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

$83.32-0.10(<0.01%)Market open

Market Cap

$54.64B

P/E

16.6x

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: 64/100

Strongest: Cash & Earnings Quality (23/25); weakest: Profitability (10/25).

Profitability10/25

Growth13/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality23/25

Strengths

Rising free cash flowLow leverageConsistent free cash flowImproving leverage

Valuation vs. 5-year range

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

P/E · 16.6x5y range 5.6x – 218.6x

Currently above its 20-quarter median.

P/S · 0.8x5y range 0.4x – 0.9x

Currently above its 20-quarter median.

P/B · 2.4x5y range 1.8x – 8.4x

Watch items

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

High Risk

Margin Pressure

Red Flag

Operating margins dropped 23.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $54.64B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $71.80B
Q. Revenue: $20.19B
TTM EBITDA: $7.87B
TTM Op. Income: $5.29B
Q. Op. Income: $1.45B
TTM Net Income: $3.29B
Q. Net Income: $756.00M
EPS: $1.15
Shares Out.: $655.00M

$71.80B in TTM revenue grew 14.1% YoY, reaching $20.19B last quarter. TTM EBITDA of $7.87B and TTM operating income of $5.29B show growth is flowing through to the bottom line. TTM net income of $3.29B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 10.5%
Op. Margin: 7.2%
Net Margin: 3.7%

Op. margin of 7.2% is down 2.9% YoY — costs are rising relative to revenue. Net margin at 3.7% Over the past year, operating margin is down 29% — a weakening trend.

Price Ratios

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

P/E Ratio: 16.6x
P/S Ratio: 0.8x
P/B Ratio: 2.4x

At 16.6x P/E, the stock trades within typical market levels. P/S of 0.8x and P/B of 2.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 5 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets: $86.05B
Cash: $3.79B
Long-Term Debt: $9.12B
Book Value: $22.51B
D/E Ratio: 0.4
Debt/EBITDA: 4.3

With $86.05B in assets and $9.12B in long-term debt, D/E is 0.4and book value is $22.51B — 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: $1.71B
TTM Free Cash Flow: $5.89B
FCF Margin: 8.2%
FCF / Net Income: 1.8

TTM FCF of $5.89B on $1.71B in operating cash flow. The FCF / Net Income ratio of 1.8x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.