Delta Air Lines Inc
Exchange: NYSESector: IndustrialsIndustry: Airlines
Through exceptional service and the power of innovation, Delta Air Lines never stops looking for ways to make every trip feel tailored to every customer. There are 100,000 Delta people leading the way to deliver a world-class customer experience on up to 5,500 daily Delta and Delta Connection flights to more than 300 destinations on six continents, connecting people to places and to each other. Delta served more than 200 million customers in 2025 – safely, reliably and with industry-leading customer service innovation – and was recognized by Cirium for being the top on-time airline in North America for the fifth consecutive year. We remain committed to ensuring that the future of travel is connected, personalized and enjoyable. Our people's genuine, enduring motivation is to make every customer feel welcomed and cared for across every point of their journey with us. Headquartered in Atlanta, Delta operates significant hubs and key markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Sao Paulo, Seattle, Seoul-Incheon and Tokyo. As the leading global airline, Delta's mission to connect the world creates opportunities, fosters understanding and expands horizons by connecting people and communities to each other and to their own potential. A founding member of the SkyTeam alliance and powered by innovative and strategic partnerships throughout the world with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Delta brings more choice and competition to customers worldwide. Delta's premium product line is elevated by its unique partnership with Wheels Up Experience. Delta is America's most-awarded airline thanks to the dedication, passion and professionalism of its people. In addition to the award from Cirium, Delta has been recognized as the World's Most Admired Airline and one of the Best 100 Companies to Work For according to Fortune; the top carrier for business travelers by Business Travel News; and best U.S. airline by Forbes Travel Guide's Verified Air Travel Awards. In addition, Delta has been named to the Civic 50 by Points of Light as one of the most community minded companies in the U.S.
Did you know?
Capital expenditures decreased by 12% from FY24 to FY25.
Current Price
$68.41
-2.58%GoodMoat Value
$141.75
107.2% undervaluedProfile
Valuation (TTM)
Market Cap$44.68B
P/E9.98
EV$58.49B
P/B2.14
Shares Out653.13M
P/Sales0.69
Revenue$65.18B
EV/EBITDA6.85
Delta Air Lines Inc (DAL) Stock Analysis
GoodMoat Analysis
Delta Air Lines presents a classic value investing puzzle: a financially strong operator with a high ROE and attractive free cash flow yield, but a low Moat Score that fails the initial quality gate. The GoodMoat target price suggests a significant margin of safety, but the business model's inherent competitive and cyclical risks require careful consideration.
Read full analysis
Delta Air Lines is a major U.S. airline providing passenger and cargo air transportation. Applying the GoodMoat Investment Framework, the analysis begins with Moat Identification. Airlines typically score low on durable competitive advantages; Delta's potential moat sources like its strategic hub network and brand loyalty might contribute to its industry-leading position, but they are unlikely to meet the high bar of the 14 criteria, such as network effects, high switching costs, or proprietary data. A Moat Score below 5 is probable, which according to Section 6's Decision Framework, means the business fails the initial 'Moat & Quality Gate' and does not qualify for further valuation analysis under this strict value-investing lens. However, the company demonstrates several strong Quality Indicators, including a high Return on Equity of 24.0% and a robust Free Cash Flow Yield of 8.7%. Its valuation appears attractive with a P/E of 8.9 and the provided GoodMoat Target Price of $108.81 implying a margin of safety of approximately 60% from the current $67.99 price. For a value investor, this creates a tension: the quantitative metrics and target price are highly favourable, but the qualitative framework flags the industry's structural lack of a wide moat and exposure to cyclicality and competition as significant headwinds. It is a company worth investigating further to reconcile this disconnect between strong current financials and long-term business durability. Analysis based on data as of 2024-05-15.
Market Cap$44.68B
Current Price$68.41
P/E Ratio9.98
Forward P/E—
PEG Ratio-0.05
EPS$7.66
Book Value$31.93
P/B Ratio2.14
DAL Financial Charts
FCF vs CAPEX
FCFCAPEX
Forward estimates use 1.6% FCF growth (CAGR)
Cash vs Debt
Net Debt: 16.0B
Revenue
47.0B
FY19
17.1B
FY20
29.9B
FY21
50.6B
FY22
58.0B
FY23
61.6B
FY24
63.4B
FY25
Net Income
4.8B
FY19
—
FY20
280M
FY21
1.3B
FY22
4.6B
FY23
3.5B
FY24
5.0B
FY25
DAL 52-Week Range
$40.90
$75.15
50-Day MA: $66.47200-Day MA: $62.74
Did you know?
Net income compounded at 0.8% annually over 6 years.
Delta Air Lines Inc (DAL) Financial Summary
Delta Air Lines Inc (DAL) is a Industrials company in the Airlines industry, listed on NYSE. The stock currently trades at $68.41 with a market capitalization of $44.68B.
Key valuation metrics include a P/E ratio of 9.98, price-to-book ratio of 2.14, and EPS of $7.66. The company reports a profit margin of 6.9% and return on equity of 21.5%.
DAL Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $44.68B |
| P/E Ratio | 9.98 |
| EPS | $7.66 |
| P/B Ratio | 2.14 |
| P/S Ratio | 0.69 |
| EV/EBITDA | 6.85 |
| Dividend Yield | 0.98% |
| Profit Margin | 6.9% |
| Return on Equity | 21.5% |
| Debt/Equity | 0.97 |
DAL Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $47.01B | $4.77B |
| FY20 | $17.09B | $-12.38B |
| FY21 | $29.90B | $280.00M |
| FY22 | $50.58B | $1.32B |
| FY23 | $58.05B | $4.61B |
| FY24 | $61.64B | $3.46B |
| FY25 | $63.36B | $5.00B |
Delta Air Lines Inc (DAL) Valuation
Based on GoodMoat's DCF model, Delta Air Lines Inc has a fair value estimate of $141.75. At the current price of $68.41, the stock appears 51.7% undervalued relative to our intrinsic value estimate.
DAL Quality Indicators
Delta Air Lines Inc maintains a profit margin of 6.9% and an operating margin of 9.2%. Return on equity stands at 21.5%. The current ratio is 0.40. Debt-to-equity ratio is 0.97.
About Delta Air Lines Inc
Through exceptional service and the power of innovation, Delta Air Lines never stops looking for ways to make every trip feel tailored to every customer. There are 100,000 Delta people leading the way to deliver a world-class customer experience on up to 5,500 daily Delta and Delta Connection flights to more than 300 destinations on six continents, connecting people to places and to each other. Delta served more than 200 million customers in 2025 – safely, reliably and with industry-leading customer service innovation – and was recognized by Cirium for being the top on-time airline in North America for the fifth consecutive year. We remain committed to ensuring that the future of travel is connected, personalized and enjoyable. Our people's genuine, enduring motivation is to make every customer feel welcomed and cared for across every point of their journey with us. Headquartered in Atlanta, Delta operates significant hubs and key markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Sao Paulo, Seattle, Seoul-Incheon and Tokyo. As the leading global airline, Delta's mission to connect the world creates opportunities, fosters understanding and expands horizons by connecting people and communities to each other and to their own potential. A founding member of the SkyTeam alliance and powered by innovative and strategic partnerships throughout the world with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Delta brings more choice and competition to customers worldwide. Delta's premium product line is elevated by its unique partnership with Wheels Up Experience. Delta is America's most-awarded airline thanks to the dedication, passion and professionalism of its people. In addition to the award from Cirium, Delta has been recognized as the World's Most Admired Airline and one of the Best 100 Companies to Work For according to Fortune; the top carrier for business travelers by Business Travel News; and best U.S. airline by Forbes Travel Guide's Verified Air Travel Awards. In addition, Delta has been named to the Civic 50 by Points of Light as one of the most community minded companies in the U.S.
DAL Free Cash Flow
Delta Air Lines Inc generated $3.84B in trailing twelve-month free cash flow, representing an FCF yield of 8.60%. This strong FCF yield suggests the company generates substantial cash relative to its market value.
DAL Shares Outstanding
Delta Air Lines Inc has 0.65 billion shares outstanding at a share price of $68.41, giving it a market capitalization of $44.68B.
DAL Recent Insider Trades
Recent insider transactions at Delta Air Lines Inc include:
| Insider | Type | Shares | Value |
|---|---|---|---|
| Laughter John E (EVP & Chief of Operations) | SELL | 15,000 | $1.07M |
| Laughter John E (EVP & Chief of Operations) | SELL | 69,304 | $4.72M |
| Bastian Edward H (Chief Executive Officer) | SELL | 100,000 | $7.03M |