Delta Air Lines Inc
DAL—
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Delta Air Lines Inc AI Insights
Informational only. Not investment advice.Snapshot
- Working capital of -17B signals advance ticket sales fund operations - customers pre-pay before flying, reducing capital needs[Working Capital]
- ROE of 28.5% TTM vs industry median 7.1% - 4x advantage despite 1.1x debt/equity, capital efficiency standout[Return on Equity TTM]
- 5Y revenue CAGR 40.3% vs industry 18.2% - post-COVID recovery complete, now growing from elevated base[Total Revenue 5Y Growth]
Watch Triggers
- Operating Margin TTM: Falls below 7% — Would signal pricing power erosion or cost inflation - thesis depends on margin premium
- Free Cash Flow TTM: Negative for 2+ quarters — Capex normalization thesis invalidated - would force debt increase or dividend cut
- Net Debt: Exceeds 2.5x EBITDA — Balance sheet flexibility erodes, refinancing risk increases
Bull Case
Premium positioning: 9.7% operating margin TTM is 2.3x industry median (4.3%), with 28.5% ROE demonstrating superior capital allocation in commoditized industry
Operating Margin TTMROE TTM
Valuation disconnect: P/E 10.8x vs industry 18.8x despite superior profitability metrics - market pricing recession that hasn't materialized
P/E RatioNet Margin TTM
Bear Case
Goodwill 9.8B is 52% of equity (18.8B) - acquisition-heavy history creates impairment risk if premium travel demand softens
GoodwillTotal Equity
Debt 21B at 1.1x equity with 701M interest expense TTM - rising rates or demand shock compresses already thin 7.4% net margin
Total DebtInterest Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
58%
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Forward Thesis
FCF margin expansion from 4.9% to 7%+ as capex normalizes post-fleet renewal
1-3ymed
- Capex 4.9B TTM vs 3.1B FCF - elevated fleet investment
- Operating cash flow 8B provides runway
- Debt/equity 1.1x allows refinancing flexibility
FCF 3.1B on 63B revenue = 4.9% margin TTMOperating margin 9.7% stable vs industry 4.3%Net debt 10.4B manageable at 1.6x EBITDA
Valuation Context
Caveats
Public Strategies Rankings
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DAL Fundamentals
Transportation and Warehousing → Air Transportation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$43.86B | — | ||
$59.83B | — | ||
8.7 | — | ||
$63.36B | +2.8% | — | |
$7.66 | +7.9% | — | |
9.19% | -0.5% | — | |
7.90% | +2.3% | — | |
$3.84B | +33.2% | — | |
27.7% | +1.5% | — | |
Beta 5Y (Monthly) | unknown | — |
DAL Dividend History
38 dividends
2026
$0.187502/26/26$0.1875
2025
$0.675010/16/25$0.1875
07/31/25$0.1875
05/13/25$0.1500
02/27/25$0.1500
2024
$0.500010/10/24$0.1500
07/30/24$0.1500
05/13/24$0.1000
02/23/24$0.1000
2023
$0.200010/11/23$0.1000
07/14/23$0.1000
2020
$0.402502/19/20$0.4025
2019
$1.505010/23/19$0.4025
07/24/19$0.4025
05/01/19$0.3500
02/28/19$0.3500
2018
$1.310011/06/18$0.3500
07/25/18$0.3500
05/10/18$0.3050
02/22/18$0.3050
2017
$1.015011/16/17$0.3050
08/21/17$0.3050
05/17/17$0.2025
02/22/17$0.2025
2016
$0.675011/08/16$0.2025
08/10/16$0.2025
05/09/16$0.1350
02/12/16$0.1350
2015
$0.450011/04/15$0.1350
08/05/15$0.1350
05/06/15$0.0900
02/18/15$0.0900
2014
$0.300011/05/14$0.0900
08/06/14$0.0900
05/07/14$0.0600
02/19/14$0.0600
2013
$0.120011/04/13$0.0600
08/07/13$0.0600
DAL Stock Splits
No stock splits
DAL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/11/26 | 12/31/25 | Unknown | |
10/09/25 | 09/30/25 | 10-Q | |
07/10/25 | 06/30/25 | 10-Q | |
04/09/25 | 03/31/25 | 10-Q | |
02/11/25 | 12/31/24 | 10-K | |
10/10/24 | 09/30/24 | 10-Q | |
07/11/24 | 06/30/24 | 10-Q | |
04/10/24 | 03/31/24 | 10-Q | |
02/12/24 | 12/31/23 | 10-K | |
10/12/23 | 09/30/23 | 10-Q | |
07/13/23 | 06/30/23 | 10-Q | |
04/13/23 | 03/31/23 | 10-Q | |
02/10/23 | 12/31/22 | 10-K | |
10/13/22 | 09/30/22 | 10-Q | |
07/13/22 | 06/30/22 | 10-Q | |
04/13/22 | 03/31/22 | 10-Q | |
02/11/22 | 12/31/21 | 10-K | |
10/13/21 | 09/30/21 | 10-Q | |
07/14/21 | 06/30/21 | 10-Q | |
04/15/21 | 03/31/21 | 10-Q | |
02/12/21 | 12/31/20 | 10-K | |
10/14/20 | 09/30/20 | 10-Q | |
07/15/20 | 06/30/20 | 10-Q | |
04/22/20 | 03/31/20 | 10-Q | |
02/13/20 | 12/31/19 | 10-K | |
10/10/19 | 09/30/19 | 10-Q | |
07/11/19 | 06/30/19 | 10-Q | |
04/10/19 | 03/31/19 | 10-Q | |
02/15/19 | 12/31/18 | 10-K | |
10/11/18 | 09/30/18 | 10-Q | |
07/12/18 | 06/30/18 | 10-Q | |
04/12/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
10/11/17 | 09/30/17 | 10-Q | |
07/13/17 | 06/30/17 | 10-Q | |
04/12/17 | 03/31/17 | 10-Q | |
02/13/17 | 12/31/16 | 10-K | |
10/13/16 | 09/30/16 | 10-Q | |
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02/05/16 | 12/31/15 | 10-K | |
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02/11/15 | 12/31/14 | 10-K | |
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03/28/02 | 12/31/01 | 10-K405 | |
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11/14/00 | 09/30/00 | 10-Q | |
09/27/00 | 06/30/00 | 10-K405 | |
05/15/00 | 03/31/00 | 10-Q |