Delta Air Lines Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss)	280)	(12,385)	4,767)	3,935)	3,577)
Net noncash charges	474)	7,202)	3,438)	2,390)	901)
Changes in certain assets and liabilities	2,510)	1,390)	220)	689)	670)
Net cash provided by (used in) operating activities	3,264)	(3,793)	8,425)	7,014)	5,148)
Property and equipment additions	(3,247)	(1,899)	(4,936)	(5,168)	(3,891)
Proceeds from short-term obligations	—)	3,261)	1,750)	—)	—)
Proceeds from long-term obligations	1,902)	22,790)	2,057)	3,745)	2,454)
Payments on debt and finance lease obligations	(5,834)	(8,559)	(3,320)	(3,052)	(1,258)
Free cash flow to equity (FCFE)	(3,915)	11,800)	3,976)	2,539)	2,453)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Delta Air Lines Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Delta Air Lines Inc. FCFE increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Delta Air Lines Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	641,197,918
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(3,915)
FCFE per share	-6.11
Current share price (P)	29.70
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
FedEx Corp.	25.94
Uber Technologies Inc.	42.93
Union Pacific Corp.	35.42
United Parcel Service Inc.	17.12
P/FCFE, Sector
Transportation	24.54

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

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Delta Air Lines Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	639,929,760	638,146,665	640,093,995	678,950,098	706,913,358
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(3,915)	11,800)	3,976)	2,539)	2,453)
FCFE per share³	-6.12	18.49	6.21	3.74	3.47
Share price^1, 4	42.33	43.29	59.13	51.08	53.46
Valuation Ratio
P/FCFE⁵	—	2.34	9.52	13.66	15.41
Benchmarks
P/FCFE, Competitors⁶
FedEx Corp.	36.75	13.28	38.51	135.12	—
Uber Technologies Inc.	139.66	—	—	—	—
Union Pacific Corp.	17.16	18.08	15.24	—	—
United Parcel Service Inc.	22.62	33.39	19.54	—	—
P/FCFE, Sector
Transportation	24.57	31.15	31.09	—	—
P/FCFE, Industry
Industrials	—	43.78	27.50	—	—

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 See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -3,915,000,000 ÷ 639,929,760 = -6.12

⁴ Closing price as at the filing date of Delta Air Lines Inc. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 42.33 ÷ -6.12 = —

⁶ Click competitor name to see calculations.

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Delta Air Lines Inc. (NYSE:DAL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical