Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

Enterprise Value (EV) 

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Current Enterprise Value (EV)

Delta Air Lines Inc., current enterprise value calculation

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Current share price (P) $39.31
No. shares of common stock outstanding 641,076,463
US$ in millions
Common equity (market value)1 25,201 
Total equity 25,201 
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 52,121 
Less: Cash and cash equivalents 7,933 
Less: Short-term investments 3,386 
Enterprise value (EV) 40,802 

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.31 × 641,076,463


Historical Enterprise Value (EV)

Delta Air Lines Inc., EV calculation

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Share price1, 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 

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).

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

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.