Latest Ratios: P/E Ratio 10.7x · EV/EBITDA 8.5x · ROE 27.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $53.8B | $45.4B | $39.2B | $25.9B | $21.1B | $25.1B | $25.6B | $38.2B | $34.6B | $40.5B | $37.1B |
| Enterprise Value | $70.5B | $62.2B | $58.9B | $50.4B | $48.4B | $51.8B | $52.8B | $52.6B | $49.6B | $47.5B | $41.7B |
| P/E Ratio → | 10.67 | 9.06 | 11.35 | 5.61 | 15.95 | 88.82 | — | 8.01 | 8.80 | 12.64 | 8.50 |
| P/S Ratio | 0.85 | 0.72 | 0.64 | 0.45 | 0.42 | 0.84 | 1.50 | 0.81 | 0.78 | 0.98 | 0.94 |
| P/B Ratio | 2.58 | 2.19 | 2.56 | 2.33 | 3.20 | 6.44 | 16.67 | 2.49 | 2.53 | 3.23 | 3.02 |
| P/FCF | 13.99 | 11.81 | 13.59 | 22.67 | — | 1565.64 | — | 10.91 | 18.76 | 32.23 | 9.74 |
| P/OCF | 6.44 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 8.53 | 7.52 | 6.92 | 6.41 | 8.39 | 13.34 | — | 5.71 | 6.53 | 5.81 | 4.69 |
| EV / EBIT | 12.12 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | — | 4.36 | 6.83 | 21.51 | — | 1671.63 | — | 4.11 | 8.11 | 5.58 | 1.20 |
| Interest Coverage | 8.23 | 8.23 | 7.24 | 7.72 | 2.86 | 1.31 | -15.78 | 21.59 | 17.56 | 14.89 | 17.37 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 0.8% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.4% | 11.0% | 8.8% | 17.8% | 6.3% | 1.1% | — | 12.5% | 11.4% | 7.9% | 11.8% |
| FCF Yield | 7.1% | 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 | 0.8% | 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 |
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Quick answers to the most common questions about buying DAL stock.
Delta Air Lines, Inc.'s current P/E ratio is 10.7x. The historical average is 17.6x. This places it at the 63th percentile of its historical range.
Delta Air Lines, Inc.'s current EV/EBITDA is 8.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.0x.
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%.
Based on historical data, Delta Air Lines, Inc. is trading at a P/E of 10.7x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Delta Air Lines, Inc.'s current dividend yield is 0.82% with a payout ratio of 8.8%.
Delta Air Lines, Inc. has 22.8% gross margin and 9.2% operating margin.
Delta Air Lines, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Fuel price volatility and seasonality
Metrics are mathematically derived from official filings.
Valuation Reflects Cyclical Earnings
Delta's trailing P/E of 11.65 and EV/EBITDA of 9.13 appear modest, but forward P/E of 13.42 and forward EV/EBITDA of 56.84 suggest market skepticism about earnings sustainability, per recent filings.
The trailing multiples are distorted by peak earnings in 2025Q2, while the forward multiples imply a sharp earnings decline, likely reflecting expectations of fuel cost pressures and demand normalization. Compared to peers like UAL (P/E 12.11, EV/EBITDA 8.53), Delta's valuation is in line, but the forward EV/EBITDA spike suggests the market is pricing in a significant EBITDA contraction. Investors should monitor whether the 2026Q2 margin recovery is durable or a seasonal peak.
Margins Swing with Fuel and Pricing
Gross margin ranged from 20.7% to 33.5% over ten quarters, with operating margin peaking at 13.6% in 2024Q2 and net margin at 12.8% in 2025Q2, as reported in financial statements.
The volatility in gross margin reflects fuel price swings and pricing power, while operating margin shows high operating leverage, swinging from 3.2% in 2026Q1 to 9.4% in 2026Q2. Net margin is further affected by non-operating items, as seen in the 2026Q1 loss. The best measure of earning power is operating margin, which, at 9.4% in 2026Q2, is below the 2025Q2 peak of 12.6%, suggesting a normalization from peak profitability.
ROIC Recovery but Below Peers
ROIC improved to 4.2% in 2026Q2 from 1.1% in 2026Q1, but remains below UAL's 9.1% and Delta's own 5.1% in 2024Q2, based on reported figures.
ROIC has been volatile, ranging from 1.1% to 5.1% over the period, indicating that returns on invested capital are not consistently compounding. The improvement in 2026Q2 is driven by higher margins and asset turnover, but the capital-intensive nature of the business limits ROIC. Compared to peers, Delta's ROIC is mid-pack, suggesting that its capital allocation and fleet efficiency are not best-in-class.
Working Capital Efficiency Improves
Cash conversion cycle turned more negative, from -3 days in 2024Q1 to -10 days in 2026Q2, as per financial statements, indicating Delta is collecting cash from customers before paying suppliers.
The negative CCC is driven by a large deferred revenue balance (advance ticket sales) and a DPO of 44 days, which exceeds DSO and DIO combined. This provides an interest-free source of financing, but the improvement is partly due to seasonality. Asset turnover remains low at 0.23, reflecting the heavy asset base, but it has been stable, indicating no major efficiency gains or losses.
Deleveraging Progress but Debt Remains High
D/E fell from 2.36 in 2024Q1 to 0.92 in 2026Q2, and D/EBITDA improved to 7.93 from 21.41, as reported in SEC filings, yet interest coverage of 13.98 is comfortable.
The significant reduction in leverage is a positive trend, but D/EBITDA of 7.93 is still elevated compared to pre-pandemic levels, and the absolute debt of $20B remains a fixed cost. Interest coverage of 13.98 in 2026Q2 is strong, but it was negative in 2026Q1, highlighting vulnerability to earnings swings. The deleveraging appears to be a priority, but refinancing risk remains if fuel costs spike or demand weakens.
Thin Liquidity but Cash Cushion
Current ratio of 0.42 and quick ratio of 0.35 in 2026Q2 indicate current liabilities exceed current assets, but cash of $4.7B provides a buffer, per balance sheet data.
The low current ratio is typical for airlines due to high deferred revenue and short-term debt, but it implies reliance on ongoing cash generation to meet obligations. Under a severe stress scenario, such as a demand shock, the cash balance and access to credit would be critical. The negative working capital is not necessarily a red flag given the business model, but it warrants monitoring if cash flow deteriorates.
Misapplied Metric: Current Ratio
The current ratio is often misapplied to airlines because deferred revenue inflates current liabilities, making Delta's 0.42 appear alarming, but it represents future service obligations, not cash outflows.
For Delta, the current ratio is distorted by $19.6B in deferred revenue, which is a liability but not a cash obligation. A more appropriate liquidity measure is the quick ratio adjusted for deferred revenue, or simply the cash balance relative to near-term debt maturities. Investors should focus on free cash flow generation and cash on hand rather than the current ratio when assessing liquidity risk.