DAL
Delta Air Lines, Inc.
$74.63
-0.98% 2026-10-19
IndustrialsS&P 500
DALSPY
1W
-6.6%
1M
-6.0%
3M
-11.5%
6M
+5.6%
YTD
+8.7%
1Y
+26.5%
Grades vs sector
Momentum90th pct in sectorA
Momentum
90th pct in sector
12-1 return: +46.6%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
Growth82nd pct in sectorA-
Growth
82nd pct in sector
Revenue growth (YoY): +21.1%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
Value89th pct in sectorA
Value
89th pct in sector
Forward E/P: 9.7% · EBITDA/EV: 11.5%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
Profitability39th pct in sectorC-
Profitability
39th pct in sector
Profit margin: +4.6% · Return on equity: +15.9%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
Revisionsno data–
Revisions
no data
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.
30-day change in analysts' current-year EPS estimate; graded across covered stocks.
Our models
Not held by any of our 3 live models right now.
Momentum Top 15
rank 100 of 499 · 12-1 momentum % 39.0
Quality Growthrank 79 of 360 · Composite (0-1) 0.6
Momentum Blendnot in the current book
Key stats
Market cap$49.1B
P/E (trailing)14.9
P/E (forward)10.2
52-week range55.03 – 95.68
Revenue growth (YoY, latest qtr)+21.1%
Dividend yield1.14%
Analyst consensusStrong Buy (24)
Mean price target$101.07 (+35%)
Valuation & fundamentals
Bottom line
Looks undervalued
Model read-out from the numbers below, not advice. Score +4 (DCF counts double).
▲DCF (base case)above the price by 229%
▲Forward P/E vs sector10.2x vs median 17.1x
•Piotroski F-score6/9
▲Net debt / EBITDA1.1x
▲Analyst target+35% (24 analysts)
Discounted cash flow
CyclicalValued on average-cycle margins
Passenger Airlines profits swing with the business cycle, so one year's cash flow can be far above or below normal. Instead of the last 12 months' free cash flow (8.0B, a 11% margin), the DCF and reverse DCF use the average free-cash-flow margin over FY2016–FY2025 (10 years: 10.3%) times current revenue = 7.4B. On trailing cash flow the base case would be $267; on mid-cycle cash flow it is $246. Glossary
Bear
$151
+102%
growth 9% · disc. 11.9% · term. 2.0%
Base
$246
+229%
growth 14% · disc. 10.9% · term. 2.5%
Bull
$368
+392%
growth 18% · disc. 9.9% · term. 3.0%
Starting cash flow is mid-cycle: 10.3% average margin × current revenue = 7.4B (last 12 months: 8.0B at a 11% margin). On trailing cash flow the base case would be $267.
Reverse DCFfor context, not a signal
A normal DCF guesses future cash flows and works out a price. A reverse DCF runs it backwards: it starts from today's price and asks how fast free cash flow would have to grow to justify it. It tells you what the market is assuming, not whether the stock is cheap or expensive, and it is not a buy or sell signal. Glossary
Today's price implies shrinking cash flows: about -4% a year for 10 years.
Implied
-4%/yr
FCF, last 3 yrs
+9%/yr
FCF, last 5 yrs
n/a
Revenue, last 3 yrs
+8%/yr
Revenue, last 5 yrs
+30%/yr
Same inputs as the DCF above: mid-cycle free cash flow 7.4B, 10.9% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–
Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-09-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.34 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.
Multiples vs Industrials
P/E (trailing)
cheaper
sector median 26.4× · 11th pct
14.9×cheaper
Forward P/E
cheaper
sector median 17.1× · 12th pct
10.2×cheaper
EV / EBITDA
cheaper
sector median 14.8× · 4th pct
7.3×cheaper
Price / sales
cheaper
sector median 2.1× · 13th pct
0.7×cheaper
Price / book
cheaper
sector median 3.5× · 25th pct
2.2×cheaper
FCF yield
cheaper
sector median 4.5% · 94th pct
16.3%cheaper
Forward EPS $7.33 vs trailing $5.01 (+46% expected growth). Forward P/E uses analysts' next-12-month estimate.
Quality & financial health
Gross margin
–
Operating margin
7.4%
FCF margin
11.1%
Net margin
4.6%
Return on equity
14.6%
Return on invested capital
12.9%
Net debt / EBITDA
1.1×
Current ratio
0.4×
Interest cover
13.1×
Cash conversion (OCF/NI)
2.4×
Piotroski F-score 6/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✗ No share dilution✗ Gross margin improved✗ Asset turnover improved
Analysts
Mean target
$101
+35%
Analysts
24
Strong Buy
Range
$53–$125
low – high
● price · ◆ mean target
Annual history
| FY | Revenue | Net income | Free cash flow |
|---|---|---|---|
| 2025 | $63.4B | $5.0B | $8.3B |
| 2024 | $61.6B | $3.5B | $8.0B |
| 2023 | $58.0B | $4.6B | $6.5B |
| 2022 | $50.6B | $1.3B | $6.4B |
| 2021 | $29.9B | $280.0M | $3.3B |
| 2020 | $17.1B | $-12.4B | $-3.8B |
From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +7.8%.
Earnings
Next report: 2027-01-13 · before open · EPS est 1.43
EstimateActual (beat)Actual (miss)
| Report | EPS est | Actual | Surprise |
|---|---|---|---|
| 2026-10-09 | 1.76 | 1.72 | -2.1% |
| 2026-07-10 | 1.49 | 1.56 | +4.5% |
| 2026-04-08 | 0.57 | 0.64 | +11.3% |
| 2026-01-13 | 1.55 | 1.55 | +0.3% |
| 2025-10-09 | 1.53 | 1.71 | +11.9% |
| 2025-07-10 | 2.06 | 2.10 | +1.9% |
| 2025-04-09 | 0.39 | 0.46 | +19.1% |
| 2025-01-10 | 1.74 | 1.85 | +6.2% |
Quarterly revenue
| Quarter | Revenue | YoY |
|---|---|---|
| 2026-06-30 | $19.8B | +18.7% |
| 2026-03-31 | $15.9B | – |
| 2025-12-31 | $16.0B | – |
| 2025-09-30 | $16.7B | – |
| 2025-06-30 | $16.6B | – |
Analyst actions
UBS
PT $102
2026-10-12 · main
Buy → BuyPT $102
BMO Capital
PT $105
2026-10-12 · main
Outperform → OutperformPT $105
Susquehanna
PT $95
2026-10-12 · main
Positive → PositivePT $95
Bernstein
PT $100
2026-10-07 · main
Outperform → OutperformPT $100
Susquehanna
PT $100
2026-10-07 · main
Positive → PositivePT $100
Wells Fargo
PT $100
2026-10-06 · main
Overweight → OverweightPT $100
Recent dividends
2026-10-15: $0.215 · 2026-07-09: $0.215 · 2026-05-14: $0.188 · 2026-02-26: $0.188 · 2025-10-16: $0.188 · 2025-07-31: $0.188 · 2025-05-13: $0.150 · 2025-02-27: $0.150
Insider trades
Huerta Michael P
$291.8K
Director · 2026-08-05
SELL$291.8K
Sear Steven M
$3.8M
EVP - Global Sales & Distrib · 2026-08-05
SELL$3.8M
Carter Peter W
$3.7M
President · 2026-08-04
SELL$3.7M
Bellemare Alain
$3.2M
EVP & Pres. - International · 2026-08-04
SELL$3.2M
Bastian Edward H
$19.2M
Director, Chief Executive Officer · 2026-08-04
SELL$19.2M
Dewalt David G
$2.9M
Director · 2026-08-03
SELL$2.9M
News
American Airlines Is Now Down 23% This Year: Is AAL Stock Dead Money or Due for a Bounce?
24/7 Wall St. · 9h ago
Delta Air Lines' Q4 Guidance Slightly Raises Revenue Bar for Peers, UBS Says
MT Newswires · 11h ago
Musk: Starlink Will Be a “Must-Have for Airlines” as United Races to Install It. Delta Takes the Under.
TIKR · 13h ago
Delta (DAL) Is Considered a Good Investment by Brokers: Is That True?
Zacks · 16h ago
Delta Air Lines Expands Boston Flights for Spring Break Demand
Zacks · 16h ago
American Express vs. Mastercard: Which Financial Stock Is a Better Buy in 2026?
Nasdaq · 17h ago
Delta CEO says what flyers didn’t want to hear about airfares
TheStreet · Oct 18
Greg Abel Made Major Additions to Alphabet and Delta Last Quarter While Berkshire Bought Back $4.4 Billion of Its Own Stock. Is This a Buying Signal Investors Should Watch?
Motley Fool · Oct 17
U.S. government issues new travel warning for Americans
TheStreet · Oct 17
Delta Air Lines (DAL) Updated Guidance, Is The Pullback Enough To Make Valuation Compelling?
Simply Wall St. · Oct 17
Stats refreshed 2026-10-19 19:02:02 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now
coteau
Coteau Systematic StrategiesSystematic equity research and model portfolios.Coteau Systematic Strategies publishes research, model portfolios and tools. It does not manage money or offer investment advice. Model results are hypothetical. Data: Yahoo Finance (delayed), SEC EDGAR.