Delta Air Lines vs United Airlines: Stock Comparison
Data as of November 7, 2026. Refreshed weekly from SEC filings and market data.
United Airlines is cheaper on earnings, at 9.9 times against 17.1; net margin is about the same (4.6% and 5.5%); Delta Air Lines grew revenue faster over the last year (14.1% against 12.3%); dividend yield is about the same (0.9% and 0.0%). Delta Air Lines clears 5 of this site's 8 value filters and United Airlines 8. Figures are as of November 7, 2026; each is on the page below with its source.
How do Delta Air Lines and United Airlines compare on the numbers?
| Measure | Delta Air Lines (DAL) | United Airlines (UAL) | Clearer lead |
|---|---|---|---|
| Share price | $87.20 | $112.74 | |
| Market value | $56.2 billion | $35.3 billion | |
| P/E ratio (trailing) | 17.1 | 9.9 | UAL |
| PEG ratio | 1.05 | 0.62 | UAL |
| Free-cash-flow yield | 5.4% | 9.6% | UAL |
| Net profit margin | 4.6% | 5.5% | About the same |
| Revenue growth, last year | 14.1% | 12.3% | DAL |
| Return on equity | 15.4% | 21.8% | UAL |
| Debt to equity | 0.57 | 1.49 | DAL |
| Dividend yield | 0.9% | 0.0% | About the same |
| Margin of safety (DCF) | -8.9% | +39.1% | UAL |
| Value filters passed (of 8) | 5 | 8 | UAL |
| Distance from 52-week high | -6.9% | -17.2% |
How have Delta Air Lines and United Airlines shares done against each other?
Delta Air Lines 195United Airlines 212
Each share price set to 100 on Nov 2021, to Nov 2026. Price only: dividends are not included.
From Nov 2021 to Nov 2026, Delta Air Lines shares are up 95% and United Airlines shares up 112%, so United Airlines has pulled ahead of Delta Air Lines by 17 points of the starting price. The deepest fall from a prior high in that window was 40% for Delta Air Lines and 38% for United Airlines.
| Period | Delta Air Lines (DAL) | United Airlines (UAL) |
|---|---|---|
| Last 1 year | +50.8% | +17.8% |
| Last 3 years | +164.9% | +206.7% |
| Last 5 years | +96.9% | +113.9% |
Which has grown faster, Delta Air Lines or United Airlines?
Over 5 years, Delta Air Lines grew revenue 30.0% a year and earnings per share n/a a year; United Airlines grew revenue 30.9% and earnings per share n/a. Its net margin averaged 5.0% at Delta Air Lines and 1.9% at United Airlines.
| Measure | Delta Air Lines (DAL) | United Airlines (UAL) |
|---|---|---|
| Latest fiscal year ended | Dec 2025 | Dec 2025 |
| Revenue, first year to latest | $17.1 billion to $63.4 billion | $15.4 billion to $59.1 billion |
| Revenue growth per year | 30.0% | 30.9% |
| Earnings per share, first year to latest | $-19.47 to $7.65 | $-25.30 to $10.21 |
| Earnings per share growth per year | n/a | n/a |
| Net margin, latest year | 7.9% | 5.7% |
| Net margin, average of the years | 5.0% | 1.9% |
| Free cash flow margin, latest year | 6.1% | 4.3% |
From each company's 10-K filings (SEC EDGAR), over its latest 5 years.
What growth does each share price assume?
| Measure | Delta Air Lines (DAL) | United Airlines (UAL) |
|---|---|---|
| Free cash flow growth the price implies | 10.1% a year | -4.1% a year |
| Free cash flow per share | $4.69 | $10.85 |
| Margin of safety on this site's DCF | -8.9% | +39.1% |
At $87.20, Delta Air Lines's price implies free cash flow growth of 10.1% a year, fading to 2.5% over 10 years. That is more growth than the 8% baseline.
At $112.74, United Airlines's price implies free cash flow growth of -4.1% a year, fading to 2.5% over 10 years. That is less growth than the 8% baseline.
The same model and baseline as every stock page. A price that asks for less growth is not a better company, only a lower bar to clear.
Where is each stronger?
Where Delta Air Lines leads
- Faster revenue growth last year: 14.1% against 12.3%
- Less debt for its equity: 0.57 against 1.49
- A higher net margin in its latest filed year: 7.9% against 5.7%
- A higher average net margin: 5.0% against 1.9%
- A higher free-cash-flow margin in its latest filed year: 6.1% against 4.3%
Where United Airlines leads
- Lower P/E: 9.9 against 17.1
- Lower PEG: 0.62 against 1.05
- Higher free-cash-flow yield: 9.6% against 5.4%
- Higher return on equity: 21.8% against 15.4%
- Higher margin of safety on this site's DCF: +39.1% against -8.9%
- More of the 8 value filters: 8 against 5
About the same on: net profit margin, dividend yield, revenue growth per year. A lead needs a clear gap (10% apart on a ratio, 1 point on a percentage), so a rounding difference never names a winner. A lead on one measure is not a verdict on the company.
How do the businesses differ?
Delta Air Lines. Delta Air Lines flies passengers and cargo on a global network from hubs such as Atlanta, Detroit, Minneapolis, New York and Salt Lake City. It also owns an oil refinery and stakes in other airlines.
United Airlines. United Airlines flies passengers and cargo on a worldwide network from hubs such as Chicago, Denver, Houston, Newark, San Francisco and Washington.
Both are in the Airlines industry on this site.
What stands out about Delta Air Lines
- Misses 1 of the 8 value filters. It fails EPS Growth YoY > -5% (-47.0%); the other 5 pass and 2 were not evaluated.
- The margin of safety is falling. It went from +4% on Oct 7 to -9% on Nov 7 across 8 weekly readings.
- Strongest against peers: P/E ratio. At 17.1× (peer median 24.4×) it ranks 2nd of 14 among transportation stocks this site tracks.
What stands out about United Airlines
- No filter fails. UAL passes 8 of the 8 value filters.
- Strongest against peers: P/E ratio. At 9.9× (peer median 24.4×) it ranks 1st of 14 among transportation stocks this site tracks.
- Weakest against peers: debt / equity. At 1.49 (peer median 0.80) it ranks 12th of 13 among transportation stocks this site tracks.
Frequently asked questions about Delta Air Lines and United Airlines
Which is cheaper, Delta Air Lines or United Airlines?
On trailing earnings, United Airlines is cheaper: Delta Air Lines trades at 17.1 times and United Airlines at 9.9 times. On free cash flow, the yields are 5.4% and 9.6%. Cheaper is not the same as better value: read the growth each price assumes below.
Which pays the higher dividend, Delta Air Lines or United Airlines?
Their yields are about the same: Delta Air Lines 0.9% and United Airlines 0.0% over the last year.
Which has grown faster, Delta Air Lines or United Airlines?
Over their latest filed five years, Delta Air Lines grew revenue 30.0% a year and United Airlines 30.9%; earnings per share grew n/a and n/a a year.
Which has more debt, Delta Air Lines or United Airlines?
United Airlines has more debt for its equity: debt to equity is 0.57 for Delta Air Lines and 1.49 for United Airlines. A very high figure can also come from buybacks that shrank equity.
Which is more profitable, Delta Air Lines or United Airlines?
Their net margins are about the same: 4.6% for Delta Air Lines and 5.5% for United Airlines, with a return on equity of 15.4% and 21.8%.
Which passes more of the 8 value filters?
United Airlines clears more: Delta Air Lines 5 of 8 and United Airlines 8 of 8. The filters are this site's own value rules, not a prediction.
Where do these numbers come from?
Prices, ratios and yield are from this site's weekly data as of November 7, 2026; growth and margins by year are from each company's 10-K filings (sources on Delta Air Lines and United Airlines). The DCF is the same model on every stock page. See Editorial Standards. Educational, not investment advice.