Return on Equity (ROE)
since 2007
Calculation
Delta Air Lines Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 7.20% | = | 100 | × | 280) | ÷ | 3,887) |
| Dec 31, 2020 | -807.37% | = | 100 | × | (12,385) | ÷ | 1,534) |
| Dec 31, 2019 | 31.04% | = | 100 | × | 4,767) | ÷ | 15,358) |
| Dec 31, 2018 | 28.75% | = | 100 | × | 3,935) | ÷ | 13,687) |
| Dec 31, 2017 | 25.72% | = | 100 | × | 3,577) | ÷ | 13,910) |
| Dec 31, 2016 | 35.59% | = | 100 | × | 4,373) | ÷ | 12,287) |
| Dec 31, 2015 | 41.71% | = | 100 | × | 4,526) | ÷ | 10,850) |
| Dec 31, 2014 | 7.48% | = | 100 | × | 659) | ÷ | 8,813) |
| Dec 31, 2013 | 90.53% | = | 100 | × | 10,540) | ÷ | 11,643) |
| Dec 31, 2012 | — | = | 100 | × | 1,009) | ÷ | (2,131) |
| Dec 31, 2011 | — | = | 100 | × | 854) | ÷ | (1,396) |
| Dec 31, 2010 | 66.11% | = | 100 | × | 593) | ÷ | 897) |
| Dec 31, 2009 | -504.90% | = | 100 | × | (1,237) | ÷ | 245) |
| Dec 31, 2008 | -1,020.82% | = | 100 | × | (8,922) | ÷ | 874) |
| Dec 31, 2007 | 15.94% | = | 100 | × | 1,612) | ÷ | 10,113) |
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 financial performance from 2007 to 2021 is characterized by extreme volatility in both profitability and capital structure, resulting in erratic fluctuations in the Return on Equity (ROE).
- Net Income Trends
- Profitability has been subject to severe cyclical shocks. Substantial losses were recorded during the 2008-2009 period and again in 2020, with the latter representing the most significant loss in the series at 12,385 million. Conversely, a period of exceptional profitability was observed in 2013, with net income peaking at 10,540 million.
- Stockholders' Equity Fluctuations
- The equity base has experienced drastic contractions and expansions. A critical period of negative equity occurred between 2011 and 2012, indicating a deficit in stockholders' equity. A strong recovery phase followed from 2013 to 2019, during which equity grew steadily to a peak of 15,358 million. This capital base was again severely eroded in 2020, dropping to 1,534 million, before beginning a gradual recovery in 2021.
- Return on Equity (ROE) Interpretation
- The ROE exhibits extreme variance, often amplified by the diminishing equity base during loss-making years. Extreme negative values were observed in 2008 (-1,020.82%), 2009 (-504.90%), and 2020 (-807.37%). A period of relative stability and strong performance is evident from 2016 to 2019, where ROE maintained a consistent range between 25.72% and 31.04%. The 2021 figure of 7.20% indicates a return to positive territory, although it remains significantly below the pre-2020 stabilization levels.
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Comparison to Competitors
Delta Air Lines Inc., ROE, 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 | 7.20% | 21.64% | -3.43% | 46.06% | -39.05% | 90.44% |
| Dec 31, 2020 | -807.37% | 7.03% | -55.18% | 31.54% | -118.61% | 204.41% |
| Dec 31, 2019 | 31.04% | 3.04% | -59.94% | 32.65% | 26.09% | 135.90% |
| Dec 31, 2018 | 28.75% | 23.55% | — | 29.21% | 21.30% | 158.59% |
| Dec 31, 2017 | 25.72% | 18.65% | — | 43.10% | 24.20% | 491.00% |
| Dec 31, 2016 | 35.59% | 13.20% | — | 21.24% | 26.13% | 847.16% |
| Dec 31, 2015 | 41.71% | 7.00% | — | 23.05% | 81.86% | 196.11% |
| Dec 31, 2014 | 7.48% | 13.73% | — | 24.45% | 47.25% | 141.62% |
| Dec 31, 2013 | 90.53% | 8.97% | — | 20.67% | 19.14% | 67.53% |
| Dec 31, 2012 | — | 13.80% | — | 19.84% | -150.31% | 17.34% |
| Dec 31, 2011 | — | 9.54% | — | 17.72% | 46.51% | 54.07% |
| Dec 31, 2010 | 66.11% | 8.57% | — | 15.65% | 14.65% | 43.71% |
| Dec 31, 2009 | -504.90% | 0.72% | — | 11.20% | — | 28.20% |
| Dec 31, 2008 | -1,020.82% | 7.74% | — | 15.14% | — | 44.29% |
| Dec 31, 2007 | 15.94% | 15.93% | — | 11.90% | 16.67% | 3.14% |
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., ROE, long-term trends, comparison to sector (transportation)
| Delta Air Lines Inc. | Transportation | |
|---|---|---|
| Dec 31, 2021 | 7.20% | 30.78% |
| Dec 31, 2020 | -807.37% | -10.82% |
| Dec 31, 2019 | 31.04% | 8.33% |
| Dec 31, 2018 | 28.75% | 33.03% |
| Dec 31, 2017 | 25.72% | 40.90% |
| Dec 31, 2016 | 35.59% | 27.46% |
| Dec 31, 2015 | 41.71% | 38.20% |
| Dec 31, 2014 | 7.48% | 27.90% |
| Dec 31, 2013 | 90.53% | 22.65% |
| Dec 31, 2012 | — | 15.25% |
| Dec 31, 2011 | — | 22.02% |
| Dec 31, 2010 | 66.11% | 18.67% |
| Dec 31, 2009 | -504.90% | 9.88% |
| Dec 31, 2008 | -1,020.82% | 3.26% |
| Dec 31, 2007 | 15.94% | 10.87% |
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).
Comparison to Industry (Industrials)
Delta Air Lines Inc., ROE, long-term trends, comparison to industry (industrials)
| Delta Air Lines Inc. | Industrials | |
|---|---|---|
| Dec 31, 2021 | 7.20% | 15.38% |
| Dec 31, 2020 | -807.37% | 0.24% |
| Dec 31, 2019 | 31.04% | 14.56% |
| Dec 31, 2018 | 28.75% | 17.95% |
| Dec 31, 2017 | 25.72% | 18.24% |
| Dec 31, 2016 | 35.59% | 21.69% |
| Dec 31, 2015 | 41.71% | 16.11% |
| Dec 31, 2014 | 7.48% | 19.68% |
| Dec 31, 2013 | 90.53% | 16.40% |
| Dec 31, 2012 | — | 17.20% |
| Dec 31, 2011 | — | 20.10% |
| Dec 31, 2010 | 66.11% | 16.41% |
| Dec 31, 2009 | -504.90% | 12.84% |
| Dec 31, 2008 | -1,020.82% | 20.74% |
| Dec 31, 2007 | 15.94% | 20.36% |
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).