DAL EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
DAL's ev/ebitda is higher than 82% of the last 10 years.
EV/EBITDA History
DAL EV/EBITDA by year
Yearly range of DAL’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 3.1 to 17.8, averaging 7.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 5.7 | 7.0 | 9.1 | 8.1 |
| 2025 | 5.2 | 6.4 | 8.2 | 6.5 |
| 2024 | 5.0 | 5.9 | 7.5 | 7.5 |
| 2023 | 5.7 | 8.1 | 10.5 | 6.6 |
| 2022 | 10.0 | 12.6 | 15.0 | 12.8 |
| 2021 | 14.1 | 16.7 | 17.8 | 14.1 |
| 2020 | 3.1 | 4.7 | 6.0 | 4.6 |
| 2019 | 5.4 | 6.7 | 7.9 | 5.7 |
| 2018 | 6.5 | 7.3 | 8.4 | 7.3 |
| 2017 | 4.5 | 5.6 | 7.0 | 7.0 |
| 2016 | 3.9 | 4.3 | 4.9 | 4.7 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is DAL EV/EBITDA High or Low Right Now?
Delta Air Lines, Inc.'s EV/EBITDA is currently 8.1, which is historically pricey relative to its 10-year historical range. The 10-year median EV/EBITDA for DAL is approximately 6.6. See all DAL valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.