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Delta Air Lines Inc. (DAL)

Long-term (Investment) Activity Analysis

Difficulty: Beginner

Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Ratios (Summary)
Net Fixed Asset Turnover
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Total Asset Turnover
Equity Turnover

Ratios (Summary)

Delta Air Lines Inc., long-term (investment) activity ratios

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net fixed asset turnover
	Net fixed asset turnover (including operating lease, right-of-use asset)
	Total asset turnover
	Equity turnover

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).

Ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Delta Air Lines Inc.’s net fixed asset turnover deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Delta Air Lines Inc.’s net fixed asset turnover (including operating lease, right-of-use asset) deteriorated from 2016 to 2017 and from 2017 to 2018.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Delta Air Lines Inc.’s total asset turnover improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Delta Air Lines Inc.’s equity turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Net Fixed Asset Turnover

Delta Air Lines Inc., net fixed asset turnover calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Operating revenue
	Property and equipment, net of accumulated depreciation and amortization
	Ratio
	Net fixed asset turnover¹
	Benchmarks
	Net Fixed Asset Turnover, Competitors
	Booking Holdings Inc.
	Marriott International Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Net Fixed Asset Turnover, Sector
	Travel & Leisure
	Net Fixed Asset Turnover, Industry
	Consumer Services

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).

2018 Calculations

¹ Net fixed asset turnover = Operating revenue ÷ Property and equipment, net of accumulated depreciation and amortization
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Ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Delta Air Lines Inc.’s net fixed asset turnover deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Delta Air Lines Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Operating revenue

	Property and equipment, net of accumulated depreciation and amortization
	Operating lease right-of-use assets
	Property and equipment, net of accumulated depreciation and amortization (including operating lease, right-of-use asset)
	Ratio
	Net fixed asset turnover (including operating lease, right-of-use asset)¹
	Benchmarks
	Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
	Travel & Leisure
	Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
	Consumer Services

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).

2018 Calculations

¹ Net fixed asset turnover (including operating lease, right-of-use asset) = Operating revenue ÷ Property and equipment, net of accumulated depreciation and amortization (including operating lease, right-of-use asset)
= hidden ÷ hidden = hidden

Ratio	Description	The company
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Delta Air Lines Inc.’s net fixed asset turnover (including operating lease, right-of-use asset) deteriorated from 2016 to 2017 and from 2017 to 2018.

Total Asset Turnover

Delta Air Lines Inc., total asset turnover calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Operating revenue
	Total assets
	Ratio
	Total asset turnover¹
	Benchmarks
	Total Asset Turnover, Competitors
	Booking Holdings Inc.
	Marriott International Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Total Asset Turnover, Sector
	Travel & Leisure
	Total Asset Turnover, Industry
	Consumer Services

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).

2018 Calculations

¹ Total asset turnover = Operating revenue ÷ Total assets
= hidden ÷ hidden = hidden

Ratio	Description	The company
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Delta Air Lines Inc.’s total asset turnover improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Equity Turnover

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Operating revenue
	Stockholders’ equity
	Ratio
	Equity turnover¹
	Benchmarks
	Equity Turnover, Competitors
	Booking Holdings Inc.
	Marriott International Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Equity Turnover, Sector
	Travel & Leisure
	Equity Turnover, Industry
	Consumer Services

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).

2018 Calculations

¹ Equity turnover = Operating revenue ÷ Stockholders’ equity
= hidden ÷ hidden = hidden

Ratio	Description	The company
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Delta Air Lines Inc.’s equity turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

	Delta Air Lines Inc.	Other companies (not purchased previously)
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Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality