Delta Air Lines Inc., current enterprise value calculation

Current share price (P)	$29.70
No. shares of common stock outstanding	641,197,918
US$ in millions
Common equity (market value)¹	19,044)
Total equity	19,044)
Add: Current maturities of debt and finance leases (per books)	1,782)
Add: Debt and finance leases, excluding current maturities (per books)	25,138)
Total equity and debt	45,964)
Less: Cash and cash equivalents	7,933)
Less: Short-term investments	3,386)
Enterprise value (EV)	34,645)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 29.70 × 641,197,918

Delta Air Lines Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$42.33	$43.29	$59.13	$51.08	$53.46
No. shares of common stock outstanding¹	639,929,760	638,146,665	640,093,995	678,950,098	706,913,358
US$ in millions
Common equity (market value)³	27,088)	27,625)	37,849)	34,681)	37,792)
Total equity	27,088)	27,625)	37,849)	34,681)	37,792)
Add: Current maturities of debt and finance leases (book value)	1,782)	1,732)	2,287)	1,518)	2,242)
Add: Debt and finance leases, excluding current maturities (book value)	25,138)	27,425)	8,873)	8,253)	6,592)
Total equity and debt	54,008)	56,782)	49,009)	44,452)	46,626)
Less: Cash and cash equivalents	7,933)	8,307)	2,882)	1,565)	1,814)
Less: Short-term investments	3,386)	5,789)	—)	203)	825)
Enterprise value (EV)	42,689)	42,686)	46,127)	42,684)	43,987)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Delta Air Lines Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 42.33 × 639,929,760

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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. EV decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Delta Air Lines Inc. (NYSE:DAL)

Enterprise Value (EV)