Price to Book Value (P/BV)
since 2007
Calculation
Delta Air Lines Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 6.97 | = | 42.33 | ÷ | 6.07 | 6.07 | = | 3,887 | ÷ | 639,929,760 | |
| Feb 12, 2021 | 18.01 | = | 43.29 | ÷ | 2.40 | 2.40 | = | 1,534 | ÷ | 638,146,665 | |
| Feb 13, 2020 | 2.46 | = | 59.13 | ÷ | 23.99 | 23.99 | = | 15,358 | ÷ | 640,093,995 | |
| Feb 15, 2019 | 2.53 | = | 51.08 | ÷ | 20.16 | 20.16 | = | 13,687 | ÷ | 678,950,098 | |
| Feb 23, 2018 | 2.72 | = | 53.46 | ÷ | 19.68 | 19.68 | = | 13,910 | ÷ | 706,913,358 | |
| Feb 13, 2017 | 2.98 | = | 50.06 | ÷ | 16.81 | 16.81 | = | 12,287 | ÷ | 730,770,638 | |
| Feb 5, 2016 | 3.01 | = | 42.01 | ÷ | 13.94 | 13.94 | = | 10,850 | ÷ | 778,508,621 | |
| Feb 11, 2015 | 4.21 | = | 44.98 | ÷ | 10.69 | 10.69 | = | 8,813 | ÷ | 824,271,663 | |
| Feb 24, 2014 | 2.37 | = | 32.45 | ÷ | 13.71 | 13.71 | = | 11,643 | ÷ | 849,378,918 | |
| Feb 13, 2013 | — | = | 14.78 | ÷ | -2.50 | -2.50 | = | -2,131 | ÷ | 851,590,992 | |
| Feb 10, 2012 | — | = | 10.89 | ÷ | -1.65 | -1.65 | = | -1,396 | ÷ | 845,519,629 | |
| Feb 16, 2011 | 11.00 | = | 11.82 | ÷ | 1.07 | 1.07 | = | 897 | ÷ | 834,829,734 | |
| Feb 24, 2010 | 40.88 | = | 12.75 | ÷ | 0.31 | 0.31 | = | 245 | ÷ | 785,464,490 | |
| Mar 2, 2009 | 3.67 | = | 4.59 | ÷ | 1.25 | 1.25 | = | 874 | ÷ | 698,464,807 | |
| Feb 15, 2008 | 0.50 | = | 17.32 | ÷ | 34.61 | 34.61 | = | 10,113 | ÷ | 292,217,061 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Delta Air Lines Inc. Annual Report.
The analysis of the Price to Book Value (P/BV) ratio reveals significant volatility, reflecting periods of severe equity erosion, subsequent recovery, and extreme valuation spikes. The ratio has transitioned from an undervalued state to extreme fluctuations driven primarily by changes in the underlying book value rather than share price movements alone.
- Equity Erosion and Ratio Distortions (2008–2013)
- A period of extreme instability is observed between 2008 and 2013. While the P/BV ratio began at 0.50 in 2008, a precipitous decline in Book Value per Share (BVPS) from $34.61 to $0.31 by 2010 resulted in a mathematical spike of the P/BV ratio to 40.88. The subsequent transition of BVPS into negative territory in 2012 (-$1.65) and 2013 (-$2.50) rendered the P/BV ratio inapplicable, as the company's liabilities exceeded its assets.
- Normalization and Growth Phase (2014–2020)
- Starting in 2014, a period of relative stability emerged. The P/BV ratio normalized and fluctuated within a narrow range between 2.37 and 4.21. During this interval, both the share price and BVPS exhibited concurrent upward trajectories, with the share price peaking at $59.13 and BVPS reaching $23.99 by February 2020. This alignment indicates a consistent market valuation relative to the growth of the company's net asset value.
- Recent Volatility and Asset Contraction (2021–2022)
- A secondary period of distortion occurred in 2021, characterized by a sharp contraction in BVPS to $2.40. This collapse in book value caused the P/BV ratio to surge to 18.01, even as the share price decreased to $43.29. By 2022, a partial recovery in BVPS to $6.07 led to a reduction of the P/BV ratio to 6.97, though it remained substantially elevated compared to the 2014–2020 average.
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Comparison to Competitors
Delta Air Lines Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|
| Feb 11, 2022 | 6.97 | 3.26 | 4.71 | 10.90 | 3.06 | 12.76 |
| Feb 12, 2021 | 18.01 | 2.35 | 8.24 | 8.07 | 2.85 | 213.26 |
| Feb 13, 2020 | 2.46 | 2.49 | 3.99 | 7.00 | 1.52 | 27.98 |
| Feb 15, 2019 | 2.53 | 3.15 | — | 5.72 | 2.34 | 31.82 |
| Feb 23, 2018 | 2.72 | 3.60 | — | 3.99 | 2.16 | 90.21 |
| Feb 13, 2017 | 2.98 | 3.10 | — | 4.43 | 2.71 | 231.41 |
| Feb 5, 2016 | 3.01 | 3.23 | — | 3.07 | 2.08 | 34.99 |
| Feb 11, 2015 | 4.21 | 2.82 | — | 5.07 | 10.91 | 42.88 |
| Feb 24, 2014 | 2.37 | 1.89 | — | 3.79 | 5.69 | 13.65 |
| Feb 13, 2013 | — | 1.98 | — | 3.14 | 18.18 | 16.94 |
| Feb 10, 2012 | — | 1.96 | — | 3.00 | 3.85 | 10.46 |
| Feb 16, 2011 | 11.00 | 1.76 | — | 2.61 | 4.65 | 9.13 |
| Feb 24, 2010 | 40.88 | 1.31 | — | 1.85 | — | 7.64 |
| Mar 2, 2009 | 3.67 | 1.65 | — | 1.61 | — | 6.05 |
| Feb 15, 2008 | 0.50 | 2.86 | — | 2.11 | 1.49 | 5.96 |
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., P/BV, long-term trends, comparison to sector (transportation)
| Delta Air Lines Inc. | Transportation | |
|---|---|---|
| Feb 11, 2022 | 6.97 | 6.92 |
| Feb 12, 2021 | 18.01 | 8.09 |
| Feb 13, 2020 | 2.46 | 5.19 |
| Feb 15, 2019 | 2.53 | 5.63 |
| Feb 23, 2018 | 2.72 | 5.25 |
| Feb 13, 2017 | 2.98 | 5.80 |
| Feb 5, 2016 | 3.01 | 4.60 |
| Feb 11, 2015 | 4.21 | 6.55 |
| Feb 24, 2014 | 2.37 | 4.55 |
| Feb 13, 2013 | — | 4.51 |
| Feb 10, 2012 | — | 3.90 |
| Feb 16, 2011 | 11.00 | 3.67 |
| Feb 24, 2010 | 40.88 | 3.12 |
| Mar 2, 2009 | 3.67 | 2.64 |
| Feb 15, 2008 | 0.50 | 3.39 |
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., P/BV, long-term trends, comparison to industry (industrials)
| Delta Air Lines Inc. | Industrials | |
|---|---|---|
| Feb 11, 2022 | 6.97 | 5.44 |
| Feb 12, 2021 | 18.01 | 5.89 |
| Feb 13, 2020 | 2.46 | 6.28 |
| Feb 15, 2019 | 2.53 | 5.96 |
| Feb 23, 2018 | 2.72 | 5.37 |
| Feb 13, 2017 | 2.98 | 4.89 |
| Feb 5, 2016 | 3.01 | 3.68 |
| Feb 11, 2015 | 4.21 | 3.70 |
| Feb 24, 2014 | 2.37 | 3.14 |
| Feb 13, 2013 | — | 3.06 |
| Feb 10, 2012 | — | 3.09 |
| Feb 16, 2011 | 11.00 | 3.05 |
| Feb 24, 2010 | 40.88 | 2.43 |
| Mar 2, 2009 | 3.67 | 2.01 |
| Feb 15, 2008 | 0.50 | 3.45 |
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).