DELTA AIR LINES, INC. (DAL)

Air Transportation, Scheduled

Latest Price

$87.44

TTM P/E

14.52

Normalized P/E

17.15

Div Yield

0.43%

Book Value

33.41

P/B Ratio

2.62

Valuation metrics

EPS: $7.66

Book value / share: $31.89

Formula: √(22.5 × EPS × BVPS)

Graham Number

$74.13

15% downside

Norm. op. income: $5.5B (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$50.03

43% downside

Base FCF: $2.0B (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$215.31

+146% upside

EPS: $7.66

Target P/E: 17×

Formula: EPS × P/E

P/E Fair Value

$130.22

+49% upside

90.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	45.54M	$3.03B	6.96%	-1.64M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	41.94M	$2.79B	6.41%	--	2026-03-31
Berkshire Hathaway Inc	39.81M	$2.65B	6.09%	--	2026-03-31
Sanders Capital, LLC	29.47M	$1.96B	4.51%	-110.7K	2026-03-31
FMR LLC	27.50M	$1.83B	4.21%	+93.2K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	27.38M	$1.82B	4.19%	--	2026-03-31
STATE STREET CORP	23.46M	$1.56B	3.59%	+296.5K	2026-03-31
Capital International Investors	20.57M	$1.37B	3.15%	-3.64M	2026-03-31
HARRIS ASSOCIATES L P	18.00M	$1.20B	2.75%	-1.66M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	17.97M	$1.20B	2.75%	+556.7K	2026-03-31