Financials Delta Air Lines, Inc.

Equities

DAL

US2473617023

Airlines

Real-time Estimate Cboe BZX Other stock markets 01:12:52 2024-05-21 pm EDT			5-day change	1st Jan Change
52.21 ^USD	-1.47%		-1.47%	+29.95%

May. 17	ANALYST RECOMMENDATIONS : Walmart, Netflix, Abbvie, Delta...
May. 17	Wolfe Research Adjusts Price Target on Delta Air Lines to $66 From $60	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,681	25,539	24,925	21,031	25,762	34,195	-	-
Enterprise Value (EV) ¹	45,959	46,389	40,526	37,525	47,186	52,503	49,514	46,547
P/E ratio	8.01 x	-2.06 x	88.8 x	16 x	5.61 x	8.32 x	6.97 x	6.18 x
Yield	2.57%	0.99%	-	-	-	0.75%	1.04%	1.06%
Capitalization / Revenue	0.8 x	1.49 x	0.83 x	0.42 x	0.44 x	0.57 x	0.56 x	0.54 x
EV / Revenue	0.98 x	2.71 x	1.36 x	0.74 x	0.81 x	0.87 x	0.81 x	0.73 x
EV / EBITDA	4.77 x	-8.47 x	-409 x	6.07 x	5.12 x	5.51 x	4.8 x	4.14 x
EV / FCF	11 x	-8.15 x	32.3 x	-18,762 x	23.6 x	14.6 x	13 x	13.4 x
FCF Yield	9.06%	-12.3%	3.1%	-0.01%	4.24%	6.84%	7.66%	7.44%
Price to Book	2.47 x	18.9 x	6.53 x	3.26 x	-	2.25 x	1.71 x	1.34 x
Nbr of stocks (in thousands)	644,343	635,144	637,797	640,014	640,356	645,313	-	-
Reference price ²	58.48	40.21	39.08	32.86	40.23	52.99	52.99	52.99
Announcement Date	1/14/20	1/14/21	1/13/22	1/13/23	1/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	47,007	17,095	29,899	50,582	58,048	60,144	60,889	63,498
EBITDA ¹	9,636	-5,474	-99	6,181	9,207	9,525	10,321	11,253
EBIT ¹	6,632	-8,185	-2,527	3,566	6,334	6,649	7,270	8,064
Operating Margin	14.11%	-47.88%	-8.45%	7.05%	10.91%	11.05%	11.94%	12.7%
Earnings before Tax (EBT) ¹	6,198	-15,587	398	1,914	5,608	5,427	6,487	7,432
Net income ¹	4,767	-12,385	280	1,318	4,609	4,081	4,876	5,486
Net margin	10.14%	-72.45%	0.94%	2.61%	7.94%	6.79%	8.01%	8.64%
EPS ²	7.300	-19.49	0.4400	2.060	7.170	6.370	7.602	8.570
Free Cash Flow ¹	4,164	-5,693	1,255	-2	2,003	3,590	3,794	3,463
FCF margin	8.86%	-33.3%	4.2%	-0%	3.45%	5.97%	6.23%	5.45%
FCF Conversion (EBITDA)	43.21%	-	-	-	21.76%	37.69%	36.76%	30.77%
FCF Conversion (Net income)	87.35%	-	448.21%	-	43.46%	87.98%	77.81%	63.13%
Dividend per Share ²	1.505	0.4000	-	-	-	0.3996	0.5492	0.5603
Announcement Date	1/14/20	1/14/21	1/13/22	1/13/23	1/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	9,470	9,348	13,824	13,975	13,435	12,759	15,578	15,488	14,223	13,748	16,017	15,838	14,788	12,790	15,288
EBITDA ¹	966	-165	2,082	2,161	2,103	1,242	3,199	2,688	2,077	1,391	2,787	2,638	2,300	-	-
EBIT ¹	344	-793	1,445	1,492	1,421	546	2,494	1,963	1,330	640	2,237	2,051	1,662	-	-
Operating Margin	3.63%	-8.48%	10.45%	10.68%	10.58%	4.28%	16.01%	12.67%	9.35%	4.66%	13.96%	12.95%	11.24%	-	-
Earnings before Tax (EBT) ¹	-395	-1,200	1,033	962	1,120	-506	2,317	1,521	2,275	122	2,004	1,808	1,394	-776	1,540
Net income ¹	-408	-940	735	695	828	-363	1,827	1,108	2,037	37	1,506	1,353	1,129	-	-
Net margin	-4.31%	-10.06%	5.32%	4.97%	6.16%	-2.85%	11.73%	7.15%	14.32%	0.27%	9.4%	8.54%	7.64%	-	-
EPS ²	-0.6400	-1.480	1.150	1.080	1.290	-0.5700	2.840	1.720	3.160	0.0600	2.346	2.126	1.701	-0.9300	1.840
Dividend per Share ²	-	-	-	-	-	-	-	-	-	0.1000	0.1000	0.1000	0.1000	-	-
Announcement Date	1/13/22	4/13/22	7/13/22	10/13/22	1/13/23	4/13/23	7/13/23	10/12/23	1/12/24	4/10/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,278	20,850	15,601	16,494	21,424	18,308	15,319	12,352
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8591 x	-3.809 x	-157.6 x	2.669 x	2.327 x	1.922 x	1.484 x	1.098 x
Free Cash Flow ¹	4,164	-5,693	1,255	-2	2,003	3,590	3,794	3,463
ROE (net income / shareholders' equity)	32.8%	-81.9%	-101%	40.7%	45.8%	32.3%	28.6%	26.9%
ROA (Net income/ Total Assets)	7.65%	-10%	-3.6%	2.84%	5.51%	5.5%	4.87%	4.51%
Assets ¹	62,319	123,672	-7,785	46,462	83,574	74,152	100,114	121,687
Book Value Per Share ²	23.70	2.130	5.990	10.10	-	23.50	30.90	39.40
Cash Flow per Share ²	12.90	-5.960	5.090	9.930	10.10	12.80	14.10	13.40
Capex ¹	4,488	1,900	3,247	6,366	5,323	4,890	5,100	4,654
Capex / Sales	9.55%	11.11%	10.86%	12.59%	9.17%	8.13%	8.38%	7.33%
Announcement Date	1/14/20	1/14/21	1/13/22	1/13/23	1/12/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Delta Air Lines, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

52.99 USD

Average target price

59.28 USD

Spread / Average Target

+11.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Airlines

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