Delek US Holdings (DK)
NYSE:DK
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Delek US Holdings
(NYSE:DK)
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Rating:54Neutral
Price Target:
$42.00
â–²(12.81% Upside)
Action:ReiteratedDate:04/29/26
The score is held back primarily by weak and volatile financial performance—thin/negative profitability and balance-sheet risk despite improving cash flow. Valuation is a relative positive (low P/E and dividend yield), while technicals are neutral and the latest call/event flow is mixed: operational improvements and guidance were constructive, but significant RIN/RVO/SRE regulatory risk remains a key overhang.
Positive Factors
Enterprise Optimization Upsized
Raising the Enterprise Optimization Plan to a $220M run‑rate institutionalizes structural cost and operating improvements. Management expects roughly $60M P&L contribution in 2026 and cites mid‑cycle free cash flow potential of $600–$700M, indicating durable uplift to margins and long‑term cash generation if sustained.
Negative Factors
RIN / SRE Regulatory Risk
Substantial potential RIN/RVO costs (hundreds of millions) create structural downside to refinery economics if EPA SRE relief is delayed or limited. This regulatory exposure can persist across compliance cycles, materially raising operating costs and compressing already thin refining margins over multiple quarters or years.
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Positive Factors
Negative Factors
Enterprise Optimization Upsized
Raising the Enterprise Optimization Plan to a $220M run‑rate institutionalizes structural cost and operating improvements. Management expects roughly $60M P&L contribution in 2026 and cites mid‑cycle free cash flow potential of $600–$700M, indicating durable uplift to margins and long‑term cash generation if sustained.
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Delek US Holdings (DK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.42B
Dividend Yield3.42%
Average Volume (3M)1.36M
Price to Earnings (P/E)5.7
Beta (1Y)0.84
Revenue Growth-11.13%
EPS Growth97.33%
CountryUS
Employees1,987
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)0.08
Shares Outstanding59,808,422
10 Day Avg. Volume1,161,677
30 Day Avg. Volume1,356,577
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)6.28
Price to Sales (P/S)0.17
P/FCF Ratio81.84
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue0.21
Enterprise Value/Gross Profit3.17
Enterprise Value/Ebitda2.87
Forecast
1Y Price Target
$47.82Price Target Upside28.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)2.75
Revenue Forecast (FY)$11.14B
Delek US Holdings Business Overview & Revenue Model
Company Description
Delek US Holdings, Inc. engages in the integrated downstream energy business in the United States. The company operates through three segments: Refining, Logistics, and Retail. The Refining segment processes crude oil and other feedstock for the m...
How the Company Makes Money
Delek US makes money primarily through two interconnected businesses: (1) refining and associated product marketing, and (2) midstream/logistics services.
1) Refining and product sales (downstream):
- Core revenue driver: Delek purchases crude oi...
Delek US Holdings Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call presented a mix of meaningful operational and strategic positives — successful Big Spring turnaround, a raised EOP target with tangible near-term P&L contribution, strong midstream (DKL) momentum, robust operating cash flow and record Logistics Q1 performance — but these were counterbalanced by a GAAP net loss, segment-level losses in Supply & Marketing, and substantial regulatory and commodity-price risk from rising RIN costs and uncertainty around SRE timing and magnitude. Management expressed confidence in capture opportunities from current market dislocations and emphasized capital discipline, but material downside risk remains tied to RVO/RIN outcomes and near-term turnaround impacts.Positive Updates
Big Spring Turnaround Successfully Completed
Planned Big Spring turnaround completed safely, on budget, and on time; refinery running at full capacity. Management expects improved reliability, optimized crude slate, better product yields, higher octane/blending capabilities and no further planned turnarounds for 2026 (highest spending quarter now behind them).
Negative Updates
GAAP Net Loss and Adjusted Results Sensitivity to SREs
GAAP net loss of $201 million, or $3.34 per share. While adjusted net income was ~$5 million ($0.08/share) and adjusted EBITDA ~$212 million, excluding SRE recognition the company reported adjusted EBITDA of ~$129 million and an adjusted EPS loss of ~$0.98 per share—demonstrating heavy sensitivity of reported results to SRE/RIN recognition ($82M impact recognized in Q1).
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Q1-2026 Updates
Positive
Negative
Big Spring Turnaround Successfully Completed
Planned Big Spring turnaround completed safely, on budget, and on time; refinery running at full capacity. Management expects improved reliability, optimized crude slate, better product yields, higher octane/blending capabilities and no further planned turnarounds for 2026 (highest spending quarter now behind them).
Read all positive updates
Company Guidance
The company provided detailed near‑ and full‑year guidance, including Q2 throughput targets of Tyler 72,000–77,000 bpd, El Dorado 78,000–83,000 bpd, Big Spring 65,000–70,000 bpd and Krotz Springs 78,000–83,000 bpd (system implied 293,000–313,000 bpd), and reiterated that Big Spring’s turnaround is complete with no further planned turnarounds. For 2026 they forecast operating expenses $215–225 million, G&A $47–52 million, D&A $105–115 million and net interest expense $80–90 million; they reaffirmed DKL 2026 EBITDA of $520–560 million and expect pro forma DKL third‑party EBITDA to exceed 80%. Enterprise Optimization was raised to at least a $220 million annual run‑rate (about $60 million contribution to P&L in 2026), and management reiterated mid‑cycle free cash flow potential of roughly $600–700 million; Q1 results included adjusted EBITDA ~$212 million (adjusted net income ~$5 million, $0.08/sh), a GAAP net loss of $201 million ($3.34/sh), and adjusted EBITDA excluding SREs of ~$129 million (adjusted EPS loss $0.98/sh, with $82 million RVO/SRE recognition). Q1 cash flow from operations was $461 million, investing used $190 million, financing used $273 million (including ~$16 million dividends and ~$22 million DKL distributions), standalone capex was $181 million (plus $50 million at DKL, ~$42 million growth), and management noted a ~$750 million 2026 RVO exposure at a $1.50/gal blended RIN price while continuing to pursue SRE relief.Delek US Holdings Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
38
Negative
Cash Flow
57
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.72B | 11.85B | 16.92B | 19.80B | 10.65B |
| Gross Profit | 568.30M | -67.90M | 1.04B | 736.50M | 225.50M |
| EBITDA | 782.00M | -18.50M | 664.00M | 792.60M | 264.00M |
| Net Income | -22.80M | -560.40M | 19.80M | 257.10M | -128.30M |
Balance Sheet | |||||
| Total Assets | 6.85B | 6.67B | 7.17B | 8.19B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 625.80M | 735.60M | 821.80M | 841.30M | 856.50M |
| Total Debt | 3.35B | 2.86B | 2.74B | 3.23B | 2.42B |
| Total Liabilities | 6.30B | 6.09B | 6.21B | 7.12B | 5.80B |
| Stockholders Equity | 286.50M | 312.80M | 845.50M | 943.60M | 894.20M |
Cash Flow | |||||
| Free Cash Flow | 22.00M | -497.40M | 616.80M | 139.50M | 148.20M |
| Operating Cash Flow | 551.50M | -66.80M | 1.01B | 425.30M | 371.40M |
| Investing Cash Flow | -713.60M | -241.50M | -408.00M | -931.60M | -178.40M |
| Financing Cash Flow | 52.30M | 221.70M | -624.70M | 491.10M | -124.00M |
Delek US Holdings Technical Analysis
Negative
37.23
Price Trends
40.19
Negative
35.96
Positive
32.81
Positive
Market Momentum
-0.26
Positive
38.61
Neutral
26.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DK, the sentiment is Negative. The current price of 37.23 is below the 20-day moving average (MA) of 43.38, below the 50-day MA of 40.19, and above the 200-day MA of 32.81, indicating a neutral trend. The MACD of -0.26 indicates Positive momentum. The RSI at 38.61 is Neutral, neither overbought nor oversold. The STOCH value of 26.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DK.
Delek US Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.18B | 4.84 | 28.59% | ― | -6.39% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $13.52B | 13.57 | 7.26% | 6.88% | 11.05% | -65.14% | |
62 Neutral | $11.14B | 14.84 | 6.25% | 4.26% | -6.00% | 271.43% | |
57 Neutral | $4.79B | -19.51 | -3.05% | 4.14% | -11.42% | 69.34% | |
54 Neutral | $2.42B | 5.68 | -14.06% | 3.42% | -11.13% | 97.33% | |
52 Neutral | $3.26B | 94.69 | 4.13% | 10.50% | -5.90% | 285.37% |
* Energy Sector Average
DK
Delek US Holdings
46.67
34.19
273.84%
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Delek US Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Delek US Shareholders Back Board, Pay and Incentive Plan
Positive
Apr 22, 2026
At Delek US Holdings’ April 20, 2026 annual meeting, shareholders elected ten directors to serve until the 2027 meeting, reaffirming the existing board slate and governance continuity. Investors also approved on an advisory basis the company...
Dividends
Delek US Holdings Declares Quarterly Cash Dividend Increase
Positive
Apr 21, 2026
On April 20, 2026, Delek US Holdings, Inc. said its board approved a quarterly cash dividend of $0.255 per share, reinforcing its pattern of returning capital to shareholders. The payout is scheduled for May 8, 2026, to investors of record as of M...
Business Operations and StrategyExecutive/Board Changes
Delek US Holdings Announces New Refining Leadership Transition
Positive
Apr 21, 2026
Delek US Holdings, Inc. announced a leadership transition in its refining segment, with the board approving changes on April 16, 2026 and making them effective April 20, 2026. The company appointed Amber Russell as Executive Vice President, Refini...
Business Operations and StrategyPrivate Placements and Financing
Delek US Expands and Extends Revolving Credit Facility
Positive
Apr 10, 2026
On April 9, 2026, Delek US Holdings, Inc. amended its existing asset-based revolving credit facility, increasing total revolving loan commitments from $1.1 billion to $1.25 billion and extending the facility’s maturity from October 26, 2027 ...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Delek US Swings to Q4 Profit, Boosts Cash Returns
Positive
Feb 27, 2026
Delek US Holdings reported a sharp turnaround in its fourth quarter 2025 results, released on February 27, 2026, posting net income of $78.3 million, adjusted net income of $143.0 million and adjusted EBITDA of $374.8 million, compared with steep ...
Business Operations and StrategyDividends
Delek US Declares Quarterly Dividend, Signals Ongoing Payouts
Positive
Feb 19, 2026
On February 18, 2026, Delek US Holdings, Inc. announced that its board had approved a quarterly dividend of $0.255 per share. The dividend is scheduled to be paid on March 9, 2026, to shareholders of record as of March 2, 2026, reflecting the comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.