Price to Earnings (P/E)
since 2007
Calculation
Delta Air Lines Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 96.74 | = | 42.33 | ÷ | 0.44 | 0.44 | = | 280 | ÷ | 639,929,760 | |
| Feb 12, 2021 | — | = | 43.29 | ÷ | -19.41 | -19.41 | = | -12,385 | ÷ | 638,146,665 | |
| Feb 13, 2020 | 7.94 | = | 59.13 | ÷ | 7.45 | 7.45 | = | 4,767 | ÷ | 640,093,995 | |
| Feb 15, 2019 | 8.81 | = | 51.08 | ÷ | 5.80 | 5.80 | = | 3,935 | ÷ | 678,950,098 | |
| Feb 23, 2018 | 10.57 | = | 53.46 | ÷ | 5.06 | 5.06 | = | 3,577 | ÷ | 706,913,358 | |
| Feb 13, 2017 | 8.37 | = | 50.06 | ÷ | 5.98 | 5.98 | = | 4,373 | ÷ | 730,770,638 | |
| Feb 5, 2016 | 7.23 | = | 42.01 | ÷ | 5.81 | 5.81 | = | 4,526 | ÷ | 778,508,621 | |
| Feb 11, 2015 | 56.26 | = | 44.98 | ÷ | 0.80 | 0.80 | = | 659 | ÷ | 824,271,663 | |
| Feb 24, 2014 | 2.62 | = | 32.45 | ÷ | 12.41 | 12.41 | = | 10,540 | ÷ | 849,378,918 | |
| Feb 13, 2013 | 12.47 | = | 14.78 | ÷ | 1.18 | 1.18 | = | 1,009 | ÷ | 851,590,992 | |
| Feb 10, 2012 | 10.78 | = | 10.89 | ÷ | 1.01 | 1.01 | = | 854 | ÷ | 845,519,629 | |
| Feb 16, 2011 | 16.64 | = | 11.82 | ÷ | 0.71 | 0.71 | = | 593 | ÷ | 834,829,734 | |
| Feb 24, 2010 | — | = | 12.75 | ÷ | -1.57 | -1.57 | = | -1,237 | ÷ | 785,464,490 | |
| Mar 2, 2009 | — | = | 4.59 | ÷ | -12.77 | -12.77 | = | -8,922 | ÷ | 698,464,807 | |
| Feb 15, 2008 | 3.14 | = | 17.32 | ÷ | 5.52 | 5.52 | = | 1,612 | ÷ | 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 financial trajectory between 2008 and 2022 is characterized by significant volatility in earnings and subsequent fluctuations in the price-to-earnings (P/E) ratio. The relationship between share price and earnings per share (EPS) reveals periods of extreme instability, particularly during macroeconomic downturns where negative earnings rendered the P/E ratio inapplicable.
- Share Price Trends
- A volatile but generally upward trend was observed from 2009 to 2020. After a low of 4.59 US$ in 2009, the share price climbed steadily, peaking at 59.13 US$ in 2020. A subsequent correction occurred by 2022, with the price settling at 42.33 US$.
- Earnings Per Share (EPS) Volatility
- Earnings exhibited extreme variance over the analyzed period. Severe losses were recorded in 2009 (-12.77 US$) and 2010 (-1.57 US$), with a second major collapse in 2021 (-19.41 US$). Conversely, a significant earnings spike occurred in 2014, reaching 12.41 US$, followed by a period of relative stability between 2016 and 2020, where EPS typically ranged from 5.06 US$ to 7.45 US$.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio fluctuated sharply in response to earnings volatility. In 2014, the ratio dropped to 2.62, the lowest positive value in the set, driven by the EPS peak. A sharp increase to 56.26 occurred in 2015 as earnings contracted while the share price continued to rise. From 2016 to 2020, the ratio stabilized within a narrow band of 7.23 to 10.57. The most recent recording in 2022 shows a surge to 96.74, indicating a high market valuation relative to a modest earnings recovery of 0.44 US$.
Overall, the data indicates that the valuation multiples are highly sensitive to earnings shocks. The recurring instances of missing P/E values correspond directly with years of negative net income, while the extreme highs in the ratio reflect periods where share price resilience outpaced the recovery of actual earnings.
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Comparison to Competitors
Delta Air Lines Inc., P/E, 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 | 96.74 | 15.07 | — | 23.67 | — | 14.11 |
| Feb 12, 2021 | — | 33.43 | — | 25.57 | — | 104.33 |
| Feb 13, 2020 | 7.94 | 82.00 | — | 21.44 | 5.82 | 20.59 |
| Feb 15, 2019 | 8.81 | 13.39 | — | 19.60 | 11.00 | 20.07 |
| Feb 23, 2018 | 10.57 | 19.29 | — | 9.26 | 8.91 | 18.37 |
| Feb 13, 2017 | 8.37 | 23.45 | — | 20.86 | 10.37 | 27.32 |
| Feb 5, 2016 | 7.23 | 46.06 | — | 13.31 | 2.54 | 17.84 |
| Feb 11, 2015 | 56.26 | 20.56 | — | 20.72 | 23.08 | 30.28 |
| Feb 24, 2014 | 2.62 | 21.03 | — | 18.35 | 29.73 | 20.22 |
| Feb 13, 2013 | 12.47 | 14.32 | — | 15.85 | — | 97.65 |
| Feb 10, 2012 | 10.78 | 20.54 | — | 16.93 | 8.28 | 19.35 |
| Feb 16, 2011 | 16.64 | 20.51 | — | 16.65 | 31.74 | 20.89 |
| Feb 24, 2010 | — | 182.81 | — | 16.53 | — | 27.10 |
| Mar 2, 2009 | — | 21.29 | — | 10.61 | — | 13.65 |
| Feb 15, 2008 | 3.14 | 17.96 | — | 17.75 | 8.95 | 190.19 |
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/E, long-term trends, comparison to sector (transportation)
| Delta Air Lines Inc. | Transportation | |
|---|---|---|
| Feb 11, 2022 | 96.74 | 22.48 |
| Feb 12, 2021 | — | — |
| Feb 13, 2020 | 7.94 | 62.33 |
| Feb 15, 2019 | 8.81 | 17.05 |
| Feb 23, 2018 | 10.57 | 12.83 |
| Feb 13, 2017 | 8.37 | 21.13 |
| Feb 5, 2016 | 7.23 | 12.05 |
| Feb 11, 2015 | 56.26 | 23.46 |
| Feb 24, 2014 | 2.62 | 20.08 |
| Feb 13, 2013 | 12.47 | 29.57 |
| Feb 10, 2012 | 10.78 | 17.70 |
| Feb 16, 2011 | 16.64 | 19.66 |
| Feb 24, 2010 | — | 31.59 |
| Mar 2, 2009 | — | 80.82 |
| Feb 15, 2008 | 3.14 | 31.23 |
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/E, long-term trends, comparison to industry (industrials)
| Delta Air Lines Inc. | Industrials | |
|---|---|---|
| Feb 11, 2022 | 96.74 | 35.59 |
| Feb 12, 2021 | — | — |
| Feb 13, 2020 | 7.94 | 43.95 |
| Feb 15, 2019 | 8.81 | 33.70 |
| Feb 23, 2018 | 10.57 | 29.83 |
| Feb 13, 2017 | 8.37 | 22.92 |
| Feb 5, 2016 | 7.23 | 22.89 |
| Feb 11, 2015 | 56.26 | 18.79 |
| Feb 24, 2014 | 2.62 | 19.13 |
| Feb 13, 2013 | 12.47 | 17.77 |
| Feb 10, 2012 | 10.78 | 15.75 |
| Feb 16, 2011 | 16.64 | 18.72 |
| Feb 24, 2010 | — | 19.17 |
| Mar 2, 2009 | — | 9.73 |
| Feb 15, 2008 | 3.14 | 16.93 |
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).