Current EV
Historical EV

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)

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

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)

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

Equity Trends: Both common equity (market value) and total equity exhibit a declining trend from 2017 through 2021. Starting at approximately 37.8 billion USD in 2017, equity decreases slightly in 2018, rebounds marginally in 2019 to levels comparable to 2017, and then experiences a significant drop in 2020 and further decline in 2021, ending near 27.1 billion USD. This indicates a reduction in the company's net asset value as reported by equity holders over the five-year period, with the most notable reductions occurring post-2019.
Total Equity and Debt: The combined measure of total equity and debt shows a different trajectory. It starts at about 46.6 billion USD in 2017, decreases slightly in 2018, then rises substantially in 2019 and peaks in 2020 at roughly 56.8 billion USD. In 2021, it decreases but remains elevated at around 54.0 billion USD compared to the initial years. This pattern suggests increased leverage or capital structure adjustments, particularly during the period marked by significant equity declines.
Enterprise Value (EV): Enterprise value remains relatively flat throughout the timeframe, fluctuating slightly between a high near 46.1 billion USD in 2019 and lows around 42.7 billion USD in 2020 and 2021. The stability of EV despite falling equity suggests that market perceptions of company value offset declines in book equity through changes in debt or other valuation components.
Overall Insights: The data reflect a period of financial stress or strategic realignment, especially post-2019, highlighted by sharply declining equity levels alongside increased total capital deployed (equity plus debt). The steadiness of enterprise value points to compensatory mechanisms, such as higher debt financing or altered investor valuation. These trends collectively could indicate challenges impacting profitability and net worth, with increased reliance on debt financing to maintain enterprise operations or strategic initiatives.

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Delta Air Lines Inc. (NYSE:DAL)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)