DAL
Delta Air Lines, Inc.
DAL's outlook is improving despite an expensive valuation.
VRT
Vertiv Holdings Co
VRT has the edge over DAL overall, supported by stronger valuation and stronger modeled upside.
DAL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Healthy |
DAL's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
VRT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
VRT's revenue, profitability, cash flow and balance sheet are all currently strong.
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.
VRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $210 | — |
| Current | 39x | $210 | — |
| Cheap | 58x | $308 | +47% |
| Fair | 72x | $383 | +83% |
| Expensive | 88x | $472 | +125% |
Historical ranges are pointers, not guarantees.
VRT has the edge over DAL in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
VRT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for VRT, with profitability improving.
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.
VRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.14 | +71% |
| Q3 2026 | $5.35 | +102% |
| Q2 2026 | $4.42 | +111% |
| Q1 2026 | $3.98 | +131% |
| Q4 2025 | $3.41 | +166% |
| Q3 2025 | $2.65 | +75% |
| Q2 2025 | $2.09 | +62% |
| Q1 2025 | $1.72 | +64% |
| Q4 2024 | $1.28 | +7.6% |
VRT has the edge over DAL on earnings, with more consistent year-over-year improvement.
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's operating margin was 7.2% last quarter, down 2.9 points from the same quarter a year ago.
VRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.3B | +61% |
| Q2 2026 | $3.3B | +24% |
| Q1 2026 | $2.6B | +30% |
| Q4 2025 | $2.9B | +23% |
| Q3 2025 | $2.7B | +29% |
| Q2 2025 | $2.6B | +35% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +26% |
VRT has the edge over DAL on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +3.5 points |
| Q2 2026 | 19% | +2.7 points |
| Q1 2026 | 17% | +2.3 points |
| Q4 2025 | 20% | +0.7 points |
| Q3 2025 | 19% | +1.4 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 14% | +1.9 points |
| Q4 2024 | 19% | +4.2 points |
VRT has the edge over DAL on profitability, with a higher operating margin.
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.
VRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $654.9M | +41% |
| Q2 2026 | $926.5M | +233% |
| Q1 2026 | $654.2M | +145% |
| Q4 2025 | $885.6M | +143% |
| Q3 2025 | $463.5M | +36% |
| Q2 2025 | $277.9M | -19% |
| Q1 2025 | $266.8M | +162% |
| Q4 2024 | $364.5M | +18% |
VRT has the edge over DAL on cash flow, with more consistent year-over-year improvement.
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 659M diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | $344M |
VRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -64.9K shares |
| 1 year | +0.4% | +1.8M shares |
| 3 years | +1.1% | +4.4M shares |
| 5 years | +10% | +36M shares |
| Available history | +63% | +152M shares |
VRT has the edge over DAL on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $599.9M |
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's net debt is about 1.1 years of its operating earnings (EBITDA), down from 1.2 years a year ago.
VRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 1.0x | Healthy |
VRT has the edge over DAL on leverage, with a lower net debt burden relative to earnings.
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).
VRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 26.4 | Neutral |
VRT's weekly RSI is 43 (neutral) and its Stochastic is 26 (neutral).
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 VRT on valuation relative to its sector.
VRT PE vs Industrials Sector
| Metric | VRT | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 24x | 63% above |
| PE % | 3 | 58 | 55 pts below |
VRT is trading at 39x earnings, a 63% premium to the Industrials sector's median of 24x.
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 VRT on trend strength, trading above more of its moving averages.
VRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $221.8 | 5.5% below |
| 20 week MA | $254.4 | 18% below |
| 50 week MA | $253.9 | 17% below |
| 100 week MA | $189.1 | 11% above |
| 200 week MA | $123.5 | 70% above |
VRT has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 70% above its 200-week average.
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 finished lower in three of the last six years. It's up 22% so far in 2026.
VRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $18.9 | +73% |
| 2021 | $18.9 | $24.9 | +31% |
| 2022 | $24.9 | $12.8 | -48% |
| 2023 | $12.8 | $48.0 | +275% |
| 2024 | $48.0 | $115.1 | +140% |
| 2025 | $115.1 | $167.6 | +46% |
| 2026 YTD | $167.6 | $209.6 | +25% |
VRT has the edge over DAL on returns for 2026, with the stronger performance.