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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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2007
- Total Asset Turnover since 2007
- Analysis of Revenues
- Analysis of Debt
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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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained relatively stable from the first quarter of 2018 through the end of 2019, fluctuating slightly around 1.5 to 1.57. However, starting in the first quarter of 2020, there was a marked decline, reaching a low of 0.47 in the fourth quarter of 2020. A recovery phase followed in 2021 and 2022, with the ratio improving steadily to 1.37 by the second quarter of 2022, although it had not yet returned to pre-2020 levels.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This ratio mirrors the trend of the net fixed asset turnover but consistently reports lower values due to the inclusion of operating leases and right-of-use assets. From early 2018 to the end of 2019, the ratio declined modestly from 1.55 to around 1.26. The impact of 2020 is more pronounced here, with the ratio dropping sharply to 0.39 in the first quarter of 2021. A gradual recovery ensued, reaching 1.11 by the second quarter of 2022, suggesting an ongoing but incomplete recovery in asset utilization when accounting for operating leases.
- Total Asset Turnover
- The total asset turnover remained relatively consistent around 0.73 to 0.8 through 2018 and 2019, indicating stable efficiency in using total assets to generate revenue. Beginning in 2020, there was a steep decline to a low of 0.17 by the end of that year, reflecting a significant reduction in asset utilization efficiency during this period. The ratio then showed signs of gradual improvement over 2021 and into 2022, increasing to 0.56 by the second quarter of 2022, but still below pre-2020 levels.
- Equity Turnover
- This ratio exhibited considerable volatility. From early 2018 through 2019, equity turnover ranged between about 3.06 and 3.48, indicating relatively consistent efficiency in using equity to generate sales. In 2020, the equity turnover spiked sharply, reaching an unusually high 26.25 in the fourth quarter, coinciding with the period of operational disruption. This spike suggests either significant changes in equity balances or sales figures relative to equity during that period. Throughout 2021 and into mid-2022, the ratio moderated but remained elevated compared to pre-2020 levels, fluctuating between roughly 7.69 and 14.29, reflecting ongoing adjustments in capital structure or sales intensity.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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 operating revenue demonstrates a generally stable and cyclical pattern over the analyzed periods, reflecting seasonal fluctuations typical of the industry's revenue streams. Between March 2017 and December 2019, revenue values show moderate growth, peaking typically in the second and third quarters each year, with figures reaching above $12 billion in mid and late 2019. However, starting from the first quarter of 2020, there is a sharp and significant decline in revenues, with the lowest point occurring in the second quarter of 2020 at $1.468 billion, which corresponds with a major external disruption. Subsequently, a gradual recovery is evident through 2021 and into early 2022, with revenue increasing steadily to $13.824 billion by June 2022, indicating a partial or near full rebound towards pre-disruption levels.
The net value of property and equipment, net of accumulated depreciation and amortization, displays a steady upward trend throughout the entire period, moving from $24.8 billion in March 2017 to over $30.5 billion by June 2022. Despite the revenue downturn in 2020, the asset base remains relatively stable with minor fluctuations, suggesting no significant asset disposals or impairments. The consistent increase may be attributed to ongoing capital investments and asset acquisitions, supporting the company's operational capacity.
Net fixed asset turnover, which measures the efficiency of asset use in generating revenue, shows a consistent decline beginning in early 2017 at approximately 1.55. This ratio decreases progressively to a low of 0.47 in December 2020, reflecting the impact of the sharp revenue drop while asset levels remained steady or increasing. From 2021 onward, the turnover ratio steadily improves, reaching 1.37 by June 2022, though it has not yet fully recovered to pre-2020 levels. This trend underscores the challenges faced in asset utilization efficiency during the downturn and the gradual restoration of operational performance as conditions improved.
- Operating revenue
- Displayed cyclical growth with peaks in mid to late 2019, followed by a drastic fall in early 2020 and gradual recovery through mid-2022, almost returning to prior peak levels.
- Property and equipment, net
- Showed a steady increase over the entire period, indicating continuous investment in assets unaffected by the revenue volatility.
- Net fixed asset turnover
- Declined from approximately 1.55 in 2017 to a low of 0.47 in late 2020, then recovered to 1.37 by mid-2022, demonstrating initial inefficiency in asset utilization during the crisis and subsequent improvement.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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.
The financial data exhibits several notable trends across the examined quarters. Operating revenue shows a pattern of fluctuation with a general downward shift occurring around early 2020, followed by a gradual recovery towards mid-2022. The net fixed asset turnover ratio reveals distinct phases including initial stability, a significant decline during 2020, and a progressive improvement beginning in 2021.
- Operating Revenue
- The operating revenue maintains a relatively stable performance from 2017 through 2019, with values generally ranging from approximately 9,000 to 12,500 million US dollars each quarter. Beginning in the first quarter of 2020, a sharp decline is evident, reaching a low point in the second quarter of 2020 at 1,468 million US dollars. This decline likely reflects external adverse impacts during that period. Subsequently, a recovery trend is observed, with revenue increasing steadily from the third quarter of 2020 through the second quarter of 2022, culminating in a level of 13,824 million US dollars, surpassing previous pre-2020 highs.
- Property and Equipment, Net
- There is a consistent upward trajectory in the net book value of property and equipment throughout the entire period analyzed. The value rises from 24,817 million US dollars in the first quarter of 2017 to 37,708 million US dollars in the second quarter of 2022. This suggests ongoing investment or acquisition in fixed assets, including operating lease right-of-use assets. A slight dip is observed during the mid-2020 quarters, coinciding with the period of operating revenue decline, but this is short-lived, and growth resumes thereafter.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio starts at 1.55 for the last two quarters of 2017, indicating efficient utilization of fixed assets to generate revenue. It remains relatively stable in 2018 and early 2019 around 1.26-1.29 but begins a gradual decline through to the second quarter of 2020, reaching a low of 0.53, coinciding with the revenue contraction period. This implies diminished effectiveness in generating revenue from fixed assets during that time. Following this low, the ratio gradually improves but does not return to pre-2020 levels by mid-2022, reaching 1.11. The trend suggests ongoing recovery in fixed asset utilization efficiency, paralleling operating revenue recovery.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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
- The operating revenue exhibits seasonal fluctuations with higher values in the second and third quarters of most years, consistent with general industry trends. From 2017 to the end of 2019, revenue generally increased, peaking each year around the third quarter. However, a significant decline is observed starting in the first quarter of 2020, coinciding with a drop from 11,439 million USD in December 2019 to 8,592 million USD in March 2020. The revenue reached a low point in the second quarter of 2020 at 1,468 million USD, reflecting the impact of extraordinary market conditions. Subsequently, a gradual recovery is evident from the third quarter of 2020 onward, with revenue rising steadily each quarter, reaching 13,824 million USD by the second quarter of 2022, surpassing pre-pandemic levels.
- Total Assets
- Total assets show a consistent upward trend over the complete period. Starting at 51,459 million USD in March 2017, assets increased steadily with occasional fluctuations, reaching 64,532 million USD by December 2019. This upward movement continued during the pandemic period, peaking at 79,076 million USD in September 2020. After this peak, total assets moderately declined but remained within a range of approximately 72,000 to 75,000 million USD through the first two quarters of 2022, indicating a stabilization after the large increase during 2020.
- Total Asset Turnover
- The ratio of total asset turnover demonstrates a declining trend from late 2017 through 2020, reflecting reduced efficiency in generating revenue from assets. Starting at around 0.77 in September 2017, the ratio remained relatively stable around 0.73 to 0.8 up to early 2019. A sharp decrease occurs from 0.73 in March 2019 to 0.31 by September 2020, reaching a low of 0.17 at the end of 2020, indicating a significant drop in revenue relative to asset base. Recovery trends are visible in 2021 and 2022, with turnover climbing steadily to 0.56 by mid-2022 but not fully returning to pre-2020 levels during the observed period.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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.
The analysis of the financial data reveals several notable trends across the observed periods.
- Operating Revenue
- The operating revenue shows a generally increasing trend from March 2017 through June 2019, rising from 9,148 million US dollars to a peak of 12,560 million US dollars in September 2019. However, a significant decline occurs starting March 2020, likely influenced by external factors, dropping sharply to 1,468 million US dollars by June 2020. A gradual recovery phase follows, with revenue increasing steadily to 13,824 million US dollars by June 2022, surpassing previous pre-decline levels.
- Stockholders’ Equity
- Stockholders’ equity exhibits moderate growth in the initial periods, progressing from 12,945 million US dollars in March 2017 to 15,358 million US dollars by December 2019. This is followed by a steep decline to 1,534 million US dollars by September 2020, reflecting potential adverse impacts on the company’s capital base. Although the equity continues at a lower level than the pre-decline periods, a modest rebound is observed by June 2022, reaching 3,811 million US dollars.
- Equity Turnover Ratio
- The equity turnover ratio remains relatively stable between 2017 and early 2019, typically ranging between approximately 2.97 and 3.48. From March 2020 forward, a pronounced increase occurs, peaking at 26.25 during September 2021, indicating that the company generated significantly higher revenue relative to its equity during these quarters. This pattern aligns with the substantial equity reduction noted, suggesting increased operational efficiency or revenue generation per unit of equity during recovery phases. After this peak, the ratio decreases somewhat but remains elevated compared to earlier periods, staying above 7.6 through June 2022.
Overall, the data portrays an initial period of steady financial performance followed by a sharp downturn in early 2020, with both operating revenue and stockholders’ equity substantially impacted. The subsequent recovery is marked by rising revenues and a notable improvement in equity turnover, although equity levels have not fully returned to their previous highs. These trends likely reflect both external pressures on the company’s financial condition and adaptations leading to enhanced efficiency post-downturn.