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Delta Air Lines Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

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 7. It is a good or high score, which usually indicates a very healthy situation.

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: 5   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of Delta Air Lines was 8. The lowest was 1. And the median was 5.


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 Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 8.00 3.00 7.00

Delta Air Lines Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 3.00 1.00 4.00 7.00 7.00

Competitive Comparison

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 Piotroski F-Score Distribution

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.


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 (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 652 + 1212 + -408 + -940 = $516 Mil.
Cash Flow from Operations was 1866 + 151 + 556 + 1771 = $4,344 Mil.
Revenue was 7126 + 9154 + 9470 + 9348 = $35,098 Mil.
Gross Profit was -128 + 1081 + 1067 + -68 = $1,952 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(73083 + 75309 + 72783 + 72459 + 73748) / 5 = $73476.4 Mil.
Total Assets at the begining of this year (Mar21) was $73,083 Mil.
Long-Term Debt & Capital Lease Obligation was $31,640 Mil.
Total Current Assets was $15,720 Mil.
Total Current Liabilities was $24,060 Mil.
Net Income was -5717 + -5379 + -755 + -1177 = $-13,028 Mil.

Revenue was 1468 + 3062 + 3973 + 4150 = $12,653 Mil.
Gross Profit was -3382 + -2006 + -1457 + -2196 = $-9,041 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(68738 + 72261 + 79076 + 71996 + 73083) / 5 = $73030.8 Mil.
Total Assets at the begining of last year (Mar20) was $68,738 Mil.
Long-Term Debt & Capital Lease Obligation was $31,629 Mil.
Total Current Assets was $17,853 Mil.
Total Current Liabilities was $20,688 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 516. ==> 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 4,344. ==> 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 (Mar21)
=516/73083
=0.00706047

ROA (Last Year)=Net Income/Total Assets (Mar20)
=-13028/68738
=-0.18953126

Delta Air Lines's return on assets of this year was 0.00706047. Delta Air Lines's return on assets of last year was -0.18953126. ==> This year is higher. ==> Score 1.

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 516. Delta Air Lines's current Cash Flow from Operations (TTM) was 4,344. ==> 4,344 > 516 ==> 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: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=31640/73476.4
=0.43061446

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=31629/73030.8
=0.43309124

Delta Air Lines's gearing of this year was 0.43061446. Delta Air Lines's gearing of last year was 0.43309124. ==> 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: Mar22)=Total Current Assets/Total Current Liabilities
=15720/24060
=0.65336658

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=17853/20688
=0.86296404

Delta Air Lines's current ratio of this year was 0.65336658. Delta Air Lines's current ratio of last year was 0.86296404. ==> 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 637. Delta Air Lines's number of shares in issue last year was 636. ==> 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
=1952/35098
=0.0556157

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-9041/12653
=-0.7145341

Delta Air Lines's gross margin of this year was 0.0556157. Delta Air Lines's gross margin of last year was -0.7145341. ==> This year's gross margin is higher. ==> Score 1.

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 (Mar21)
=35098/73083
=0.48024848

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=12653/68738
=0.18407577

Delta Air Lines's asset turnover of this year was 0.48024848. Delta Air Lines's asset turnover of last year was 0.18407577. ==> 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+1+1+1+0+0+1+1
=7

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

Delta Air Lines has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

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

Thank you for viewing the detailed overview of Delta Air Lines's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Delta Air Lines Business Description

Delta Air Lines logo
Industry
Industrials » Transportation NAICS : 481111 SIC : 4512
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 system network, where it gathers and distributes passengers across the globe through key locations such as Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta's sale of frequent flier miles, particularly to American Express, is a major driver of the firm's profits.
Executives
Jacobson Paul A officer: EVP & CFO C/O DELTA AIR LINES, INC., DEPT. 981 P.O. BOX 20574 ATLANTA GA 30320
Carter Ashton B director C/O DELTA AIR LINES, INC. P.O. BOX 20574, DEPT. 981 ATLANTA GA 30320
Mattson George N director C/O DELTA AIR LINES, INC. P.O. BOX 20574, DEPT. 981 ATLANTA GA 30320
Jackson Jeanne P director 537 NEWPORT CENTER DRIVE #306 NEWPORT BEACH CA 92660
Waller Kathy N director THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313
Taylor David S director THE PROCTER & GAMBLE COMPANY ONE PROCTER & GAMBLE PLAZA CINCINNATI OH 45202
Rial Sergio director CARGILL, INCORPORATED 15615 MCGINTY ROAD WEST WAYZATA MN 55391
Huerta Michael P director 1800 M STREET NW SUITE 800 WASHINGTON DC 20036
Dewalt David G director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: DEWALT DAVID G a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Blake Francis S director 2455 PACES FERRY RD ATLANTA GA 30339
Easter William H Iii director 370 17TH ST STE 2500 DENVER CO 80202
Samant Rahul D officer: EVP & Chief Info Officer C/O DELTA AIR LINES, INC. P.O. BOX 20574, DEPT. 981 ATLANTA GA 30320
Buffett Warren E 10 percent owner 3555 FARNAM ST STE 1440 OMAHA NE 68131
Berkshire Hathaway Inc 10 percent owner 3555 FARNAM STREET OMAHA NE 68131
Carroll William C officer: SVP, Finance & Controller C/O DELTA AIR LINES, INC. P.O. BOX 20574, DEPT. 981 ATLANTA GA 30320

Delta Air Lines Headlines

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