Delta Air Lines, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $3.6B normalized FCF base (between FY2025 $3.84B and TTM $3.41B free cash flow); 6% annual FCF growth for years 1-5; 3% for years 6-10; 9.5% discount rate; 2.5% terminal growth; $16.42B net debt; 654.07M shares outstanding.

Reasoning: Delta's premium revenue mix, loyalty/co-brand card economics, and ongoing post-pandemic deleveraging support a moderate discount rate despite material net debt; FCF growth assumptions are more conservative than the 2026 analyst revenue-growth consensus of about 16% to account for heavy aircraft capex and fuel-cost sensitivity.