Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Delta Air Lines Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss)	280)	(12,385)	4,767)	3,935)	3,577)
Add: Income tax expense	118)	(3,202)	1,431)	1,216)	2,124)
Earnings before tax (EBT)	398)	(15,587)	6,198)	5,151)	5,701)
Add: Interest expense, net	1,279)	929)	301)	311)	396)
Earnings before interest and tax (EBIT)	1,677)	(14,658)	6,499)	5,462)	6,097)
Add: Depreciation and amortization	1,998)	2,312)	2,581)	2,329)	2,235)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,675)	(12,346)	9,080)	7,791)	8,332)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Delta Air Lines Inc. EBITDA decreased from 2019 to 2020 but then increased from 2020 to 2021 not reaching 2019 level.

Enterprise Value to EBITDA Ratio, Current

Delta Air Lines Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	34,645)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,675)
Valuation Ratio
EV/EBITDA	9.43
Benchmarks
EV/EBITDA, Competitors¹
FedEx Corp.	7.73
Uber Technologies Inc.	38.67
Union Pacific Corp.	15.11
United Parcel Service Inc.	11.16
EV/EBITDA, Sector
Transportation	12.41
EV/EBITDA, Industry
Industrials	18.06

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Delta Air Lines Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	42,689)	42,686)	46,127)	42,684)	43,987)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,675)	(12,346)	9,080)	7,791)	8,332)
Valuation Ratio
EV/EBITDA³	11.62	—	5.08	5.48	5.28
Benchmarks
EV/EBITDA, Competitors⁴
FedEx Corp.	8.22	10.09	12.96	9.31	—
Uber Technologies Inc.	227.40	—	—	—	—
Union Pacific Corp.	15.46	15.65	13.73	—	—
United Parcel Service Inc.	9.55	30.22	12.80	—	—
EV/EBITDA, Sector
Transportation	12.42	30.99	22.19	—	—
EV/EBITDA, Industry
Industrials	15.95	26.00	17.09	—	—