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Delta Air Lines Inc. (NYSE:DAL)

Return on Capital (ROC)

Advanced level

Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company’s debt and equity structure. It measures business productivity performance.

Return on Invested Capital (ROIC)

Delta Air Lines Inc., ROIC calculation

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 6,651  6,032  6,446  7,296  7,574 
Invested capital2 47,580  43,326  44,409  36,489  32,221 
Performance Ratio
ROIC3 13.98% 13.92% 14.52% 20.00% 23.51%

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05).

1 NOPAT. See details »

2 Invested capital. See details »

3 2019 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 6,651 ÷ 47,580 = 13.98%

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Delta Air Lines Inc.’s ROIC deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.