Airlines · 17/36 against 14/36 checks · to 2026-09-08
DAL vs UAL.
Delta Air LinesThe most profitable US airline, with a large premium and loyalty business.
United AirlinesA large US airline with a strong international network.→Delta Air Lines (DAL) and United Airlines (UAL) are within reach of each other at $51.9B and $35.1B, and on the filings Delta Air Lines passes more, 17 checks of 36 against 14.
Which passes more checks?
widest gap first→No axis separates them by more than 2 of six checks, and the widest is Health.
| DAL | UAL | |
|---|---|---|
| Health | 4/6 | 2/6 |
| Quality | 4/6 | 3/6 |
| Shareholder returns | 1/6 | 2/6 |
| Trend analysis | 1/6 | 0/6 |
| Value | 4/6 | 4/6 |
| Growth | 3/6 | 3/6 |
| All checks | 17/36 | 14/36 |
→Delta Air Lines turns over $68.3B to United Airlines's $62.9B, 1.1 times as much. Delta Air Lines keeps 5.8% of revenue as profit against 5.6% at United Airlines.
Which balance sheet is stronger?
→Delta Air Lines carries much the lighter balance sheet, 0.59x of debt to equity against 1.45x - which matters most in the year a downturn arrives, not this one.
| DAL | UAL | |
|---|---|---|
| Debt / equity | 0.59x | 1.45x |
| Interest coverage | 13.7x | 3.7x |
| Cash and short-term investments | $4.7B | $16.6B |
Which keeps more of each sale?
→Their operating margins are within 0.3 points of each other, 8.1% at Delta Air Lines and 7.7% at United Airlines, so neither keeps materially more of a sale than the other.
| DAL | UAL | |
|---|---|---|
| Gross margin | - | - |
| Operating margin | 8.1% | 7.7% |
| Return on equity | 18.1% | 20.9% |
Which hands more back to owners?
→Delta Air Lines pays 0.8% at today's price and United Airlines effectively pays nothing, which is the clearest difference in what each hands back.
| DAL | UAL | |
|---|---|---|
| Dividend yield | 0.8% | - |
| Payout ratio | 11.1% | - |
| Years of unbroken dividend | - | - |
Which is cheaper?
→United Airlines is the cheaper of the two on earnings, 10.2x against 13.1x. Against their own histories, Delta Air Lines is above its 8.9x median and United Airlines is above its 7.8x.
| DAL | UAL | |
|---|---|---|
| Share price | $78.96 | $108.24 |
| Market cap | $51.9B | $35.1B |
| P/E | 13.1x | 10.2x |
| P/E, own median own 10-year median / own 9-year median | 8.9x | 7.8x |
| P/S | 0.8x | 0.6x |
| Free cash flow yield | 7.0% | 7.2% |
Which is growing faster, DAL or UAL?
→Delta Air Lines and United Airlines grew revenue at much the same rate last year, +10.3% against +8.5%. Over three years the order is reversed: United Airlines compounds at +9.5% against +7.8%.
| DAL | UAL | |
|---|---|---|
| Revenue (TTM) | $68.3B | $62.9B |
| Revenue growth, 1 year | +10.3% | +8.5% |
| Revenue CAGR, 3 years | +7.8% | +9.5% |
| Net income (TTM) | $4.0B | $3.5B |
| Free cash flow (TTM) | $3.7B | $2.5B |
Where they differ most
the checks behind the gapHealth: Delta Air Lines 2 ahead
- Debt isn't dominating 0.59 vs 1.00
- Debt trending the right way debt/equity 0.59 now vs 6.45 five years ago
- Earnings cover the interest 13.65 vs 5.00
- Comfortable near-term liquidity 0.78 vs 1.50
- Debt isn't dominating 1.45 vs 1.00
- Earnings cover the interest 3.68 vs 5.00
Quality: Delta Air Lines 1 ahead
- Actually profitable TTM net income $4.0B
- Earns well on shareholders' money 18.1% vs 12.3% (market 70th pct)
- Earns a real return on the capital it employs 10.5% vs 10.0%
- Better net margins than peers 5.6% vs 10.5% (market 70th pct)
- Runs leaner than peers (operating margin) 7.7% vs 13.0% (market 70th pct)
- Earns a real return on the capital it employs 8.6% vs 10.0%