Question 1

What is Delta Air Lines's P/FCF ratio?

Accepted Answer

Delta Air Lines (DAL) P/FCF ratio is 9.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Delta Air Lines?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Delta Air Lines specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Delta Air Lines's P/FCF ratio high or low?

Accepted Answer

Delta Air Lines's P/FCF ratio of 9.0× is below its own 5-year average of 114.3× and below the sector median of 24.3×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Delta Air Lines's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Delta Air Lines (DAL) P/FCF ratio has ranged from a low of 4.3× in 2011 to a high of 1771.3× in 2022. The 5-year average is 114.3× and the 5-year median is 19.9×.

Question 7

What was Delta Air Lines's P/FCF ratio in 2025?

Accepted Answer

Delta Air Lines (DAL) P/FCF ratio at the end of 2025 was 11.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Delta Air Lines's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$45B	$3.84B	11.7×	-1.9×	Dec 31, 2025
2024	$39.4B	$2.89B	13.7×	-8.8×	Dec 31, 2024
2023	$25.7B	$1.14B	22.5×	—	Dec 31, 2023
2022	$21B	-$2M	—	—	Dec 31, 2022
2021	$24.9B	$16M	1553.4×	—	Dec 31, 2021
2020	$25.5B	-$5.76B	—	—	Dec 31, 2020
2019	$37.5B	$3.5B	10.7×	-9.0×	Dec 31, 2019
2018	$33.9B	$1.72B	19.7×	-11.8×	Dec 31, 2018
2017	$39.6B	$1.26B	31.5×	+22.1×	Dec 31, 2017
2016	$36B	$3.81B	9.4×	+1.5×	Dec 31, 2016
2015	$39.4B	$4.98B	7.9×	-7.1×	Dec 31, 2015
2014	$40.6B	$2.7B	15.0×	+3.0×	Dec 31, 2014
2013	$23.2B	$1.94B	12.0×	-7.8×	Dec 31, 2013
2012	$10B	$508M	19.8×	+15.5×	Dec 31, 2012
2011	$6.8B	$1.58B	4.3×	-2.8×	Dec 31, 2011
2010	$10.5B	$1.49B	7.1×	-46.3×	Dec 31, 2010
2009	$9.45B	$177M	53.4×	—	Dec 31, 2009
2008	$9.48B	-$3.23B	—	—	Dec 31, 2008
2007	$5.69B	$323M	17.6×	+9.9×	Dec 31, 2007
2006	$4.49B	$580M	7.7×	—	Dec 31, 2006
2005	$4.32B	-$639M	—	—	Dec 31, 2005
2004	$3.21B	-$1.88B	—	—	Dec 31, 2004
2003	$2.82B	-$291M	—	—	Dec 31, 2003
2002	$2.81B	-$1B	—	—	Dec 31, 2002


Pentair (PNR)	19.8×
Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Delta Air Lines (DAL) 2006-2026

P/FCF Ratio daily chart for Delta Air Lines (DAL)

Historical P/FCF Ratio for Delta Air Lines (DAL) from 2002 to 2025

About P/FCF Ratio at Delta Air Lines (DAL)

Delta Air Lines P/FCF Ratio by Year

Delta Air Lines P/FCF Ratio 2025: 11.7×

Delta Air Lines P/FCF Ratio 2024: 13.7×

Delta Air Lines P/FCF Ratio 2023: 22.5×

Delta Air Lines P/FCF Ratio 2021: 1553.4×

Delta Air Lines P/FCF Ratio 2019: 10.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Delta Air Lines (DAL) Key Financials