Delta Air Lines, Inc. (DAL)

Air Transportation, Scheduled

Latest Price

$83.46

TTM P/E

13.86

Normalized P/E

16.80

Div Yield

0.45%

Book Value

33.17

P/B Ratio

2.52

Valuation metrics

EPS: $7.66

Book value / share: $31.89

Formula: √(22.5 × EPS × BVPS)

Graham Number

$74.13

11% 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

40% 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

+158% upside

EPS: $7.66

Target P/E: 17×

Formula: EPS × P/E

P/E Fair Value

$130.22

+56% upside

91.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Berkshire Hathaway Inc	57.32M	$5.37B	8.76%	+17.51M	2026-06-30
BlackRock, Inc.	45.11M	$4.22B	6.90%	-437.6K	2026-06-30
Vanguard Capital Management LLC	41.31M	$3.87B	6.32%	-637.0K	2026-06-30
FMR LLC	33.19M	$3.11B	5.07%	+5.68M	2026-06-30
Sanders Capital, LLC	29.13M	$2.73B	4.45%	-337.5K	2026-06-30
Vanguard Portfolio Management LLC	26.33M	$2.46B	4.03%	-1.05M	2026-06-30
State Street Corp	24.13M	$2.26B	3.69%	+669.4K	2026-06-30
Capital International Investors	20.69M	$1.94B	3.16%	+119.7K	2026-06-30
Geode Capital Management, LLC	18.51M	$1.75B	2.83%	+541.3K	2026-06-30
Primecap Management Co	17.52M	$1.64B	2.68%	-27.4K	2026-06-30