Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Operating Profit Margin since 2007
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Delta Air Lines Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net fixed asset turnover
- The net fixed asset turnover ratio remained relatively stable between March 2018 and December 2019, fluctuating narrowly around 1.5, indicating consistent utilization of fixed assets to generate revenue. However, a pronounced decline occurred starting in the first quarter of 2020, dropping sharply to 0.64 by December 2020. This suggests challenges in asset productivity during this period, likely reflecting external disruptions. From March 2021 onwards, a gradual recovery is evident, with the ratio rising to 1.37 by June 2022, signaling improved asset efficiency.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- When including operating leases and right-of-use assets, the net fixed asset turnover ratio shows a similar declining trend beginning in late 2018, decreasing from around 1.55 to a low of 0.39 in March 2021. This ratio decreased more sharply compared to the standard net fixed asset turnover, reflecting the impact of recognizing lease liabilities and related assets. Post-March 2021, the ratio demonstrates a recovery trajectory, increasing steadily to 1.11 by June 2022.
- Total asset turnover
- The total asset turnover ratio exhibited relative stability from March 2018 through December 2019, consistently hovering around 0.73 to 0.80. Starting in 2020, it experienced a steep decline to 0.24 by December 2020, indicating a significant decrease in how effectively total assets generated revenue. A slow but steady rebound began in 2021, with the ratio improving to 0.56 by mid-2022, though it remained below pre-2020 levels.
- Equity turnover
- Equity turnover maintained a moderate range of approximately 3.2 to 3.5 from early 2018 until early 2020. Following this, a marked increase is evident, reaching a peak of 26.25 in March 2021. This spike suggests a significant change in revenue generation relative to shareholders’ equity, possibly caused by reductions in equity or extraordinary fluctuations in revenue. Subsequently, the ratio declined but stayed elevated compared to pre-pandemic levels, settling around 10.97 by June 2022.
Net Fixed Asset Turnover
Delta Air Lines Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||
| Property and equipment, net of accumulated depreciation and amortization | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2022 Calculation
Net fixed asset turnover
= (Operating revenueQ2 2022
+ Operating revenueQ1 2022
+ Operating revenueQ4 2021
+ Operating revenueQ3 2021)
÷ Property and equipment, net of accumulated depreciation and amortization
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the analyzed periods.
- Operating Revenue
- The operating revenue showed a generally increasing trend from March 2018 through December 2019, rising from approximately $9.97 billion to around $11.44 billion. However, a steep decline is observed starting in the first quarter of 2020, reaching a low point of about $1.47 billion in the second quarter of 2020, likely reflecting significant operational disruptions. Following this trough, a gradual recovery is evident, with revenue increasing steadily through 2021 and into mid-2022, reaching approximately $13.82 billion by June 2022. This suggests a rebound phase with revenue surpassing pre-2020 levels by mid-2022.
- Property and Equipment, Net of Accumulated Depreciation and Amortization
- There is a consistent increase in net property and equipment from March 2018, starting at roughly $27.10 billion and rising steadily to about $31.31 billion by December 2019. The value peaks in the first quarter of 2020 at approximately $31.64 billion before beginning a downward adjustment through the remainder of 2020, bottoming near $26.53 billion by December 2020. Subsequent quarters show a gradual recovery and growth again through to June 2022, reaching about $30.52 billion. This fluctuation may reflect asset impairments or disposals during industry downturns in 2020 and subsequent reinvestments or asset recovery afterward.
- Net Fixed Asset Turnover
- The ratio remained relatively stable between 1.50 and 1.57 from March 2018 through December 2019, indicating consistent utilization of fixed assets relative to revenue. A marked decline follows in 2020, dropping sharply to a low of 0.47 by December 2020, which aligns with the revenue downturn and implies lower efficiency or underutilization of fixed assets during this period. From 2021 onward, the turnover ratio improves progressively, reaching 1.37 by June 2022, indicating a recovery in asset utilization and operational efficiency as the business rebounds.
In summary, the data illustrates a significant impact on revenue and asset utilization beginning in early 2020, followed by gradual recovery and growth in subsequent periods. The trends in property and equipment values suggest responsive asset management corresponding to the fluctuating operational environment. Improvements in net fixed asset turnover toward mid-2022 highlight enhanced efficiency as revenue levels rebound.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Delta Air Lines Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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) | ||||||||||||||||||||||||
| Long-term Activity 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), Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenueQ2 2022
+ Operating revenueQ1 2022
+ Operating revenueQ4 2021
+ Operating revenueQ3 2021)
÷ Property and equipment, net of accumulated depreciation and amortization (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue displayed a generally increasing trend from early 2018 through the end of 2019, reaching a peak in the second and third quarters of 2019 with values around 12,500 million US dollars. However, there was a sharp and significant decline commencing in the first quarter of 2020, coinciding with a drop to 8,592 million US dollars and a nadir in the second quarter of 2020 at 1,468 million US dollars. This sharp downturn is indicative of a severe external impact during that period. Thereafter, a recovery trend was observed through 2021 and into 2022, with revenues increasing steadily each quarter, reaching 13,824 million US dollars by the second quarter of 2022, approaching and eventually surpassing pre-2020 levels.
- Property and Equipment, Net of Accumulated Depreciation and Amortization
- The net book value of property and equipment showed a consistent upward trajectory throughout the entire period. Starting from approximately 27,096 million US dollars in the first quarter of 2018, the value rose steadily to 37,708 million US dollars by mid-2022. This growth reflects ongoing investment in fixed assets including operating leases and right-of-use assets. A minor dip occurred in 2020, likely reflecting the impact of asset impairments or disposals during the period of lower operational activity, before resuming its upward trend.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, a measure of revenue generated per dollar of fixed assets, generally declined from 1.55 in the first quarter of 2018 to a low of 0.39 in the first quarter of 2021, demonstrating reduced efficiency in asset utilization during this period. The decline was particularly pronounced in 2020, coinciding with the drop in operating revenue and concurrent with the pandemic period. However, post the first quarter of 2021, there is a clear recovery trend observable in asset turnover, with the ratio progressively increasing to 1.11 by the second quarter of 2022. This indicates that asset utilization efficiency improved as revenue recovered, though it has yet to return fully to the levels observed prior to 2020.
Total Asset Turnover
Delta Air Lines Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2022 Calculation
Total asset turnover
= (Operating revenueQ2 2022
+ Operating revenueQ1 2022
+ Operating revenueQ4 2021
+ Operating revenueQ3 2021)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue Trends
- Operating revenue demonstrated a generally increasing trend from early 2018 through the end of 2019, reaching a peak of approximately US$12,560 million in the third quarter of 2019. In the first quarter of 2020, revenue declined notably to US$8,592 million, followed by a sharp downturn in the second quarter, coinciding with broader market challenges, with the revenue hitting a low of US$1,468 million. A gradual recovery is evident from the third quarter of 2020 onwards, with revenues steadily increasing each quarter and reaching US$13,824 million by the second quarter of 2022, reflecting a recovery beyond pre-2020 levels.
- Total Assets Evolution
- Total assets progressively increased over the entire observed period, starting from approximately US$54,078 million in the first quarter of 2018, rising steadily to US$64,532 million by the fourth quarter of 2019. Despite fluctuations in operating revenue during 2020, total assets continued to grow, peaking at US$79,076 million in the third quarter of 2020. After which, a slight decline and stabilization around US$73,000 million to US$75,000 million is observable throughout 2021 and into mid-2022, suggesting a consolidation phase following asset expansion.
- Total Asset Turnover Ratios
- The total asset turnover ratio remained relatively stable around 0.73 to 0.80 from early 2018 through 2019, indicating consistent efficiency in generating revenue from assets during that period. However, starting in the first quarter of 2020, a significant decline occurred, dropping to 0.66 and continuing downward to a trough of 0.17 in the first quarter of 2021. This reduction reflects a marked decrease in asset utilization efficiency, attributable to the sharp revenue decline amidst rising or steady asset levels. Post this trough, the ratio began to recover gradually, reaching 0.56 by the second quarter of 2022, which aligns with the observed increase in operating revenues but still indicates that asset usage efficiency has not completely returned to pre-2020 levels.
- Overall Insights
- The data reveal resilience in asset base management with continued growth or maintenance despite severe revenue disruptions in 2020. Although revenue experienced significant volatility, particularly in response to external shocks, recovery trends in both revenue and asset turnover demonstrate improving operational performance. The lag in asset turnover rebound relative to revenue hints at ongoing challenges in fully optimizing asset use following the downturn. Monitoring of further asset productivity improvements would be advisable to ensure sustained recovery and profitability.
Equity Turnover
Delta Air Lines Inc., equity turnover calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2022 Calculation
Equity turnover
= (Operating revenueQ2 2022
+ Operating revenueQ1 2022
+ Operating revenueQ4 2021
+ Operating revenueQ3 2021)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue exhibits a generally stable pattern from 2018 to early 2020, with quarterly figures ranging roughly between 9,000 million and 12,500 million US dollars. A significant decline occurs in the first half of 2020, with the lowest quarterly value recorded in June 2020 at 1,468 million. This decline corresponds to the impact likely related to extraordinary external factors affecting demand. Following the trough, revenue gradually recovers through 2020 and 2021, reaching values above 9,000 million by late 2021 and early 2022, with a notable increase to 13,824 million in June 2022, surpassing pre-2020 levels.
- Stockholders’ Equity
- Stockholders' equity shows an increasing trend from 2018 through 2019, rising from approximately 12,557 million to over 15,300 million US dollars by the end of 2019. Subsequently, it declines sharply in the first half of 2020 to about 8,690 million and continues dropping to a low of 1,534 million by December 2020. This reduction may reflect accumulated losses or capital restructuring during this period. The equity values then experience a slow but steady recovery throughout 2021 and early 2022, increasing to around 3,800 million by mid-2022, yet remaining below pre-2020 levels.
- Equity Turnover Ratio
- The equity turnover ratio remains relatively stable at around 3.0 to 3.5 in the years from 2018 up to the end of 2019, indicating consistent utilization of equity to generate revenue. In 2020, however, the ratio escalates sharply, reaching values as high as 11.14 in December 2020 and peaking at 26.25 in March 2021. This surge can be attributed mainly to the sharp decline in equity rather than proportionate changes in revenue, as equity values fell dramatically while revenues were slowly recovering. Following this peak, the ratio decreases but remains elevated relative to pre-2020 levels, ranging between approximately 7.7 and 11.7 through mid-2022, signaling continued volatility and changes in the relationship between equity and revenue generation.
- Summary of Financial Trends
- The overall financial trends show significant disruption beginning in early 2020, with revenue and equity both contracting sharply. The recovery phase is marked by progressively increasing revenues, which by mid-2022 exceed previous highs, although equity remains notably lower than historical levels. The equity turnover ratio reflects these shifts, marking a period of imbalance where revenue generation outpaced the equity base due to equity reduction. The data suggest that the company has navigated through a period of severe financial stress with a gradual but incomplete rebound in equity strength alongside strong revenue recovery.