5B | 46.6 | 9.9 | — | 59.7% | 2.1% | 2.4% | 2.3% | 6.3 |
 JBLU | $2B | -3.0 | 31.5 | — | 33.9% | -4.1% | -25.3% | -2.7% | 32.0 |
 ULCC | $1B | -8.0 | — | — | 35.5% | -4.0% | -25.0% | -2.3% | — |
 SKYW | $4B | 8.5 | 6.0 | 12.3 | 61.6% | 15.2% | 16.6% | 9.2% | 2.4 |
 MESA | $879M | -0.0 | — | 63.1 | 99.1% | -46.5% | -528.9% | -62.9% | — |
 BA | $181B | 92.7 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
 GE | $320B | 37.5 | 32.8 | 44.0 | 36.8% | 19.1% | 45.3% | 24.7% | 2.1 |
| Industrials Median | — | 25.9 | 13.9 | 20.6 | 32.8% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full DAL Stock Analysis
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Start ComparisonDAL — Frequently Asked Questions
Quick answers to the most common questions about buying DAL stock.
What is Delta Air Lines, Inc.'s P/E ratio?
Delta Air Lines, Inc.'s current P/E ratio is 9.6x. The historical average is 17.6x. This places it at the 56th percentile of its historical range.
What is Delta Air Lines, Inc.'s EV/EBITDA?
Delta Air Lines, Inc.'s current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.0x.
What is Delta Air Lines, Inc.'s ROE?
Delta Air Lines, Inc.'s return on equity (ROE) is 27.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.3%.
Is DAL stock overvalued?
Based on historical data, Delta Air Lines, Inc. is trading at a P/E of 9.6x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Delta Air Lines, Inc.'s dividend yield?
Delta Air Lines, Inc.'s current dividend yield is 0.92% with a payout ratio of 8.8%.
What are Delta Air Lines, Inc.'s profit margins?
Delta Air Lines, Inc. has 22.8% gross margin and 9.2% operating margin.
How much debt does Delta Air Lines, Inc. have?
Delta Air Lines, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.