Price to Sales (P/S)
since 2007
Calculation
Delta Air Lines Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Operating revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 0.91 | = | 42.33 | ÷ | 46.72 | 46.72 | = | 29,899 | ÷ | 639,929,760 | |
| Feb 12, 2021 | 1.62 | = | 43.29 | ÷ | 26.79 | 26.79 | = | 17,095 | ÷ | 638,146,665 | |
| Feb 13, 2020 | 0.81 | = | 59.13 | ÷ | 73.44 | 73.44 | = | 47,007 | ÷ | 640,093,995 | |
| Feb 15, 2019 | 0.78 | = | 51.08 | ÷ | 65.45 | 65.45 | = | 44,438 | ÷ | 678,950,098 | |
| Feb 23, 2018 | 0.92 | = | 53.46 | ÷ | 58.34 | 58.34 | = | 41,244 | ÷ | 706,913,358 | |
| Feb 13, 2017 | 0.92 | = | 50.06 | ÷ | 54.24 | 54.24 | = | 39,639 | ÷ | 730,770,638 | |
| Feb 5, 2016 | 0.80 | = | 42.01 | ÷ | 52.28 | 52.28 | = | 40,704 | ÷ | 778,508,621 | |
| Feb 11, 2015 | 0.92 | = | 44.98 | ÷ | 48.97 | 48.97 | = | 40,362 | ÷ | 824,271,663 | |
| Feb 24, 2014 | 0.73 | = | 32.45 | ÷ | 44.47 | 44.47 | = | 37,773 | ÷ | 849,378,918 | |
| Feb 13, 2013 | 0.34 | = | 14.78 | ÷ | 43.06 | 43.06 | = | 36,670 | ÷ | 851,590,992 | |
| Feb 10, 2012 | 0.26 | = | 10.89 | ÷ | 41.53 | 41.53 | = | 35,115 | ÷ | 845,519,629 | |
| Feb 16, 2011 | 0.31 | = | 11.82 | ÷ | 38.04 | 38.04 | = | 31,755 | ÷ | 834,829,734 | |
| Feb 24, 2010 | 0.36 | = | 12.75 | ÷ | 35.73 | 35.73 | = | 28,063 | ÷ | 785,464,490 | |
| Mar 2, 2009 | 0.14 | = | 4.59 | ÷ | 32.50 | 32.50 | = | 22,697 | ÷ | 698,464,807 | |
| Feb 15, 2008 | 0.26 | = | 17.32 | ÷ | 65.55 | 65.55 | = | 19,154 | ÷ | 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.
- Share Price Trend
- The share price experienced significant fluctuation over the analyzed periods. It started at $17.32 in early 2008, sharply declined to a low of $4.59 in early 2009, coinciding with broader market downturns. Subsequently, the share price recovered steadily, reaching a peak of $59.13 in early 2020. However, in 2021, there was a notable decline to $43.29, followed by a slight further decrease to $42.33 by early 2022.
- Sales per Share Trend
- Sales per share showed a general upward trend from 2008 through 2020, rising from $65.55 to a peak of $73.44. This growth indicates an overall improvement in revenue generation relative to the number of shares outstanding. However, in 2021, sales per share dropped sharply to $26.79, reflecting a significant contraction, before partially recovering to $46.72 in 2022.
- Price-to-Sales Ratio (P/S) Trend
- The P/S ratio started low at 0.26 in 2008, dipped further to 0.14 in 2009, indicating undervaluation relative to sales during the economic downturn. From 2010 onward, the ratio increased steadily, peaking at 1.62 in 2021, which suggests heightened market valuation relative to sales during that period. By 2022, the P/S ratio decreased to 0.91, reflecting a market adjustment possibly due to the prior year's volatility in sales and share price.
- Overall Insights
- The data suggest that while the company’s sales per share generally improved over the long term, significant disruptions occurred around 2009 and 2021. The share price movement closely mirrors these changes, with recovery periods following sharp declines. The P/S ratio's increase over time indicates growing investor confidence and higher valuation multiples until a retraction occurred in 2022, likely in response to decreased sales and share price stability. The sharp dip in sales per share and share price in 2021 notably impacted valuation, highlighting exposure to market or operational shocks within that year.
Comparison to Competitors
Delta Air Lines Inc., P/S, 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 | 0.91 | 0.94 | 3.90 | 7.08 | 0.63 | 1.87 |
| Feb 12, 2021 | 1.62 | 0.62 | 9.07 | 7.00 | 1.11 | 1.66 |
| Feb 13, 2020 | 0.81 | 0.64 | 4.00 | 5.85 | 0.40 | 1.23 |
| Feb 15, 2019 | 0.78 | 0.94 | — | 5.12 | 0.57 | 1.34 |
| Feb 23, 2018 | 0.92 | 0.96 | — | 4.67 | 0.50 | 1.37 |
| Feb 13, 2017 | 0.92 | 0.85 | — | 4.43 | 0.64 | 1.54 |
| Feb 5, 2016 | 0.80 | 1.02 | — | 2.91 | 0.49 | 1.48 |
| Feb 11, 2015 | 0.92 | 0.95 | — | 4.48 | 0.67 | 1.58 |
| Feb 24, 2014 | 0.73 | 0.74 | — | 3.67 | 0.44 | 1.59 |
| Feb 13, 2013 | 0.34 | 0.68 | — | 2.99 | 0.24 | 1.46 |
| Feb 10, 2012 | 0.26 | 0.76 | — | 2.85 | 0.19 | 1.39 |
| Feb 16, 2011 | 0.31 | 0.70 | — | 2.73 | 0.35 | 1.47 |
| Feb 24, 2010 | 0.36 | 0.50 | — | 2.22 | 0.18 | 1.29 |
| Mar 2, 2009 | 0.14 | 0.63 | — | 1.38 | 0.03 | 0.80 |
| Feb 15, 2008 | 0.26 | 1.03 | — | 2.02 | 0.18 | 1.46 |
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/S, long-term trends, comparison to sector (transportation)
| Delta Air Lines Inc. | Transportation | |
|---|---|---|
| Feb 11, 2022 | 0.91 | 2.03 |
| Feb 12, 2021 | 1.62 | 2.19 |
| Feb 13, 2020 | 0.81 | 1.51 |
| Feb 15, 2019 | 0.78 | 1.48 |
| Feb 23, 2018 | 0.92 | 1.44 |
| Feb 13, 2017 | 0.92 | 1.48 |
| Feb 5, 2016 | 0.80 | 1.31 |
| Feb 11, 2015 | 0.92 | 1.61 |
| Feb 24, 2014 | 0.73 | 1.37 |
| Feb 13, 2013 | 0.34 | 1.16 |
| Feb 10, 2012 | 0.26 | 1.11 |
| Feb 16, 2011 | 0.31 | 1.22 |
| Feb 24, 2010 | 0.36 | 0.99 |
| Mar 2, 2009 | 0.14 | 0.71 |
| Feb 15, 2008 | 0.26 | 1.20 |
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/S, long-term trends, comparison to industry (industrials)
| Delta Air Lines Inc. | Industrials | |
|---|---|---|
| Feb 11, 2022 | 0.91 | 2.07 |
| Feb 12, 2021 | 1.62 | 2.14 |
| Feb 13, 2020 | 0.81 | 1.77 |
| Feb 15, 2019 | 0.78 | 1.58 |
| Feb 23, 2018 | 0.92 | 1.71 |
| Feb 13, 2017 | 0.92 | 1.68 |
| Feb 5, 2016 | 0.80 | 1.48 |
| Feb 11, 2015 | 0.92 | 1.65 |
| Feb 24, 2014 | 0.73 | 1.57 |
| Feb 13, 2013 | 0.34 | 1.31 |
| Feb 10, 2012 | 0.26 | 1.27 |
| Feb 16, 2011 | 0.31 | 1.39 |
| Feb 24, 2010 | 0.36 | 1.09 |
| Mar 2, 2009 | 0.14 | 0.71 |
| Feb 15, 2008 | 0.26 | 1.62 |
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).