Name: Delta Air Lines Inc. (NYSE:DAL) | Enterprise Value (EV)
Creator: Stock Analysis on Net

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

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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

The financial position between 2017 and 2021 reflects a period of significant volatility in equity valuation offset by shifts in the capital structure, while the total enterprise value remained relatively stable.

Market Valuation of Common Equity: A fluctuating trend is observed in common equity, which reached a peak in 2019 at 37,849 million US$. A substantial contraction occurred between 2019 and 2020, where valuation fell to 27,625 million US$, followed by a further slight decline to 27,088 million US$ by the end of 2021.
Total Equity and Debt Dynamics: A notable divergence exists between equity values and total capital obligations. Total equity and debt increased from 49,009 million US$ in 2019 to a peak of 56,782 million US$ in 2020. This spike in total obligations coincided with the sharpest decline in equity market value, indicating an increase in leverage to sustain the entity during a period of diminished equity valuation.
Enterprise Value Stability: Despite the volatility in equity and the increase in debt, the Enterprise Value (EV) exhibited comparative stability throughout the five-year period. EV fluctuated within a narrow range, from a low of 42,684 million US$ in 2018 to a high of 46,127 million US$ in 2019, concluding at 42,689 million US$ in 2021. This suggests that the overall market valuation of the business operations remained resilient despite the significant restructuring of its capital components.

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Delta Air Lines Inc. (NYSE:DAL)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)