Debt to Equity
since 2007
Calculation
Delta Air Lines Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt and capital leases, including current maturities1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 6.93 | = | 26,920) | ÷ | 3,887) |
| Dec 31, 2020 | 19.01 | = | 29,157) | ÷ | 1,534) |
| Dec 31, 2019 | 0.73 | = | 11,160) | ÷ | 15,358) |
| Dec 31, 2018 | 0.71 | = | 9,771) | ÷ | 13,687) |
| Dec 31, 2017 | 0.64 | = | 8,834) | ÷ | 13,910) |
| Dec 31, 2016 | 0.60 | = | 7,332) | ÷ | 12,287) |
| Dec 31, 2015 | 0.77 | = | 8,329) | ÷ | 10,850) |
| Dec 31, 2014 | 1.11 | = | 9,777) | ÷ | 8,813) |
| Dec 31, 2013 | 0.97 | = | 11,342) | ÷ | 11,643) |
| Dec 31, 2012 | — | = | 12,709) | ÷ | (2,131) |
| Dec 31, 2011 | — | = | 13,791) | ÷ | (1,396) |
| Dec 31, 2010 | 17.00 | = | 15,252) | ÷ | 897) |
| Dec 31, 2009 | 70.20 | = | 17,198) | ÷ | 245) |
| Dec 31, 2008 | 18.96 | = | 16,571) | ÷ | 874) |
| Dec 31, 2007 | 0.92 | = | 9,295) | ÷ | 10,113) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31).
1 US$ in millions
The financial trajectory of the organization between 2007 and 2021 is characterized by three distinct phases: a period of severe capital erosion, a prolonged era of balance sheet stabilization, and a subsequent sharp increase in leverage coinciding with the 2020 fiscal year.
- Initial Capital Instability (2007–2012)
- A significant deterioration in solvency is observed starting in 2008. Long-term debt increased from 9,295 million USD in 2007 to a peak of 17,198 million USD in 2009. Simultaneously, stockholders' equity collapsed from 10,113 million USD to 245 million USD in the same period, causing the debt-to-equity ratio to surge from 0.92 to a peak of 70.20 in 2009. This trend culminated in a stockholders' deficit by 2011 and 2012, rendering the debt-to-equity ratio mathematically undefined during those years.
- Recovery and Deleveraging (2013–2019)
- A period of substantial balance sheet repair occurred between 2013 and 2019. Long-term debt followed a general downward trend, reaching a low of 7,332 million USD in 2016 before moderately increasing to 11,160 million USD by 2019. Concurrently, stockholders' equity recovered strongly, growing from 11,643 million USD in 2013 to 15,358 million USD in 2019. Consequently, the debt-to-equity ratio stabilized at levels below 1.0, reaching a minimum of 0.60 in 2016, indicating a conservative capital structure.
- Recent Leverage Expansion (2020–2021)
- The financial position experienced a secondary shock in 2020, marked by a drastic increase in long-term debt to 29,157 million USD and a sharp decline in equity to 1,534 million USD. This resulted in the debt-to-equity ratio spiking to 19.01. By the end of 2021, a partial correction is evident, with debt reducing to 26,920 million USD and equity improving to 3,887 million USD, which lowered the debt-to-equity ratio to 6.93.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Comparison to Competitors
Delta Air Lines Inc., debt to equity, long-term trends, comparison to competitors
| Delta Air Lines Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2021 | 6.93 | 0.86 | 0.64 | 2.10 | 7.03 | 1.54 |
| Dec 31, 2020 | 19.01 | 1.20 | 0.62 | 1.58 | 4.75 | 37.53 |
| Dec 31, 2019 | 0.73 | 0.99 | 0.40 | 1.39 | 1.29 | 7.73 |
| Dec 31, 2018 | 0.71 | 0.85 | — | 1.10 | 1.47 | 7.53 |
| Dec 31, 2017 | 0.64 | 0.93 | — | 0.68 | 1.63 | 24.29 |
| Dec 31, 2016 | 0.60 | 1.01 | — | 0.75 | 1.35 | 39.69 |
| Dec 31, 2015 | 0.77 | 0.48 | — | 0.69 | 1.31 | 5.80 |
| Dec 31, 2014 | 1.11 | 0.31 | — | 0.54 | 5.06 | 5.04 |
| Dec 31, 2013 | 0.97 | 0.17 | — | 0.45 | 4.16 | 1.68 |
| Dec 31, 2012 | — | 0.11 | — | 0.45 | 27.37 | 2.77 |
| Dec 31, 2011 | — | 0.11 | — | 0.48 | 7.05 | 1.58 |
| Dec 31, 2010 | 17.00 | 0.14 | — | 0.52 | 8.76 | 1.36 |
| Dec 31, 2009 | 70.20 | 0.19 | — | 0.58 | — | 1.25 |
| Dec 31, 2008 | 18.96 | 0.14 | — | 0.58 | — | 1.46 |
| Dec 31, 2007 | 0.92 | 0.21 | — | 0.49 | 3.49 | 0.90 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31).
Comparison to Sector (Transportation)
Delta Air Lines Inc., debt to equity, long-term trends, comparison to sector (transportation)
| Delta Air Lines Inc. | Transportation | |
|---|---|---|
| Dec 31, 2021 | 6.93 | 1.63 |
| Dec 31, 2020 | 19.01 | 2.02 |
| Dec 31, 2019 | 0.73 | 1.36 |
| Dec 31, 2018 | 0.71 | 1.45 |
| Dec 31, 2017 | 0.64 | 1.39 |
| Dec 31, 2016 | 0.60 | 1.32 |
| Dec 31, 2015 | 0.77 | 1.01 |
| Dec 31, 2014 | 1.11 | 0.95 |
| Dec 31, 2013 | 0.97 | 0.75 |
| Dec 31, 2012 | — | 0.92 |
| Dec 31, 2011 | — | 0.81 |
| Dec 31, 2010 | 17.00 | 0.90 |
| Dec 31, 2009 | 70.20 | 0.86 |
| Dec 31, 2008 | 18.96 | 0.84 |
| Dec 31, 2007 | 0.92 | 0.70 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31).
Comparison to Industry (Industrials)
Delta Air Lines Inc., debt to equity, long-term trends, comparison to industry (industrials)
| Delta Air Lines Inc. | Industrials | |
|---|---|---|
| Dec 31, 2021 | 6.93 | 1.37 |
| Dec 31, 2020 | 19.01 | 1.82 |
| Dec 31, 2019 | 0.73 | 1.82 |
| Dec 31, 2018 | 0.71 | 1.85 |
| Dec 31, 2017 | 0.64 | 1.65 |
| Dec 31, 2016 | 0.60 | 1.54 |
| Dec 31, 2015 | 0.77 | 1.51 |
| Dec 31, 2014 | 1.11 | 1.89 |
| Dec 31, 2013 | 0.97 | 1.79 |
| Dec 31, 2012 | — | 2.29 |
| Dec 31, 2011 | — | 2.60 |
| Dec 31, 2010 | 17.00 | 2.68 |
| Dec 31, 2009 | 70.20 | 3.01 |
| Dec 31, 2008 | 18.96 | 3.54 |
| Dec 31, 2007 | 0.92 | 2.73 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31).