Delta Air Lines

Intangible assets: Strong brand and service reputation supported by repeated top rankings for punctuality and premium experience. Cirium named Delta the most on‑time North American airline in 2025, and J.D.

Power ranked Delta highest in Premium Economy in 2025. Score: 70. Switching costs: Consumer switching costs are modest, but elite status, co‑brand cards, and lounge benefits create some stickiness; Amex remuneration of $8.2 billion in 2025 evidences ecosystem pull.

Score: 55. Network effects: Alliances and immunized JVs (AF‑KLM‑Virgin Atlantic; LATAM) improve relevance, but rivals can replicate breadth; network effects are moderate.

Score: 45. Cost advantages: Scale at fortress hubs, in‑house MRO (TechOps), and the Monroe refinery’s small per‑gallon benefit provide incremental cost edges, though fuel and labor remain volatile.

Score: 60. Efficient scale: FAA slot controls at JFK/LGA/DCA and slot waivers that preserve incumbency create structural barriers in constrained airports. Score: 70. Weighted together, Delta has multiple but moderate moats that mitigate, rather than remove, sector risk.