# Delta Air Lines, Inc. (DAL) — Stock CV

Delta Air Lines, Inc. is a $54.0B consumer company. Revenue grew 14.1% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~1.2 years of free cash flow. It trades at 13.7× earnings — in the most expensive third of its own history.

> Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries.

## Identity

- **Ticker**: DAL
- **Sector**: Consumer Cyclical
- **Industry**: Air Transportation, Scheduled
- **Headquarters**: ATLANTA, GA
- **Employees**: 103 000
- **Website**: https://www.delta.com
- **Market cap**: $54.0B
- **Last price**: $82.17
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $71.8B
- **Net income**: $3.29B
- **Free cash flow**: $8.00B
- **Net debt**: $9.80B
- **P/E**: 13.7
- **Revenue growth (YoY)**: 14.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 80 |
| Growth | 70 |
| Profitability | 58 |
| Health | 30 |
| Quality | 41 |
| Moat | 20 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +14.1% YoY
- [x] Profitable — $3.29B TTM
- [x] Profit growing — +55.0% YoY
- [x] Generates cash — $8.00B TTM
- [x] Debt under control — ~1.2y of cash flow to repay
- [x] Established company — $54.0B market cap
- [x] Not printing shares — +2.8% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 18/100
- [x] Pays a dividend — yield 0.92%
- [x] Valuation not extreme — P/E 13.7

## Experience (career milestones)

- **FY2025** — Best year on record: $5.00B net income
- **FY2022** — Revenue crossed $50B: $50.6B for the year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **FY2016** — First recorded profitable year: $4.37B net income
- **FY2016** — Revenue already above $10B: $39.6B in first reported year
- **2007** — It emerged from bankruptcy in April 2007 after fending off a hostile takeover from US Airways and its shares were…
- **1991** — It acquired substantially all of Pan Am's trans-Atlantic routes and the Pan Am Shuttle, rebranded as the…
- **1981** — Delta launched a frequent-flyer program
- **1970** — Delta had an all-jet fleet, and in 1972 it acquired Northeast Airlines
- **1964** — It launched the Deltamatic reservation systems using computers in the IBM 7070 series
- **1953** — The company launched its first international routes after the acquisition of Chicago and Southern Air Lines
- **1949** — The company launched the first discounted fares between Chicago and Miami
- **1945** — The company name officially became Delta Air Lines in 1945
- **1930** — Passenger service ceased in October 1930 when the airmail contract for the route Delta had pioneered was awarded to…
- **Mar 2, 1925** — The company was founded on March 2, 1925, in Macon, Georgia, before moving to Monroe, Louisiana, in the summer of 1925

## Strengths

- High gross margin (47.8%)
- Revenue growing 14.1% year over year
- Interest covered 5.4× by operating earnings
- High returns on invested capital (ROIC 16.3%)

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $29.9B | $280M | $3.26B |
| FY2022 | $50.6B | $1.32B | $6.36B |
| FY2023 | $58.0B | $4.61B | $6.46B |
| FY2024 | $61.6B | $3.46B | $8.03B |
| FY2025 | $63.4B | $5.00B | $8.34B |

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Source: https://stockcv.com/DAL — derived from company filings; may be delayed or incomplete. Information, not investment advice.