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Delta Air Lines

DAL
52
Airlines, Airports & Air Services · Industrials
Also trades as: 0QZ4.L
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Strong
Dividends
Good

Winston Score History

The full picture

Delta Air Lines flies people and cargo from one place to another on airplanes. It serves everyday travelers, business flyers, and companies that need to ship goods, operating one of the largest airline networks in the United States. Delta is one of the three dominant U.S. carriers and is known for its focus on premium cabin travel and its loyalty program, SkyMiles.

Delta makes money by selling plane tickets, charging for checked bags and seat upgrades, and earning fees from its co-branded credit card partnership with American Express. It operates mainly in the U.S. but also flies to Europe, Latin America, Asia, and other regions, generating roughly $60 billion in annual revenue. Its competitive edge comes from its hub dominance in cities like Atlanta and New York, plus the sticky nature of its loyalty program — though rising fuel costs and economic slowdowns that reduce travel demand remain the biggest risks to its profitability.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-25.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.2%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$8.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Delta Air Lines is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
33.5%
Modest — 33.5% gross margin
Profit after running costs
Operating Margin
9.4%
Modest — 9.4% operating margin
Return on the money invested
ROCE
15.4%
Strong — 15.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+10.3%
Steady sales growth (+10.3% YoY)
Profit growth
EPS YoY
-12.3%
Earnings shrinking (-12.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
206%
Turns 206% of profit into real cash
Spare cash per sale
FCF Margin
5.4%
Thin free cash flow (5.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.64
Moderate — manageable debt (0.64)
Covers its interest
Interest Cover
8.85x
Comfortably covers interest (8.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.6x
no trend
Attractive valuation — P/E 13.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+4.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (13.6 → 9.0)

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Dividends

Dividend
Dividend Yield
0.84%
no trend
Small dividend — 0.84% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+22.0%
no trend
Dividend growing fast (22.0% YoY)

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