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DAL (Delta Air Lines) Piotroski F-Score : 5 (As of Jul. 07, 2025)


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What is Delta Air Lines Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Delta Air Lines has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Delta Air Lines's Piotroski F-Score or its related term are showing as below:

DAL' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Delta Air Lines was 8. The lowest was 1. And the median was 6.


Delta Air Lines Piotroski F-Score Historical Data

The historical data trend for Delta Air Lines's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Delta Air Lines Piotroski F-Score Chart

Delta Air Lines Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 7.00 8.00 7.00 6.00

Delta Air Lines Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 6.00 6.00 5.00

Competitive Comparison of Delta Air Lines's Piotroski F-Score

For the Airlines subindustry, Delta Air Lines's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Delta Air Lines's Piotroski F-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Delta Air Lines's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Delta Air Lines's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was 1305 + 1272 + 843 + 240 = $3,660 Mil.
Cash Flow from Operations was 2449 + 1274 + 1894 + 2378 = $7,995 Mil.
Revenue was 16658 + 15677 + 15559 + 14040 = $61,934 Mil.
Gross Profit was 5119 + 4147 + 4444 + 3013 = $16,723 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(74969 + 75197 + 75368 + 75372 + 77342) / 5 = $75649.6 Mil.
Total Assets at the begining of this year (Mar24) was $74,969 Mil.
Long-Term Debt & Capital Lease Obligation was $18,590 Mil.
Total Current Assets was $11,236 Mil.
Total Current Liabilities was $29,699 Mil.
Net Income was 1827 + 1108 + 2037 + 37 = $5,009 Mil.

Revenue was 15578 + 15488 + 14223 + 13748 = $59,037 Mil.
Gross Profit was 5260 + 4604 + 3787 + 2848 = $16,499 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(73134 + 73497 + 73247 + 73644 + 74969) / 5 = $73698.2 Mil.
Total Assets at the begining of last year (Mar23) was $73,134 Mil.
Long-Term Debt & Capital Lease Obligation was $22,758 Mil.
Total Current Assets was $11,579 Mil.
Total Current Liabilities was $28,478 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Delta Air Lines's current Net Income (TTM) was 3,660. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Delta Air Lines's current Cash Flow from Operations (TTM) was 7,995. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=3660/74969
=0.04882018

ROA (Last Year)=Net Income/Total Assets (Mar23)
=5009/73134
=0.06849072

Delta Air Lines's return on assets of this year was 0.04882018. Delta Air Lines's return on assets of last year was 0.06849072. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Delta Air Lines's current Net Income (TTM) was 3,660. Delta Air Lines's current Cash Flow from Operations (TTM) was 7,995. ==> 7,995 > 3,660 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=18590/75649.6
=0.24573825

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=22758/73698.2
=0.30879994

Delta Air Lines's gearing of this year was 0.24573825. Delta Air Lines's gearing of last year was 0.30879994. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar25)=Total Current Assets/Total Current Liabilities
=11236/29699
=0.37832924

Current Ratio (Last Year: Mar24)=Total Current Assets/Total Current Liabilities
=11579/28478
=0.40659456

Delta Air Lines's current ratio of this year was 0.37832924. Delta Air Lines's current ratio of last year was 0.40659456. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Delta Air Lines's number of shares in issue this year was 652. Delta Air Lines's number of shares in issue last year was 645. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=16723/61934
=0.27001324

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=16499/59037
=0.27946881

Delta Air Lines's gross margin of this year was 0.27001324. Delta Air Lines's gross margin of last year was 0.27946881. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=61934/74969
=0.82612813

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=59037/73134
=0.80724424

Delta Air Lines's asset turnover of this year was 0.82612813. Delta Air Lines's asset turnover of last year was 0.80724424. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+0+0+1
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Delta Air Lines has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Delta Air Lines  (NYSE:DAL) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Delta Air Lines Piotroski F-Score Related Terms

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Delta Air Lines Business Description

Address
Post Office Box 20706, Atlanta, GA, USA, 30320-6001
Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through its biggest hubs in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta has historically earned most of its international revenue and profits from flying passengers over the Atlantic Ocean.
Executives
David S Taylor director THE PROCTER & GAMBLE COMPANY, ONE PROCTER & GAMBLE PLAZA, CINCINNATI OH 45202
Greg Creed director 1441 GARDINER LANE, LOUISVILLE KY 40213
Rahul D Samant officer: EVP & Chief Info Officer C/O DELTA AIR LINES, INC., P.O. BOX 20574, DEPT. 981, ATLANTA GA 30320
William C Carroll officer: SVP, Finance & Controller C/O DELTA AIR LINES, INC., P.O. BOX 20574, DEPT. 981, ATLANTA GA 30320
Edward H Bastian officer: President and CEO NWA C/O DELTA AIR LINES, INC., DEPT. 981, P.O. BOX 20574, ATLANTA GA 30320
Joanne D Smith officer: EVP & Chief HR Officer C/O DELTA AIR LINES, INC., P.O. BOX 20574, DEPT. 981, ATLANTA GA 30320
Glen W Hauenstein officer: EVP-Network Plng & Rev Mgmt 1600 SMITH ST, HOUSTON TX 77002
Allison C Ausband officer: EVP-Chief Cust Experience Offr P.O. BOX 20574, C/O DELTA AIR LINES, INC. DEPT. 981, ATLANTA GA 30320
Steven M Sear officer: Pres. Int'l & EVP Global Sales C/O DELTA AIR LINES, INC., P.O. BOX 20574, DEPT. 981, ATLANTA GA 30320
Alain Bellemare officer: EVP & Pres. - International C/O DELTA AIR LINES, INC., DEPT. 981, P.O. BOX 20574, ATLANTA GA 30320
Peter W Carter officer: EVP and Chief Legal Officer C/O DELTA AIR LINES, INC., P.O. BOX 20574, DEPT. 981, ATLANTA GA 30320
Michael P Huerta director 1800 M STREET NW SUITE 800, WASHINGTON DC 20036
Mike Spanos officer: EVP & Chief Operating Officer PEPSICO, INC., 700 ANDERSON HILL ROAD, PURCHASE NY 10577
Vasant M Prabhu director C/O SAFEWAY INC, 5918 STONERIDGE MALL ROAD, PLEASANTON CA 94588
Francis S Blake director 2455 PACES FERRY RD, ATLANTA GA 30339