Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

Analysis of Solvency Ratios

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

Delta Air Lines Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Debt Ratios
Debt to equity 6.93 19.01 0.73 0.71 0.64
Debt to equity (including operating lease liability) 8.92 23.17 1.12 1.21 0.64
Debt to capital 0.87 0.95 0.42 0.42 0.39
Debt to capital (including operating lease liability) 0.90 0.96 0.53 0.55 0.39
Debt to assets 0.37 0.40 0.17 0.16 0.17
Debt to assets (including operating lease liability) 0.48 0.49 0.27 0.27 0.17
Financial leverage 18.64 46.93 4.20 4.40 3.83
Coverage Ratios
Interest coverage 1.31 -15.78 21.59 17.56 15.40
Fixed charge coverage 1.19 -7.00 5.72 4.95 4.36

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Delta Air Lines Inc. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Delta Air Lines Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Delta Air Lines Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Delta Air Lines Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Delta Air Lines Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Equity

Delta Air Lines Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,782  1,732  2,287  1,518  2,242 
Debt and finance leases, excluding current maturities 25,138  27,425  8,873  8,253  6,592 
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
Benchmarks
Debt to Equity, Competitors2
American Airlines Group Inc. 6.38
CSX Corp. 1.21 1.28 1.37 1.17 0.80
FedEx Corp. 0.86 1.20 0.99 0.85 0.93
Union Pacific Corp. 2.10 1.58 1.39 1.10 0.68
United Airlines Holdings Inc. 6.69 4.56 1.29 1.47 1.63
United Parcel Service Inc. 1.54 37.53 7.73 7.53 24.29
Debt to Equity, Sector
Transportation 2.77 3.61 1.73 1.59 1.40
Debt to Equity, Industry
Industrials 1.80 2.37 2.07 1.98 1.72

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Equity (including Operating Lease Liability)

Delta Air Lines Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,782  1,732  2,287  1,518  2,242 
Debt and finance leases, excluding current maturities 25,138  27,425  8,873  8,253  6,592 
Total debt 26,920  29,157  11,160  9,771  8,834 
Current maturities of operating leases 703  678  801  955  — 
Noncurrent operating leases 7,056  5,713  5,294  5,801  — 
Total debt (including operating lease liability) 34,679  35,548  17,255  16,527  8,834 
 
Stockholders’ equity 3,887  1,534  15,358  13,687  13,910 
Solvency Ratio
Debt to equity (including operating lease liability)1 8.92 23.17 1.12 1.21 0.64
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 6.38
CSX Corp. 1.25 1.31 1.42 1.17 0.80
FedEx Corp. 1.51 1.97 0.99 0.85 0.93
Union Pacific Corp. 2.22 1.67 1.49 1.10 0.68
United Airlines Holdings Inc. 7.83 5.50 1.77 1.47 1.63
United Parcel Service Inc. 1.79 42.24 8.62 7.53 24.29
Debt to Equity (including Operating Lease Liability), Sector
Transportation 3.41 4.41 2.07 1.80 1.40
Debt to Equity (including Operating Lease Liability), Industry
Industrials 2.05 2.64 2.27 2.07 1.72

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 34,679 ÷ 3,887 = 8.92

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Capital

Delta Air Lines Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,782  1,732  2,287  1,518  2,242 
Debt and finance leases, excluding current maturities 25,138  27,425  8,873  8,253  6,592 
Total debt 26,920  29,157  11,160  9,771  8,834 
Stockholders’ equity 3,887  1,534  15,358  13,687  13,910 
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
Benchmarks
Debt to Capital, Competitors2
American Airlines Group Inc. 1.24 1.27 1.00 1.01 0.86
CSX Corp. 0.55 0.56 0.58 0.54 0.45
FedEx Corp. 0.46 0.55 0.50 0.46 0.48
Union Pacific Corp. 0.68 0.61 0.58 0.52 0.41
United Airlines Holdings Inc. 0.87 0.82 0.56 0.60 0.62
United Parcel Service Inc. 0.61 0.97 0.89 0.88 0.96
Debt to Capital, Sector
Transportation 0.73 0.78 0.63 0.61 0.58
Debt to Capital, Industry
Industrials 0.64 0.70 0.67 0.66 0.63

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Capital (including Operating Lease Liability)

Delta Air Lines Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,782  1,732  2,287  1,518  2,242 
Debt and finance leases, excluding current maturities 25,138  27,425  8,873  8,253  6,592 
Total debt 26,920  29,157  11,160  9,771  8,834 
Current maturities of operating leases 703  678  801  955  — 
Noncurrent operating leases 7,056  5,713  5,294  5,801  — 
Total debt (including operating lease liability) 34,679  35,548  17,255  16,527  8,834 
Stockholders’ equity 3,887  1,534  15,358  13,687  13,910 
Total capital (including operating lease liability) 38,566  37,082  32,613  30,214  22,744 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.90 0.96 0.53 0.55 0.39
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 1.19 1.20 1.00 1.00 0.86
CSX Corp. 0.56 0.57 0.59 0.54 0.45
FedEx Corp. 0.60 0.66 0.50 0.46 0.48
Union Pacific Corp. 0.69 0.63 0.60 0.52 0.41
United Airlines Holdings Inc. 0.89 0.85 0.64 0.60 0.62
United Parcel Service Inc. 0.64 0.98 0.90 0.88 0.96
Debt to Capital (including Operating Lease Liability), Sector
Transportation 0.77 0.82 0.67 0.64 0.58
Debt to Capital (including Operating Lease Liability), Industry
Industrials 0.67 0.73 0.69 0.67 0.63

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 34,679 ÷ 38,566 = 0.90

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Assets

Delta Air Lines Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,782  1,732  2,287  1,518  2,242 
Debt and finance leases, excluding current maturities 25,138  27,425  8,873  8,253  6,592 
Total debt 26,920  29,157  11,160  9,771  8,834 
 
Total assets 72,459  71,996  64,532  60,266  53,292 
Solvency Ratio
Debt to assets1 0.37 0.40 0.17 0.16 0.17
Benchmarks
Debt to Assets, Competitors2
American Airlines Group Inc. 0.57 0.53 0.41 0.40 0.49
CSX Corp. 0.40 0.42 0.42 0.40 0.33
FedEx Corp. 0.25 0.30 0.32 0.32 0.31
Union Pacific Corp. 0.47 0.43 0.41 0.38 0.29
United Airlines Holdings Inc. 0.49 0.46 0.28 0.33 0.34
United Parcel Service Inc. 0.32 0.40 0.44 0.45 0.53
Debt to Assets, Sector
Transportation 0.40 0.41 0.35 0.34 0.35
Debt to Assets, Industry
Industrials 0.33 0.35 0.33 0.33 0.33

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 assets = Total debt ÷ Total assets
= 26,920 ÷ 72,459 = 0.37

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Delta Air Lines Inc. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Debt to Assets (including Operating Lease Liability)

Delta Air Lines Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,782  1,732  2,287  1,518  2,242 
Debt and finance leases, excluding current maturities 25,138  27,425  8,873  8,253  6,592 
Total debt 26,920  29,157  11,160  9,771  8,834 
Current maturities of operating leases 703  678  801  955  — 
Noncurrent operating leases 7,056  5,713  5,294  5,801  — 
Total debt (including operating lease liability) 34,679  35,548  17,255  16,527  8,834 
 
Total assets 72,459  71,996  64,532  60,266  53,292 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.48 0.49 0.27 0.27 0.17
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 0.69 0.66 0.56 0.56 0.49
CSX Corp. 0.42 0.43 0.44 0.40 0.33
FedEx Corp. 0.44 0.49 0.32 0.32 0.31
Union Pacific Corp. 0.50 0.45 0.44 0.38 0.29
United Airlines Holdings Inc. 0.58 0.55 0.39 0.33 0.34
United Parcel Service Inc. 0.37 0.44 0.49 0.45 0.53
Debt to Assets (including Operating Lease Liability), Sector
Transportation 0.50 0.51 0.41 0.39 0.35
Debt to Assets (including Operating Lease Liability), Industry
Industrials 0.37 0.39 0.36 0.34 0.33

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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 34,679 ÷ 72,459 = 0.48

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Delta Air Lines Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Financial Leverage

Delta Air Lines Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
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
Benchmarks
Financial Leverage, Competitors2
American Airlines Group Inc. 13.09
CSX Corp. 3.00 3.04 3.23 2.92 2.43
FedEx Corp. 3.43 4.02 3.06 2.70 3.02
Union Pacific Corp. 4.49 3.68 3.40 2.90 2.33
United Airlines Holdings Inc. 13.56 9.99 4.56 4.48 4.81
United Parcel Service Inc. 4.87 94.99 17.71 16.56 45.40
Financial Leverage, Sector
Transportation 6.85 8.70 5.01 4.61 4.02
Financial Leverage, Industry
Industrials 5.47 6.71 6.35 6.06 5.22

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 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Delta Air Lines Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Interest Coverage

Delta Air Lines Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) 280  (12,385) 4,767  3,935  3,577 
Add: Income tax expense 118  (3,202) 1,431  1,216  2,124 
Add: Interest expense, net 1,279  929  301  311  396 
Earnings before interest and tax (EBIT) 1,677  (14,658) 6,499  5,462  6,097 
Solvency Ratio
Interest coverage1 1.31 -15.78 21.59 17.56 15.40
Benchmarks
Interest Coverage, Competitors2
American Airlines Group Inc. -0.42 -8.33 3.06 2.78 3.93
CSX Corp. 7.86 5.81 6.86 7.74 6.75
FedEx Corp. 9.42 3.48 2.11 8.80 9.94
Union Pacific Corp. 8.33 7.12 8.38 9.90 11.61
United Airlines Holdings Inc. -0.62 -7.89 7.06 5.03 6.36
United Parcel Service Inc. 24.91 3.63 9.66 10.95 16.78
Interest Coverage, Sector
Transportation 4.99 -2.39 7.06 7.83 9.09
Interest Coverage, Industry
Industrials 4.34 -0.03 5.57 5.11 5.97

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).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 1,677 ÷ 1,279 = 1.31

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Delta Air Lines Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Fixed Charge Coverage

Delta Air Lines Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) 280  (12,385) 4,767  3,935  3,577 
Add: Income tax expense 118  (3,202) 1,431  1,216  2,124 
Add: Interest expense, net 1,279  929  301  311  396 
Earnings before interest and tax (EBIT) 1,677  (14,658) 6,499  5,462  6,097 
Add: Operating lease cost 863  1,019  1,013  994  1,300 
Earnings before fixed charges and tax 2,540  (13,639) 7,512  6,456  7,397 
 
Interest expense, net 1,279  929  301  311  396 
Operating lease cost 863  1,019  1,013  994  1,300 
Fixed charges 2,142  1,948  1,314  1,305  1,696 
Solvency Ratio
Fixed charge coverage1 1.19 -7.00 5.72 4.95 4.36
Benchmarks
Fixed Charge Coverage, Competitors2
American Airlines Group Inc. 0.33 -2.60 1.72 1.64 1.80
CSX Corp. 7.10 5.34 6.26 7.10 6.04
FedEx Corp. 2.83 1.50 1.19 2.25 2.38
Union Pacific Corp. 6.81 5.79 6.62 7.11 7.37
United Airlines Holdings Inc. -0.01 -3.58 3.32 2.08 2.29
United Parcel Service Inc. 12.66 2.31 5.36 4.85 6.69
Fixed Charge Coverage, Sector
Transportation 3.02 -0.54 3.35 3.34 3.40
Fixed Charge Coverage, Industry
Industrials 2.95 0.39 3.42 3.02 3.28

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,540 ÷ 2,142 = 1.19

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Delta Air Lines Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.