Stock Analysis on Net
Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

This company has been moved to the archive! The financial data has not been updated since July 13, 2022.

Adjusted Financial Ratios

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Adjusted Financial Ratios (Summary)

Delta Air Lines Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported 0.41 0.24 0.73 0.74 0.77
Adjusted 0.43 0.25 0.73 0.75 0.64
Liquidity Ratio
Current Ratio
Reported 0.76 1.09 0.41 0.34 0.42
Adjusted 0.88 1.24 0.49 0.41 0.47
Solvency Ratios
Debt to Equity
Reported 6.93 19.01 0.73 0.71 0.64
Adjusted 3.40 5.21 0.74 0.82 1.23
Debt to Capital
Reported 0.87 0.95 0.42 0.42 0.39
Adjusted 0.77 0.84 0.42 0.45 0.55
Financial Leverage
Reported 18.64 46.93 4.20 4.40 3.83
Adjusted 6.98 10.28 2.75 2.96 3.77
Profitability Ratios
Net Profit Margin
Reported 0.94% -72.45% 10.14% 8.86% 8.67%
Adjusted 8.72% -91.25% 13.09% 12.34% 14.12%
Return on Equity (ROE)
Reported 7.20% -807.37% 31.04% 28.75% 25.72%
Adjusted 25.88% -234.91% 26.30% 27.25% 34.21%
Return on Assets (ROA)
Reported 0.39% -17.20% 7.39% 6.53% 6.71%
Adjusted 3.71% -22.85% 9.57% 9.20% 9.07%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Delta Air Lines Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Delta Air Lines Inc. adjusted current ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Delta Air Lines Inc. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
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. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
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. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Delta Air Lines Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Delta Air Lines Inc. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Delta Air Lines Inc. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Delta Air Lines Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Operating revenue 29,899 17,095 47,007 44,438 41,244
Total assets 72,459 71,996 64,532 60,266 53,292
Activity Ratio
Total asset turnover1 0.41 0.24 0.73 0.74 0.77
Adjusted
Selected Financial Data (US$ in millions)
Adjusted operating revenue2 30,276 17,549 47,094 44,758 41,436
Adjusted total assets3 71,214 70,097 64,425 60,036 64,556
Activity Ratio
Adjusted total asset turnover4 0.43 0.25 0.73 0.75 0.64

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).

1 2021 Calculation
Total asset turnover = Operating revenue ÷ Total assets
= 29,899 ÷ 72,459 = 0.41

2 Adjusted operating revenue. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted total asset turnover = Adjusted operating revenue ÷ Adjusted total assets
= 30,276 ÷ 71,214 = 0.43

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Delta Air Lines Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Current assets 15,940 17,404 8,249 6,340 7,844
Current liabilities 20,966 15,927 20,204 18,578 18,573
Liquidity Ratio
Current ratio1 0.76 1.09 0.41 0.34 0.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 15,990 17,493 8,262 6,352 7,856
Adjusted current liabilities3 18,256 14,150 16,985 15,589 16,751
Liquidity Ratio
Adjusted current ratio4 0.88 1.24 0.49 0.41 0.47

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).

1 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 15,940 ÷ 20,966 = 0.76

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 15,990 ÷ 18,256 = 0.88

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Delta Air Lines Inc. adjusted current ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt 26,920 29,157 11,160 9,771 8,834
Stockholders’ equity 3,887 1,534 15,358 13,687 13,910
Solvency Ratio
Debt to equity1 6.93 19.01 0.73 0.71 0.64
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 34,679 35,548 17,255 16,527 21,021
Adjusted stockholders’ equity3 10,202 6,817 23,435 20,261 17,105
Solvency Ratio
Adjusted debt to equity4 3.40 5.21 0.74 0.82 1.23

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).

1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 26,920 ÷ 3,887 = 6.93

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 34,679 ÷ 10,202 = 3.40

Solvency 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. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt 26,920 29,157 11,160 9,771 8,834
Total capital 30,807 30,691 26,518 23,458 22,744
Solvency Ratio
Debt to capital1 0.87 0.95 0.42 0.42 0.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 34,679 35,548 17,255 16,527 21,021
Adjusted total capital3 44,881 42,365 40,690 36,788 38,126
Solvency Ratio
Adjusted debt to capital4 0.77 0.84 0.42 0.45 0.55

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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 26,920 ÷ 30,807 = 0.87

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 34,679 ÷ 44,881 = 0.77

Solvency 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. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total assets 72,459 71,996 64,532 60,266 53,292
Stockholders’ equity 3,887 1,534 15,358 13,687 13,910
Solvency Ratio
Financial leverage1 18.64 46.93 4.20 4.40 3.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 71,214 70,097 64,425 60,036 64,556
Adjusted stockholders’ equity3 10,202 6,817 23,435 20,261 17,105
Solvency Ratio
Adjusted financial leverage4 6.98 10.28 2.75 2.96 3.77

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).

1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 72,459 ÷ 3,887 = 18.64

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 71,214 ÷ 10,202 = 6.98

Solvency 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. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 280 (12,385) 4,767 3,935 3,577
Operating revenue 29,899 17,095 47,007 44,438 41,244
Profitability Ratio
Net profit margin1 0.94% -72.45% 10.14% 8.86% 8.67%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,640 (16,014) 6,164 5,521 5,852
Adjusted operating revenue3 30,276 17,549 47,094 44,758 41,436
Profitability Ratio
Adjusted net profit margin4 8.72% -91.25% 13.09% 12.34% 14.12%

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).

1 2021 Calculation
Net profit margin = 100 × Net income (loss) ÷ Operating revenue
= 100 × 280 ÷ 29,899 = 0.94%

2 Adjusted net income (loss). See details »

3 Adjusted operating revenue. See details »

4 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted operating revenue
= 100 × 2,640 ÷ 30,276 = 8.72%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Delta Air Lines Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 280 (12,385) 4,767 3,935 3,577
Stockholders’ equity 3,887 1,534 15,358 13,687 13,910
Profitability Ratio
ROE1 7.20% -807.37% 31.04% 28.75% 25.72%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,640 (16,014) 6,164 5,521 5,852
Adjusted stockholders’ equity3 10,202 6,817 23,435 20,261 17,105
Profitability Ratio
Adjusted ROE4 25.88% -234.91% 26.30% 27.25% 34.21%

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).

1 2021 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 280 ÷ 3,887 = 7.20%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 2,640 ÷ 10,202 = 25.88%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Delta Air Lines Inc. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 280 (12,385) 4,767 3,935 3,577
Total assets 72,459 71,996 64,532 60,266 53,292
Profitability Ratio
ROA1 0.39% -17.20% 7.39% 6.53% 6.71%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,640 (16,014) 6,164 5,521 5,852
Adjusted total assets3 71,214 70,097 64,425 60,036 64,556
Profitability Ratio
Adjusted ROA4 3.71% -22.85% 9.57% 9.20% 9.07%

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).

1 2021 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 280 ÷ 72,459 = 0.39%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 2,640 ÷ 71,214 = 3.71%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Delta Air Lines Inc. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.