Price to Book Value (P/BV)
since 2007
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Delta Air Lines Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2007
- Total Asset Turnover since 2007
- Analysis of Revenues
- Analysis of Debt
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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 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2010 | = | ÷ | = | ÷ | |||||||
| Mar 2, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2008 | = | ÷ | = | ÷ |
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.
- Share Price Trend
- The share price demonstrated significant volatility over the observed period. Initially, the price declined sharply from $17.32 in early 2008 to a low of $4.59 in early 2009, reflecting a substantial drop during the financial crisis period. Following this decline, the share price recovered gradually and showed strong growth, peaking at $59.13 in early 2020. However, there was a notable decrease afterward, falling to $43.29 in early 2021 and slightly declining further to $42.33 in early 2022. This suggests a period of recovery followed by market uncertainties or company-specific challenges starting in 2020.
- Book Value Per Share (BVPS) Movements
- The book value per share exhibited considerable fluctuations and negative values at several points, indicating periods of financial stress or asset revaluation. The BVPS started relatively high at $34.61 in early 2008 but plunged drastically to values as low as $0.31 by early 2010 and even negative values of -$1.65 and -$2.50 in 2012 and 2013, respectively. Post-2013, the BVPS gradually improved, reaching a peak of $23.99 in early 2020 before falling sharply again to $2.40 in early 2021. A modest recovery to $6.07 was seen in early 2022. These fluctuations suggest significant challenges in the company's financial fundamentals, with substantial recoveries and setbacks.
- Price-to-Book Value (P/BV) Ratio Analysis
- The price-to-book value ratio displayed notable instability, influenced by both share price and BVPS volatility. Early in the timeline, extremely high ratios were observed (e.g., 40.88 in early 2010), resulting from very low or negative book values. After 2013, the P/BV ratio stabilized somewhat in the range of approximately 2.37 to 4.21, indicating a normalized valuation relative to book value. A sharp spike to 18.01 in early 2021 reflects the drastic reduction in BVPS combined with still relatively elevated share prices. The ratio declined to 6.97 in early 2022, evidencing partial restoration of book value or adjustment in market price.
- Overall Financial Insights
- The company experienced a turbulent financial period during and after the 2008 financial crisis, with significant impairment of book value and volatility in share prices. The period from 2014 to 2020 showed a recovery both in market valuation and financial health, as indicated by rising share prices and book values. However, the years 2020 and 2021 brought renewed financial pressure, possibly linked to external factors affecting the industry, leading to a sharp decline in book value and a correction in share price. The financial data over the 14-year span depict a cyclic pattern of distress, recovery, and renewed strain, highlighting the company's exposure to challenging economic and operational conditions.
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 | ||||||
| Feb 12, 2021 | ||||||
| Feb 13, 2020 | ||||||
| Feb 15, 2019 | ||||||
| Feb 23, 2018 | ||||||
| Feb 13, 2017 | ||||||
| Feb 5, 2016 | ||||||
| Feb 11, 2015 | ||||||
| Feb 24, 2014 | ||||||
| Feb 13, 2013 | ||||||
| Feb 10, 2012 | ||||||
| Feb 16, 2011 | ||||||
| Feb 24, 2010 | ||||||
| Mar 2, 2009 | ||||||
| Feb 15, 2008 |
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 | ||
| Feb 12, 2021 | ||
| Feb 13, 2020 | ||
| Feb 15, 2019 | ||
| Feb 23, 2018 | ||
| Feb 13, 2017 | ||
| Feb 5, 2016 | ||
| Feb 11, 2015 | ||
| Feb 24, 2014 | ||
| Feb 13, 2013 | ||
| Feb 10, 2012 | ||
| Feb 16, 2011 | ||
| Feb 24, 2010 | ||
| Mar 2, 2009 | ||
| Feb 15, 2008 |
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 | ||
| Feb 12, 2021 | ||
| Feb 13, 2020 | ||
| Feb 15, 2019 | ||
| Feb 23, 2018 | ||
| Feb 13, 2017 | ||
| Feb 5, 2016 | ||
| Feb 11, 2015 | ||
| Feb 24, 2014 | ||
| Feb 13, 2013 | ||
| Feb 10, 2012 | ||
| Feb 16, 2011 | ||
| Feb 24, 2010 | ||
| Mar 2, 2009 | ||
| Feb 15, 2008 |
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).