DALDELTA AIR LINES, INC.

Air Transportation, Scheduled

Revenue: $63.4B; 2.8% YoY
Operating margin: 9.2%; 5.5% YoY
EBITDA: $8.3B; 2.9% YoY
Market cap: $52.7B
Employees: 100,000; $634K revenue each
Net debt / EBITDA: 2.7×; $22.3B net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$19M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
167% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$634K · 57th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 58th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$52.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$126M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$29.9B	$50.6B	$58.0B	$61.6B	$63.4B	2.8%
Operating income	$1.9B	$3.7B	$5.5B	$6.0B	$5.8B	2.9%
Net income	$280M	$1.3B	$4.6B	$3.5B	$5.0B	45%
Operating cash flow	$3.3B	$6.4B	$6.5B	$8.0B	$8.3B	4.0%
Capex	$3.2B	$6.4B	$5.3B	$5.1B	$4.5B	12%
Stock-based comp	$149M	$150M	$180M	$236M	$313M	33%
Buybacks	$0	$0	—	—	—
Dividends	$0	$0	$128M	$321M	$440M	37%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $126M · 33
Net: −$126M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$19M	$106M	177	88
FY2024	$27M	$56M	152	83
FY2023	$34M	$40M	101	83
FY2022	$10M	$8M	82	64
FY2021	$12M	$12M	97	98