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Delta Air Lines Inc. (DAL)

Enterprise Value (EV)

Difficulty: Intermediate

Current Enterprise Value (EV)

Delta Air Lines Inc., current enterprise value calculation

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Current share price (P) $55.67
No. shares of common stock outstanding 654,996,477
USD $ in millions
Common equity (market value) 36,464 
Total equity 36,464 
Add: Current maturities of long-term debt and finance leases (per books) 1,518 
Add: Long-term debt and finance leases, excluding current maturities (per books) 8,253 
Total equity and debt 46,235 
Less: Cash and cash equivalents 1,565 
Less: Short-term investments 203 
Enterprise value (EV) 44,467 

Based on: 10-K (filing date: 2019-02-15).

Historical Enterprise Value (EV)

Delta Air Lines Inc., EV calculation

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Share price1, 2 $51.08 $53.46 $50.06 $42.01 $44.98
No. shares of common stock outstanding1 678,950,098 706,913,358 730,770,638 778,508,621 824,271,663
USD $ in millions
Common equity (market value) 34,681  37,792  36,582  32,705  37,076 
Total equity 34,681  37,792  36,582  32,705  37,076 
Add: Current maturities of long-term debt and finance leases (per books) 1,518  2,242  1,131  1,563  1,216 
Add: Long-term debt and finance leases, excluding current maturities (per books) 8,253  6,592  6,201  6,766  8,561 
Total equity and debt 44,452  46,626  43,914  41,034  46,853 
Less: Cash and cash equivalents 1,565  1,814  2,762  1,972  2,088 
Less: Short-term investments 203  825  487  1,465  1,217 
Enterprise value (EV) 42,684  43,987  40,665  37,597  43,548 

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).

1 Data adjusted for splits and stock dividends.
2 Close price on the filing date of Delta Air Lines Inc.’s Annual Report.

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. Delta Air Lines Inc.’s EV increased from 2016 to 2017 but then slightly declined from 2017 to 2018.