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).
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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates a declining trend from early 2018 through the end of 2020, decreasing from approximately 10.57 to a low of 4.09 by mid-2020, indicating a substantial drop in market valuation relative to earnings during this period. No data is reported for the latter part of 2020 through early 2021. From early 2022 onward, the ratio surged dramatically, peaking at 96.74 in the first quarter of 2022 before gradually declining to 31.74 by mid-2022. This pattern suggests significant earnings volatility or market perception shifts influencing valuation multiples during the pandemic and recovery phases.
- Price to Operating Profit (P/OP) Ratio
- The price to operating profit ratio shows a modest increase from 6.18 in early 2018 to a peak of 6.97 mid-2019, followed by a consistent decline to 2.76 by mid-2020, signaling a worsening operating profitability or market valuation adjustments during that time. Similar to the P/E ratio, there is a data gap in late 2020 and early 2021. The ratio then rebounds to 34.33 in early 2022 but decreases again steadily to 5.94 by mid-2022, indicating fluctuating investor confidence or operating profit levels in the recent periods.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a general downward trend from early 2018 (around 0.92) to mid-2020 reaching a low of 0.32, reflecting significant revenue impact or valuation contraction. Subsequently, a sharp turnaround occurs with the ratio increasing to a peak of 2.37 by mid-2021, which suggests improved market sentiment regarding sales prospects or recovery in revenues. The ratio then declines from this high to 0.46 by mid-2022, indicating some normalization of valuation in relation to sales figures after a high-growth or recovery phase.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio begins relatively stable around the 2.5 to 3 range from early 2017 through early 2019. It then drops significantly to 1.0 by the first quarter of 2020, coinciding with market disruptions likely linked to external factors affecting asset valuations. Following this low, the ratio rises sharply to 18.01 by late 2020 and reaches a peak of 62.13 in mid-2021, signaling a dramatic market revaluation relative to book value, potentially due to speculative trading or perceived asset quality changes. Thereafter, a strong correction occurs, with the ratio declining to 5.0 by mid-2022, representing a return closer to historical valuation levels but still elevated compared to pre-pandemic periods.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 641,197,918 | 641,076,463 | 639,929,760 | 640,013,818 | 639,914,878 | 639,661,387 | 638,146,665 | 637,734,301 | 637,856,746 | 637,836,206 | 640,093,995 | 646,742,854 | 650,200,617 | 654,996,477 | 678,950,098 | 685,618,701 | 691,331,319 | 702,478,205 | 706,913,358 | 712,973,139 | 724,030,218 | 735,530,413 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) (in millions) | 735) | (940) | (407) | 1,212) | 652) | (1,177) | (755) | (5,379) | (5,717) | (534) | 1,099) | 1,495) | 1,443) | 730) | 1,020) | 1,322) | 1,036) | 557) | 572) | 1,178) | 1,224) | 603) | |||||||
| Earnings per share (EPS)2 | 0.94 | 0.81 | 0.44 | -0.11 | -10.41 | -20.37 | -19.41 | -16.51 | -5.73 | 5.49 | 7.45 | 7.25 | 6.94 | 6.27 | 5.80 | 5.09 | 4.84 | 5.03 | 5.06 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 29.70 | 41.02 | 42.33 | 41.03 | 40.68 | 46.82 | 43.29 | 31.76 | 28.60 | 22.47 | 59.13 | 53.10 | 60.16 | 57.86 | 51.08 | 51.48 | 50.73 | 52.98 | 53.46 | 53.07 | 54.50 | 45.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 31.74 | 50.86 | 96.74 | — | — | — | — | — | — | 4.09 | 7.94 | 7.33 | 8.66 | 9.23 | 8.81 | 10.12 | 10.49 | 10.54 | 10.57 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 12.86 | 13.14 | 15.07 | 23.08 | 31.59 | 34.80 | 33.43 | — | 568.30 | 100.48 | 82.00 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Uber Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 19.32 | 22.53 | 23.67 | 24.01 | 24.34 | 27.76 | 25.57 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 15.37 | 14.93 | 14.11 | 28.39 | 27.60 | 36.12 | 104.33 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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
= (735,000,000 + -940,000,000 + -407,000,000 + 1,212,000,000)
÷ 641,197,918 = 0.94
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
= 29.70 ÷ 0.94 = 31.74
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated moderate fluctuation from early 2017 through early 2020, generally ranging between approximately $45 and $60. It showed periods of increase, peaking near $60 in mid-2019 before a sharp decline occurred in the first quarter of 2020, dropping below $25. Following this decline, there was a gradual recovery through the end of 2021, with share prices reaching low to mid-$40 levels, before falling again to around $30 by mid-2022.
- Earnings Per Share (EPS) Pattern
- EPS data was not available until the first quarter of 2018 and showed consistent positive values through the first quarter of 2020, increasing from approximately $5 to $7.45. Beginning in the second quarter of 2020, a significant decline occurred, with EPS turning negative and reaching a trough near -$20 in the fourth quarter of 2020. A gradual improvement ensued in 2021, moving from steep negative values toward near breakeven by year-end and achieving marginal positive EPS in the first two quarters of 2022.
- Price-to-Earnings (P/E) Ratio Insights
- P/E ratios were available intermittently starting in early 2018. Initially, the ratio ranged roughly between 7 and 11, indicating relative valuation consistency through early 2020. A notable decrease was observed in the first half of 2020 corresponding with the negative EPS period; P/E ratios fell below 5, reflecting market adjustments to earnings expectations. Data for latter 2020 and most of 2021 is missing, but by early 2022, extremely elevated P/E ratios emerged (above 30 and even up to approximately 97), likely influenced by near-zero or slightly positive EPS levels, which tend to distort the ratio upward and may signal market uncertainty or recovery expectations.
- Overall Observations
- The data illustrates a substantial adverse impact commencing in early 2020, markedly reflected across share price, earnings, and valuation metrics. The initial steady growth phase through 2019 was interrupted by a severe downturn, with notable recovery trends beginning in late 2020 through 2021. Although improvements were apparent in earnings and share price during the recovery phase, valuation metrics in early 2022 suggest ongoing volatility and investor caution, possibly linked to fluctuating profitability and external market factors.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 641,197,918 | 641,076,463 | 639,929,760 | 640,013,818 | 639,914,878 | 639,661,387 | 638,146,665 | 637,734,301 | 637,856,746 | 637,836,206 | 640,093,995 | 646,742,854 | 650,200,617 | 654,996,477 | 678,950,098 | 685,618,701 | 691,331,319 | 702,478,205 | 706,913,358 | 712,973,139 | 724,030,218 | 735,530,413 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 1,519) | (783) | 263) | 2,205) | 816) | (1,398) | (858) | (6,386) | (4,815) | (410) | 1,399) | 2,071) | 2,128) | 1,020) | 1,091) | 1,645) | 1,684) | 844) | 1,194) | 1,839) | 2,028) | 1,053) | |||||||
| Operating profit per share2 | 5.00 | 3.90 | 2.95 | 1.20 | -12.23 | -21.04 | -19.54 | -16.01 | -2.75 | 8.13 | 10.34 | 9.76 | 9.05 | 8.31 | 7.75 | 7.83 | 8.04 | 8.41 | 8.65 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 29.70 | 41.02 | 42.33 | 41.03 | 40.68 | 46.82 | 43.29 | 31.76 | 28.60 | 22.47 | 59.13 | 53.10 | 60.16 | 57.86 | 51.08 | 51.48 | 50.73 | 52.98 | 53.46 | 53.07 | 54.50 | 45.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 5.94 | 10.51 | 14.36 | 34.33 | — | — | — | — | — | 2.76 | 5.72 | 5.44 | 6.65 | 6.97 | 6.59 | 6.58 | 6.31 | 6.30 | 6.18 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 10.90 | 11.82 | 13.46 | 15.42 | 19.66 | 20.51 | 17.79 | 7.61 | 11.34 | 10.34 | 9.92 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Uber Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 13.58 | 15.79 | 16.53 | 16.70 | 16.84 | 18.84 | 17.46 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 93.38 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 12.38 | 12.08 | 14.20 | 16.72 | 16.10 | 19.92 | 18.23 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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
= (1,519,000,000 + -783,000,000 + 263,000,000 + 2,205,000,000)
÷ 641,197,918 = 5.00
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
= 29.70 ÷ 5.00 = 5.94
5 Click competitor name to see calculations.
The financial data exhibits a notable evolution over the referenced periods, reflecting significant shifts in market valuation and profitability per share.
- Share Price Trends
-
The share price demonstrated a generally upward trend from March 2017 through December 2019, increasing from approximately $45.05 to a peak of $60.16 in June 2019, followed by some fluctuations around the mid-$50 range until the end of 2019. However, a sharp decline occurred starting in the first quarter of 2020, coinciding with broader market challenges, reducing the share price to a low of $22.47 by March 2020. Post this significant drop, a gradual recovery is observable through 2021, with prices moving back up to the low $40s by December 2021. Despite this recovery, the share price saw another decline in mid-2022, falling below $30 by June 2022.
- Operating Profit Per Share
-
Operating profit per share was first reported in March 2017 at a level around $8.65 and maintained a slightly decreasing but relatively stable trend through December 2019, reaching a peak of approximately $10.34 in the fourth quarter of 2019. Starting in the first quarter of 2020, there was a dramatic negative shift in profitability, with operating profit per share turning negative and declining sharply to -$21.04 by December 2020. This negative trend illustrates substantial operational challenges during that period. From March 2021 onwards, improvement became evident, with operating profit per share moving back into positive territory and reaching $5 by June 2022, indicating a recovery phase in operational performance.
- Price to Operating Profit Ratio (P/OP)
-
The P/OP ratio reflects market valuation relative to operating profit. Between early 2017 and late 2019, this ratio remained in the range of roughly 5.4 to 7.0, indicating moderate valuation multiples. During the steep drop in operating profits and share price in 2020, the ratio declined sharply to approximately 2.76 by March 2020, likely due to the combination of falling profits and share prices. In subsequent quarters of 2021 and 2022, the ratio escalated significantly, peaking at 34.33 in March 2021, which suggests that the share price had not fully adjusted downward relative to the recovering operating profits at that time, implying a possible market optimism or lag in market adjustment. The ratio then declined gradually to a more moderate level of about 5.94 by June 2022.
Overall, the data reflects a period of strong operational and market performance up to 2019, followed by a profound disruption in 2020 marked by losses and share price decline. Recovery signs are present in 2021 and into mid-2022, with improving profitability and share prices, though market valuation metrics indicate variability in investor sentiment during the period of 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 641,197,918 | 641,076,463 | 639,929,760 | 640,013,818 | 639,914,878 | 639,661,387 | 638,146,665 | 637,734,301 | 637,856,746 | 637,836,206 | 640,093,995 | 646,742,854 | 650,200,617 | 654,996,477 | 678,950,098 | 685,618,701 | 691,331,319 | 702,478,205 | 706,913,358 | 712,973,139 | 724,030,218 | 735,530,413 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating revenue (in millions) | 13,824) | 9,348) | 9,469) | 9,154) | 7,126) | 4,150) | 3,973) | 3,062) | 1,468) | 8,592) | 11,439) | 12,560) | 12,536) | 10,472) | 10,742) | 11,953) | 11,775) | 9,968) | 10,245) | 11,060) | 10,791) | 9,148) | |||||||
| Sales per share2 | 65.18 | 54.75 | 46.72 | 38.13 | 28.61 | 19.78 | 26.79 | 38.51 | 53.40 | 70.75 | 73.44 | 71.60 | 70.29 | 68.61 | 65.45 | 64.09 | 62.27 | 59.88 | 58.34 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 29.70 | 41.02 | 42.33 | 41.03 | 40.68 | 46.82 | 43.29 | 31.76 | 28.60 | 22.47 | 59.13 | 53.10 | 60.16 | 57.86 | 51.08 | 51.48 | 50.73 | 52.98 | 53.46 | 53.07 | 54.50 | 45.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 0.46 | 0.75 | 0.91 | 1.08 | 1.42 | 2.37 | 1.62 | 0.82 | 0.54 | 0.32 | 0.81 | 0.74 | 0.86 | 0.84 | 0.78 | 0.80 | 0.81 | 0.88 | 0.92 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 0.71 | 0.77 | 0.94 | 0.89 | 1.04 | 0.87 | 0.62 | 0.36 | 0.62 | 0.65 | 0.64 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Uber Technologies Inc. | 2.47 | 2.46 | 3.90 | 5.95 | 6.34 | 8.09 | 9.07 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 5.65 | 6.77 | 7.08 | 7.01 | 6.96 | 7.50 | 7.00 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 0.34 | 0.57 | 0.63 | 0.75 | 1.06 | 1.56 | 1.11 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 1.68 | 1.63 | 1.87 | 1.94 | 1.81 | 2.09 | 1.66 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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
= (13,824,000,000 + 9,348,000,000 + 9,469,000,000 + 9,154,000,000)
÷ 641,197,918 = 65.18
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
= 29.70 ÷ 65.18 = 0.46
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited moderate growth from early 2017 through the end of 2019, rising from $45.05 to a peak near $60 in mid-2019. In 2020, there was a significant decline likely influenced by external factors, with the price dropping from $22.47 in March 2020 to around $31.76 by September 2020, before recovering steadily towards the end of 2020 and into 2021. By early 2022, the price showed some volatility and a downward trend, falling to $29.7 by June 2022.
- Sales per Share
- Starting from 2017, sales per share showed a consistent rising trend through to the end of 2019, increasing from approximately $58.34 to $73.44. However, in 2020, sales per share dropped sharply to $38.51 in June, reaching a low of $19.78 by December 2020. Recovery began in 2021 with values increasing progressively, reaching $54.75 by September and climbing further to $65.18 in June 2022, approaching pre-decline levels.
- Price-to-Sales (P/S) Ratio
- The P/S ratio demonstrated a gradual decline from 0.92 in early 2017 to as low as 0.32 in March 2020, coinciding with the drop in share price and sales per share. Post the March 2020 trough, the ratio rebounded sharply, peaking at 2.37 by June 2021, indicating a period where the share price outpaced sales per share recovery. After mid-2021, the P/S ratio began a downward trend, falling to 0.46 by June 2022, reflecting either increasing sales relative to price or a decline in share price value relative to sales.
- Overall Insights
- The data reflects a generally positive growth trend in sales per share and share price up until early 2020, with a marked disruption likely caused by external economic events affecting 2020 performance. The significant dip in both price and sales per share during 2020 was followed by a recovery phase through 2021 and into mid-2022. The P/S ratio variability post-2020 suggests fluctuating market sentiment or changes in valuation relative to sales. The recovery in sales per share appears stronger and steadier than the share price, which displayed more volatility in the post-2020 period.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 641,197,918 | 641,076,463 | 639,929,760 | 640,013,818 | 639,914,878 | 639,661,387 | 638,146,665 | 637,734,301 | 637,856,746 | 637,836,206 | 640,093,995 | 646,742,854 | 650,200,617 | 654,996,477 | 678,950,098 | 685,618,701 | 691,331,319 | 702,478,205 | 706,913,358 | 712,973,139 | 724,030,218 | 735,530,413 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 3,811) | 2,991) | 3,887) | 2,606) | 1,281) | 482) | 1,534) | 3,357) | 8,690) | 14,309) | 15,358) | 15,068) | 13,958) | 12,911) | 13,687) | 13,704) | 12,856) | 12,557) | 13,910) | 14,001) | 13,479) | 12,945) | |||||||
| Book value per share (BVPS)2 | 5.94 | 4.67 | 6.07 | 4.07 | 2.00 | 0.75 | 2.40 | 5.26 | 13.62 | 22.43 | 23.99 | 23.30 | 21.47 | 19.71 | 20.16 | 19.99 | 18.60 | 17.88 | 19.68 | 19.64 | 18.62 | 17.60 | |||||||
| Share price1, 3 | 29.70 | 41.02 | 42.33 | 41.03 | 40.68 | 46.82 | 43.29 | 31.76 | 28.60 | 22.47 | 59.13 | 53.10 | 60.16 | 57.86 | 51.08 | 51.48 | 50.73 | 52.98 | 53.46 | 53.07 | 54.50 | 45.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 5.00 | 8.79 | 6.97 | 10.08 | 20.32 | 62.13 | 18.01 | 6.03 | 2.10 | 1.00 | 2.46 | 2.28 | 2.80 | 2.94 | 2.53 | 2.58 | 2.73 | 2.96 | 2.72 | 2.70 | 2.93 | 2.56 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 2.53 | 2.75 | 3.26 | 3.18 | 3.68 | 3.19 | 2.35 | 1.32 | 2.28 | 2.49 | 2.49 | 2.38 | 2.50 | 3.51 | — | — | — | — | — | — | — | — | |||||||
| Uber Technologies Inc. | 9.47 | 5.91 | 4.71 | 6.34 | 5.73 | 6.42 | 8.24 | 8.85 | 6.04 | 5.01 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 10.41 | 12.90 | 10.90 | 10.68 | 10.01 | 8.91 | 8.07 | 7.33 | 7.22 | 6.46 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 3.09 | 4.58 | 3.06 | 2.74 | 3.16 | 3.17 | 2.85 | 1.42 | 1.08 | 0.78 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 10.31 | 10.42 | 12.76 | 15.21 | 15.53 | 26.13 | 213.26 | 24.66 | 28.64 | 24.78 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 3,811,000,000 ÷ 641,197,918 = 5.94
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
= 29.70 ÷ 5.94 = 5.00
5 Click competitor name to see calculations.
The financial data reveals notable fluctuations in share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the analyzed quarters.
- Share Price Trends
- The share price exhibited a general upward trend from March 2017 through December 2019, increasing from $45.05 to a peak near $60.16 in June 2019, indicating positive market sentiment and possibly strong financial performance during this period. However, from March 2020 onward, the share price experienced significant volatility and overall decline, dropping sharply to $22.47 in March 2020 amid the market disruptions likely related to external macroeconomic factors. Subsequently, there was some recovery through the remainder of 2020 and into 2021, reaching a high of around $46.82 by March 2021 before declining again to $29.70 in June 2022. This pattern suggests sensitivity to broader economic or industry-specific challenges during this period.
- Book Value per Share (BVPS) Movements
- BVPS maintained a moderately increasing trend from March 2017 ($17.60) through December 2019 ($23.99), reflecting a steady accumulation of equity or retained earnings. A sharp decline occurred starting in early 2020, with BVPS decreasing drastically to $2.40 by December 2020, potentially indicating substantial losses or equity write-downs during this period. Partial recovery took place in 2021 and into mid-2022, with BVPS rising to $6.07 in September 2021 before modestly retreating. This substantial fluctuation in BVPS points to significant financial strain and recovery efforts impacting the company’s net asset value.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio generally hovered between approximately 2.5 and 3.0 before 2020, suggesting the market valued the company at a moderate premium to its book value consistently. Starting in March 2020, the ratio exhibited extreme volatility and dramatic spikes, for instance reaching 18.01 in December 2020 and a high of 62.13 in March 2021, which correspond with the periods where the BVPS was at very low levels. This distortion reflects a market valuation that, despite a low book value base, maintained relatively higher prices, indicating market expectations of recovery or other positive prospects despite the depressed net asset values. The ratio later trended down but remained elevated compared to pre-2020 levels, demonstrating lingering uncertainty and a decoupling of market price and book fundamentals.
Overall, the data suggests the company experienced stable growth pre-2020 followed by significant financial challenges starting in early 2020, likely connected to adverse external events. While share price and BVPS both declined sharply initially, market valuation (reflected in P/BV ratios) showed a high degree of volatility and partial disconnection from book value, indicating investor uncertainty but also potential expectations for recovery. The subsequent gradual rebounds hint at ongoing adjustments and stabilization attempts, though the company had not returned to the pre-2020 financial state by mid-2022.