Stock fact sheet · data as of
Delta Air Lines, Inc. (DAL): fair value, margin of safety and Wheel Score
Industrials · Airlines, Airports & Air Services · United States · Value
Is DAL undervalued?
At 78.08 (close of 16 Oct 2026), DAL trades 54% below the GLS average fair value of 171.33. That average comes from 8 models run on the latest filings, and 5 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Delta Air Lines, Inc. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between DDM (11.84) and Payback Time (343.38). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files DAL under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for DAL
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 62.33 | -20% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 253.46 | +225% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 108.26 | +39% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 307.50 | +294% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 228.03 | +192% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 343.38 | +340% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 11.84 | -85% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 55.81 | -29% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -75.19 | -196% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 102.27 | +31% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Delta Air Lines, Inc. scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. On durability DAL scores 5.0/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
Returns on capital are moderate - ROIC 12.0%, ROE 24.1%, ROA 6.2% - with debt at 1.02 times equity and a free-cash-flow yield of 11.1%.
The dividend yield is 1.03% with a payout ratio of 16% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Airline 87%, Refinery 13% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 2/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded Congressional buy was on 11 Sep 2026.
| Piotroski F-score | 8 / 9 | ROIC | 12.0% |
|---|---|---|---|
| GLS Moat | 5.0 / 10 | ROE | 24.1% |
| Debt / equity | 1.02 | ROA | 6.2% |
| Free-cash-flow yield | 11.1% | Payout ratio | 16% |
| Institutions | 10 / 10 | Insiders · Congress | 2 · 5 / 10 |
Wheel Score 90: Prime
With a Wheel Score of 90, Delta Air Lines, Inc. sits in the Prime band - price, quality and premium all line up for the wheel strategy. The parts: Value 25/25, Health 18/20, Moat 8/15, Premium 20/20, Stability 20/20. A high score is a ranking, not a signal: it says nothing about timing, the earnings date or your position size.
Implied volatility is 35% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. The option chain is deep: 580,859 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 6.7M shares a day on a market cap of $51.4B, with a beta of 1.34 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 20 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 54% margin of safety | |
| Health | 18 / 20 | Piotroski 8/9 | |
| Moat | 8 / 15 | moat 5.0/10 | |
| Premium | 20 / 20 | implied volatility 35% | |
| Stability | 20 / 20 | 6.7M shares/day, $51.4B cap, beta 1.34 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 12 Jan 2027, 88 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Airlines, Airports & Air Services
The 12 companies below are the closest to Delta Air Lines, Inc. by market cap within the Airlines, Airports & Air Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| UAL United Airlines Holdings, Inc. | 98.96 | 329.44 | +70% | 90Prime | $32.1B |
| LUV Southwest Airlines Co. | 40.83 | 30.59 | -33% | 61Fair | $20.0B |
| LTM LATAM Airlines Group S.A. | 48.50 | 164.30 | +70% | 86Prime | $14.4B |
| PAC Grupo Aeroportuario del Pacífico, S.A.B. de C.V. | 196.49 | 576.76 | +66% | 39No options | $10.2B |
| AAL American Airlines Group Inc. | 12.28 | 165.90 | +93% | 45Weak | $8.1B |
| ASR Grupo Aeroportuario del Sureste, S. A. B. de C. V. | 235.08 | 1,442.79 | +84% | 76Good | $7.1B |
| CPA Copa Holdings, S.A. | 133.91 | 315.20 | +58% | 83Prime | $5.5B |
| JOBY Joby Aviation, Inc. | 4.81 | 0.2622 | -1734% | 40Weak | $4.8B |
| OMAB Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. | 91.33 | 555.31 | +84% | 82Prime | $4.4B |
| ALK Alaska Air Group, Inc. | 36.50 | - | - | 45Weak | $4.1B |
| CAAP Corporacion America Airports S.A. | 24.66 | 65.37 | +62% | 80Prime | $4.0B |
| SKYW SkyWest, Inc. | 92.43 | 257.98 | +64% | 87Prime | $3.6B |
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Start free See the Sunday ScanQuestions about DAL
Is DAL undervalued right now?
By the GLS models, yes: at 78.08 the stock is 54% below the average fair value of 171.33 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of DAL and what does it mean?
DAL scores 90 out of 100 (Prime). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for DAL?
171.33 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Delta Air Lines, Inc. report earnings next?
The next earnings report is due on 12 Jan 2027, 88 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does DAL have listed options, and how liquid are they?
Yes. The nightly snapshot found 988 listed contracts with 580,859 open interest across all expiries and implied volatility of 35% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.