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Delta Air Lines

DAL
49
Airlines, Airports & Air Services · Industrials
Also trades as: 0QZ4.L GBP 0.76 (-2.72%)
Price
$76.78
-2.48 (-3.12%)
Market Cap
$50.51B
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 23, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Mixed
7/20
Cash Flow
Strong
7/10
Stability
Strong
7/10
Valuation
Strong
8/10
Ownership
Mixed
4/15
Dividends
Good
3/5

49 of 100 counted points = Winston Score 49.

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Share count rising — dilution

+2.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 641.0M (2021) → 654.0M (2025)

§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

+21.1% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

-47.5% YoY

Quarterly reporting periods ended:

30 Sept 2025: $2.19

30 Sept 2026: $1.15

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$7.6B 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 21%. 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
33.3%
Modest — 33.3% gross margin
Profit after running costs
Operating Margin
7.2%
Modest — 7.2% operating margin
Return on the money invested
ROCE
12.8%
Good — 12.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+14.1%
Fast-growing sales (+14.1% YoY)
Profit growth
EPS YoY
-29.4%
Earnings shrinking (-29.4% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
243%
Turns 243% of profit into real cash
Spare cash per sale
FCF Margin
4.6%
Thin free cash flow (4.6%)

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
0.84
Moderate — manageable debt (0.84)
Covers its interest
Interest Cover
8.84x
Comfortably covers interest (8.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
15.2x
Fair value — P/E 15.2

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
+6.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.2 → 8.4)

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Dividends

Dividend
Dividend Yield
1.02%
Small dividend — 1.02% yield

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

Dividend record
Dividend Growth
+19.3%
Dividend growing fast (19.3% YoY)
Payout Ratio
16%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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