Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Delta Air Lines Inc., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Delta Air Lines Inc. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Delta Air Lines Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Delta Air Lines Inc. total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Delta Air Lines Inc. equity turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Net Fixed Asset Turnover
Delta Air Lines Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | 29,899) | 17,095) | 47,007) | 44,438) | 41,244) | |
| Property and equipment, net of accumulated depreciation and amortization | 28,749) | 26,529) | 31,310) | 28,335) | 26,563) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 1.04 | 0.64 | 1.50 | 1.57 | 1.55 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 2.35 | 2.06 | 2.29 | — | — | |
| Uber Technologies Inc. | 9.42 | 6.14 | 8.17 | — | — | |
| Union Pacific Corp. | 0.40 | 0.36 | 0.40 | — | — | |
| United Parcel Service Inc. | 2.91 | 2.62 | 2.43 | — | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | 1.75 | 1.51 | 1.54 | — | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | 3.04 | 2.41 | 2.76 | — | — | |
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 2021 Calculation
Net fixed asset turnover = Operating revenue ÷ Property and equipment, net of accumulated depreciation and amortization
= 29,899 ÷ 28,749 = 1.04
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Delta Air Lines Inc. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Delta Air Lines Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | 29,899) | 17,095) | 47,007) | 44,438) | 41,244) | |
| Property and equipment, net of accumulated depreciation and amortization | 28,749) | 26,529) | 31,310) | 28,335) | 26,563) | |
| Operating lease right-of-use assets | 7,237) | 5,733) | 5,627) | 5,994) | —) | |
| Property and equipment, net of accumulated depreciation and amortization (including operating lease, right-of-use asset) | 35,986) | 32,262) | 36,937) | 34,329) | 26,563) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.83 | 0.53 | 1.27 | 1.29 | 1.55 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | 1.64 | 1.46 | 2.29 | — | — | |
| Uber Technologies Inc. | 5.39 | 3.61 | 4.25 | — | — | |
| Union Pacific Corp. | 0.38 | 0.35 | 0.39 | — | — | |
| United Parcel Service Inc. | 2.63 | 2.40 | 2.22 | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | 1.49 | 1.30 | 1.46 | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | 2.62 | 2.13 | 2.57 | — | — | |
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 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Operating revenue ÷ Property and equipment, net of accumulated depreciation and amortization (including operating lease, right-of-use asset)
= 29,899 ÷ 35,986 = 0.83
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Delta Air Lines Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Total Asset Turnover
Delta Air Lines Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | 29,899) | 17,095) | 47,007) | 44,438) | 41,244) | |
| Total assets | 72,459) | 71,996) | 64,532) | 60,266) | 53,292) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.41 | 0.24 | 0.73 | 0.74 | 0.77 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 1.01 | 0.94 | 1.28 | — | — | |
| Uber Technologies Inc. | 0.45 | 0.33 | 0.45 | — | — | |
| Union Pacific Corp. | 0.34 | 0.31 | 0.35 | — | — | |
| United Parcel Service Inc. | 1.40 | 1.36 | 1.28 | — | — | |
| Total Asset Turnover, Sector | ||||||
| Transportation | 0.87 | 0.80 | 0.87 | — | — | |
| Total Asset Turnover, Industry | ||||||
| Industrials | 0.60 | 0.51 | 0.61 | — | — | |
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 2021 Calculation
Total asset turnover = Operating revenue ÷ Total assets
= 29,899 ÷ 72,459 = 0.41
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Delta Air Lines Inc. total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Equity Turnover
Delta Air Lines Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | 29,899) | 17,095) | 47,007) | 44,438) | 41,244) | |
| Stockholders’ equity | 3,887) | 1,534) | 15,358) | 13,687) | 13,910) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 7.69 | 11.14 | 3.06 | 3.25 | 2.97 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | 3.47 | 3.78 | 3.92 | — | — | |
| Uber Technologies Inc. | 1.21 | 0.91 | 1.00 | — | — | |
| Union Pacific Corp. | 1.54 | 1.15 | 1.20 | — | — | |
| United Parcel Service Inc. | 6.83 | 128.81 | 22.68 | — | — | |
| Equity Turnover, Sector | ||||||
| Transportation | 3.29 | 3.83 | 3.37 | — | — | |
| Equity Turnover, Industry | ||||||
| Industrials | 2.58 | 2.75 | 3.53 | — | — | |
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 2021 Calculation
Equity turnover = Operating revenue ÷ Stockholders’ equity
= 29,899 ÷ 3,887 = 7.69
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Delta Air Lines Inc. equity turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |