DAL GoodMoat Verdict
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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) Quality Analysis
GoodMoat Analysis
Delta Air Lines demonstrates strong operational profitability and capital returns, with an ROE of 24.0% and an 8.7% FCF yield, but its business model lacks a durable competitive moat. The company's quality is mixed, showing robust current earnings but facing inherent industry challenges like high capital intensity and cyclicality. For a value investor, the primary question is whether the attractive current profitability and valuation outweigh the structural lack of a moat.
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Delta's quality profile is bifurcated, showing strong current financial performance but inherent weaknesses in its business model. On the positive side, its Return on Equity of 24.0% significantly exceeds the framework's high-quality threshold of 15-20%, indicating efficient use of shareholder capital. The 8.7% Free Cash Flow yield is also favourable, suggesting strong cash generation relative to its market value. Operating and profit margins of 9.2% and 7.9%, respectively, are solid for the capital-intensive airline industry. However, applying the GoodMoat framework reveals critical gaps. The business lacks a durable moat, likely scoring low on the 14-point checklist. Airlines typically have weak pricing power, high disruption risk, and minimal switching costs, failing to meet the minimum score of 5 required to proceed with a quality analysis. From a pure quality indicator perspective, the balance sheet shows moderate leverage with a Debt/Equity ratio of 0.97, which is manageable but not the 'substantial net cash position' sought. Revenue growth of 2.9% YoY is modest, and the asset-heavy model contradicts the framework's preference for low capital intensity. Compared to peers, Delta's margins and returns are industry-leading, but the entire sector shares the same structural disadvantages of high fixed costs, sensitivity to economic cycles, and fierce competition that erodes pricing power over time. The current profitability is therefore more a function of a favourable post-pandemic demand cycle than a sustained competitive advantage.
DAL Profitability
Profitability trend analysis coming soon
DAL Growth
Growth trend analysis coming soon
DAL Financial Health
Financial health indicators coming soon
DAL Quality & Fundamental Analysis
Delta Air Lines Inc (DAL) is a Industrials company in the Airlines industry, listed on NYSE. This quality analysis page evaluates Delta Air Lines Inc's financial health using the Piotroski F-Score methodology, profitability ratios, growth trajectory, and balance sheet strength.
Delta Air Lines Inc has a Piotroski F-Score of N/A out of 9, measuring profitability, leverage, and operating efficiency. The company operates with a profit margin of 6.87% and a return on equity (ROE) of 21.47%. Return on assets (ROA) stands at 5.51%.
The debt-to-equity ratio is 0.97, with a current ratio of 0.40. Operating margin is 9.19%.
GoodMoat's quality analysis uses AI-powered insights to evaluate whether Delta Air Lines Inc is a fundamentally sound investment. The GoodMoat Verdict synthesizes profitability, growth, and financial health scores into a clear investment quality rating. Use these metrics alongside valuation tools like the DCF calculator and fair value models to make informed investment decisions.