Air France-KLM vs Delta Air Lines: Fair Value & Quality
Both stocks run through our valuation models. Here is how Air France-KLM (AF) and Delta Air Lines (DAL) compare, as of Aug 11, 2026.
As of Aug 11, 2026, Fair Value Calculator sees Delta Air Lines as the more attractively valued of the two: Air France-KLM trades at €12.16 versus a fair value of €10.36 (-15%), while Delta Air Lines trades at $91.34 versus $98.57 (+8%).
Air France-KLM
AF.PA · EUR · Industrials
-15%
upside to fair value
overvalued
Price€12.16
Fair Value€10.36
Quality33/100
Delta Air Lines
DAL · USD · Industrials
+8%
upside to fair value
fairly valued
Price$91.34
Fair Value$98.57
Quality48/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Air France-KLMDelta Air Lines
Valuation
2.4×P/E (TTM)14.4×
0.12×P/S (TTM)0.81×
—P/B2.67×
0.7×EV/EBITDA8.5×
0.14×PEG39.29×
—Dividend yield0.9%
—Dividend per share$0.78
Profitability
5%Net margin6%
-0%Operating margin8%
93%Return on equity20%
4%Return on assets4%
Growth
4%Revenue growth (YoY)19%
7.7%Avg. growth/yr (3Y)7.8%
24.4%Avg. growth/yr (5Y)30.0%
Balance & size
—Debt / equity0.60×
$4BMarket cap$55B
expensiveGrowth qualityhealthy
Delta Air Lines leads: 5 to 6 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Air France-KLMof which business quality 34 · market factors 40Delta Air Linesof which business quality 48 · market factors 76
ProfitabilityMargins and returns on capital today
36
52
Quality GrowthAre margins and returns improving?
48
36
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
51
51
Low VolatilityCalm price path (market factor)
28
42
MomentumPrice trend over the last 3–12 months (market factor)
47
88
52W MomentumDistance to the 52-week high (market factor)
40
96
Net IssuanceBuybacks instead of dilution
6
74
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Air France-KLM
DCF Models€77.68
Earnings-Based€54.70
Dividend Discount€0.12
Multiples€127
Growth DCF€11.19
Economic Profit€78.07
Growth Earnings€108
4 of 22 models see the stock below the current price.
Delta Air Lines
DCF Models$117
Earnings-Based$60.01
Dividend Discount$11.58
Multiples$134
Asset-Based$21.14
Growth DCF$99.27
Economic Profit$77.60
Growth Earnings$144
10 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Air France-KLM
Bear €8.24Fair Value €10.36Bull €15.88
€12.16 = current price (white tick)
Delta Air Lines
Bear $55.99Fair Value $98.57Bull $136
$91.34 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Air France-KLM · Industrials
Quality score33 · bottom 25%
Fair value upside-15% · above median
Delta Air Lines · Industrials
Quality score48 · below median
Fair value upside+8% · above median
Bottom line
As of Aug 11, 2026, Fair Value Calculator sees Delta Air Lines as the more attractively valued of the two: Air France-KLM trades at €12.16 versus a fair value of €10.36 (-15%), while Delta Air Lines trades at $91.34 versus $98.57 (+8%).
Delta Air Lines has the higher quality score (48/100).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
