Delta Air Lines, Inc. (DAL) Key Metrics
DAL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $49.59B
- Enterprise value
- $67.87B
- P/E (TTM)
- 15.0 10-yr median 9.1
- Forward P/E
- 9.2
- PEG ratio
- 39.29
- Price / sales
- 0.7 10-yr median 0.8
- Price / book
- 2.4 10-yr median 2.8
- EV / EBITDA
- 11.9 10-yr median 6.4
- Dividend yield
- 1.14% $0.86 a year
- Beta
- 1.34
DAL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDAL valuation Price multiples at each fiscal year-end price.
DAL returns How much profit the business earns on the capital it uses.
DAL per-share figures Results divided by the shares outstanding at year-end.
DAL financial health Debt, liquidity and how easily interest is covered.
DAL efficiency & capital use Working capital cycle and where the cash goes.
DAL valuation history
DAL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DAL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DAL cash returned to shareholders
DAL price vs earnings per share
DAL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $45.39B | $39.20B | $25.87B | $21.06B | $25.05B | $25.57B | $38.19B | $34.63B | $40.51B | $37.14B |
| Enterprise value | $62.16B | $58.91B | $49.28B | $45.14B | $48.41B | $47.03B | $52.56B | $49.59B | $46.71B | $41.22B |
| P/E ratio | 9.1 | 11.3 | 5.6 | 16.0 | 89.5 | — | 8.0 | 8.8 | 12.6 | 8.9 |
| Price / sales | 0.7 | 0.6 | 0.4 | 0.4 | 0.8 | 1.5 | 0.8 | 0.8 | 1.0 | 0.9 |
| Price / book | 2.2 | 2.6 | 2.3 | 3.2 | 6.4 | 16.7 | 2.5 | 2.5 | 3.2 | 3.0 |
| Price / free cash flow | 11.8 | 13.6 | 22.7 | — | — | — | 10.9 | 18.8 | 32.2 | 9.7 |
| Price / operating cash flow | 5.4 | 4.9 | 4.0 | 3.3 | 7.7 | — | 4.5 | 4.9 | 7.9 | 5.2 |
| EV / sales | 1.0 | 1.0 | 0.8 | 0.9 | 1.6 | 2.8 | 1.1 | 1.1 | 1.1 | 1.0 |
| EV / EBITDA | 7.7 | 7.4 | 5.6 | 8.9 | 13.2 | — | 5.8 | 6.4 | 5.8 | 4.8 |
| EV / free cash flow | 16.2 | 20.4 | 43.2 | — | — | — | 15.0 | 26.9 | 37.2 | 10.8 |
| Earnings yield | 11.0% | 8.8% | 17.8% | 6.3% | 1.1% | −48.4% | 12.5% | 11.4% | 7.9% | 11.3% |
| Free cash flow yield | 8.5% | 7.4% | 4.4% | −0.0% | 0.1% | −22.3% | 9.2% | 5.3% | 3.1% | 10.3% |
| Dividend yield | 1.0% | 0.8% | 0.5% | 0.0% | 0.0% | 1.0% | 2.6% | 2.6% | 1.8% | 1.4% |
| Shareholder yield (dividends + buybacks) | 1.0% | 0.8% | 0.5% | 0.0% | 0.0% | 2.4% | 7.9% | 7.2% | 5.9% | 8.4% |
| Share price at fiscal year-end | $69.40 | $60.50 | $40.23 | $32.86 | $39.08 | $40.21 | $58.48 | $49.90 | $56.00 | $49.19 |
| Per share | ||||||||||
| Revenue per share | $96.89 | $95.13 | $90.28 | $78.91 | $46.64 | $26.88 | $71.99 | $64.03 | $56.86 | $52.25 |
| Earnings per share | $7.65 | $5.33 | $7.17 | $2.06 | $0.44 | −$19.47 | $7.30 | $5.67 | $4.43 | $5.56 |
| Operating cash flow per share | $12.76 | $12.38 | $10.05 | $9.93 | $5.09 | −$5.96 | $12.92 | $10.11 | $7.12 | $9.54 |
| Free cash flow per share | $5.88 | $4.45 | $1.77 | −$0.00 | $0.02 | −$8.95 | $5.36 | $2.66 | $1.74 | $5.05 |
| Cash per share | $6.59 | $4.74 | $6.02 | $10.19 | $17.66 | $22.16 | $4.41 | $2.26 | $3.65 | $4.30 |
| Book value per share | $31.73 | $23.60 | $17.27 | $10.27 | $6.06 | $2.41 | $23.52 | $19.72 | $17.32 | $16.27 |
| Tangible book value per share | $7.70 | −$0.67 | −$7.20 | −$14.29 | −$18.51 | −$22.37 | $0.63 | −$1.33 | −$2.92 | −$3.11 |
| Dividends per share | $0.67 | $0.50 | $0.20 | $0.00 | $0.00 | $0.41 | $1.50 | $1.31 | $1.01 | $0.67 |
| Capex per share | $6.88 | $7.93 | $8.28 | $9.93 | $5.07 | $2.99 | $7.56 | $7.45 | $5.38 | $4.49 |
| Debt per share | $32.24 | $35.14 | $42.43 | $47.75 | $54.10 | $55.89 | $26.42 | $23.81 | $12.21 | $9.71 |
| Shares outstanding | 654.0M | 648.0M | 643.0M | 641.0M | 641.0M | 636.0M | 653.0M | 694.0M | 723.5M | 755.0M |
| Change in shares outstanding | +0.9% | +0.8% | +0.3% | 0.0% | +0.8% | −2.6% | −5.9% | −4.1% | −4.2% | −6.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 27.8% | 26.2% | 52.1% | 25.2% | 10.3% | −146.6% | 32.8% | 30.0% | 25.8% | 36.3% |
| Return on invested capital (ROIC) | 13.0% | 12.8% | 13.9% | 8.7% | 5.3% | −37.4% | 17.4% | 17.0% | 19.8% | 28.8% |
| Return on assets (ROA) | 6.4% | 4.6% | 6.3% | 1.8% | 0.4% | −18.1% | 7.6% | 6.9% | 6.1% | 8.0% |
| Return on tangible assets | 7.6% | 5.8% | 8.0% | 2.3% | 0.5% | −22.0% | 9.6% | 8.6% | 8.3% | 11.5% |
| Free cash flow margin | 6.1% | 4.7% | 2.0% | −0.0% | 0.1% | −33.3% | 7.4% | 4.2% | 3.1% | 9.7% |
| Income quality (OCF / net income) | 1.67 | 2.32 | 1.40 | 4.83 | 11.65 | — | 1.77 | 1.78 | 1.61 | 1.72 |
| Financial health | ||||||||||
| Total debt | $21.08B | $22.77B | $27.28B | $30.61B | $34.68B | $35.55B | $17.25B | $16.53B | $8.83B | $7.33B |
| Cash & short-term investments | $4.31B | $3.07B | $3.87B | $6.53B | $11.32B | $14.10B | $2.88B | $1.56B | $2.64B | $3.25B |
| Net debt | $16.77B | $19.70B | $23.41B | $24.08B | $23.36B | $21.45B | $14.37B | $14.96B | $6.20B | $4.08B |
| Debt / equity | 1.02 | 1.49 | 2.46 | 4.65 | 8.92 | 23.17 | 1.12 | 1.21 | 0.71 | 0.60 |
| Debt / assets | 0.26 | 0.30 | 0.37 | 0.42 | 0.48 | 0.49 | 0.27 | 0.27 | 0.17 | 0.14 |
| Net debt / EBITDA | 2.09 | 2.49 | 2.67 | 4.77 | 6.36 | — | 1.58 | 1.92 | 0.76 | 0.47 |
| Current ratio | 0.40 | 0.37 | 0.39 | 0.50 | 0.76 | 1.09 | 0.41 | 0.34 | 0.41 | 0.49 |
| Quick ratio | 0.34 | 0.32 | 0.34 | 0.45 | 0.71 | 1.05 | 0.35 | 0.28 | 0.34 | 0.43 |
| Interest coverage | 8.6 | 8.0 | 6.6 | 3.6 | 1.5 | -13.4 | 22.0 | 16.9 | 15.1 | 18.0 |
| Working capital | −$16.70B | −$16.83B | −$16.15B | −$12.93B | −$5.03B | $1.48B | −$11.96B | −$12.24B | −$11.15B | −$7.79B |
| Invested capital | $37.53B | $34.99B | $34.52B | $30.66B | $27.25B | $22.99B | $29.73B | $28.65B | $18.73B | $16.37B |
| Tangible asset value | $5.03B | −$435.0M | −$4.63B | −$9.18B | −$11.86B | −$14.23B | $407.0M | −$919.0M | −$2.49B | −$2.36B |
| Net current asset value | −$49.47B | −$50.23B | −$52.27B | −$52.70B | −$52.63B | −$53.06B | −$40.92B | −$40.24B | −$33.34B | −$31.52B |
| Graham number | $73.92 | $53.22 | $52.78 | $21.80 | $7.72 | — | $62.15 | $50.16 | $41.55 | $45.11 |
| Graham net-net per share | −$81.32 | −$83.15 | −$86.57 | −$87.49 | −$85.65 | −$86.40 | −$66.66 | −$61.60 | −$49.84 | −$44.68 |
| Capital allocation | ||||||||||
| Dividends paid | $440.0M | $321.0M | $128.0M | $0 | $0 | $260.0M | $980.0M | $909.0M | $731.0M | $509.0M |
| Share buybacks (net) | — | — | — | $0 | $0 | $344.0M | $2.03B | $1.57B | $1.68B | $2.60B |
| Dividend payout ratio | 8.8% | 9.3% | 2.8% | 0.0% | 0.0% | — | 20.6% | 23.1% | 22.8% | 12.1% |
| Dividends + buybacks / free cash flow | 11.4% | 11.1% | 11.2% | — | 0.0% | — | 85.9% | 134.6% | 191.6% | 81.5% |
| Capex / revenue | 7.1% | 8.3% | 9.2% | 12.6% | 10.9% | 11.1% | 10.5% | 11.6% | 9.5% | 8.6% |
| Capex / operating cash flow | 53.9% | 64.0% | 82.3% | 100.0% | 99.5% | — | 58.5% | 73.7% | 75.6% | 47.1% |
| Capex / depreciation | 1.84 | 2.05 | 2.27 | 3.02 | 1.63 | 0.82 | 1.91 | 2.22 | 1.74 | 1.78 |
| Stock-based compensation / revenue | — | — | 0.3% | 0.3% | 0.5% | 19.5% | 0.3% | 0.4% | 0.4% | 0.4% |
| R&D / revenue | — | — | 0.6% | 0.6% | 1.0% | 1.8% | 0.5% | 0.5% | 0.5% | 0.4% |
| SG&A / revenue | 33.7% | 6.3% | 6.4% | 4.9% | 1.5% | 5.0% | 4.8% | 7.3% | 7.0% | 7.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 17.5 | 18.8 | 19.8 | 20.1 | 23.2 | 45.4 | 20.1 | 19.3 | 19.7 | 18.9 |
| Days of inventory on hand | 11.3 | 11.1 | 11.7 | 11.7 | 12.0 | 16.9 | 12.6 | 13.1 | 13.7 | 10.7 |
| Days payables outstanding | 36.9 | 36.8 | 41.0 | 43.3 | 46.5 | 51.9 | 34.1 | 36.2 | 38.2 | 35.7 |
| Cash conversion cycle (days) | -8.1 | -6.9 | -9.4 | -11.5 | -11.3 | 10.3 | -1.4 | -3.9 | -4.9 | -6.1 |
| Receivables turnover | 20.86 | 19.40 | 18.41 | 18.13 | 15.74 | 8.04 | 18.19 | 18.95 | 18.53 | 19.32 |
| Payables turnover | 9.90 | 9.91 | 8.90 | 8.44 | 7.84 | 7.03 | 10.70 | 10.09 | 9.55 | 10.22 |
| Inventory turnover | 32.28 | 32.89 | 31.07 | 31.26 | 30.35 | 21.65 | 28.98 | 27.97 | 26.69 | 34.21 |
| Asset turnover | 0.81 | 0.83 | 0.80 | 0.70 | 0.41 | 0.25 | 0.75 | 0.78 | 0.79 | 0.76 |
| Average receivables | $3.04B | $3.18B | $3.15B | $2.79B | $1.90B | $2.12B | $2.58B | $2.35B | $2.22B | $2.04B |
| Average payables | $4.94B | $4.55B | $4.78B | $4.67B | $3.54B | $3.05B | $3.12B | $3.31B | $3.10B | $2.66B |
| Average inventory | $1.51B | $1.37B | $1.37B | $1.26B | $915.0M | $991.5M | $1.15B | $1.19B | $1.11B | $794.0M |
| Intangibles / total assets | 19.4% | 20.9% | 21.4% | 21.8% | 21.7% | 21.9% | 23.2% | 24.2% | 27.5% | 28.6% |
Computed from DAL's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DAL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Delta Air Lines traded at 9.1 times earnings, against a 10-year median of 9.1. Based on the latest twelve months, the trailing P/E is 15.0 and the forward P/E is 9.2. Delta Air Lines earned a return on equity of 27.8% and a return on invested capital of 13.0% in fiscal 2025. It ended the year with $21.1 billion of debt and $4.3 billion in cash and short-term investments, net debt of $16.8 billion. It returned $440.0 million to shareholders: $440.0 million in dividends and $0 in share buybacks, 11% of free cash flow. The share count fell 13.4% from 755.0M to 654.0M over 9 years.
See the DAL income statement, the DAL chart for price history, or the DAL stock overview for the latest quote and news.
DAL key metrics FAQ
What is Delta Air Lines's P/E ratio?
Delta Air Lines's trailing P/E ratio is 15.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.2. At the end of fiscal 2025 it was 9.1, compared with a 10-year median of 9.1.
What is Delta Air Lines's EV/EBITDA?
Delta Air Lines's enterprise value was 7.7 times EBITDA at the end of fiscal 2025 (enterprise value $62.2 billion, EBITDA $8.0 billion); the current EV/EBITDA is 11.9.
What is Delta Air Lines's return on equity?
Delta Air Lines's return on equity (ROE) was 27.8% in fiscal 2025: net income of $5.0 billion on average shareholders' equity of $18.0 billion.
What is Delta Air Lines's ROIC?
Delta Air Lines's return on invested capital was 13.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Delta Air Lines have?
Delta Air Lines had total debt of $21.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.02 and $16.8 billion of net debt (2.09 times EBITDA).
What is Delta Air Lines's dividend yield?
Delta Air Lines's forward dividend yield is 1.14%. Delta Air Lines paid $440.0 million in dividends in fiscal 2025 ($0.67 per share), a payout ratio of 8.8%.
What is Delta Air Lines's free cash flow yield?
Delta Air Lines generated $3.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 8.5% on its market value at year-end ($45.4 billion).
What is Delta Air Lines's current ratio?
Delta Air Lines's current ratio was 0.40 at the end of fiscal 2025: current assets were 0.40 times current liabilities.