Delta Air Lines vs United Airlines DAL vs UAL
Delta Air Lines and United Airlines Holdings on one sheet: valuation multiples, growth, margins, debt, dividends and returns, each section labelled with the period it covers, from the companies' filings. Add or remove a stock above the sheet; the link holds the set.
DALUAL
What differs most
- Debt / equity: United Airlines 1.6×, Delta Air Lines 0.5×.
- One-year price return: Delta Air Lines +24.8%, United Airlines −2.1%.
- Trailing P/E: Delta Air Lines 15.1×, United Airlines 9.0×.
- Market value: Delta Air Lines $49.59B, United Airlines $31.19B.
- United Airlines paid no dividend in the last twelve months.
Price return
2025-10-16 → 2026-10-16
DAL+24.8%
UAL−2.1%
Profile
latestSector
Industrials
Industrials
Industry
Airlines, Airports & Air Services
Airlines, Airports & Air Services
Market value
$49.59B
$31.19B
Enterprise value
$57.90B
$47.49B
Employees
100,000
117,500
Revenue per employee (TTM)
$718K
$535K
Our models
nightlythe valuation on each stock's pagePrice vs model
3% undervalued vs model
28% undervalued vs model
Model range
$51.39–146
$74.19–335
Models in the headline
1
1
FCF growth priced in, at a 10% return
4.5%
7.7%
Every model, its assumptions and its range: DAL valuation · UAL valuation. The growth priced in, at any return: DAL reverse DCF · UAL reverse DCF.
Trading
close 2026-10-16Last close
$75.37
$96.10
52-week high
$93.66
$136.11
52-week low
$55.65
$85.21
Price vs 52-week high
−19.5%
−29.4%
Price vs 52-week low
+35.4%
+12.8%
Average daily volume / shares
1.1%
1.3%
Beta
1.34
1.30
Returns
to 2026-10-161 month
−3.2%
−9.6%
3 months
−13.1%
−19.1%
6 months
+7.8%
+1.1%
Year to date
+8.6%
−14.1%
1 year
+24.8%
−2.1%
1 year, dividends added
+26.1%
−2.1%
2 years
+33.8%
+33.4%
Valuation
DAL price × TTM to Sep 2026 · UAL price × TTM to Jun 2026P/E (TTM)
15.1×
9.0×
P/E on consensus EPS (next FY)
13.8×
11.9×
Price / sales
0.7×
0.5×
EV / sales
0.8×
0.8×
EV / EBITDA
7.4×
6.0×
Price / book
2.2×
1.9×
Price / free cash flow (FY)
12.9×
12.2×
Free-cash-flow yield (FY)
7.8%
8.2%
Growth
TTM and FY2025Revenue growth (TTM)
—
—
Revenue growth, consensus next FY
+5.6%
+15.9%
Revenue, 3-year CAGR
7.8%
9.5%
Revenue, 5-year CAGR
30.0%
30.9%
EPS growth (TTM)
—
—
EPS growth, consensus next FY
−28.5%
−21.0%
EPS, 3-year CAGR
54.9%
66.0%
Free cash flow, 3-year CAGR
—
27.0%
Diluted shares, 3-year change
+2.0%
−0.5%
Profitability
DAL TTM to Sep 2026 · UAL TTM to Jun 2026Gross margin (FY)†
22.8%
64.1%
Operating margin
7.4%
7.7%
EBITDA margin
11.0%
12.5%
Net margin
4.6%
5.6%
Free-cash-flow margin (FY)
6.1%
4.3%
Return on equity
14.6%
20.9%
Return on assets
3.8%
4.1%
Asset turnover
0.83
0.74
† Gross margin (FY): As filed. Companies draw the cost-of-revenue line in different places, so gross margins of two companies in one industry can differ for that reason alone; operating margin does not depend on where the line is drawn.
Balance sheet
DAL MRQ Sep 2026 · UAL MRQ Jun 2026Cash
$3.79B
$10.17B
Total debt
$12.11B
$26.46B
Net debt
$8.32B
$16.30B
Debt / equity
0.5×
1.6×
Net debt / EBITDA (TTM)
1.1×
2.1×
Interest coverage (FY)
8.6×
3.9×
Current ratio (FY)
0.40
0.65
Dividends
trailing 12 monthsDividend yield
1.1%
0.0%
Dividends per share
$0.80
$0.00
Payout ratio (of TTM EPS)
16.1%
—
Dividend per share, 5-year CAGR
—
—
Frequency
Quarterly
—
Ownership and activity
last 90 days · latest 13FTracked superinvestors holding (13F)
8
4
Insider open-market buys (Form 4)
$0
$0
Insider sales (Form 4)
$33.1M
$27.6M
Analyst upgrades
0
0
Analyst downgrades
0
0
Statements
DAL income TTM to Sep 2026 · cash flow FY2025 · UAL income TTM to Jun 2026 · cash flow FY2025Revenue
$71.80B
$62.90B
EBITDA
$7.87B
$7.87B
Operating income
$5.29B
$4.87B
Net income
$3.29B
$3.50B
EPS (diluted)
$5.00
$10.67
Operating cash flow
$8.34B
$8.43B
Capital expenditure
−$4.50B
−$5.87B
Free cash flow
$3.84B
$2.56B
Dividends paid
$440.0M
—
Keep comparing
Statements from the companies' SEC filings; prices, dividends and consensus estimates from Financial Modeling Prep; insider trades from Form 4 and holdings from 13F. Refreshed nightly. A comparison of filed numbers, not a recommendation to buy, sell or hold any security.