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Delta Air Lines Inc. (DAL)

Price to Sales (P/S)
since 2007

Difficulty: Beginner

Calculation
Comparison to Competitors
Comparison to Travel & Leisure Sector
Comparison to Consumer Services Industry

Calculation

Delta Air Lines Inc., P/S, long-term trends, calculation

	P/S	=	Share price^{1, 2, 3}	÷	Sales per share¹	Sales per share¹	=	Operating revenue¹ (in millions)	÷	No. shares of common stock outstanding²
Dec 31, 2007	0.26	=	17.32	÷	65.55	65.55	=	19,154	÷	292,217,061
Dec 31, 2008	0.14	=	4.59	÷	32.50	32.50	=	22,697	÷	698,464,807
Dec 31, 2009	0.36	=	12.75	÷	35.73	35.73	=	28,063	÷	785,464,490
Dec 31, 2010	0.31	=	11.82	÷	38.04	38.04	=	31,755	÷	834,829,734
Dec 31, 2011	0.26	=	10.89	÷	41.53	41.53	=	35,115	÷	845,519,629
Dec 31, 2012	0.34	=	14.78	÷	43.06	43.06	=	36,670	÷	851,590,992
Dec 31, 2013	0.73	=	32.45	÷	44.47	44.47	=	37,773	÷	849,378,918
Dec 31, 2014	0.92	=	44.98	÷	48.97	48.97	=	40,362	÷	824,271,663
Dec 31, 2015	0.80	=	42.01	÷	52.28	52.28	=	40,704	÷	778,508,621
Dec 31, 2016	0.92	=	50.06	÷	54.24	54.24	=	39,639	÷	730,770,638
Dec 31, 2017	0.92	=	53.46	÷	58.34	58.34	=	41,244	÷	706,913,358
Dec 31, 2018	0.78	=	51.08	÷	65.45	65.45	=	44,438	÷	678,950,098

Based on: 10-K (filing date: 2008-02-15), 10-K (filing date: 2009-03-02), 10-K (filing date: 2010-02-24), 10-K (filing date: 2011-02-16), 10-K (filing date: 2012-02-10), 10-K (filing date: 2013-02-13), 10-K (filing date: 2014-02-24), 10-K (filing date: 2015-02-11), 10-K (filing date: 2016-02-05), 10-K (filing date: 2017-02-13), 10-K (filing date: 2018-02-23), 10-K (filing date: 2019-02-15).

¹ USD $

² Data adjusted for splits and stock dividends.

³ Close price on the filing date of Delta Air Lines Inc.’s Annual Report.

Comparison to Competitors

Delta Air Lines Inc., P/S, long-term trends, comparison to competitors

	Delta Air Lines Inc.	Booking Holdings Inc.	Marriott International Inc.	McDonald’s Corp.	Starbucks Corp.
Dec 31, 2007	0.26	3.10	0.97	2.83	1.79
Dec 31, 2008	0.14	1.82	0.43	2.57	0.60
Dec 31, 2009	0.36	4.49	0.88	3.02	1.62
Dec 31, 2010	0.31	7.33	1.29	3.23	2.14
Dec 31, 2011	0.26	6.76	0.94	3.78	2.68
Dec 31, 2012	0.34	6.60	1.05	3.50	2.73
Dec 31, 2013	0.73	9.85	1.19	3.40	4.08
Dec 31, 2014	0.92	7.49	1.67	3.33	3.55
Dec 31, 2015	0.80	6.65	1.14	4.20	4.73
Dec 31, 2016	0.92	7.47	1.98	4.29	3.81
Dec 31, 2017	0.92	7.13	2.21	5.68	3.62
Dec 31, 2018	0.78	5.91	2.04	6.67	3.42

Based on: 10-K (filing date: 2008-02-15), 10-K (filing date: 2009-03-02), 10-K (filing date: 2010-02-24), 10-K (filing date: 2011-02-16), 10-K (filing date: 2012-02-10), 10-K (filing date: 2013-02-13), 10-K (filing date: 2014-02-24), 10-K (filing date: 2015-02-11), 10-K (filing date: 2016-02-05), 10-K (filing date: 2017-02-13), 10-K (filing date: 2018-02-23), 10-K (filing date: 2019-02-15).

Comparison to Travel & Leisure Sector

Delta Air Lines Inc., P/S, long-term trends, comparison to Travel & Leisure sector

	Delta Air Lines Inc.	Travel & Leisure
Dec 31, 2007	0.26	1.57
Dec 31, 2008	0.14	1.10
Dec 31, 2009	0.36	1.55
Dec 31, 2010	0.31	1.82
Dec 31, 2011	0.26	2.03
Dec 31, 2012	0.34	2.03
Dec 31, 2013	0.73	2.65
Dec 31, 2014	0.92	2.56
Dec 31, 2015	0.80	2.82
Dec 31, 2016	0.92	2.98
Dec 31, 2017	0.92	3.19
Dec 31, 2018	0.78	3.09

Based on: 10-K (filing date: 2008-02-15), 10-K (filing date: 2009-03-02), 10-K (filing date: 2010-02-24), 10-K (filing date: 2011-02-16), 10-K (filing date: 2012-02-10), 10-K (filing date: 2013-02-13), 10-K (filing date: 2014-02-24), 10-K (filing date: 2015-02-11), 10-K (filing date: 2016-02-05), 10-K (filing date: 2017-02-13), 10-K (filing date: 2018-02-23), 10-K (filing date: 2019-02-15).

Comparison to Consumer Services Industry

Delta Air Lines Inc., P/S, long-term trends, comparison to Consumer Services industry

	Delta Air Lines Inc.	Consumer Services
Dec 31, 2007	0.26	0.88
Dec 31, 2008	0.14	0.65
Dec 31, 2009	0.36	0.72
Dec 31, 2010	0.31	0.84
Dec 31, 2011	0.26	0.80
Dec 31, 2012	0.34	0.91
Dec 31, 2013	0.73	1.12
Dec 31, 2014	0.92	1.14
Dec 31, 2015	0.80	1.26
Dec 31, 2016	0.92	1.29
Dec 31, 2017	0.92	1.46
Dec 31, 2018	0.78	1.45

Based on: 10-K (filing date: 2008-02-15), 10-K (filing date: 2009-03-02), 10-K (filing date: 2010-02-24), 10-K (filing date: 2011-02-16), 10-K (filing date: 2012-02-10), 10-K (filing date: 2013-02-13), 10-K (filing date: 2014-02-24), 10-K (filing date: 2015-02-11), 10-K (filing date: 2016-02-05), 10-K (filing date: 2017-02-13), 10-K (filing date: 2018-02-23), 10-K (filing date: 2019-02-15).