---
title: Delta Air Lines (DAL) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/dal
ticker: DAL
as_of: 2026-10-17
sector: Industrials
industry: Airlines, Airports & Air Services
---
# Delta Air Lines (DAL)

Delta Air Lines (DAL) closed at $75.37 on Oct 16, 2026, undervalued by 3% vs its model value of $77.39 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $75.37 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $77.39 |
| Price vs model | undervalued by 3% vs model |
| Range of that model | $51.39 – $146.27 |
| Market value | $49.6B |
| P/E (fiscal 2025) | 9.8 |
| Net margin (fiscal 2025) | 7.9% |
| Free cash flow (fiscal 2025) | $3.8B |
| Dividend yield (trailing twelve months) | 1.07% |
| Beta | 1.34 |
| Cost of capital (WACC) | 9.11% |
| Business classification | Cyclical (Low/slowing growth (~4% recent), Decelerated from ~30% 5y CAGR, Moderate margins (8% net margin), Highly cyclical earnings, Strong FCF yield (7.8%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #16 | 9.8× | https://sweetvaluelab.com/lists/lowest-pe |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.07% |
| Dividends per share, last 12 months | $0.80 |
| Dividends / free cash flow (fiscal 2025) | 11.4% |
| Raised | 2 years in a row |
| Growth over 3 years | -7.1% a year |
| Latest payment | $0.215, ex-date Oct 15, 2026, paid Nov 5, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Oct 11, 2023 | $1.01 |
| To Oct 10, 2024 | $0.50 |
| To Oct 16, 2025 | $0.68 |
| Trailing twelve months (to Oct 15, 2026) | $0.81 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $77.39 | $51.39 | $146.27 |
| DCF · Perpetuity growth · 10y | cross check | $90.75 | $61.91 | $165.87 |
| DCF · EBITDA exit · 5y | cross check | $144.16 | $80.60 | $219.40 |
| DCF · EBITDA exit · 10y | cross check | $141.84 | $81.68 | $223.53 |
| P/E · peers | cross check | $262.02 | $71.17 | $690.11 |
| P/E · own history | cross check | $74.82 | $57.64 | $135.01 |
| PEG | sanity check | $54.91 | $54.91 | $54.91 |
| EV/EBITDA · peers | cross check | $107.67 | $59.23 | $122.29 |
| EV/Revenue · peers | cross check | $18.98 | $4.20 | $43.45 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $9.80 | $7.14 | $14.50 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 6 open-market sales ($33.1M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 5, 2026 | HUERTA MICHAEL P | Director | Open-market sell | 3,100 | $291,756.5 |
| Aug 4, 2026 | BELLEMARE ALAIN | EVP & Pres. - International | Option/RSU exercise | 35,000 | $0 |
| Aug 5, 2026 | Sear Steven M | EVP - Global Sales & Distrib | Option/RSU exercise | 40,460 | $2.1M |
| Aug 5, 2026 | Sear Steven M | EVP - Global Sales & Distrib | Open-market sell | 40,460 | $3.8M |
| Aug 5, 2026 | Sear Steven M | EVP - Global Sales & Distrib | Option/RSU exercise | 40,460 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 9, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/27904/000002790426000038/dal-20260930.htm |
| Oct 9, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/27904/000002790426000035/dal-20261009.htm |
| Jul 10, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/27904/000168316826005455/delta_s3asr.htm |
| Jul 10, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/27904/000002790426000031/dal-20260630.htm |
| Jul 10, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/27904/000002790426000029/dal-20260710.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Buffett | 2026-06-30 | 57,320,000 | $5.4B |
| Bill Nygren | 2026-06-30 | 17,329,926 | $1.6B |
| Richard Pzena | 2026-06-30 | 2,618,707 | $245.3M |
| Druckenmiller | 2026-06-30 | 603,000 | $56.5M |

8 tracked managers in all.

## About

Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon, and Tokyo. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages. The company operates through a fleet of approximately 1,314 aircraft. Delta Air Lines, Inc. was founded in 1924 and is headquartered in Atlanta, Georgia.

---

Source: https://sweetvaluelab.com/stocks/dal (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.