Delta Air Lines Inc (DAL) is slightly overvalued and United Airlines Holdings Inc (UAL) is fairly valued.
Against our estimates of intrinsic value, UAL trades at the wider discount: a margin of safety of +4%, against -11% for DAL.
Values as of the 22 Sept 2026 close.
7.0x EV/EBITDAR, with aircraft leases counted as debt, values the shares at $75.51; the price of $83.92 is 11% above that value.
Leak Score 46/100 on 10 of 12 signals
7.0x EV/EBITDAR, with aircraft leases counted as debt, values the shares at $119.98; the price of $115.21 is 4% below that value.
Leak Score 45/100 on 10 of 12 signals
| Metric | DAL | UAL |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $83.92 | $115.21 |
| Intrinsic value | $75.51 | $119.98 |
| Margin of safety | -11% | +4% |
| Leak Score | 46/100 (10/12) | 45/100 (10/12) |
| Market cap | $55.2B | $37.4B |
| Revenue growth, 5 years | 30.0% | 30.9% |
| Operating margin | 8.1% | 6.8% |
| Net margin | 5.8% | 5.6% |
| Return on equity | 20.1% | 23.3% |
| Debt to equity | 0.92 | 2.02 |
| P/E | 13.9x | 10.8x |
| Forward P/E | 9.9x | 7.8x |
| P/B | 2.5x | 2.2x |
| Dividend yield | 0.9% | — |