Total Asset Turnover
since 2007
Calculation
Delta Air Lines Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Operating revenue1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.41 | = | 29,899) | ÷ | 72,459) |
| Dec 31, 2020 | 0.24 | = | 17,095) | ÷ | 71,996) |
| Dec 31, 2019 | 0.73 | = | 47,007) | ÷ | 64,532) |
| Dec 31, 2018 | 0.74 | = | 44,438) | ÷ | 60,266) |
| Dec 31, 2017 | 0.77 | = | 41,244) | ÷ | 53,292) |
| Dec 31, 2016 | 0.77 | = | 39,639) | ÷ | 51,261) |
| Dec 31, 2015 | 0.77 | = | 40,704) | ÷ | 53,134) |
| Dec 31, 2014 | 0.75 | = | 40,362) | ÷ | 54,121) |
| Dec 31, 2013 | 0.72 | = | 37,773) | ÷ | 52,252) |
| Dec 31, 2012 | 0.82 | = | 36,670) | ÷ | 44,550) |
| Dec 31, 2011 | 0.81 | = | 35,115) | ÷ | 43,499) |
| Dec 31, 2010 | 0.74 | = | 31,755) | ÷ | 43,188) |
| Dec 31, 2009 | 0.64 | = | 28,063) | ÷ | 43,539) |
| Dec 31, 2008 | 0.50 | = | 22,697) | ÷ | 45,014) |
| Dec 31, 2007 | 0.59 | = | 19,154) | ÷ | 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 total asset turnover ratio exhibited significant volatility over the analyzed period, characterized by an initial phase of efficiency gains, a prolonged period of relative stability, and a severe contraction followed by a partial recovery.
- Efficiency Growth Phase (2008–2012)
- Following a low of 0.50 in 2008, a consistent upward trend in asset utilization is observed, peaking at 0.82 in 2012. This improvement was driven by operating revenue increasing from $22.7 billion in 2008 to $36.7 billion in 2012, while the total asset base remained relatively stable, fluctuating within a narrow range between $43.2 billion and $44.6 billion.
- Operational Stabilization (2013–2019)
- Between 2013 and 2019, the total asset turnover ratio entered a period of stabilization, fluctuating within a tight band between 0.72 and 0.77. While operating revenue grew steadily from $37.8 billion to $47.0 billion during this interval, the asset base expanded proportionally from $52.3 billion to $64.5 billion, resulting in a neutral effect on the turnover ratio.
- Systemic Contraction and Early Recovery (2020–2021)
- A precipitous decline in asset efficiency occurred in 2020, with the ratio falling to a period minimum of 0.24. This collapse was attributed to a sharp reduction in operating revenue to $17.1 billion occurring simultaneously with an increase in total assets to $72.0 billion. A partial recovery is evident in 2021, as the ratio improved to 0.41, supported by a revenue increase to $29.9 billion despite the asset base remaining elevated at $72.5 billion.
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Comparison to Competitors
Delta Air Lines Inc., total asset turnover, 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 | 0.41 | 1.01 | 0.45 | 0.34 | 0.36 | 1.40 |
| Dec 31, 2020 | 0.24 | 0.94 | 0.33 | 0.31 | 0.26 | 1.36 |
| Dec 31, 2019 | 0.73 | 1.28 | 0.45 | 0.35 | 0.82 | 1.28 |
| Dec 31, 2018 | 0.74 | 1.25 | — | 0.39 | 0.92 | 1.44 |
| Dec 31, 2017 | 0.77 | 1.24 | — | 0.37 | 0.89 | 1.45 |
| Dec 31, 2016 | 0.77 | 1.09 | — | 0.36 | 0.91 | 1.51 |
| Dec 31, 2015 | 0.77 | 1.28 | — | 0.40 | 0.93 | 1.52 |
| Dec 31, 2014 | 0.75 | 1.38 | — | 0.46 | 1.04 | 1.64 |
| Dec 31, 2013 | 0.72 | 1.32 | — | 0.44 | 1.04 | 1.53 |
| Dec 31, 2012 | 0.82 | 1.43 | — | 0.44 | 0.99 | 1.39 |
| Dec 31, 2011 | 0.81 | 1.44 | — | 0.43 | 0.98 | 1.53 |
| Dec 31, 2010 | 0.74 | 1.39 | — | 0.39 | 0.59 | 1.47 |
| Dec 31, 2009 | 0.64 | 1.46 | — | 0.33 | 0.87 | 1.42 |
| Dec 31, 2008 | 0.50 | 1.48 | — | 0.45 | 1.04 | 1.62 |
| Dec 31, 2007 | 0.59 | 1.47 | — | 0.43 | 0.83 | 1.27 |
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., total asset turnover, long-term trends, comparison to sector (transportation)
| Delta Air Lines Inc. | Transportation | |
|---|---|---|
| Dec 31, 2021 | 0.41 | 0.76 |
| Dec 31, 2020 | 0.24 | 0.69 |
| Dec 31, 2019 | 0.73 | 0.86 |
| Dec 31, 2018 | 0.74 | 0.98 |
| Dec 31, 2017 | 0.77 | 0.95 |
| Dec 31, 2016 | 0.77 | 0.92 |
| Dec 31, 2015 | 0.77 | 0.97 |
| Dec 31, 2014 | 0.75 | 1.05 |
| Dec 31, 2013 | 0.72 | 1.02 |
| Dec 31, 2012 | 0.82 | 1.01 |
| Dec 31, 2011 | 0.81 | 1.03 |
| Dec 31, 2010 | 0.74 | 0.88 |
| Dec 31, 2009 | 0.64 | 0.95 |
| Dec 31, 2008 | 0.50 | 1.09 |
| Dec 31, 2007 | 0.59 | 0.97 |
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., total asset turnover, long-term trends, comparison to industry (industrials)
| Delta Air Lines Inc. | Industrials | |
|---|---|---|
| Dec 31, 2021 | 0.41 | 0.58 |
| Dec 31, 2020 | 0.24 | 0.50 |
| Dec 31, 2019 | 0.73 | 0.62 |
| Dec 31, 2018 | 0.74 | 0.67 |
| Dec 31, 2017 | 0.77 | 0.62 |
| Dec 31, 2016 | 0.77 | 0.61 |
| Dec 31, 2015 | 0.77 | 0.54 |
| Dec 31, 2014 | 0.75 | 0.49 |
| Dec 31, 2013 | 0.72 | 0.47 |
| Dec 31, 2012 | 0.82 | 0.46 |
| Dec 31, 2011 | 0.81 | 0.45 |
| Dec 31, 2010 | 0.74 | 0.41 |
| Dec 31, 2009 | 0.64 | 0.39 |
| Dec 31, 2008 | 0.50 | 0.43 |
| Dec 31, 2007 | 0.59 | 0.41 |
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).