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Delta Air Lines Inc (DAL) — wheel strategy suitability
Where DAL sits as an underlying for selling cash-secured puts and covered calls, and what its own price history says about the risk of being assigned into a falling stock. Snapshot of 3 October 2026.
Delta Air Lines Inc (DAL) scores 68 on the Wheel score, which puts it in the acceptable band — it passes the profitability and options filters but is not among the strongest candidates.
Its components sit close together (quality 62, valuation 66, margin stability —), so no single factor is doing the work.
It has weekly options, so no liquidity haircut is applied — weeklies let you roll on a shorter cycle and take theta more often.
Earnings are roughly 0 days out. That is inside the window where a single report can move the stock more than the premium pays you. Sell through earnings only on purpose.
Over the last 3.0 years it had 2 days with a fall of 10% or more (0.67 a year), a deepest drawdown of -47.9%, and a worst single session of -11.1%. That is in line with the median screened name (0.67 gap-downs a year, -44.9% typical worst drawdown).
Realised volatility runs about 41% annualised. That sits in the range where premium is worth collecting without the stock being wild.
Ownership context: held by Berkshire and a passive 13G filing on the register (13G 5.2% '19). A 13G is a passive holding disclosure, not a signal about the business. Large institutional ownership tends to come with steadier trading, nothing more.
Entry timing currently reads extended: the stock has run. Covered calls fit that better than puts.
Score breakdown
| Wheel score | 68 | 0–100 suitability for options selling |
|---|---|---|
| Quality | 62 | ROIC, margins, leverage, accruals |
| Valuation | 66 | cheaper on fwd P/E, EV/EBITDA, FCF yield |
| Margin stability | — | steadier earnings score higher |
| Options listed | Weekly | weekly avoids the liquidity haircut |
| Accounting flags | 0 | −8 points each |
Realised tail risk
Computed from our own daily price history, 2023-10-04 to 2026-10-01 (749 sessions). The Wheel score is built from fundamentals, so these price-derived numbers are an independent check on it, not a restatement of it.
| Days falling 10%+ in one session | 2 | 0.67 a year |
|---|---|---|
| Deepest drawdown | -47.9% | peak to trough |
| Worst single session | -11.1% | |
| Realised volatility | 41% | annualised |
Fundamentals
| Revenue (ttm) | 63,364M USD |
|---|---|
| Revenue CAGR (3y) | 7.8% |
| Net margin | 7.9% |
| Return on equity | 24.0% |
| Share price | $84.13 |
| Days to earnings | 0 |
| Sector / industry | Industrials · Airlines |
Open the DAL options chain on Yahoo Finance to check live strikes and premium — this page deliberately carries no quotes, because a quote baked into a static page is stale before you read it.
Run the numbers on DAL
Pre-filled with the snapshot price of $84.13 and 30-day realised volatility; add the strike and premium from the live option chain.