Delta Air Lines (DAL) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Delta Air Lines

NYSE•Industrials•Airlines

$79.62+0.19(<0.01%)After hours

Market Cap

$51.95B

P/E

13.2x

P/S

0.8x

P/B

2.4x

Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon, and Tokyo. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages. The company operates through a fleet of approximately 1,314 aircraft. Delta Air Lines, Inc. was founded in 1924 and is headquartered in Atlanta, Georgia.

How this company scores

GoodMetricSide Score: 68/100

Strongest: Cash & Earnings Quality (20/25); weakest: Growth (15/25).

Profitability15/25

Growth15/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality20/25

Strengths

Rising free cash flowHigh ROELow leverageImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.2x5y range 6.0x – 360.7x

Currently above its 19-quarter median.

P/S · 0.8x5y range 0.5x – 1.2x

Currently above its 20-quarter median.

P/B · 2.4x5y range 1.8x – 11.5x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 13.0% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Share Dilution

Watch

Shares outstanding rose 2.0% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $51.95B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $68.29B
Q. Revenue: $19.76B
TTM EBITDA: $8.04B
TTM Op. Income: $5.52B
Q. Op. Income: $1.86B
TTM Net Income: $3.95B
Q. Net Income: $1.60B
EPS: $2.45
Shares Out.: $654.00M

$68.29B in TTM revenue grew 10.3% YoY, reaching $19.76B last quarter. TTM EBITDA of $8.04B and TTM operating income of $5.52B show growth is flowing through to the bottom line. TTM net income of $3.95B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 12.8%
Op. Margin: 9.4%
Net Margin: 8.1%

Op. margin of 9.4% is down 3.2% YoY — costs are rising relative to revenue. Net margin at 8.1% Over the past year, operating margin is down 25% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 13.2x
P/S Ratio: 0.8x
P/B Ratio: 2.4x

At 13.2x P/E, the stock trades below typical market levels. P/S of 0.8x and P/B of 2.4x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has risen for 4 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $86.32B
Cash: $4.67B
Long-Term Debt: $10.10B
Book Value: $21.82B
D/E Ratio: 0.5
Debt/EBITDA: 4.0

With $86.32B in assets and $10.10B in long-term debt, D/E is 0.5and book value is $21.82B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.59B
TTM Free Cash Flow: $4.87B
FCF Margin: 7.1%
FCF / Net Income: 1.2

TTM FCF of $4.87B on $1.59B in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.