Question 1

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

Accepted Answer

Delta Air Lines (DAL) P/B ratio is 2.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Delta Air Lines specifically, the relevant sector benchmark is the current sector median of 4.6×.

Question 5

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

Accepted Answer

Delta Air Lines's P/B ratio of 2.5× is below its own 5-year average of 3.6× and below the sector median of 4.6×. That places the current reading at the 33th 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/B ratio range?

Accepted Answer

In the available daily series, Delta Air Lines (DAL) P/B ratio has ranged from a low of 0.6× in 2007 to a high of 168.6× in 2010. The 5-year average is 3.6× and the 5-year median is 2.7×.

Question 7

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

Accepted Answer

Delta Air Lines (DAL) P/B ratio at the end of 2025 was 2.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$20.8B	2.2×	-0.4×	Dec 31, 2025
2024	$39.4B	$15.3B	2.6×	+0.3×	Dec 31, 2024
2023	$25.7B	$11.1B	2.3×	-0.9×	Dec 31, 2023
2022	$21B	$6.58B	3.2×	-3.2×	Dec 31, 2022
2021	$24.9B	$3.89B	6.4×	-10.2×	Dec 31, 2021
2020	$25.5B	$1.53B	16.6×	+14.2×	Dec 31, 2020
2019	$37.5B	$15.4B	2.4×	-0.0×	Dec 31, 2019
2018	$33.9B	$13.7B	2.5×	-0.7×	Dec 31, 2018
2017	$39.6B	$12.5B	3.2×	+0.2×	Dec 31, 2017
2016	$36B	$12.3B	2.9×	-0.7×	Dec 31, 2016
2015	$39.4B	$10.9B	3.6×	-1.0×	Dec 31, 2015
2014	$40.6B	$8.81B	4.6×	+2.6×	Dec 31, 2014
2013	$23.2B	$11.6B	2.0×	—	Dec 31, 2013
2012	$10B	-$2.13B	—	—	Dec 31, 2012
2011	$6.8B	-$1.4B	—	—	Dec 31, 2011
2010	$10.5B	$897M	11.7×	-26.8×	Dec 31, 2010
2009	$9.45B	$245M	38.6×	+27.7×	Dec 31, 2009
2008	$9.48B	$874M	10.8×	+10.3×	Dec 31, 2008
2007	$5.69B	$10.1B	0.6×	—	Dec 31, 2007
2006	$4.49B	-$13.6B	—	—	Dec 31, 2006
2005	$4.32B	-$9.9B	—	—	Dec 31, 2005
2004	$3.21B	-$5.8B	—	—	Dec 31, 2004
2003	$2.82B	-$659M	—	—	Dec 31, 2003
2002	$2.81B	$893M	3.1×	—	Dec 31, 2002


Honeywell International (HON)	3.4×
Thomson Reuters (TRI)	3.3×
Snap-on (SNA)	3.2×
Ingersoll Rand (IR)	3.1×
PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
United Airlines Holdings (UAL)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.6×
Upwork (UPWK)	2.5×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Serve Robotics (SERV)	2.0×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Andersons (ANDE)	1.9×
Archer Aviation (ACHR)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
Redwire (RDW)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×

P/B Ratio for Delta Air Lines (DAL) 2002-2026

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

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

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

Delta Air Lines P/B Ratio by Year

Delta Air Lines P/B Ratio 2025: 2.2×

Delta Air Lines P/B Ratio 2024: 2.6×

Delta Air Lines P/B Ratio 2023: 2.3×

Delta Air Lines P/B Ratio 2022: 3.2×

Delta Air Lines P/B Ratio 2021: 6.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Delta Air Lines (DAL) Key Financials