Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2007
- Price to Operating Profit (P/OP) since 2007
- Price to Book Value (P/BV) since 2007
- Price to Sales (P/S) since 2007
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Delta Air Lines Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio showed a modest decline from early 2018 through the end of 2019, decreasing from approximately 10.5 to around 7.9. This trend indicates a gradually diminishing market valuation relative to earnings during that period. In early 2020, the ratio dropped sharply to about 4.1, reflecting either a significant reduction in share price or earnings impact amid market disruptions. Data is subsequently missing for several quarters in 2020 and early 2021. A dramatic increase is observed starting in early 2021, with the ratio peaking at 96.74 before gradually declining but remaining elevated above 30 through mid-2022. Such volatility may suggest substantial fluctuations in earnings or market sentiment.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio remained relatively stable, around 6.3 to 6.9, throughout 2018 and 2019, indicating consistent market valuation relative to operating profit. There was a noteworthy decline to approximately 2.8 in early 2020, likely reflecting operational challenges. Following a period without data, the ratio surged significantly in early 2021, reaching as high as 34.33, then progressively decreased to about 5.94 by mid-2022. This pattern mirrors the fluctuations seen in the P/E ratio, underscoring operational profitability volatility and changing investor perceptions.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited a more stable but slightly declining trend from 0.88 in early 2018 to 0.75 by mid-2022, with modest fluctuations. Notably, there was a steep drop to 0.32 in the first quarter of 2020, followed by a rebound to 1.62 by the end of 2020, which may indicate temporary sales declines and subsequent recovery. After peaking in late 2020 and early 2021, the ratio declined steadily, suggesting normalization in sales valuation after the recovery phase.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio started at a relatively high level near 3 in early 2018 but declined to around 1 by the first quarter of 2020, indicating a significant reduction in market valuation relative to book value, possibly due to asset depreciation or market pressures. Subsequently, the ratio skyrocketed to levels exceeding 60 in early 2021, pointing to an extreme divergence between market price and book value, potentially driven by market speculation, accounting changes, or asset revaluations. Thereafter, the ratio declined steadily but remained elevated, ending around 5 by mid-2022, suggesting partial restoration of valuation metrics but with continued investor caution or asset value adjustments.
Price to Earnings (P/E)
Delta Air Lines Inc., historical P/E calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
EPS
= (Net income (loss)Q2 2022
+ Net income (loss)Q1 2022
+ Net income (loss)Q4 2021
+ Net income (loss)Q3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Delta Air Lines Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited moderate fluctuations between March 2018 and December 2019, ranging from approximately $50 to $60. A sharp decline occurred in the first quarter of 2020, dropping to $22.47, coinciding with the onset of external market pressures. Following this low, the price gradually recovered throughout 2020 and early 2021, reaching a peak of $46.82 in March 2021. From mid-2021 to mid-2022, the price experienced a downward trajectory, falling again to $29.70 by June 2022.
- Earnings Per Share (EPS) Analysis
- EPS showed a generally positive trend from March 2018 through December 2019, progressing from $5.03 to $7.45, reflecting improved profitability during this period. This trend reversed sharply in 2020, with EPS turning negative starting in the second quarter (-$5.73) and declining further through the year to -$20.37 by March 2021. From the second quarter of 2021 onwards, EPS demonstrated signs of recovery, moving back into positive territory by the last quarter of 2021 and continuing to slightly increase up to $0.94 by June 2022, though remaining substantially below pre-2020 levels.
- Price-to-Earnings (P/E) Ratio Developments
- The P/E ratio steadily declined from early 2018 through late 2019, decreasing from approximately 10.54 to 7.33, suggesting a shrinking market valuation relative to earnings despite EPS growth. In the first quarter of 2020, the P/E fell sharply to 4.09; however, from the second quarter of 2020 to the first quarter of 2021, P/E data is unavailable, likely due to negative earnings. When P/E figures resumed in the second quarter of 2021, they exhibited an extremely elevated level, reaching 96.74 and then decreasing to 31.74 by mid-2022, indicative of recovering earnings but a still volatile market perception.
- Overall Insights
- The financial data reflects significant operational and market disruptions beginning in early 2020, leading to severe declines in share price and earnings. While recovery trends are discernible in both share price and EPS from mid-2021 onward, the company had not returned to its pre-2020 financial performance levels by mid-2022. The elevated and fluctuating P/E ratios post-crisis imply uncertainty and market caution regarding future earnings stability.
Price to Operating Profit (P/OP)
Delta Air Lines Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Operating profit per share
= (Operating income (loss)Q2 2022
+ Operating income (loss)Q1 2022
+ Operating income (loss)Q4 2021
+ Operating income (loss)Q3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Delta Air Lines Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated relative stability from March 2018 through December 2019, fluctuating mostly between approximately $50 and $60. A significant decline occurred starting in March 2020, dropping sharply to a low of around $22.47, coinciding with the onset of widespread market disruption. Subsequently, the share price showed a gradual recovery through 2020 and into 2021, reaching highs near $46.82 by March 2021. However, after this peak, the share price experienced moderate volatility, declining again to below $30 by June 2022.
- Operating Profit Per Share (OPPS)
- Operating profit per share exhibited a generally strong and increasing trend from March 2018 to December 2019, rising from approximately $8.41 to $10.34. However, beginning in the first quarter of 2020, OPPS drastically declined, turning negative and reaching a trough near -$21.04 by March 2021. After the nadir in early 2021, a recovery trend became evident, with OPPS progressively improving and returning to positive territory, reaching $5 by June 2022.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio fluctuated moderately between 5.44 and 6.97 from March 2018 through December 2019, indicating a relatively stable price-to-operating-profit relationship. The ratio sharply decreased to 2.76 in March 2020, reflecting the dramatic reduction in share price relative to operating profit per share. During the period of severe operating losses (mid-2020 to early 2021), P/OP values are missing, likely due to negative or undefined operating profits. From September 2021 onward, the P/OP ratio returned and spiked significantly to 34.33 before gradually declining to 5.94 by June 2022, suggesting a period of high valuation relative to operating profit followed by normalization.
- Overall Insights
- Financial performance and market valuation both showed resilience prior to 2020, with steady earnings and stable share prices. The significant disruptions observed beginning early 2020 correspond to sharp declines in profitability and share price, followed by a recovery phase starting in 2021. The operating profit's return to positive values alongside declining P/OP multiples towards mid-2022 indicates improving operational results and a realignment of market expectations. Volatility and uncertainty remain evident in 2022 data, emphasizing the transitional nature of the recovery.
Price to Sales (P/S)
Delta Air Lines Inc., historical P/S calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating revenue (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Sales per share
= (Operating revenueQ2 2022
+ Operating revenueQ1 2022
+ Operating revenueQ4 2021
+ Operating revenueQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Delta Air Lines Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals distinct trends spanning from early 2018 through mid-2022, highlighting fluctuations in the share price, sales per share, and the price-to-sales (P/S) ratio.
- Share Price
- The share price demonstrated relative stability initially, fluctuating modestly between approximately $50 and $60 from March 2018 through December 2019. However, a significant decline occurred starting in the first quarter of 2020, reaching a low of $22.47, corresponding with broader market disruptions. Following this trough, a gradual recovery is observable, with the share price increasing to above $40 by late 2021 before declining again to $29.70 by June 2022.
- Sales per Share
- Sales per share showed a steady upward trend from $59.88 in March 2018 to a peak of $73.44 in December 2019. Subsequently, a sharp contraction is evident in 2020, with sales per share dropping to $26.79 by December 2020. An encouraging rebound occurred throughout 2021 and into the first half of 2022, with sales per share rising consistently from $19.78 in March 2021 to $65.18 by June 2022, nearing pre-pandemic levels.
- Price-to-Sales (P/S) Ratio
- The P/S ratio remained relatively stable, fluctuating between approximately 0.74 and 0.88 until the end of 2019. It then plunged sharply to 0.32 in March 2020, reflecting the combined effect of collapsing share prices and declining sales per share. A substantial surge in the P/S ratio followed, peaking at 2.37 in March 2021, indicating that the share price was increasing at a faster pace than sales per share during that recovery phase. After this peak, the ratio trended downward, falling to 0.46 by June 2022, suggesting a relative easing in valuation pressures compared to sales.
Overall, the data indicate that the company experienced significant market and operational pressures beginning in early 2020, likely due to external factors impacting the industry broadly. Despite these challenges, sales per share demonstrated resilience and recovery by mid-2022, although the share price and valuation multiples have yet to fully stabilize at pre-2020 levels. The elevated P/S ratio during early 2021 may reflect temporary market optimism or adjustments in investor expectations that subsequently normalized.
Price to Book Value (P/BV)
Delta Air Lines Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Delta Air Lines Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price showed relative stability from early 2018 through the end of 2019, fluctuating mostly between approximately $50 and $60. However, there was a significant decline starting in the first quarter of 2020, falling sharply to $22.47. This decline appears to be tied to the onset of adverse market conditions. Following this low point, the share price showed some recovery over late 2020 into 2021, reaching a peak of $46.82 in March 2021. Yet, from mid-2021 to mid-2022, the share price experienced volatility and eventually declined to $29.7, indicating challenges in regaining pre-2020 valuation levels.
- Book Value Per Share (BVPS)
- The BVPS grew steadily from $17.88 in March 2018 to almost $24 by the end of 2019, reflecting a strengthening in net asset value per share during that period. Beginning in 2020, the BVPS experienced a dramatic decrease, most notably falling to as low as $0.75 in March 2021. This drop suggests significant impairments or losses affecting the company’s equity base. Modest improvements are observed from mid-2021 to mid-2022, with the book value per share increasing to $5.94 by June 2022, but it remains considerably below pre-2020 levels.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio remained within a relatively stable range between 2.28 and 2.96 through 2018 and 2019, indicating consistent market valuation relative to book value. Given the sharp decline in BVPS starting 2020, the P/BV ratio entered extreme volatility. It dropped to 1.00 in March 2020, then in subsequent quarters surged dramatically, peaking at an exceptionally high 62.13 in March 2021. This spike suggests a disconnection between the market price and fundamental book value, possibly driven by the very low BVPS denominator alongside partial recovery in share price. After this peak, the ratio decreased yet remained elevated, fluctuating between approximately 5 and 20 through mid-2022, indicating ongoing market uncertainties and valuation disparities.
Overall, the data reflects strong pre-crisis financial health with steady growth in both share price and book value per share until the end of 2019. Starting 2020, there is evidence of substantial financial distress, with marked declines in fundamental equity values and share price. While share price has shown partial recovery, book value per share remains suppressed, and the P/BV ratio's extreme volatility signals market uncertainty or revaluation of company assets during this period.