BA
The Boeing Company
BA has the edge over DAL overall, supported by stronger valuation and stronger fundamentals.
DAL
Delta Air Lines, Inc.
DAL's outlook is improving despite an expensive valuation.
BA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Under pressure |
BA's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is under pressure.
DAL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Healthy |
DAL's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
BA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $172 | — |
| Cheap | 51x | $496 | +189% |
| Fair | 82x | $790 | +360% |
| Expensive | 91x | $876 | +411% |
Historical ranges are pointers, not guarantees.
BA has the edge over DAL in the historical PE scenario, which offers more potential upside but is not a forecast.
DAL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.5x | $32.27 | -63% |
| Fair | 8.8x | $44.24 | -49% |
| Forward | 13x | $86.55 | — |
| Current | 17x | $86.55 | — |
| Expensive | 32x | $161 | +86% |
Historical ranges are pointers, not guarantees.
DAL's PE is in its expensive range at 17x. If earnings grow as analysts expect, today's price would be 13x next year's earnings.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect BA to return to profit, with revenue growing. However, they disagree widely on these estimates.
DAL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for DAL, with profitability improving. However, they disagree widely on these estimates.
BA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $9.66 | +$23.38 |
| Q2 2026 | $2.78 | +$19.33 |
| Q1 2026 | $2.53 | +$20.49 |
| Q4 2025 | $2.48 | +$20.84 |
| Q3 2025 | -$13.72 | -$0.83 |
| Q2 2025 | -$16.55 | -$10.93 |
| Q1 2025 | -$17.96 | -$14.42 |
| Q4 2024 | -$18.36 | -$14.69 |
BA has the edge over DAL on earnings, with more consistent year-over-year improvement.
DAL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.50 | +30% |
| Q3 2026 | $5.00 | -30% |
| Q2 2026 | $6.02 | -13% |
| Q1 2026 | $6.85 | +21% |
| Q4 2025 | $7.66 | +44% |
| Q3 2025 | $7.10 | -1.7% |
| Q2 2025 | $6.90 | -1% |
| Q1 2025 | $5.64 | -28% |
| Q4 2024 | $5.33 | -26% |
DAL's earnings per share have fallen from their peak: $5.00 over the past year, against $7.80 in early 2024.
BA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.2B | +3.9% |
| Q2 2026 | $24.6B | +8% |
| Q1 2026 | $22.2B | +14% |
| Q4 2025 | $23.9B | +57% |
| Q3 2025 | $23.3B | +30% |
| Q2 2025 | $22.7B | +35% |
| Q1 2025 | $19.5B | +18% |
| Q4 2024 | $15.2B | -31% |
BA has the edge over DAL on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.5% | +22 points |
| Q2 2026 | 0.6% | +1.4 points |
| Q1 2026 | 2% | -0.3 points |
| Q4 2025 | 37% | +61 points |
| Q3 2025 | -21% | +12 points |
| Q2 2025 | -0.8% | +5.7 points |
| Q1 2025 | 2.4% | +2.9 points |
| Q4 2024 | -25% | -26 points |
BA's operating margin was 1.5% last quarter, up 22 points from the same quarter a year ago.
DAL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.2B | +21% |
| Q2 2026 | $19.8B | +19% |
| Q1 2026 | $15.9B | +13% |
| Q4 2025 | $16B | +2.9% |
| Q3 2025 | $16.7B | +6.4% |
| Q2 2025 | $16.6B | -0.1% |
| Q1 2025 | $14B | +2.1% |
| Q4 2024 | $15.6B | +9.4% |
DAL's revenue has grown year over year for five quarters in a row: $20.2B last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.2% | -2.9 points |
| Q2 2026 | 9.4% | -3.2 points |
| Q1 2026 | 3.2% | -0.9 points |
| Q4 2025 | 9.2% | -1.9 points |
| Q3 2025 | 10% | +1.2 points |
| Q2 2025 | 13% | -1 points |
| Q1 2025 | 4% | -0.4 points |
| Q4 2024 | 11% | +1.8 points |
DAL has the edge over BA on profitability, with a higher operating margin.
BA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $464M | +95% |
| Q2 2026 | $631M | +$831M |
| Q1 2026 | -$1.5B | +$836M |
| Q4 2025 | $375M | +$4.5B |
| Q3 2025 | $238M | +$2.2B |
| Q2 2025 | -$200M | +$4.1B |
| Q1 2025 | -$2.3B | +$1.6B |
| Q4 2024 | -$4.1B | -239% |
BA has the edge over DAL on cash flow, with more consistent year-over-year improvement.
DAL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +149% |
| Q2 2026 | $1.6B | +146% |
| Q1 2026 | $1.2B | +6.8% |
| Q4 2025 | $1.4B | +132% |
| Q3 2025 | $687M | +$741M |
| Q2 2025 | $648M | -43% |
| Q1 2025 | $1.2B | -5% |
| Q4 2024 | $584M | +$1.6B |
DAL generated $5.9B in free cash flow over the past year, up 92% from the year before.
BA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +2.1M shares |
| 1 year | +4.3% | +32.8M shares |
| 3 years | +31% | +186M shares |
| 5 years | +35% | +204M shares |
| Available history | +40% | +227M shares |
BA has 793M diluted shares, up 4.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
DAL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +1M shares |
| 1 year | +0.8% | +5M shares |
| 3 years | +2.3% | +15M shares |
| 5 years | +2.8% | +18M shares |
| Available history | +0.9% | +6M shares |
DAL has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | $344M |
BA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Elevated |
| Q2 2026 | 5.7x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 6.9x | High |
| Q2 2024 | 361.8x | High |
| Q1 2024 | 36.1x | High |
| Q4 2023 | 36.4x | High |
| Q3 2023 | 96.1x | High |
BA's net debt is about 3.0 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
DAL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.1x | Healthy |
| Q2 2026 | 1.0x | Healthy |
| Q1 2026 | 1.0x | Very low |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
DAL has the edge over BA on leverage, with a lower net debt burden relative to earnings.
BA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.1 | Neutral |
| Stochastic | 9.6 | Oversold |
BA's weekly RSI is 31 (neutral) and its Stochastic is 10 (oversold).
DAL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.5 | Neutral |
| Stochastic | 53.0 | Neutral |
DAL's weekly RSI is 58 (neutral) and its Stochastic is 53 (neutral).
BA PE vs Industrials Sector
| Metric | BA | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 26% below |
| PE % | 0 | 58 | 58 pts below |
BA is trading at 18x earnings, a 26% discount to the Industrials sector's median of 24x, though its earnings don't support one.
DAL PE vs Industrials Sector
| Metric | DAL | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 24x | 28% below |
| PE % | 79 | 58 | 21 pts above |
DAL has the edge over BA on valuation relative to its sector.
BA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $184.6 | 7.1% below |
| 20 week MA | $203.8 | 16% below |
| 50 week MA | $215.5 | 20% below |
| 100 week MA | $205.9 | 17% below |
| 200 week MA | $200.6 | 14% below |
BA is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-week average.
DAL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $82.2 | 5.3% above |
| 20 week MA | $83.9 | 3.2% above |
| 50 week MA | $76.2 | 14% above |
| 100 week MA | $65.8 | 32% above |
| 200 week MA | $54.5 | 59% above |
DAL has the edge over BA on trend strength, trading above more of its moving averages.
BA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $330.1 | $217.2 | -34% |
| 2021 | $217.2 | $204.2 | -6% |
| 2022 | $204.2 | $189.1 | -7.4% |
| 2023 | $189.1 | $260.7 | +38% |
| 2024 | $260.7 | $180.7 | -31% |
| 2025 | $180.7 | $216.4 | +20% |
| 2026 YTD | $216.4 | $171.6 | -21% |
BA has finished lower in four of the last six years. It's down 21% so far in 2026.
DAL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $59.1 | $39.7 | -33% |
| 2021 | $39.7 | $39.3 | -1.1% |
| 2022 | $39.3 | $33.2 | -16% |
| 2023 | $33.2 | $40.2 | +21% |
| 2024 | $40.2 | $61.3 | +52% |
| 2025 | $61.3 | $70.9 | +16% |
| 2026 YTD | $70.9 | $86.6 | +22% |
DAL has the edge over BA on returns for 2026, with the stronger performance.