Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Delta Air Lines Inc. (NYSE:DAL)

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Enterprise Value to FCFF (EV/FCFF)

Intermediate level


Free Cash Flow to The Firm (FCFF)

Delta Air Lines Inc., FCFF calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income
Net noncash charges
Changes in certain assets and liabilities
Net cash provided by operating activities
Cash paid for interest, net of tax1
Property and equipment additions
Flight and ground equipment acquired under finance leases
Free cash flow to the firm (FCFF)

Based on: 10-K (filing date: 2020-02-13), 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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Delta Air Lines Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Delta Air Lines Inc.’s FCFF increased from 2017 to 2018 and from 2018 to 2019.

Interest Paid, Net of Tax

Delta Air Lines Inc., interest paid, net of tax calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Effective Income Tax Rate (EITR)
EITR1
Interest Paid, Net of Tax
Cash paid for interest, before tax
Less: Cash paid for interest, tax2
Cash paid for interest, net of tax

Based on: 10-K (filing date: 2020-02-13), 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).

1 See details »

2 2019 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= × =


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Booking Holdings Inc.
McDonald’s Corp.
Starbucks Corp.
EV/FCFF, Sector
Travel & Leisure
EV/FCFF, Industry
Consumer Services

Based on: 10-K (filing date: 2020-02-13).

1 Click competitor name to see calculations.

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


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Enterprise value (EV)1
Free cash flow to the firm (FCFF)2
Valuation Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors4
Booking Holdings Inc.
McDonald’s Corp.
Starbucks Corp.
EV/FCFF, Sector
Travel & Leisure
EV/FCFF, Industry
Consumer Services

Based on: 10-K (filing date: 2020-02-13), 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).

1 See details »

2 See details »

3 2019 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Delta Air Lines Inc.’s EV/FCFF ratio decreased from 2017 to 2018 and from 2018 to 2019.