Adjusted Ratios
Difficulty: Advanced
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Adjusted Ratios (Summary)
Delta Air Lines Inc., adjusted ratios
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Activity | ||||||
Total Asset Turnover | ||||||
| Reported | |||||
| Adjusted | |||||
Liquidity | ||||||
Current Ratio | ||||||
| Reported | |||||
| Adjusted | |||||
Solvency | ||||||
Debt to Equity | ||||||
| Reported | |||||
| Adjusted | |||||
Debt to Capital | ||||||
| Reported | |||||
| Adjusted | |||||
Financial Leverage | ||||||
| Reported | |||||
| Adjusted | |||||
Profitability | ||||||
Net Profit Margin | ||||||
| Reported | % | % | % | % | % |
| Adjusted | % | % | % | % | % |
Return on Equity (ROE) | ||||||
| Reported | % | % | % | % | % |
| Adjusted | % | % | % | % | % |
Return on Assets (ROA) | ||||||
| Reported | % | % | % | % | % |
| Adjusted | % | % | % | % | % |
Ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Delta Air Lines Inc.'s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Delta Air Lines Inc.'s adjusted current ratio deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted debt-to-equity ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total equity. | Delta Air Lines Inc.'s adjusted debt-to-equity ratio improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted debt-to-capital ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. | Delta Air Lines Inc.'s adjusted debt-to-capital ratio improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Delta Air Lines Inc.'s adjusted financial leverage declined from 2015 to 2016 and from 2016 to 2017. |
Adjusted net profit margin | An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. | Delta Air Lines Inc.'s adjusted net profit margin deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted ROE | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. | Delta Air Lines Inc.'s adjusted ROE deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted ROA | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. | Delta Air Lines Inc.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Total Asset Turnover
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Operating revenue | |||||
| Total assets | |||||
Ratio | ||||||
| Total asset turnover^{1} | |||||
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted operating revenue^{2} | |||||
| Adjusted total assets^{3} | |||||
Ratio | ||||||
| Adjusted total asset turnover^{4} |
2017 Calculations
^{1} Total asset turnover = Operating revenue ÷ Total assets
= ÷ =
^{2} Adjusted operating revenue. See Details »
^{3} Adjusted total assets. See Details »
^{4} Adjusted total asset turnover = Adjusted operating revenue ÷ Adjusted total assets
= ÷ =
Ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Delta Air Lines Inc.'s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Current Ratio
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Current assets | |||||
| Current liabilities | |||||
Ratio | ||||||
| Current ratio^{1} | |||||
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted current assets^{2} | |||||
| Adjusted current liabilities^{3} | |||||
Ratio | ||||||
| Adjusted current ratio^{4} |
2017 Calculations
^{1} Current ratio = Current assets ÷ Current liabilities
= ÷ =
^{2} Adjusted current assets. See Details »
^{3} Adjusted current liabilities. See Details »
^{4} Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =
Ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Delta Air Lines Inc.'s adjusted current ratio deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Debt to Equity
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Total debt | |||||
| Stockholders' equity | |||||
Ratio | ||||||
| Debt to equity^{1} | |||||
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted total debt^{2} | |||||
| Adjusted stockholders' equity^{3} | |||||
Ratio | ||||||
| Adjusted debt to equity^{4} |
2017 Calculations
^{1} Debt to equity = Total debt ÷ Stockholders' equity
= ÷ =
^{2} Adjusted total debt. See Details »
^{3} Adjusted stockholders' equity. See Details »
^{4} Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders' equity
= ÷ =
Ratio | Description | The company |
---|---|---|
Adjusted debt-to-equity ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total equity. | Delta Air Lines Inc.'s adjusted debt-to-equity ratio improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted Debt to Capital
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Total debt | |||||
| Total capital | |||||
Ratio | ||||||
| Debt to capital^{1} | |||||
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted total debt^{2} | |||||
| Adjusted total capital^{3} | |||||
Ratio | ||||||
| Adjusted debt to capital^{4} |
2017 Calculations
^{1} Debt to capital = Total debt ÷ Total capital
= ÷ =
^{2} Adjusted total debt. See Details »
^{3} Adjusted total capital. See Details »
^{4} Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =
Ratio | Description | The company |
---|---|---|
Adjusted debt-to-capital ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. | Delta Air Lines Inc.'s adjusted debt-to-capital ratio improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted Financial Leverage
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Total assets | |||||
| Stockholders' equity | |||||
Ratio | ||||||
| Financial leverage^{1} | |||||
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted total assets^{2} | |||||
| Adjusted stockholders' equity^{3} | |||||
Ratio | ||||||
| Adjusted financial leverage^{4} |
2017 Calculations
^{1} Financial leverage = Total assets ÷ Stockholders' equity
= ÷ =
^{2} Adjusted total assets. See Details »
^{3} Adjusted stockholders' equity. See Details »
^{4} Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders' equity
= ÷ =
Ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Delta Air Lines Inc.'s adjusted financial leverage declined from 2015 to 2016 and from 2016 to 2017. |
Adjusted Net Profit Margin
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Net income | |||||
| Operating revenue | |||||
Ratio | ||||||
| Net profit margin^{1} | % | % | % | % | % |
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted comprehensive income (loss)^{2} | |||||
| Adjusted operating revenue^{3} | |||||
Ratio | ||||||
| Adjusted net profit margin^{4} | % | % | % | % | % |
2017 Calculations
^{1} Net profit margin = 100 × Net income ÷ Operating revenue
= 100 × ÷ = %
^{2} Adjusted comprehensive income (loss). See Details »
^{3} Adjusted operating revenue. See Details »
^{4} Adjusted net profit margin = 100 × Adjusted comprehensive income (loss) ÷ Adjusted operating revenue
= 100 × ÷ = %
Ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. | Delta Air Lines Inc.'s adjusted net profit margin deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Return on Equity (ROE)
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Net income | |||||
| Stockholders' equity | |||||
Ratio | ||||||
| ROE^{1} | % | % | % | % | % |
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted comprehensive income (loss)^{2} | |||||
| Adjusted stockholders' equity^{3} | |||||
Ratio | ||||||
| Adjusted ROE^{4} | % | % | % | % | % |
2017 Calculations
^{1} ROE = 100 × Net income ÷ Stockholders' equity
= 100 × ÷ = %
^{2} Adjusted comprehensive income (loss). See Details »
^{3} Adjusted stockholders' equity. See Details »
^{4} Adjusted ROE = 100 × Adjusted comprehensive income (loss) ÷ Adjusted stockholders' equity
= 100 × ÷ = %
Ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. | Delta Air Lines Inc.'s adjusted ROE deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Return on Assets (ROA)
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Net income | |||||
| Total assets | |||||
Ratio | ||||||
| ROA^{1} | % | % | % | % | % |
Adjusted | ||||||
Selected Financial Data (USD $ in millions) | ||||||
| Adjusted comprehensive income (loss)^{2} | |||||
| Adjusted total assets^{3} | |||||
Ratio | ||||||
| Adjusted ROA^{4} | % | % | % | % | % |
2017 Calculations
^{1} ROA = 100 × Net income ÷ Total assets
= 100 × ÷ = %
^{2} Adjusted comprehensive income (loss). See Details »
^{3} Adjusted total assets. See Details »
^{4} Adjusted ROA = 100 × Adjusted comprehensive income (loss) ÷ Adjusted total assets
= 100 × ÷ = %
Ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. | Delta Air Lines Inc.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017. |