In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Delta Air Lines's net current asset value per share for the quarter that ended in Mar. 2026 was MXN-1,383.12.
The historical rank and industry rank for Delta Air Lines's Net Current Asset Value or its related term are showing as below:
MEX:DAL's Price-to-Net-Current-Asset-Value is not ranked *
in the Transportation industry.
Industry Median: 4.06 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Delta Air Lines (MEX:DAL) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Delta Air Lines Net Current Asset Value Related Terms
Delta Air Lines Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Delta Air Lines's Net Current Asset Value 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.
MEX:DAL vs UAL, LUV, AAL: Net Current Asset Value Comparison
For the Airlines subindustry, Delta Air Lines's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value 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 Price-to-Net-Current-Asset-Value vs Transportation Industry
For the Transportation industry and Industrials sector, Delta Air Lines's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Delta Air Lines's Price-to-Net-Current-Asset-Value falls into.
* 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.
What does a Net Current Asset Value of MXN-1,383.12 mean?
Delta Air Lines (MEX:DAL) has a Net Current Asset Value of MXN-1,383.12 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Delta Air Lines and its competitors. According to the industry distribution chart, Delta Air Lines ranks #999999 out of 359 companies in the Transportation industry.
Is Delta Air Lines' Net Current Asset Value too high?
Delta Air Lines' current Net Current Asset Value is MXN-1,383.12. Based on the distribution chart, Delta Air Lines ranks #999999 out of 359 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Delta Air Lines has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Delta Air Lines' Net Current Asset Value compare to UAL and LUV?
According to the Transportation industry distribution chart, Delta Air Lines ranks #999999 out of 359 companies for Net Current Asset Value. This places Delta Air Lines in the lower half of its industry. The industry median Net Current Asset Value is 4.06. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Transportation company?
The median Net Current Asset Value among Transportation companies is 4.06, based on 359 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Delta Air Lines and its competitors. For the Transportation industry, the median Net Current Asset Value is 4.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Delta Air Lines's current Net Current Asset Value is MXN-1,383.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Delta Air Lines stock overvalued right now?
Based on GuruFocus' analysis, Delta Air Lines (MEX:DAL) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN925.50, compared to a current price of MXN1,645.00 — trading 77.7% above its estimated fair value. The current Net Current Asset Value is MXN-1,383.12. Delta Air Lines' overall GF Score™ is 72/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Delta Air Lines (MEX:DAL), the current Net Current Asset Value is MXN-1,383.12 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Delta Air Lines (MEX:DAL) Overvalued in 2026?
Based on GuruFocus' analysis, Delta Air Lines stock appears to be overvalued.
The current stock price of MXN1,645.00 is trading 77.7% above its estimated GF Value™ of MXN925.50.
GuruFocus considers Delta Air Lines to be Significantly Overvalued.
Key valuation signals for MEX:DAL:
Net Current Asset Value: MXN-1,383.12
GF Value™: MXN925.50 vs. price of MXN1,645.00 (77.7% above fair value)
No single metric tells the full story. See the MEX:DAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
72GF Score
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Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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