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Microsoft Excel LibreOffice Calc

Delta Air Lines Inc. (DAL)


Analysis of Solvency Ratios

Beginner level


Solvency Ratios (Summary)

Delta Air Lines Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Debt Ratios
Debt to equity 0.73 0.71 0.64 0.60 0.77
Debt to equity (including operating lease liability) 1.12 1.21 0.64 0.60 0.77
Debt to capital 0.42 0.42 0.39 0.37 0.43
Debt to capital (including operating lease liability) 0.53 0.55 0.39 0.37 0.43
Debt to assets 0.17 0.16 0.17 0.14 0.16
Debt to assets (including operating lease liability) 0.27 0.27 0.17 0.14 0.16
Financial leverage 4.20 4.40 3.83 4.17 4.90
Coverage Ratios
Interest coverage 21.59 17.56 15.40 18.10 15.88
Fixed charge coverage 5.72 4.95 4.36 4.93 5.26

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).

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.’s debt to equity ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
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.’s debt to equity ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Delta Air Lines Inc.’s debt to capital ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
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.’s debt to capital ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Delta Air Lines Inc.’s debt to assets ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
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.’s debt to assets ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Delta Air Lines Inc.’s financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Delta Air Lines Inc.’s interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Delta Air Lines Inc.’s fixed charge coverage ratio improved from 2017 to 2018 and from 2018 to 2019.

Debt to Equity

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 2,287  1,518  2,242  1,131  1,563 
Debt and finance leases, excluding current maturities 8,873  8,253  6,592  6,201  6,766 
Total debt 11,160  9,771  8,834  7,332  8,329 
 
Stockholders’ equity 15,358  13,687  13,910  12,287  10,850 
Solvency Ratio
Debt to equity1 0.73 0.71 0.64 0.60 0.77
Benchmarks
Debt to Equity, Competitors2
Booking Holdings Inc. 1.45 0.98 0.85 0.73 0.70
Marriott International Inc. 15.56 4.20 2.21 1.59
McDonald’s Corp. 3.40
Starbucks Corp. 8.07 0.72 0.61 0.40
Debt to Equity, Sector
Travel & Leisure 9.88 2.98 2.40 2.03
Debt to Equity, Industry
Consumer Services 1.24 1.26 1.07 0.97 0.92

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 2019 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 11,160 ÷ 15,358 = 0.73

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.’s debt to equity ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 2,287  1,518  2,242  1,131  1,563 
Debt and finance leases, excluding current maturities 8,873  8,253  6,592  6,201  6,766 
Total debt 11,160  9,771  8,834  7,332  8,329 
Current maturities of operating leases 801  955  —  —  — 
Noncurrent operating leases 5,294  5,801  —  —  — 
Total debt (including operating lease liability) 17,255  16,527  8,834  7,332  8,329 
 
Stockholders’ equity 15,358  13,687  13,910  12,287  10,850 
Solvency Ratio
Debt to equity (including operating lease liability)1 1.12 1.21 0.64 0.60 0.77
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 1.56 0.98 0.85 0.73 0.70
Marriott International Inc. 17.00 4.20 2.21 1.59
McDonald’s Corp. 3.40
Debt to Equity (including Operating Lease Liability), Sector
Travel & Leisure 9.88 2.98 2.40 2.03
Debt to Equity (including Operating Lease Liability), Industry
Consumer Services 1.40 1.26 1.07 0.97 0.92

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 2019 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 17,255 ÷ 15,358 = 1.12

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.’s debt to equity ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Debt to Capital

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 2,287  1,518  2,242  1,131  1,563 
Debt and finance leases, excluding current maturities 8,873  8,253  6,592  6,201  6,766 
Total debt 11,160  9,771  8,834  7,332  8,329 
Stockholders’ equity 15,358  13,687  13,910  12,287  10,850 
Total capital 26,518  23,458  22,744  19,619  19,179 
Solvency Ratio
Debt to capital1 0.42 0.42 0.39 0.37 0.43
Benchmarks
Debt to Capital, Competitors2
Booking Holdings Inc. 0.59 0.50 0.46 0.42 0.41
Marriott International Inc. 0.94 0.81 0.69 0.61 7.94
McDonald’s Corp. 1.32 1.25 1.12 1.09 0.77
Starbucks Corp. 2.26 0.89 0.42 0.38 0.29
Debt to Capital, Sector
Travel & Leisure 1.14 0.91 0.75 0.71 0.67
Debt to Capital, Industry
Consumer Services 0.55 0.56 0.52 0.49 0.48

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 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,160 ÷ 26,518 = 0.42

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.’s debt to capital ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 2,287  1,518  2,242  1,131  1,563 
Debt and finance leases, excluding current maturities 8,873  8,253  6,592  6,201  6,766 
Total debt 11,160  9,771  8,834  7,332  8,329 
Current maturities of operating leases 801  955  —  —  — 
Noncurrent operating leases 5,294  5,801  —  —  — 
Total debt (including operating lease liability) 17,255  16,527  8,834  7,332  8,329 
Stockholders’ equity 15,358  13,687  13,910  12,287  10,850 
Total capital (including operating lease liability) 32,613  30,214  22,744  19,619  19,179 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.53 0.55 0.39 0.37 0.43
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 0.61 0.50 0.46 0.42 0.41
Marriott International Inc. 0.94 0.81 0.69 0.61 7.94
McDonald’s Corp. 1.21 1.25 1.12 1.09 0.77
Debt to Capital (including Operating Lease Liability), Sector
Travel & Leisure 1.11 0.91 0.75 0.71 0.67
Debt to Capital (including Operating Lease Liability), Industry
Consumer Services 0.58 0.56 0.52 0.49 0.48

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 2019 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 17,255 ÷ 32,613 = 0.53

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.’s debt to capital ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Debt to Assets

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 2,287  1,518  2,242  1,131  1,563 
Debt and finance leases, excluding current maturities 8,873  8,253  6,592  6,201  6,766 
Total debt 11,160  9,771  8,834  7,332  8,329 
 
Total assets 64,532  60,266  53,292  51,261  53,134 
Solvency Ratio
Debt to assets1 0.17 0.16 0.17 0.14 0.16
Benchmarks
Debt to Assets, Competitors2
Booking Holdings Inc. 0.40 0.38 0.37 0.36 0.35
Marriott International Inc. 0.44 0.39 0.34 0.35 0.68
McDonald’s Corp. 0.72 0.95 0.87 0.84 0.64
Starbucks Corp. 0.58 0.39 0.27 0.25 0.19
Debt to Assets, Sector
Travel & Leisure 0.57 0.57 0.53 0.51 0.50
Debt to Assets, Industry
Consumer Services 0.34 0.36 0.34 0.32 0.31

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 2019 Calculation
Debt to assets = Total debt ÷ Total assets
= 11,160 ÷ 64,532 = 0.17

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.’s debt to assets ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 2,287  1,518  2,242  1,131  1,563 
Debt and finance leases, excluding current maturities 8,873  8,253  6,592  6,201  6,766 
Total debt 11,160  9,771  8,834  7,332  8,329 
Current maturities of operating leases 801  955  —  —  — 
Noncurrent operating leases 5,294  5,801  —  —  — 
Total debt (including operating lease liability) 17,255  16,527  8,834  7,332  8,329 
 
Total assets 64,532  60,266  53,292  51,261  53,134 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.27 0.27 0.17 0.14 0.16
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 0.43 0.38 0.37 0.36 0.35
Marriott International Inc. 0.48 0.39 0.34 0.35 0.68
McDonald’s Corp. 1.00 0.95 0.87 0.84 0.64
Debt to Assets (including Operating Lease Liability), Sector
Travel & Leisure 0.71 0.57 0.53 0.51 0.50
Debt to Assets (including Operating Lease Liability), Industry
Consumer Services 0.38 0.36 0.34 0.32 0.31

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 2019 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 17,255 ÷ 64,532 = 0.27

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.’s debt to assets ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Financial Leverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Total assets 64,532  60,266  53,292  51,261  53,134 
Stockholders’ equity 15,358  13,687  13,910  12,287  10,850 
Solvency Ratio
Financial leverage1 4.20 4.40 3.83 4.17 4.90
Benchmarks
Financial Leverage, Competitors2
Booking Holdings Inc. 3.61 2.58 2.26 2.02 1.98
Marriott International Inc. 35.63 10.65 6.42 4.51
McDonald’s Corp. 5.35
Starbucks Corp. 20.66 2.64 2.44 2.14
Financial Leverage, Sector
Travel & Leisure 17.45 5.68 4.74 4.08
Financial Leverage, Industry
Consumer Services 3.64 3.49 3.18 3.07 2.95

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 2019 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 64,532 ÷ 15,358 = 4.20

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.’s financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

Interest Coverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net income 4,767  3,935  3,577  4,373  4,526 
Add: Income tax expense 1,431  1,216  2,124  2,263  2,631 
Add: Interest expense, net 301  311  396  388  481 
Earnings before interest and tax (EBIT) 6,499  5,462  6,097  7,024  7,638 
Solvency Ratio
Interest coverage1 21.59 17.56 15.40 18.10 15.88
Benchmarks
Interest Coverage, Competitors2
Booking Holdings Inc. 23.40 18.97 18.32 14.05 20.52
Marriott International Inc. 5.06 7.90 10.85 6.06 8.51
McDonald’s Corp. 8.15 8.97 10.31 8.76 11.27
Starbucks Corp. 14.49 34.94 47.68 52.64 56.36
Interest Coverage, Sector
Travel & Leisure 10.49 12.80 13.94 11.63 15.33
Interest Coverage, Industry
Consumer Services 6.58 7.08 8.23 8.82 9.76

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 2019 Calculation
Interest coverage = EBIT ÷ Interest expense
= 6,499 ÷ 301 = 21.59

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.’s interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.

Fixed Charge Coverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net income 4,767  3,935  3,577  4,373  4,526 
Add: Income tax expense 1,431  1,216  2,124  2,263  2,631 
Add: Interest expense, net 301  311  396  388  481 
Earnings before interest and tax (EBIT) 6,499  5,462  6,097  7,024  7,638 
Add: Operating lease cost 1,013  994  1,300  1,300  1,200 
Earnings before fixed charges and tax 7,512  6,456  7,397  8,324  8,838 
 
Interest expense, net 301  311  396  388  481 
Operating lease cost 1,013  994  1,300  1,300  1,200 
Fixed charges 1,314  1,305  1,696  1,688  1,681 
Solvency Ratio
Fixed charge coverage1 5.72 4.95 4.36 4.93 5.26
Benchmarks
Fixed Charge Coverage, Competitors2
Booking Holdings Inc. 14.27 12.57 12.77 9.83 13.68
Marriott International Inc. 3.76 5.41 6.88 4.08 5.11
McDonald’s Corp. 4.27 4.52 4.82 3.89 4.05
Starbucks Corp. 3.52 4.62 4.38 4.58 4.56
Fixed Charge Coverage, Sector
Travel & Leisure 4.81 5.36 5.60 4.53 4.91
Fixed Charge Coverage, Industry
Consumer Services 3.74 3.91 4.35 4.52 4.69

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 2019 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 7,512 ÷ 1,314 = 5.72

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.’s fixed charge coverage ratio improved from 2017 to 2018 and from 2018 to 2019.