Delta Air Lines, Inc. (DAL)

FairStock Score: 60/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Delta is a large airline with a real network advantage—hubs in Atlanta, Detroit, Minneapolis-St. Paul, Salt Lake City, and coastal and international positions—and a 100,000-person operation. That network is a modest competitive asset, but airlines remain cyclical businesses; FairStock correctly labels Delta CYCLICAL — Airlines because earnings follow the economic cycle. The figures are mixed. Fiscal Q3 2026, the quarter ended 2026-09-30, showed revenue of $20.2B and net income of $756.0M, or diluted EPS of $1.15; fiscal Q2 2026 had revenue of $19.8B and net income of $1.6B, while fiscal Q1 2026 posted a $289.0M net loss. Full-year FY2025 revenue was $63.4B with $5.0B of net income and $7.66 diluted EPS. Financial health is not fortress-like: the provided debt-to-equity ratio is 0.97, the FairStock Altman Z-Score is 0.73, and ROCE is only 4.02%, though ROE is 20.13% and trailing free cash flow is $3.0B, a FairStock FCF yield of 5.8%. At the 2026-10-26 close of $79.16, FairStock’s P/E is 13.13 and P/B is 2.37. The FairStock Graham Number is $68.14, leaving a negative 12.68% margin of safety, so the price is not statistically cheap on that conservative test; EV/EBITDA is 13.16 and the FairStock Score is 61/100. Growth has been uneven: revenue rose from FY2023’s $58.0B to FY2025’s $63.4B, but fiscal Q3 2026 net income fell versus fiscal Q3 2025’s $1.4B. I see a decent operator at a fair-to-full price, not a bargain with a wide margin of safety.

In plain English: Delta carries passengers and cargo by air through a large network of hubs. Its results rise and fall with the economy: revenue has been rising, but recent profit fell versus a year earlier, and the company carries meaningful debt. At the current price, the shares do not look clearly cheap based on the company's stated earnings and accounting value.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-09-30) · fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer