Delta Air Lines, Inc. (DAL)
Industrials · Passenger Airlines · US stock · S&P 500 component
$79.26
▲ +1.59 (2.05%)
Fair valueUndervalued
$108 +36.8% to fair value
$54fair band $92–$131$163
Day's range
$75.38 – $79.57
52-week range
$55.03 – $95.68
About Delta Air Lines, Inc.
Delta Air Lines is a major global airline that carries passengers and cargo on a network spanning the Americas, Europe, Asia and elsewhere, with hubs in cities such as Atlanta, Detroit and Minneapolis. It is a member of the SkyTeam alliance. Revenue comes mainly from ticket sales, with additional income from cargo, loyalty program and co-branded credit card partnerships, and maintenance and refinery operations.
Revenue has grown 7.8% a year over three years, leaving the last twelve months at $71.8 billion. Operating margin is 7.4%. Return on invested capital comes to 13%. On leverage, net debt to EBITDA is 1.1 times. A dividend is paid, with a yield of 1.0%. This gives an X-Ray Score of 60 out of 100.
Price chart
52-wk range $55.03 – $95.68Volume 7,380,769Daily, split-adjusted
Vitals
Market cap$52.2B
52-week range$55.03 – $95.68
Volume (last day)7,380,769
P/E (TTM)15.8
EBIT / EV yield8.7%
Free-cash-flow yield–
Dividend yield1.0%
Revenue (TTM)$71.8B
Net income (TTM)$3.3B
Operating margin7.4%
Return on capital12.9%
Debt incl. leases$12.1B
Cash & securities$3.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$108middle half of models $86 – $129
Undervalued
+36.8% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $79
Undervalued < $92Fair $92 – $131Overvalued > $131
P/E multiple
$75
P/B multiple
$86
P/S multiple
$102
EV/EBITDA multiple
$102
EV/EBIT multiple
$86
EV/revenue multiple
$107
10-year DCF, EBITDA exit
$158
5-year DCF, EBITDA exit
$127
10-year DCF, revenue exit · not used
$159
5-year DCF, revenue exit
$129
10-year DCF, growth exit · not used
$181
5-year DCF, growth exit
$152
Dividend discount, stable
$50
Dividend discount, multi-stage
$79
Earnings power value
$156
Growth the price implies
4.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
97/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield8.7%
Fair value vs price1.4×
Growth
Fair
63/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)7.8%
EPS growth (3y)54.9%
Growth consistency90%
Profitability
Weak
47/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital12.9%
Operating margin7.4%
Financial health
Weak
42/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA1.1×
Interest coverNo interest cost
Dividends
Weak
31/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.0%
Quarterly results: last 6 quarters
-0.1%
Jun '25
+6.4%
Sep '25
+2.9%
Dec '25
+12.9%
Mar '26
+18.7%
Jun '26
+21.1%
Sep '26
Revenue against the same quarter a year earlier. Latest quarter revenue $20.2B, diluted EPS $1.15.
Compare with peers
UAL United Airlines Holdin...63 LUV Southwest Airlines Co39Other Passenger Airlines companies by X-Ray Score.
SWOT analysis: Delta Air Lines, Inc.
Strengthsinside the company
- Earnings per share have compounded at 54.9% a year over three years.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Operating margin of 7.4% is thin against 17.5% for sector peers.
Opportunitiesvaluation and setting
- Trades at 15.9x earnings, 46% below the 29.3x median of sector peers.
- The price is 37% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Revenue growth slowed to 2.8% last year from 7.8% a year over three years.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Passenger Airlines follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DAL with peers and sector
Medians of 80 Industrials peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): CAT 43, GE 49, RTX 51, GEV 50, UNP 45, DE 43.
| Metric | DAL | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 60 | 50 | 50 |
| Valuation | 97 | 44 | 44 |
| Growth | 63 | 50 | 50 |
| Profitability | 47 | 51 | 51 |
| Financial health | 42 | 49 | 49 |
| Dividends | 31 | 53 | 53 |
Sector leaders: highest X-Ray Score in Industrials
DAL ranks #16 of 81 in Industrials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DAL
Each factor is rated by where DAL stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 11 Good · 3 Average · 5 Bad of 19
Growth: 2 · 1 · 0
Profitability: 0 · 1 · 3
Financial strength: 2 · 1 · 1
Valuation: 4 · 0 · 0
Cash flow: 2 · 0 · 1
Efficiency: 1 · 0 · 0
| Factor | DAL | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +7.8% | Good beats 67% | +5.6% | – | – |
| Revenue growth, last year | +2.8% | Average beats 36% | +4.5% | +14.8% | ▼ Worse |
| EPS growth, 3 years a year | +54.9% | Good beats 95% | +5.7% | – | – |
| Profitability | |||||
| Operating margin | 7.4% | Bad beats 15% | 17.5% | 9.2% | ▼ Worse |
| Net margin | 4.6% | Bad beats 12% | 12.8% | 5.6% | ▼ Worse |
| Return on invested capital | 12.9% | Average beats 38% | 14.9% | – | – |
| Return on equity | 14.6% | Bad beats 29% | 23.7% | 22.6% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 1.1x | Good beats 70% | 1.8x | 1.9x | ▲ Better |
| Interest cover | 50.0x | Good beats 76% | 21.4x | – | – |
| Current ratio | 0.40 | Bad beats 1% | 1.25 | 0.40 | ≈ In line |
| Piotroski F-score | 6 / 9 | Average beats 41% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 15.9x | Good beats 92% | 28.9x | 11.3x | ▼ Worse |
| Price / book | 2.3x | Good beats 92% | 6.2x | 2.6x | ≈ In line |
| Price / sales | 0.7x | Good beats 97% | 3.5x | 0.6x | ≈ In line |
| EV / EBITDA | 7.7x | Good beats 98% | 18.5x | 6.2x | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 11.1% | Bad beats 33% | 13.8% | 2.0% | ▲ Better |
| Cash from operations / net income | 2.43 | Good beats 93% | 1.39 | 2.32 | ≈ In line |
| Accruals (lower is better) | −5.5% | Good beats 78% | −3.2% | – | – |
| Efficiency | |||||
| Days sales outstanding | 22 days | Good beats 88% | 57 days | 20 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 4 Average · ● 3 BadCash quality
Earnings backed by cashGood
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 60/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $29.9B | $50.6B | $58.0B | $61.6B | $63.4B |
| Operating income | $1.9B | $3.7B | $5.5B | $6.0B | $5.8B |
| Net income | $280M | $1.3B | $4.6B | $3.5B | $5.0B |
| Operating cash flow | $3.3B | $6.4B | $6.5B | $8.0B | $8.3B |
| Operating margin | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Free cash flow | $17M | −$3M | $1.1B | $2.9B | $3.8B |
| Diluted EPS | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 4 neutral · 8 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 77.93 | Bullish |
| EMA 10 | 78.28 | Bullish |
| SMA 20 | 80.71 | Bearish |
| EMA 20 | 79.43 | Bearish |
| SMA 50 | 81.05 | Bearish |
| EMA 50 | 81.01 | Bearish |
| SMA 100 | 83.69 | Bearish |
| EMA 100 | 80.51 | Bearish |
| SMA 200 | 75.99 | Bullish |
| EMA 200 | 76.36 | Bullish |
Oscillators (daily)
| RSI (14) | 47.94 | Neutral |
| MACD (12, 26) | -1.34 | Bearish |
| Momentum (12) | -4.99 | Bearish |
| Stochastic %K (14) | 45.01 | Neutral |
| Williams %R (14) | -54.99 | Neutral |
| CCI (20) | -61.75 | Neutral |
Pivot points (classic, last session)
S3 72.38 | S2 73.88 | S1 76.57 | Pivot 78.07 | R1 80.76 | R2 82.26 | R3 84.95 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.81 USD
Yield on today's price
1.02%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.2150 | |
| 0.2150 | |
| 0.1880 | |
| 0.1880 | |
| 0.1880 | |
| 0.1880 | |
| 0.1500 | |
| 0.1500 | |
| 0.1500 | |
| 0.1500 | |
| 0.1000 | |
| 0.1000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DAL
| ETF | Share of the fund |
|---|---|
| JETS U.S. Global Jets | 10.50% |
| OMAH VistaShares Target 15 Berkshire Select... | 5.25% |
| IYT iShares Transportation Average | 5.04% |
| BKDV BNY Mellon Dynamic Value | 1.96% |
| SAMT The Advisorsa Inner Circle Fund III | 1.92% |
| PWV Invesco Dynamic Large Cap Value | 1.45% |
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.35% |
| COWZ Pacer US Cash Cows 100 | 1.29% |
The eight funds with the largest weight in DAL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DAL SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Entered a material agreement
DEF 14ASEC EDGAR
Proxy statement
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.