Return on Assets (ROA)
since 2007
Calculation
Delta Air Lines Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss)1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 0.39% | = | 100 | × | 280) | ÷ | 72,459) |
| Dec 31, 2020 | -17.20% | = | 100 | × | (12,385) | ÷ | 71,996) |
| Dec 31, 2019 | 7.39% | = | 100 | × | 4,767) | ÷ | 64,532) |
| Dec 31, 2018 | 6.53% | = | 100 | × | 3,935) | ÷ | 60,266) |
| Dec 31, 2017 | 6.71% | = | 100 | × | 3,577) | ÷ | 53,292) |
| Dec 31, 2016 | 8.53% | = | 100 | × | 4,373) | ÷ | 51,261) |
| Dec 31, 2015 | 8.52% | = | 100 | × | 4,526) | ÷ | 53,134) |
| Dec 31, 2014 | 1.22% | = | 100 | × | 659) | ÷ | 54,121) |
| Dec 31, 2013 | 20.17% | = | 100 | × | 10,540) | ÷ | 52,252) |
| Dec 31, 2012 | 2.26% | = | 100 | × | 1,009) | ÷ | 44,550) |
| Dec 31, 2011 | 1.96% | = | 100 | × | 854) | ÷ | 43,499) |
| Dec 31, 2010 | 1.37% | = | 100 | × | 593) | ÷ | 43,188) |
| Dec 31, 2009 | -2.84% | = | 100 | × | (1,237) | ÷ | 43,539) |
| Dec 31, 2008 | -19.82% | = | 100 | × | (8,922) | ÷ | 45,014) |
| Dec 31, 2007 | 4.97% | = | 100 | × | 1,612) | ÷ | 32,423) |
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$ in millions
The return on assets (ROA) exhibits significant volatility over the 2007 to 2021 period, characterized by sharp fluctuations reflecting broader economic shocks and specific operational anomalies. While total assets grew consistently from US$ 32,423 million in 2007 to US$ 72,459 million by 2021, the efficiency of these assets in generating net income remained inconsistent.
- Severe Cyclical Declines
- Two primary periods of negative ROA are evident. The first occurred in 2008 and 2009, with a trough of -19.82% in 2008 coinciding with a net loss of US$ 8,922 million. The second, more severe decline occurred in 2020, where ROA fell to -17.20% following a net loss of US$ 12,385 million, reflecting a significant disruption in profitability despite the asset base reaching US$ 71,996 million.
- Anomalous Profitability Peaks
- A notable outlier is observed in 2013, where ROA surged to 20.17%. This peak was driven by an exceptional net income of US$ 10,540 million, a sharp contrast to the figures seen in the preceding and following years. Excluding this anomaly, profitability between 2014 and 2019 remained relatively stable, with ROA generally fluctuating between 1.22% and 8.53%.
- Asset Base Expansion and Utilization
- Total assets experienced a long-term upward trend, more than doubling over the analyzed period. However, the growth in assets did not correlate linearly with ROA. During the period of relative stability from 2015 to 2019, ROA remained in the mid-to-high single digits while assets grew from US$ 53,134 million to US$ 64,532 million, indicating a period of consistent operational efficiency prior to the 2020 contraction.
- Recovery Trajectories
- Recovery patterns following major losses show varying speeds. After the 2008-2009 downturn, ROA returned to positive territory in 2010 at 1.37%. Following the 2020 downturn, a marginal recovery to 0.39% was observed by December 31, 2021, suggesting a slower return to profitability relative to the scale of the asset base.
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Comparison to Competitors
Delta Air Lines Inc., ROA, 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. | |
|---|---|---|---|---|---|---|
| Dec 31, 2021 | 0.39% | 6.32% | -1.28% | 10.27% | -2.88% | 18.57% |
| Dec 31, 2020 | -17.20% | 1.75% | -20.35% | 8.57% | -11.87% | 2.15% |
| Dec 31, 2019 | 7.39% | 0.99% | -26.78% | 9.60% | 5.72% | 7.67% |
| Dec 31, 2018 | 6.53% | 8.74% | — | 10.09% | 4.75% | 9.58% |
| Dec 31, 2017 | 6.71% | 6.17% | — | 18.53% | 5.03% | 10.81% |
| Dec 31, 2016 | 8.53% | 3.95% | — | 7.60% | 5.64% | 8.50% |
| Dec 31, 2015 | 8.52% | 2.83% | — | 8.74% | 17.96% | 12.64% |
| Dec 31, 2014 | 1.22% | 6.34% | — | 9.83% | 3.03% | 8.55% |
| Dec 31, 2013 | 20.17% | 4.65% | — | 8.82% | 1.55% | 12.07% |
| Dec 31, 2012 | 2.26% | 6.80% | — | 8.36% | -1.92% | 2.08% |
| Dec 31, 2011 | 1.96% | 5.30% | — | 7.30% | 2.21% | 10.96% |
| Dec 31, 2010 | 1.37% | 4.75% | — | 6.45% | 0.64% | 10.38% |
| Dec 31, 2009 | -2.84% | 0.40% | — | 4.48% | -3.48% | 6.75% |
| Dec 31, 2008 | -19.82% | 4.39% | — | 5.89% | -27.48% | 9.42% |
| Dec 31, 2007 | 4.97% | 8.40% | — | 4.88% | 1.66% | 0.98% |
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., ROA, long-term trends, comparison to sector (transportation)
| Delta Air Lines Inc. | Transportation | |
|---|---|---|
| Dec 31, 2021 | 0.39% | 6.88% |
| Dec 31, 2020 | -17.20% | -2.01% |
| Dec 31, 2019 | 7.39% | 2.09% |
| Dec 31, 2018 | 6.53% | 8.46% |
| Dec 31, 2017 | 6.71% | 10.69% |
| Dec 31, 2016 | 8.53% | 6.44% |
| Dec 31, 2015 | 8.52% | 10.54% |
| Dec 31, 2014 | 1.22% | 7.21% |
| Dec 31, 2013 | 20.17% | 6.97% |
| Dec 31, 2012 | 2.26% | 3.95% |
| Dec 31, 2011 | 1.96% | 6.47% |
| Dec 31, 2010 | 1.37% | 5.46% |
| Dec 31, 2009 | -2.84% | 2.98% |
| Dec 31, 2008 | -19.82% | 0.96% |
| Dec 31, 2007 | 4.97% | 3.72% |
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., ROA, long-term trends, comparison to industry (industrials)
| Delta Air Lines Inc. | Industrials | |
|---|---|---|
| Dec 31, 2021 | 0.39% | 3.40% |
| Dec 31, 2020 | -17.20% | 0.04% |
| Dec 31, 2019 | 7.39% | 2.56% |
| Dec 31, 2018 | 6.53% | 3.16% |
| Dec 31, 2017 | 6.71% | 3.59% |
| Dec 31, 2016 | 8.53% | 4.55% |
| Dec 31, 2015 | 8.52% | 3.52% |
| Dec 31, 2014 | 1.22% | 4.31% |
| Dec 31, 2013 | 20.17% | 3.91% |
| Dec 31, 2012 | 2.26% | 3.38% |
| Dec 31, 2011 | 1.96% | 3.69% |
| Dec 31, 2010 | 1.37% | 3.03% |
| Dec 31, 2009 | -2.84% | 2.24% |
| Dec 31, 2008 | -19.82% | 3.10% |
| Dec 31, 2007 | 4.97% | 3.87% |
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).