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Delta Air Lines Inc. (DAL)
Analysis of Solvency Ratios
Beginner level
Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.
Solvency Ratios (Summary)
Delta Air Lines Inc., solvency ratios
Based on: 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), 10-K (filing date: 2015-02-11).
| 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 2016 to 2017 and from 2017 to 2018. |
| 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 2016 to 2017 and from 2017 to 2018. |
| 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 2016 to 2017 and from 2017 to 2018. |
| 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 2016 to 2017 and from 2017 to 2018. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Delta Air Lines Inc.’s debt to assets ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018. |
| 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 2016 to 2017 and from 2017 to 2018. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Delta Air Lines Inc.’s financial leverage ratio decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level. |
| 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 deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level. |
| 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 deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level. |
Debt to Equity
Delta Air Lines Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt and finance leases | |
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| Long-term debt and finance leases, excluding current maturities | |
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| Total debt | |
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| Stockholders’ equity | |
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| Solvency Ratio | ||||||
| Debt to equity1 | |
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| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Booking Holdings Inc. | |
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| Marriott International Inc. | |
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| McDonald’s Corp. | |
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| Starbucks Corp. | |
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| Debt to Equity, Sector | ||||||
| Travel & Leisure | |
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| Debt to Equity, Industry | ||||||
| Consumer Services | |
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Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =
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 2016 to 2017 and from 2017 to 2018. |
Debt to Equity (including Operating Lease Liability)
Delta Air Lines Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= ÷ =
| 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 2016 to 2017 and from 2017 to 2018. |
Debt to Capital
Delta Air Lines Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt and finance leases | |
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| Long-term debt and finance leases, excluding current maturities | |
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| Total debt | |
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| Stockholders’ equity | |
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| Total capital | |
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| Solvency Ratio | ||||||
| Debt to capital1 | |
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| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Booking Holdings Inc. | |
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| Marriott International Inc. | |
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| McDonald’s Corp. | |
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| Starbucks Corp. | |
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| Debt to Capital, Sector | ||||||
| Travel & Leisure | |
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| Debt to Capital, Industry | ||||||
| Consumer Services | |
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Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
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 2016 to 2017 and from 2017 to 2018. |
Debt to Capital (including Operating Lease Liability)
Delta Air Lines Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
| 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 2016 to 2017 and from 2017 to 2018. |
Debt to Assets
Delta Air Lines Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt and finance leases | |
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| Long-term debt and finance leases, excluding current maturities | |
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| Total debt | |
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| Total assets | |
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| Solvency Ratio | ||||||
| Debt to assets1 | |
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| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Booking Holdings Inc. | |
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| Marriott International Inc. | |
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| McDonald’s Corp. | |
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| Starbucks Corp. | |
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| Debt to Assets, Sector | ||||||
| Travel & Leisure | |
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| Debt to Assets, Industry | ||||||
| Consumer Services | |
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Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
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 deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018. |
Debt to Assets (including Operating Lease Liability)
Delta Air Lines Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
| 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 2016 to 2017 and from 2017 to 2018. |
Financial Leverage
Delta Air Lines Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | |
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| Stockholders’ equity | |
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| Solvency Ratio | ||||||
| Financial leverage1 | |
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| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Booking Holdings Inc. | |
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| Marriott International Inc. | |
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| McDonald’s Corp. | |
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| Starbucks Corp. | |
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| Financial Leverage, Sector | ||||||
| Travel & Leisure | |
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| Financial Leverage, Industry | ||||||
| Consumer Services | |
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Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =
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 decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level. |
Interest Coverage
Delta Air Lines Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | |
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| Add: Income tax expense | |
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| Add: Interest expense, net | |
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| Earnings before interest and tax (EBIT) | |
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| Solvency Ratio | ||||||
| Interest coverage1 | |
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| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Booking Holdings Inc. | |
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| Marriott International Inc. | |
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| McDonald’s Corp. | |
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| Starbucks Corp. | |
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| Interest Coverage, Sector | ||||||
| Travel & Leisure | |
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| Interest Coverage, Industry | ||||||
| Consumer Services | |
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Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
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 deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level. |
Fixed Charge Coverage
Delta Air Lines Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | |
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| Add: Income tax expense | |
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| Add: Interest expense, net | |
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| Earnings before interest and tax (EBIT) | |
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| Add: Operating lease cost | |
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| Earnings before fixed charges and tax | |
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| Interest expense, net | |
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| Operating lease cost | |
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| Fixed charges | |
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| Solvency Ratio | ||||||
| Fixed charge coverage1 | |
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| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Booking Holdings Inc. | |
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|
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| Marriott International Inc. | |
|
|
|
|
|
| McDonald’s Corp. | |
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|
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| Starbucks Corp. | |
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| Fixed Charge Coverage, Sector | ||||||
| Travel & Leisure | |
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| Fixed Charge Coverage, Industry | ||||||
| Consumer Services | |
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Based on: 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), 10-K (filing date: 2015-02-11).
1 2018 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
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 deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level. |