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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Delta Air Lines Inc., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2021 7.20% = 0.39% × 18.64
Dec 31, 2020 -807.37% = -17.20% × 46.93
Dec 31, 2019 31.04% = 7.39% × 4.20
Dec 31, 2018 28.75% = 6.53% × 4.40
Dec 31, 2017 25.72% = 6.71% × 3.83

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).

Three-Component Disaggregation of ROE

Delta Air Lines Inc., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2021 7.20% = 0.94% × 0.41 × 18.64
Dec 31, 2020 -807.37% = -72.45% × 0.24 × 46.93
Dec 31, 2019 31.04% = 10.14% × 0.73 × 4.20
Dec 31, 2018 28.75% = 8.86% × 0.74 × 4.40
Dec 31, 2017 25.72% = 8.67% × 0.77 × 3.83

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).

Five-Component Disaggregation of ROE

Delta Air Lines Inc., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2021 7.20% = 0.70 × 0.24 × 5.61% × 0.41 × 18.64
Dec 31, 2020 -807.37% = — × — × -85.74% × 0.24 × 46.93
Dec 31, 2019 31.04% = 0.77 × 0.95 × 13.83% × 0.73 × 4.20
Dec 31, 2018 28.75% = 0.76 × 0.94 × 12.29% × 0.74 × 4.40
Dec 31, 2017 25.72% = 0.63 × 0.94 × 14.78% × 0.77 × 3.83

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).

Two-Component Disaggregation of ROA

Delta Air Lines Inc., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2021 0.39% = 0.94% × 0.41
Dec 31, 2020 -17.20% = -72.45% × 0.24
Dec 31, 2019 7.39% = 10.14% × 0.73
Dec 31, 2018 6.53% = 8.86% × 0.74
Dec 31, 2017 6.71% = 8.67% × 0.77

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).

Four-Component Disaggregation of ROA

Delta Air Lines Inc., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2021 0.39% = 0.70 × 0.24 × 5.61% × 0.41
Dec 31, 2020 -17.20% = — × — × -85.74% × 0.24
Dec 31, 2019 7.39% = 0.77 × 0.95 × 13.83% × 0.73
Dec 31, 2018 6.53% = 0.76 × 0.94 × 12.29% × 0.74
Dec 31, 2017 6.71% = 0.63 × 0.94 × 14.78% × 0.77

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).

Disaggregation of Net Profit Margin

Delta Air Lines Inc., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2021 0.94% = 0.70 × 0.24 × 5.61%
Dec 31, 2020 -72.45% = — × — × -85.74%
Dec 31, 2019 10.14% = 0.77 × 0.95 × 13.83%
Dec 31, 2018 8.86% = 0.76 × 0.94 × 12.29%
Dec 31, 2017 8.67% = 0.63 × 0.94 × 14.78%

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).