DELTA AIR LINES, INC. (DAL) Stock Analysis

Analysis from 10-Q filed 2025-10-09. Data as of Q1 2026.

Overall Grade: F (Concerning)

Grade F (Concerning). ROIC 10.4%. FCF margin 6.0%. D/E 0.6x. Source: 10-Q filed 2025-10-09.

Metric	Value	Context
ROIC	10.4%	Near cost of capital
FCF Margin	6.0%	Healthy cash flow
Debt/Equity	0.6x	Moderate leverage

ROIC 10.4% — Top 50% of sector peers. FCF margin 6.0% — Top 50%.

Explore DELTA AIR LINES, INC.: Earnings History | Filings | ROIC Analysis

Programmatic access: Available via MCP at mcp.metricduck.com. Tools for DAL: get_company_overview, get_filing_index (lens: debt_stress, management_outlook, risk_trajectory), get_filing_changes, get_metric_history, compare_companies, screen_filing_signals.

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Profitability: DELTA AIR LINES, INC. earns 10.4% ROIC, Top 50% in Transportation

ROIC TTM 10.4%, sector median 6.3%, Top 50%. DuPont: NOPAT margin 7.0% × asset turnover 0.8x. Operating margin 8.8%. Source: 10-Q filed 2025-10-09.

Metric	DAL	Rating	Context
Return on Invested Capital (ROIC)	10.4%	Adequate	Above sector median of 6.3%
Return on Equity (ROE)	23.9%	Excellent	Efficient use of shareholder equity
Operating Margin	8.8%	Adequate	Moderate operational efficiency

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Cash Flow: DELTA AIR LINES, INC. generates $3.9B FCF at 6.0% margin, positive NaN/8 quarters

FCF TTM $3.9B. FCF margin 6.0%, Top 50%. OCF/Net income 1.9x. Positive FCF in NaN/8 trailing quarters. Source: 10-Q filed 2025-10-09.

Metric	DAL	Rating	Context
Free Cash Flow Margin	6.0%	Adequate	Healthy cash generation
Free Cash Flow (TTM)	$3.9B	Good	Positive cash generation
OCF/Net Income	1.9x	Excellent	High earnings quality
FCF Consistency (8Q)	N/A	Warning	Variable cash flow

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Balance Sheet: DELTA AIR LINES, INC. at 0.6x leverage

Debt/Equity 0.6x. Total debt $13.2B, cash & investments $5.2B. Source: 10-Q filed 2025-10-09.

Metric	DAL	Rating	Context
Debt to Equity	0.6x	Good	Moderate leverage
Net Cash Position	$-8.0B	Warning	Net debt position

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Valuation: DELTA AIR LINES, INC. trades at 9.6x earnings

P/E 9.6x. EV/Sales 0.8x. FCF yield 9.1%. Dividend yield 1.1%. Source: 10-Q filed 2025-10-09.

Metric	DAL	Rating	Context
P/E Ratio	9.6x	Adequate	Reasonable valuation
EV/Sales	0.8x	Excellent	Attractive revenue multiple
FCF Yield	9.1%	Excellent	Attractive cash return
Dividend Yield	1.1%	Adequate	Growth focus over income

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Capital Allocation: DELTA AIR LINES, INC. returns 1.1% shareholder yield

Total shareholder yield 1.1% (div 1.1%). Capital returned $470.0M TTM. Source: 10-Q filed 2025-10-09.

Metric	DAL	Rating	Context
Total Shareholder Yield	1.1%	Adequate	Dividend + buyback yield combined
Total Capital Returned (TTM)	$470.0M	Good	Dividends + buybacks returned to shareholders

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Sector Rankings

Metric	Value	Percentile	vs Median
Return on Invested Capital (ROIC)	10.4%	Top 50%	1.6x above
Free Cash Flow Margin	6.0%	Top 50%	1.3x above
Operating Margin	8.8%	Top 50%	1.4x above
Return on Equity (ROE)	23.9%	Top 50%	2.2x above
P/E Ratio	9.6x	N/A	-

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Financial Scorecard

Metric	DAL	Rating	Sector Context
Return on Invested Capital (ROIC)	10.4%	Adequate	Top 50% of sector (median: 6.3%)
Free Cash Flow Margin	6.0%	Adequate	Top 50% of sector (median: 4.8%)
Debt to Equity Ratio	65.0%	Good	Moderate leverage
P/E Ratio (Price-to-Earnings)	964.9%	Adequate	Attractively valued
Free Cash Flow Yield	9.1%	Excellent	High cash return

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Frequently Asked Questions

Q: What is DELTA AIR LINES, INC.'s Return on Invested Capital (ROIC)?

DELTA AIR LINES, INC. (DAL) has a trailing twelve-month Return on Invested Capital (ROIC) of 10.4%. Sector median 6.3%. Source: 10-Q filed 2025-10-09.

Q: What is DELTA AIR LINES, INC.'s Free Cash Flow Margin?

DELTA AIR LINES, INC. (DAL) has a free cash flow margin of 6.0%, generating $3.9 billion in free cash flow over the trailing twelve months. Source: 10-Q filed 2025-10-09.

Q: What is DELTA AIR LINES, INC.'s P/E ratio and how does it compare to peers?

DELTA AIR LINES, INC. (DAL) trades at a P/E ratio of 9.6x, which is above the sector median of N/A. EV/Sales 0.8x. FCF yield 9.1%. Source: 10-Q filed 2025-10-09.

Q: Does DELTA AIR LINES, INC. pay a dividend?

DELTA AIR LINES, INC. (DAL) currently pays a dividend yield of 1.1%. Total shareholder yield (dividend + buybacks) 1.1%. Source: 10-Q filed 2025-10-09.

Q: How much debt does DELTA AIR LINES, INC. have?

DELTA AIR LINES, INC. (DAL) has a debt-to-equity ratio of 0.6x with total debt of $13.2 billion. Net debt $8.0 billion. Source: 10-Q filed 2025-10-09.

Q: What is DELTA AIR LINES, INC.'s revenue and earnings growth?

DELTA AIR LINES, INC. (DAL) grew revenue by 5.2% year-over-year. EPS +21.6% YoY. Source: 10-Q filed 2025-10-09.

Q: How does DELTA AIR LINES, INC. compare to competitors in Transportation?

Compared to other companies in Transportation, DELTA AIR LINES, INC. (DAL) shows: ROIC 10.4%, sector median 6.3% (Top 50%). FCF margin 6.0%, sector median 4.8% (Top 50%). These rankings are based on MetricDuck's analysis of all Transportation companies with available SEC filings.

Q: What warning signs should I watch for with DELTA AIR LINES, INC.?

Quantitative warning flags for DELTA AIR LINES, INC. (DAL): 1) ROIC declining -4.6% over 8 quarters. Source: 10-Q filed 2025-10-09.

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Data Source: Data sourced from 10-Q filed 2025-10-09. TTM metrics as of Q1 2026.

Methodology: Financial metrics calculated from SEC 10-K and 10-Q filings using standardized formulas. Sector comparisons use peer group based on SIC code.

Scope: This analysis covers SEC filing fundamentals — profitability, cash flow, balance sheet, and valuation metrics. For analyst estimates and price targets, consult sell-side research.

This analysis is for informational purposes only and does not constitute investment advice.