Latest Ratios: P/E Ratio 11.6x · EV/EBITDA 9.1x · ROE 27.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $58.2B | $45.4B | $39.2B | $25.9B | $21.1B | $25.1B | $25.6B | $38.2B | $34.6B | $40.5B | $37.1B |
| Enterprise Value | $75.0B | $62.2B | $58.9B | $50.4B | $48.4B | $51.8B | $52.8B | $52.6B | $49.6B | $47.5B | $41.7B |
| P/E Ratio → | 11.57 | 9.06 | 11.35 | 5.61 | 15.95 | 88.82 | — | 8.01 | 8.80 | 12.64 | 8.50 |
| P/S Ratio | 0.92 | 0.72 | 0.64 | 0.45 | 0.42 | 0.84 | 1.50 | 0.81 | 0.78 | 0.98 | 0.94 |
| P/B Ratio | 2.79 | 2.19 | 2.56 | 2.33 | 3.20 | 6.44 | 16.67 | 2.49 | 2.53 | 3.23 | 3.02 |
| P/FCF | 15.15 | 11.81 | 13.59 | 22.67 | — | 1565.64 | — | 10.91 | 18.76 | 32.23 | 9.74 |
| P/OCF | 6.98 | 5.44 | 4.89 | 4.00 | 3.31 | 7.68 | — | 4.53 | 4.94 | 7.87 | 5.15 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 0.96 | 0.87 | 0.96 | 1.73 | 3.09 | 1.12 | 1.12 | 1.16 | 1.06 |
| EV / EBITDA | 9.07 | 7.52 | 6.92 | 6.41 | 8.39 | 13.34 | — | 5.71 | 6.53 | 5.81 | 4.69 |
| EV / EBIT | 12.88 | 11.12 | 10.90 | 7.82 | 16.45 | 30.89 | — | 8.09 | 9.08 | 8.06 | 6.19 |
| EV / FCF | — | 16.18 | 20.42 | 44.18 | — | 3237.27 | — | 15.01 | 26.86 | 37.82 | 10.94 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8% | 22.8% | 26.9% | 26.7% | 22.1% | 7.1% | -25.6% | 28.9% | 25.0% | 28.0% | 31.1% |
| Operating Margin | 9.2% | 9.2% | 9.7% | 9.5% | 7.2% | 6.3% | -72.9% | 14.1% | 11.8% | 14.5% | 17.7% |
| Net Profit Margin | 7.9% | 7.9% | 5.6% | 7.9% | 2.6% | 0.9% | -72.4% | 10.1% | 8.9% | 7.8% | 10.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.8% | 27.8% | 26.2% | 52.1% | 25.2% | 10.3% | -146.6% | 32.8% | 30.0% | 25.8% | 36.3% |
| ROA | 6.4% | 6.4% | 4.6% | 6.3% | 1.8% | 0.4% | -18.1% | 7.6% | 6.9% | 6.1% | 8.0% |
| ROIC | 12.0% | 12.0% | 12.7% | 11.9% | 8.5% | 4.8% | -32.0% | 17.0% | 16.4% | 24.6% | 30.8% |
| ROCE | 11.4% | 11.4% | 12.5% | 11.8% | 7.5% | 3.5% | -24.8% | 15.4% | 13.8% | 17.0% | 19.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 1.49 | 2.46 | 4.65 | 8.92 | 23.17 | 1.12 | 1.21 | 0.71 | 0.60 |
| Debt / EBITDA | 2.55 | 2.55 | 2.68 | 3.47 | 5.31 | 8.93 | — | 1.88 | 2.18 | 1.08 | 0.82 |
| Net Debt / Equity | — | 0.81 | 1.29 | 2.21 | 4.15 | 6.88 | 17.76 | 0.94 | 1.09 | 0.56 | 0.37 |
| Net Debt / EBITDA | 2.03 | 2.03 | 2.32 | 3.12 | 4.74 | 6.89 | — | 1.56 | 1.97 | 0.86 | 0.51 |
| Debt / FCF | — | 4.36 | 6.83 | 21.51 | — | 1671.63 | — | 4.11 | 8.11 | 5.58 | 1.20 |
| Interest Coverage | 8.23 | 8.23 | 7.24 | 7.72 | 2.86 | 1.31 | -15.78 | 21.59 | 17.56 | 14.89 | 17.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.40 | 0.40 | 0.37 | 0.39 | 0.50 | 0.76 | 1.09 | 0.41 | 0.34 | 0.41 | 0.49 |
| Quick Ratio | 0.34 | 0.34 | 0.32 | 0.34 | 0.45 | 0.71 | 1.05 | 0.35 | 0.28 | 0.34 | 0.43 |
| Cash Ratio | 0.16 | 0.16 | 0.12 | 0.15 | 0.25 | 0.54 | 0.89 | 0.14 | 0.08 | 0.14 | 0.21 |
| Asset Turnover | — | 0.78 | 0.82 | 0.79 | 0.70 | 0.41 | 0.24 | 0.73 | 0.74 | 0.77 | 0.77 |
| Inventory Turnover | 30.54 | 30.54 | 31.57 | 32.37 | 27.68 | 25.29 | 29.32 | 26.71 | 31.60 | 22.29 | 30.49 |
| Days Sales Outstanding | — | 16.42 | 19.09 | 19.68 | 22.92 | 29.35 | 29.81 | 22.16 | 19.01 | 21.09 | 19.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 1.0% | 0.8% | 0.5% | — | — | 1.0% | 2.6% | 2.6% | 1.8% | 1.4% |
| Payout Ratio | 8.8% | 8.8% | 9.3% | 2.8% | — | — | — | 20.6% | 23.1% | 22.8% | 12.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 11.0% | 8.8% | 17.8% | 6.3% | 1.1% | — | 12.5% | 11.4% | 7.9% | 11.8% |
| FCF Yield | 6.6% | 8.5% | 7.4% | 4.4% | — | 0.1% | — | 9.2% | 5.3% | 3.1% | 10.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 5.3% | 4.5% | 4.1% | 7.0% |
| Total Shareholder Yield | 0.8% | 1.0% | 0.8% | 0.5% | 0.0% | 0.0% | 2.4% | 7.9% | 7.2% | 5.9% | 8.4% |
| Shares Outstanding | — | $654M | $648M | $643M | $641M | $641M | $636M | $653M | $694M | $723M | $755M |
Labor cost inflation pressure
According to current market data, Delta trades at a 12.08x TTM P/E, which appears to command a premium over peers like American Airlines, suggesting investors are pricing in the structural durability of the American Express partnership rather than just cyclical airline seat-mile revenue growth.
The forward P/E of 16.81 indicates that the market anticipates a period of earnings compression or significant reinvestment, likely tied to the recent labor contract renewals. This valuation premium relative to the broader industry suggests that the market views Delta as a travel-fintech hybrid, though investors should monitor if this multiple remains sustainable if premium cabin demand plateaus.
Based on reported financial statements, Delta's ROIC has struggled to maintain momentum, fluctuating between 1.1% and 5.1% over the last ten quarters, which highlights the difficulty of compounding returns in an asset-heavy business model requiring constant fleet modernization and infrastructure investment.
The volatility in ROIC suggests that while the company is successfully deleveraging, the underlying efficiency of its invested capital remains sensitive to fuel price spikes and maintenance cycles. The inability to consistently exceed the cost of capital warrants further investigation into whether the current fleet renewal strategy will eventually drive margin expansion or merely maintain the status quo.
As reported in recent filings, Delta maintains a negative cash conversion cycle, often dipping to -11 days in 2026Q1, which indicates that the company effectively utilizes customer prepayments and loyalty program cash flows to fund operations before settling obligations with suppliers and labor partners.
This negative CCC is a critical structural advantage that provides a buffer against the high fixed-cost nature of the airline industry. However, investors should be cautious, as this efficiency is highly dependent on sustained advance ticket bookings and the continued growth of the loyalty ecosystem, which could reverse rapidly during a demand downturn.
According to recent SEC filings, Delta has aggressively reduced its debt-to-equity ratio from 2.46 in 2023Q4 to 0.70 in 2026Q1, signaling a disciplined commitment to balance sheet repair that distinguishes the company from more highly leveraged network carrier peers in the current interest rate environment.
This rapid deleveraging provides the company with significant financial flexibility, potentially allowing for more resilient capital allocation during cyclical troughs. While the interest coverage ratio has shown volatility, the overall downward trend in debt levels suggests a reduced risk of insolvency compared to the company's historical leverage profile.
The most commonly misapplied metric for Delta is the standard P/E ratio, which fails to account for the non-cyclical, high-margin cash flows generated by the American Express loyalty partnership that effectively decouple a portion of the company's earnings from volatile passenger ticket pricing.
Using a simple P/E ratio obscures the underlying quality of earnings, as it treats loyalty-driven remuneration the same as highly sensitive seat-mile revenue. Analysts should instead consider a sum-of-the-parts valuation or an adjusted EBITDA metric that isolates the loyalty segment to better capture the true earning power of the business model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DAL stock.
Delta Air Lines, Inc.'s current P/E ratio is 11.6x. The historical average is 17.6x. This places it at the 69th percentile of its historical range.
Delta Air Lines, Inc.'s current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.0x.
Delta Air Lines, Inc.'s return on equity (ROE) is 27.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.3%.
Based on historical data, Delta Air Lines, Inc. is trading at a P/E of 11.6x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Delta Air Lines, Inc.'s current dividend yield is 0.76% with a payout ratio of 8.8%.
Delta Air Lines, Inc. has 22.8% gross margin and 9.2% operating margin.
Delta Air Lines, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.