Delta Air Lines, Inc. (DAL) vs United Airlines Holdings Inc (UAL)

Delta Air Lines, Inc. and United Airlines Holdings Inc are both Airlines companies. Delta Air Lines, Inc. is the larger, with a market value of $56.2B against $35.9B — 1.6× the size. United Airlines Holdings Inc trades at the lower P/E: 10.1× against 17.0×. Delta Air Lines, Inc. grew revenue faster over the last twelve months: 14.1% against 12.3%. United Airlines Holdings Inc has the higher net margin (5.46% vs 4.58%) and the lower return on invested capital (10.4% vs 10.5%). Across the 21 metrics below, United Airlines Holdings Inc leads on 13 and Delta Air Lines, Inc. on 8.

Valuation

Metric DAL UAL Airlines median
P/E 17.00 10.14 9.74
P/S 0.78 0.55 0.62
P/B 2.49 2.03 2.03
Price to free cash flow 18.57 29.87 18.01
EV/EBITDA 12.33 9.70 8.55
EV/Sales 0.91 0.73 0.92
Earnings yield 5.88% 9.87% 3.19%
Free cash flow yield 5.39% 3.35% 3.20%

Profitability

Metric DAL UAL Airlines median
Gross margin 31.20% 66.07% 51.70%
Operating margin 7.36% 7.51% 6.13%
Net margin 4.58% 5.46% 1.73%
Free cash flow margin 4.21% 1.84% 3.29%
Return on equity 15.91% 22.31% 14.11%
Return on assets 3.97% 4.43% 1.28%
Return on invested capital 10.46% 10.43% 4.91%

Growth

Metric DAL UAL Airlines median
Revenue growth (TTM) 14.11% 12.30% 12.32%
EPS growth (last fiscal year) 43.71% 7.94% 9.88%
Revenue growth, 5-year CAGR 29.96% 30.93% 25.83%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DAL UAL Airlines median
Debt to equity 0.57 1.49 0.76
Current ratio 0.40 0.75 0.62
Net debt to EBITDA 1.19 1.65 1.42

Dividend

Metric DAL UAL Airlines median
Dividend yield 0.94% — 1.28%
Payout ratio 0.16 — 0.20

Size

Metric DAL UAL Airlines median
Market cap 56.16b 35.90b 2.23b

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