olivLaw · US equity research
Delek US Holdings, Inc. DK
Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)
Delek US Holdings is an integrated downstream energy company focused on petroleum refining and the transportation, storage and wholesale distribution of crude oil and refined products. Its refineries have a combined nameplate crude throughput capacity of 302,000 barrels per day, and in the first quarter of 2026 it reported adjusted EBITDA of 211.7 million USD, mainly due to higher refining margins, making its trajectory relevant for energy sector investors.
At the close of 04 Nov 2026, Delek US Holdings, Inc. (DK) stock was 65.46 USD (−7.61% on the day), with market capitalisation 4.0 bn USD, P/E 18.2 on diluted EPS of 3.60 USD over the last 12 months, dividend yield 1.56%, beta 0.76, 52-week range 26.68–81.55 USD. Latest reported quarter (Q2 2026): revenue of 4.1 bn USD (+47.8% YoY), net income of 169.5 m USD, diluted EPS 2.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.3
- weak (30–45)
- Bollinger (20, 2)
- 67.12 – 82.18
- below the lower band · %B -0.11 · band width 20.2%
- SMA 50 / 200
- 73.86 / 53.37
- mixed trend
- MACD (12, 26, 9)
- -1.22 / -0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.2% | −1.1% | −12.1 pp | — |
| 3 months | +9.6% | −0.5% | +10.0 pp | — |
| 6 months | +45.5% | +4.4% | +41.1 pp | — |
| Year to date | +120.7% | +12.3% | +108.4 pp | — |
| 1 year | +70.0% | +13.5% | +56.4 pp | +46.0% |
| 3 years | +151.7% | +76.4% | +75.3 pp | +64.2% |
| 5 years | +255.8% | +63.7% | +192.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 2.4 bn | 2.6 bn | 2.8 bn | 2.9 bn | 2.4 bn | 2.7 bn | 4.1 bn |
| Cost of revenue | 3.1 bn | 2.5 bn | 2.7 bn | 2.7 bn | 2.5 bn | 2.2 bn | 2.8 bn | 3.7 bn |
| SG&A | 70.4 m | 61.2 m | 61.5 m | 76.6 m | 76.8 m | 54.6 m | 44.0 m | 56.7 m |
| Operating income | -121.9 m | -403.4 m | -125.8 m | -33.5 m | 295.7 m | 164.6 m | -179.3 m | 302.4 m |
| Depreciation & amortisation | 98.1 m | 96.3 m | 101.3 m | 94.1 m | 101.3 m | 101.1 m | 103.3 m | 115.7 m |
| Pre-tax income | -175.1 m | -452.3 m | -195.0 m | -103.4 m | 235.0 m | 102.3 m | -248.9 m | 221.9 m |
| Income tax | -40.3 m | -51.2 m | -36.8 m | -14.1 m | 39.9 m | 4.2 m | -58.2 m | 41.8 m |
| Net income | -76.8 m | -413.8 m | -172.7 m | -106.4 m | 178.0 m | 78.3 m | -201.3 m | 169.5 m |
| Diluted EPS | -1.20 | -6.54 ≈ | -2.78 | -1.76 | 2.93 | 1.30 ≈ | -3.34 | 2.71 |
| Operating cash flow | -21.6 m ≈ | -163.5 m | -62.4 m | 51.4 m ≈ | 44.0 m ≈ | 502.8 m | 461.1 m | 262.9 m ≈ |
| Capex | 119.0 m ≈ | 190.5 m | 135.7 m | 165.8 m ≈ | 108.0 m ≈ | 120.0 m | 187.7 m | 173.8 m ≈ |
| Dividends paid | 16.4 m ≈ | 16.1 m | 15.9 m | 15.5 m ≈ | 15.3 m ≈ | 15.3 m | 15.6 m | 15.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 17-quarter history (min 5.0, median 8.3, max 168.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.2 bn | 9.3 bn | 7.3 bn | 10.6 bn | 19.8 bn | 16.5 bn | 11.9 bn | 10.7 bn |
| Revenue YoY | +40.8% | −9.1% | −21.5% | +45.8% | — | −16.8% | −28.0% | −9.5% |
| Net income | 340.1 m | 310.6 m | -611.4 m | -128.3 m | 257.1 m | 19.8 m | -560.4 m | -22.8 m |
| Net income YoY | +17.8% | −8.7% | −296.8% | unavailable | — | −92.3% | −2,930.3% | unavailable |
| Diluted EPS | 3.95 | 4.06 | -8.31 | -1.73 | 3.59 | 0.30 | -8.77 | -0.38 |
| Diluted EPS YoY | −1.2% | +2.8% | −304.7% | unavailable | — | −91.6% | −3,023.3% | unavailable |
| net % | 3.3% | 3.3% | -8.4% | -1.2% | 1.3% | 0.1% | -4.7% | -0.2% |
| Free cash flow | 238.3 m | 162.2 m | -552.3 m | 149.2 m | 145.1 m | 621.1 m | -494.5 m | 6.3 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 625.8 m USD
- Financial debt
- 3.2 bn USD
- Net debt
- 2.6 bn USD
- Equity
- 547.3 m USD
- Total assets
- 6.8 bn USD
- Debt / equity
- 5.91x
- Current ratio
- 0.82x
- ROE
- -4.1%
- ROA
- -0.3%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.3 bn | 10.6 bn | 19.8 bn | 16.5 bn | 11.9 bn | 10.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 7.6 bn | 10.4 bn | 19.1 bn | 15.9 bn | 11.9 bn | 10.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | -261.0 m ≈ | 250.5 m ≈ | 747.7 m ≈ | 548.5 m ≈ | -43.1 m ≈ | 612.1 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| SG&A | 234.6 m | 200.4 m | 313.7 m | 272.0 m | 252.8 m | 269.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -732.3 m | -34.7 m | 457.5 m | 244.7 m | -491.5 m | 301.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 267.6 m | 264.6 m | 275.0 m | 339.5 m | 374.5 m | 397.8 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | -464.7 m ≈ | 229.9 m ≈ | 732.5 m ≈ | 584.2 m ≈ | -117.0 m ≈ | 698.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 129.0 m | 18.1 m | 23.4 m | 61.4 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Pre-tax income | -767.4 m | -137.3 m | 321.8 m | 16.6 m | -706.0 m | 38.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -193.6 m | -42.0 m | 56.4 m | -3.0 m | -107.9 m | -6.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -611.4 m | -128.3 m | 257.1 m | 19.8 m | -560.4 m | -22.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -8.31 | -1.73 | 3.59 | 0.30 | -8.77 | -0.38 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 73.6 m | 74.0 m | 71.5 m | 65.4 m | 63.9 m | 60.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.93 | 0.00 | 0.61 | 0.93 | 1.01 | 1.02 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 787.5 m | 856.5 m | 841.3 m | 821.8 m | 735.6 m | 625.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 527.9 m | 776.6 m | 1.2 bn | 783.7 m | 617.6 m | 648.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 727.7 m | 1.3 bn | 1.5 bn | 941.2 m | 893.2 m | 726.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 2.3 bn | 3.0 bn | 3.7 bn | 2.7 bn | 2.3 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.3 bn | 2.8 bn | 2.7 bn | 2.9 bn | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 729.7 m | 729.7 m | 702.3 m | 687.5 m | 475.3 m | 475.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 107.8 m | 102.7 m | 315.6 m | 287.7 m | 321.6 m | 405.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 6.1 bn | 6.8 bn | 8.2 bn | 7.2 bn | 6.7 bn | 6.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 1.1 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 33.4 m | 92.2 m | 74.5 m | 44.5 m | 9.5 m | 9.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 2.3 bn | 2.1 bn | 3.0 bn | 2.6 bn | 2.8 bn | 3.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.9 bn | 3.1 bn | 3.1 bn | 2.7 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.1 bn | 1.0 bn | 1.1 bn | 959.7 m | 575.2 m | 547.3 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -282.9 m | 371.4 m | 425.3 m | 1.0 bn | -66.8 m | 535.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 269.4 m | 222.2 m | 280.2 m | 392.5 m | 427.7 m | 529.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -552.3 m ≈ | 149.2 m ≈ | 145.1 m ≈ | 621.1 m ≈ | -494.5 m ≈ | 6.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -191.3 m | -178.4 m | -931.6 m | -408.0 m | -241.5 m | -697.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 306.4 m | -124.0 m | 491.1 m | -624.7 m | 221.7 m | 52.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 69.1 m | 0 | 42.8 m | 60.3 m | 64.2 m | 62.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 1.9 m | 0 | 64.0 m | 0 | 0 | — | SEC (XBRL)· 26 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet9
- Growth0
- Quality48
- Returns53
- Valuation50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.40 – 78.39 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA19.17 – 47.80 (Mid 32.18)4 companies used · median multiple 4.5x · quartiles 3.7x – 5.5xCVI, EQNR, MPC, VLO
- Peers: P/E29.67 – 78.39 (Mid 62.06)10 companies used · median multiple 17.2x · quartiles 8.2x – 21.7xCOP, CVI, CVX, EQNR, MPC, PBF, PSX, SUNC, VLO, XOM
- Dividend discount (DDM)13.40 – 18.03 (Mid 15.38)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.4% | 29 (vs peers) | 12% |
| Net margin · Quality | 1.9% | 29 (vs peers) | 7% |
| FCF conversion · Quality | 303.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -18.5% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.5x | 13 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.2x | 40 (vs peers) | 12% |
| EV/EBITDA · Valuation | 6.5x | 20 (vs peers) | 12% |
| FCF yield · Valuation | 17.0% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.5% | 22 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 9.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality48/100 · 3/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation50/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DELEK US HOLDINGS, INC. (DK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 10.7 bn USD in 2025; YoY growth -9.5%; net margin 1.9%; ROE 62.6%; net debt/EBITDA 2.5x.
The estimated value range is 19.17–47.80 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 32.18 USD, the price of 65.46 USD leaves a potential of -50.8% (value / price − 1) and a margin of safety of -103.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 303.5%
- FCF yield: 17.0%
- Payout ratio (FCF): 9.1%
What contradicts it
- ROIC: 18.4%
- Net margin: 1.9%
- Revenue CAGR 3Y: -18.5%
- Net debt / EBITDA: 2.5x
- Current ratio: 0.8x
- EV/EBITDA: 6.5x
- Shareholder yield (distributions): 1.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| XOMExxonMobil Holdings Corporation | 701.6 bn | 27.7 | 9.8% | 7.6% | −5.0% | +46% / +65% |
| CVXChevron Corp | 428.7 bn | 20.8 | 12.2% | 9.6% | −6.8% | +44% / +51% |
| COPConocoPhillips | 164.5 bn | 18.1 | 14.2% | 14.7% | +7.7% | +54% / +18% |
| EQNREquinor Asa | 107.0 bn | 22.1 | 12.2% | 4.7% | +2.6% | +87% / +34% |
| MPCMarathon Petroleum Corporation | 106.9 bn | 7.7 | 72.6% | 8.4% | −4.4% | +103% / +163% |
| VLOValero Energy Corp | 101.9 bn | 8.2 | 50.1% | 8.4% | −5.5% | +107% / +191% |
| PSXPhillips 66 | 101.3 bn | 8.3 | 41.1% | 7.5% | −7.5% | +90% / +101% |
| YPFYPF Sociedad Anonima | 16.4 bn | — | -7.4% | -4.5% | −4.4% | +13% / +151% |
| CVICvr Energy, Inc | 4.3 bn | 16.3 | 27.5% | 2.7% | −5.9% | +25% / +35% |
| IEPIcahn Enterprises L.P. | 4.0 bn | — | — | -9.4% | −3.6% | −34% / −68% |
| DKDelek Us Holdings, Inc. | 4.0 bn | 18.2 | 62.6% | 1.9% | −9.5% | +70% / +152% |
| CLMTCalumet, Inc. | 3.8 bn | — | — | -3.0% | −1.2% | +126% / +153% |
| SUNCSunococorp LLC | 3.4 bn | 23.8 | — | 0.4% | +11.1% | +26% / unavailable |
| IMOImperial Oil Limited | — | — | 25.2% | 10.9% | −8.6% | +29% / +126% |
| SUNSunoco LP | — | — | — | 2.9% | +11.1% | +15% / +18% |
| BPBp PLC | — | — | 0.1% | 0.0% | −1.1% | +26% / +26% |
| PBFPbf Energy Inc. | — | 3.2 | 41.1% | 7.0% | −11.4% | +111% / +64% |
| SUSuncor Energy Inc | — | — | 13.2% | 11.3% | −4.6% | +61% / +118% |
1- and 3-year price returns: for DK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 35.60 Total return -44% · Per year -44% | 63.26 Total return -2% · Per year -2% | 95.72 Total return 48% · Per year 48% |
| 3 years | 28.27 Total return -54% · Per year -23% | 57.09 Total return -8% · Per year -3% | 95.72 Total return 52% · Per year 15% |
| 5 years | 22.45 Total return -61% · Per year -17% | 51.52 Total return -14% · Per year -3% | 95.72 Total return 55% · Per year 9% |
- Exit P/E± 14.27
- Net margin± 9.99
- Annual revenue growth± 9.02
- Annual dilution± 0.84
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Delek US Holdings is an integrated downstream energy company focused on petroleum refining and the transportation, storage and wholesale distribution of crude oil and refined products. Its refineries have a combined nameplate crude throughput capacity of 302,000 barrels per day, and in the first quarter of 2026 it reported adjusted EBITDA of 211.7 million USD, mainly due to higher refining margins, making its trajectory relevant for energy sector investors.
SWOT
Strengths
- The company combines refining and logistics, providing a diversified revenue structure and more controlled exposure to price swings 13.
- The Enterprise Optimization Plan has increased expected annual run-rate cash flow improvements, and disciplined cost management supports operating performance 3.
- The refinancing of revolving credit facilities extended maturities to 2031 and increased consolidated borrowing capacity 3.
Weaknesses
- The company remains exposed to refining margin volatility, which depends on factors it cannot control 1.
- Long-term debt remains significant, and the net debt position may limit financial flexibility 3.
- The net result attributable to the company in the first quarter of 2026 was negative, influenced by adjustments related to RVO obligations 3.
Opportunities
- Completion of the Big Spring turnaround could improve margin capture and lower costs during the driving season 3.
- Growth in Permian Basin midstream activities, including sour gas handling, could create additional revenue for Delek Logistics 3.
- The economic separation between Delek US and Delek Logistics could improve financial flexibility and valuation visibility for each entity 3.
Threats
- A prolonged decline in crack spreads could materially reduce the company's results and cash flows 1.
- Environmental regulation, changes to RFS policy and related litigation could raise compliance costs 1.
- Geopolitical tensions and OPEC+ decisions could produce price shocks in crude oil and refined products 1.
Risks
- Refining margin volatilityhigh
Margins depend on the difference between refined product and crude oil prices, which often move independently 1. A prolonged decline could affect results and asset values.
- First-quarter net lossmedium
Net income attributable to the company was negative in the first quarter of 2026 even though adjusted EBITDA was positive 3. The gap between these measures could draw investor attention to earnings quality.
- RFS and RIN obligationsmedium
Compliance with RFS-2 creates variable costs, and changes to small refinery exemptions could alter the company's obligations 1. Litigation over exemptions could create additional financial effects.
- Indebtedness and credit accessmedium
Consolidated long-term debt remains significant, and compliance with restrictive covenants is essential 3. Deterioration in credit market access could limit financing capacity.
- Operational and environmental eventslow
Unscheduled shutdowns, accidents, natural disasters and cyber-attacks can affect refineries and infrastructure 1. These could generate repair costs and production losses.
Investment thesis
What would need to be true (bull case)
- If refining margins stay favorable and the Big Spring turnaround translates into better margin capture, quarterly results could keep improving 3.
- The Enterprise Optimization Plan, targeting annual cash flow improvements of roughly 220 million USD, could support cash generation 3.
- The economic separation between Delek US and Delek Logistics could improve visibility of each entity's value and financial flexibility 3.
What would break the thesis
- Refining margins remain volatile and could decline quickly if price differentials or demand shift 1.
- The first-quarter net loss and significant consolidated debt could limit the company's flexibility 3.
- Environmental regulation and changes to RFS policy could add costs and uncertainty to investment planning 1.
What to watch
- Evolution of refining margins and crack spreads during the driving seasonQ2 2026
- Results after completion of the Big Spring turnaround and return to full capacityQ2 2026
- Progress of the Enterprise Optimization Plan against its cash flow target2026
- Legislative and legal developments on RFS waivers and RIN obligationsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Delek US Holdings, Inc. describes itself as a diversified downstream energy company with assets in petroleum refining, logistics, pipelines and renewable fuels 3. Its refining assets consist primarily of refineries in Tyler and Big Spring (Texas), El Dorado (Arkansas) and Krotz Springs (Louisiana) 3. The company also owns approximately 63.3 percent of Delek Logistics Partners, LP (NYSE: DKL), a master limited partnership operating midstream infrastructure 3.
Segments
Refining
The refining segment's earnings are substantially determined by the difference between the price of refined products and crude oil, known as the crack spread or refining margin 1. Refining segment adjusted EBITDA was 155.3 million USD in the first quarter of 2026, compared with a loss in the same quarter of the prior year, reflecting higher crack spreads 3.
Logistics
The logistics segment, operated mainly through Delek Logistics, includes midstream assets in the Permian Basin and Bakken, as well as produced water and recycling operations 1. Logistics segment adjusted EBITDA was 132.4 million USD in the first quarter of 2026, supported by higher wholesale margins and interest income from sales-type leases 3.
Market context
Refining margins are volatile and depend on crude oil and refined product prices, global demand and OPEC+ decisions 1. The WTI versus Brent differential has affected the company's results in the past, and Delek US's benchmark crack spreads were up an average of 63.8 percent in the first quarter of 2026 versus the prior year 13. The market also remains exposed to geopolitical tensions and environmental regulation, including RFS-2 requirements 1.
Management describes demand for refined products as stable, and the driving season could support demand if the Big Spring refinery operates at full capacity 3. Economic uncertainty and commodity volatility nonetheless remain factors that could change market conditions substantially 1.
Trends
- Higher crack spreadstailwind
Crack spreads were higher in 2025 than in 2024 but remained below the historic highs of 2023, and the increase continued into the first quarter of 2026 13. If this trend holds, refining segment margins could remain favorable.
- WTI-Brent differential volatilitymixed
Narrowing or inversion of the WTI and Brent differential has negatively affected the company's results in the past, and rapid changes can quickly influence margins 1. The company has benefited in some years from purchasing favorably priced crude, but cannot assure such conditions will continue 1.
- Renewable fuel regulationmixed
RFS-2 requirements and small refinery exemptions have affected the company's RIN costs, and the return of certain RINs reduced its net obligations 1. Any litigation or legislative change regarding RFS waivers could affect results.
- Compliance and environmental costsheadwind
The company anticipates significant capital spending for environmental, health and safety compliance, which could rise if the regulatory framework changes 1. Rising compliance costs are a factor that could reduce profitability.
Competitive position
The supplied sources do not explicitly name the company's direct competitors. The filings do indicate that actions of competitors and customers can influence refining margins, and that the operation of other refineries and pipelines in the company's markets affects local conditions 12. Competitive position also depends on operating costs and the efficiency of the cost structure.
- Other Gulf Coast and Mid-Continent refining operators
The sources mention competitor pricing and actions as a factor influencing market prices and margins, without naming them.
- Refinery and pipeline operators in the company's local markets
The sources indicate that other refineries and pipelines in local markets can influence conditions, without naming specific firms.
- Midstream service providers in the Permian Basin
Delek Logistics operates in Permian Basin midstream, but the sources do not identify its direct competitors.
- Other produced water and recycling infrastructure operators
Produced water and recycling activities in the Permian Basin and Bakken are competitive, though the sources do not name specific firms.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Why Delek Holdings Stock Triumphed on TuesdayYahoo Finance — News · 09 Sept 2026 · EN
- Delek Logistics President Soreq Buys 2,500 SharesYahoo Finance — News · 03 Sept 2026 · EN
- Delek Logistics Chairman Yemin Buys 6,000 Shares for $300,000Yahoo Finance — News · 29 Aug 2026 · EN
- Delek Logistics EVP Hobbs Buys 4,000 Shares for $200,000Yahoo Finance — News · 24 Aug 2026 · EN
- Can Phillips 66, Marathon, or Valero Afford Delek US Holdings Now?Yahoo Finance — News · 24 Aug 2026 · EN
- Delek Logistics CFO Buys 1,500 Shares for $75,000. Here's a Closer Look at the Transaction.Yahoo Finance — News · 22 Aug 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Other events · Financial statements and exhibits
- Current report29 Sept 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Current report (amendment)07 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Financial statements and exhibits
- Current report23 Jul 2026Other events · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers
- Current report15 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report08 May 2026Regulation FD disclosure
- Quarterly report29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Delek US Holdings, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Delek US Holdings, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Delek US Holdings, Inc. · 29 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.