Industrials · Passenger Airlines · US stock · price as of 23 Oct 2026
Key indicators
Price
$76.78
52-week range
$55.03 – $95.68
Market cap
$50.6B
P/E (trailing)
15.3×
EV / EBITDA
7.5×
Free-cash-flow yield
15.8%
Dividend yield
1.0%
Revenue (last 12 months)
$71.8B
Revenue growth (3y a year)
7.8%
Operating margin
7.4%
Return on invested capital
12.9%
Net debt / EBITDA
1.1×
Fair value
Fair value (average of valid models)$108.44 middle half of models $86 – $129
Versus priceUndervalued+37% to fair value
P/E multiple
$74.82
P/B multiple
$85.94
P/S multiple
$102.40
EV/EBITDA multiple
$102.24
EV/EBIT multiple
$85.55
EV/revenue multiple
$106.77
10-year DCF, EBITDA exit
$157.92
5-year DCF, EBITDA exit
$126.79
5-year DCF, revenue exit
$129.42
5-year DCF, growth exit
$152.17
Dividend discount, stable
$50.13
Dividend discount, multi-stage
$79.43
Earnings power value
$156.12
Model uncertainty
High
X-Ray Score
60/ 100 · Medium confidence · ahead of 80% of sector peers
Valuation97
Growth63
Profitability47
Financial health42
Dividends31
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Delta Air Lines, Inc. an X-Ray Score of 60 out of 100 (medium confidence), ahead of 80% of the S&P 500 stocks in its sector. Its strongest lens is valuation (97) and its weakest is dividends (31).
Our fair value (the average of the valid models) is $108.44 (range $85.55 to $129.42). At $76.78 the stock trades 29% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Delta Air Lines, Inc. (DAL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$37.62
$31.63
$38.91
$59.15
$68.67
$76.78
Market cap
$24.1B
$20.3B
$25.0B
$38.3B
$44.9B
$50.6B
P/E
85.5×
15.4×
5.4×
11.1×
9.0×
15.3×
EV / revenue
1.3×
0.7×
0.7×
0.8×
0.9×
0.8×
EV / EBITDA
9.8×
6.1×
5.1×
5.9×
6.5×
7.5×
Price / free cash flow
1,418.5×
–
21.9×
13.3×
11.7×
6.3×
Free-cash-flow yield
0.1%
−0.0%
4.6%
7.5%
8.6%
15.8%
Price / book
6.2×
3.1×
2.3×
2.5×
2.2×
2.2×
Dividend yield
–
–
0.51%
0.85%
0.98%
1.02%
Fundamentals checklist ● 6 Good · ● 4 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.5%Good
Risk models
Altman Z score-0.2×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)54.9%Good
Revenue growth (3y)7.8%Average
Growth consistency90%Average
Balance sheet
Current ratio0.4×Bad
Net debt / EBITDA1.1×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.4×Good
EBIT / EV yield8.7%Good
Profitability
Return on invested capital12.9%Average
Operating margin7.4%Bad
XStocksXray
Delta Air Lines, Inc. (DAL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
29,899
50,582
58,048
61,643
63,364
71,800
Gross profit
–
–
–
–
–
–
Operating income
1,886
3,661
5,521
5,995
5,822
5,286
Net income
280
1,318
4,609
3,457
5,005
3,290
Diluted EPS ($)
0.44
2.06
7.17
5.33
7.66
5.02
Free cash flow
17
-3
1,141
2,885
3,843
8,000
Gross margin
–
–
–
–
–
–
Operating margin
6.3%
7.2%
9.5%
9.7%
9.2%
7.4%
Net margin
0.9%
2.6%
7.9%
5.6%
7.9%
4.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
72,459
72,288
73,644
75,372
81,317
86,048
Cash
7,933
3,266
2,741
3,069
4,310
3,787
Total debt
25,084
21,381
18,610
15,347
13,308
12,105
Equity
3,887
6,582
11,105
15,293
20,853
22,513
Dividend per share ($)
0.00
0.00
0.20
0.50
0.68
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
