Delta Air Lines, Inc. vs United Airlines Holdings, Inc., two Airlines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Delta and United are the network duopoly's two faces, and economically they are converging: returns on equity of 20.9% and 23.1%, multiples of 13.5 and 12.2 times, both priced as industrials rather than the bankruptcies-in-waiting airlines once were. The differences are texture: Delta's 3.2% operating margin this trailing year runs beneath United's 6.8% on investment timing, while Delta pays the small dividend, 0.7%, and carries less leverage, 0.78 turns against 1.38. Free-cash yields sit at 6.5% and 7.2%. Two premium-network stories priced within a turn and a half; the pair mostly measures how completely the market has stopped distinguishing the big two, which is itself the post-pandemic industry's quietest achievement.
Comparison updated 2026-07-10.
| Metric | DAL | UAL |
|---|---|---|
| Price | $92.56 | $136.03 |
| Market cap | $60.3B | $44.5B |
| Sector | Airlines | Airlines |
| Stage | Mature | Mature |
| Implied growth (priced in) | +1.7% | -0.3% |
| P/E | 13.5 | 12.2 |
| P/B | 2.96 | 2.80 |
| P/S | 0.93 | 0.74 |
| EV/EBITDA | 8.7 | 7.3 |
| Revenue growth | +5.5% | +4.9% |
| Operating margin | 3.2% | 6.8% |
| Net margin | 6.5% | 6.1% |
| Return on equity | 20.9% | 23.1% |
| Return on assets | 5.0% | 4.5% |
| Return on invested capital | 12.5% | 10.8% |
| FCF yield | 6.5% | 7.2% |
| Dividend yield | 0.7% | — |
| Debt / equity | 0.78 | 1.38 |
| Current ratio | 0.42 | 0.70 |
| Altman Z (solvency) | 6.74 | 6.85 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.