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Arphra AIPlain-English read on Delta Air Lines, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +7.13% | +22.06% | +26.73% | +26.86% | +22.84% | +24.73% | +25.61% | +26.17% | +25.28% |
| Operating margin | +6.31% | +7.24% | +9.51% | +9.73% | +9.19% | +9.47% | +9.22% | +9.35% | +9.37% |
| EBITDA margin | +12.29% | +9.98% | +15.13% | +12.84% | +12.68% | +13.24% | +13.80% | +13.65% | +13.75% |
| EBIT margin | +5.61% | +5.82% | +11.10% | +8.77% | +8.82% | +9.81% | +9.81% | +9.54% | +9.39% |
| Pre-tax margin | +1.33% | +3.78% | +9.66% | +7.56% | +9.76% | +8.97% | +9.13% | +9.07% | +8.93% |
| Net margin | +0.94% | +2.61% | +7.94% | +5.61% | +7.90% | +6.98% | +7.29% | +7.19% | +7.05% |
| Cost structure | |||||||||
| Cost of revenue / sales | +92.87% | +77.94% | +73.27% | +73.14% | +77.16% | +76.03% | +76.18% | +76.40% | +76.56% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +1.68% | +4.85% | +6.40% | +6.28% | +3.92% | +5.63% | +5.58% | +5.47% | +5.37% |
| Effective tax rate | +29.65% | +31.14% | +17.81% | +25.78% | +19.08% | +21.05% | +21.19% | +21.22% | +20.77% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +7.20% | +20.02% | +41.50% | +22.61% | +24.12% | +27.29% | +28.26% | +27.87% | +28.04% |
| Return on assets (ROA) | +0.39% | +1.82% | +6.26% | +4.59% | +6.16% | +5.43% | +5.72% | +5.80% | +5.72% |
| Return on capital (ROC) | +4.89% | +9.84% | +14.38% | +15.75% | +13.92% | +14.90% | +14.31% | +14.24% | +14.53% |
| Return on invested capital (ROIC) | +0.73% | +3.54% | +12.01% | +9.08% | +11.96% | +10.98% | +11.32% | +10.96% | +10.94% |
| Asset turnover | +41.26% | +69.99% | +78.82% | +81.79% | +78.05% | +77.76% | +78.38% | +80.67% | +81.06% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +0.94% | +2.61% | +7.94% | +5.61% | +7.90% | +6.98% | +7.29% | +7.19% | +7.05% |
| Asset turnover (× revenue / assets) | +41.26% | +69.99% | +78.82% | +81.79% | +78.05% | +77.76% | +78.38% | +80.67% | +81.06% |
| Equity multiplier (× assets / equity) | +1864.45% | +1098.07% | +663.16% | +492.85% | +391.20% | +502.84% | +494.49% | +480.25% | +490.29% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.41 | 0.70 | 0.79 | 0.82 | 0.78 | 0.78 | 0.78 | 0.81 | 0.81 |
| Fixed-asset turnover | 0.83 | 1.26 | 1.37 | 1.39 | 1.38 | — | — | — | — |
| Inventory turnover | 25.29 | 27.68 | 32.37 | 31.57 | 30.54 | — | — | — | — |
| Receivables turnover | 12.44 | 15.93 | 18.55 | 19.12 | 22.23 | — | — | — | — |
| Payables turnover | 6.55 | 7.72 | 9.57 | 9.70 | 9.35 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 29.35 | 22.92 | 19.68 | 19.09 | 16.42 | — | — | — | — |
| Days inventory outstanding (DIO) | 14.43 | 13.18 | 11.28 | 11.56 | 11.95 | — | — | — | — |
| Days payables outstanding (DPO) | 55.74 | 47.28 | 38.16 | 37.64 | 39.02 | — | — | — | — |
| Cash conversion cycle | -11.96 | -11.17 | -7.20 | -6.99 | -10.65 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 11.65 | 4.83 | 1.40 | 2.32 | 1.67 | 1.79 | 1.68 | 1.77 | 1.81 |
| FCF / Net income | 0.06 | -0.00 | 0.25 | 0.83 | 0.77 | 0.61 | 0.57 | 0.59 | 0.59 |
| FCF margin | +0.05% | -0.00% | +1.97% | +4.68% | +6.06% | +4.23% | +4.17% | +4.25% | +4.17% |
| OCF margin | +10.91% | +12.58% | +11.14% | +13.02% | +13.17% | +12.50% | +12.25% | +12.70% | +12.74% |
| CapEx / Revenue | +10.86% | +12.59% | +9.17% | +8.34% | +7.10% | +8.25% | +8.32% | +8.35% | +8.28% |
| CapEx / D&A | 1.63 | 3.02 | 2.27 | 2.05 | 1.84 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | +0.30% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 0.44 | 2.06 | 7.17 | 5.33 | 7.66 | 5.47 | 8.08 | 9.32 | 10.63 |
| EPS · basic | 0.44 | 2.07 | 7.21 | 5.39 | 7.72 | 5.55 | 8.08 | 9.35 | 10.66 |
| Book value / share | 6.06 | 10.27 | 17.27 | 23.60 | 31.73 | 25.49 | 26.81 | 27.83 | 30.13 |
| Tangible BV / share | -18.51 | -14.29 | -7.20 | -0.67 | 7.70 | 25.49 | 26.81 | 27.83 | 30.13 |
| Sales / share | 46.64 | 78.91 | 90.28 | 95.13 | 96.89 | 99.66 | 103.92 | 107.81 | 119.72 |
| Operating CF / share | 5.09 | 9.93 | 10.05 | 12.38 | 12.76 | 12.45 | 12.73 | 13.69 | 15.25 |
| Free cash flow / share | 0.02 | -0.00 | 1.77 | 4.45 | 5.87 | 4.22 | 4.33 | 4.58 | 4.99 |
| Dividends / share | 0.00 | 0.00 | 0.20 | 0.50 | 0.67 | 0.49 | 0.51 | 0.51 | 0.59 |
| Payout ratio | 0.00% | 0.00% | +2.78% | +9.29% | +8.79% | +6.98% | +6.74% | +6.63% | +6.97% |
| Retention ratio | +100.00% | +100.00% | +97.22% | +90.71% | +91.21% | +93.02% | +93.26% | +93.37% | +93.03% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +69.18% | +14.76% | +6.19% | +2.79% | +2.50% | +3.85% | +4.93% | +10.54% | +12.78% |
| Gross profit · YoY | — | +423.21% | +39.05% | +6.70% | -12.57% | +10.95% | +7.56% | +7.20% | +6.80% | +32.10% |
| Profit | ||||||||||
| Operating income · YoY | — | +94.11% | +50.81% | +8.59% | -2.89% | +5.63% | +1.09% | +6.38% | +10.82% | +18.49% |
| EBITDA · YoY | — | +37.41% | +73.92% | -9.85% | +1.44% | +7.08% | +8.19% | +3.84% | +11.30% | +14.36% |
| Net income · YoY | — | +370.71% | +249.70% | -24.99% | +44.78% | -9.44% | +8.50% | +3.50% | +8.42% | +45.16% |
| Operating | ||||||||||
| EBIT · YoY | — | +75.49% | +118.89% | -16.10% | +3.40% | +14.03% | +3.84% | +2.07% | +8.79% | +20.28% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +368.18% | +248.06% | -25.66% | +43.71% | -28.53% | +47.68% | +15.31% | +13.97% | +48.89% |
| EPS · basic · YoY | — | +370.45% | +248.31% | -25.24% | +43.23% | -28.11% | +45.59% | +15.73% | +14.00% | +48.95% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $34.68B | $30.61B | $27.28B | $22.77B | $21.08B | $24.67B | $26.05B | $28.16B | $30.77B |
| Net debt | $26.75B | $27.34B | $24.54B | $19.7B | $16.77B | $21.08B | $22.4B | $24.29B | $26.5B |
| Net debt / EBITDA | 7.28 | 5.41 | 2.79 | 2.49 | 2.09 | 2.45 | 2.41 | 2.51 | 2.46 |
| Debt / equity | 8.92 | 4.65 | 2.46 | 1.49 | 1.02 | 1.49 | 1.50 | 1.54 | 1.56 |
| Debt / assets | +47.85% | +42.35% | +37.04% | +30.21% | +25.97% | +29.54% | +30.27% | +32.10% | +31.88% |
| Equity / assets | +5.36% | +9.11% | +15.08% | +20.29% | +25.56% | +19.89% | +20.22% | +20.82% | +20.40% |
| Coverage | |||||||||
| EBITDA / interest expense | 2.87 | 4.91 | 10.53 | 10.60 | 11.83 | 10.86 | 11.06 | 11.16 | 11.13 |
| Operating income / interest | 1.47 | 3.56 | 6.62 | 8.03 | 8.57 | 7.77 | 7.39 | 7.64 | 7.58 |
| Interest expense | $1.28B | $1.03B | $834M | $747M | $679M | $791.66M | $841.31M | $865.5M | $966.64M |
| Liquidity | |||||||||
| Current ratio | 0.76 | 0.50 | 0.39 | 0.37 | 0.40 | — | — | — | — |
| Quick ratio | 0.65 | 0.37 | 0.26 | 0.24 | 0.26 | — | — | — | — |
| Cash ratio | 0.38 | 0.13 | 0.10 | 0.12 | 0.16 | — | — | — | — |
| Working capital | -$5.03B | -$12.93B | -$16.15B | -$16.83B | -$16.7B | — | — | — | — |
| Working capital / revenue | -16.81% | -25.56% | -27.82% | -27.30% | -26.36% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).