Delek US Holdings (DK) AI Stock Analysis

• Market Cap: $1.84B
• Dividend Yield: 3.42%
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.27
• Revenue Growth: -22.37%
• EPS Growth: -27.22%
• Country: US
• Employees: 1,987
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 7.13
• Shares Outstanding: 60,051,550
• 10 Day Avg. Volume: 1,044,228
• 30 Day Avg. Volume: 1,167,775
• PEG Ratio: <0.01
• Price to Book (P/B): 3.78
• Price to Sales (P/S): 0.10
• P/FCF Ratio: -2.38
• Enterprise Value/Market Cap: 2.64
• Enterprise Value/Revenue: 0.46
• Enterprise Value/Gross Profit: 14.76
• Enterprise Value/Ebitda: 23.19
• 1Y Price Target: $40.91
• Price Target Upside: 38.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): -0.92
• Revenue Forecast (FY): $10.02B

• Rating: 45 Neutral
• Price Target: $29.00 ▼(-1.73% Downside)

The score is held down primarily by weak underlying financial performance (losses, high leverage, and negative operating/free cash flow) and bearish technical signals (below key moving averages with negative MACD). Valuation is mixed due to a negative P/E despite a moderate dividend yield. The latest earnings call provides a meaningful offset with improved guidance and expected SRE proceeds, but includes execution and cost-risk caveats.

Positive Factors

Enterprise Optimization Plan (EOP)

A committed Enterprise Optimization Plan that targets at least $180M annual cash flow is a durable operational lever. By improving working capital, capturing distributions from logistics, and optimizing refinery reliability and yields, it structurally enhances recurring free cash generation and margin resilience.

EPA SRE approvals

Regulatory approval of Small Refinery Exemptions creates a material, structural cash inflow and reduces effective feedstock costs. Converting granted RINs into proceeds de-risks legacy liabilities and materially improves near-term balance sheet and cash buffers, supporting longer-term strategy execution.

Strength in Delek Logistics (DKL)

Rising logistics EBITDA and Permian progress represent durable diversification away from refining cyclical risk. Stable fee-based cash flows and distributions from DKL enhance consolidated cash generation capacity and provide predictable capital to fund maintenance, buybacks, and debt service over multiple cycles.

Negative Factors

High leverage

Significant leverage materially constrains financial flexibility, raising refinancing and liquidity risk during commodity downturns. High debt amplifies interest burden, limits ability to fund capex or absorb shocks, and prolongs the time needed for operational improvements to translate into stronger solvency metrics.

Negative operating & free cash flow

Persistent negative operating and free cash flows indicate cash burn that undermines sustainable capital allocation. Without reliable internal cash generation, the company may need asset sales or external financing to fund maintenance, turnarounds, dividends or leverage reduction, elevating execution risk.

Negative margins and declining revenue

Structural revenue declines and negative gross and net margins point to fundamental profitability issues, not just timing. Sustained margin recovery requires successful refinery optimization, crude slate improvements and cost control; until then returns and shareholder value remain pressured despite one-off boosts.

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 manufacture of various grades of gasoline, diesel fuel, aviation fuel, asphalt, and other petroleum-based products that are distributed through owned and third-party product terminal. It owns and operates four independent refineries located in Tyler, Texas; El Dorado, Arkansas; Big Spring, Texas; and Krotz Springs, Louisiana, as well as three biodiesel facilities in Crossett, Arkansas, Cleburne, Texas, and New Albany. The Logistics segment gathers, transports, and stores crude oil, intermediate, and refined products; and markets, distributes, transports, and stores refined products for third parties. It owns or leases capacity on approximately 400 miles of crude oil transportation pipelines, approximately 450 miles of refined product pipelines, an approximately 900-mile crude oil gathering system, and associated crude oil storage tanks with an aggregate of approximately 10.2 million barrels of active shell capacity; and owns and operates ten light product distribution terminals, as well as markets light products using third-party terminals. The Retail segment owns and leases 248 convenience store sites located primarily in West Texas and New Mexico. Its convenience stores offer various grades of gasoline and diesel under the DK or Alon brand; and food products and service, tobacco products, non-alcoholic and alcoholic beverages, and general merchandise, as well as money orders to the public primarily under the 7-Eleven and DK or Alon brand names. It serves oil companies, independent refiners and marketers, jobbers, distributors, utility and transportation companies, the U.S. government, and independent retail fuel operators. Delek US Holdings, Inc. was founded in 2001 and is headquartered in Brentwood, Tennessee.

How the Company Makes Money

Delek US Holdings generates revenue primarily through its refining operations, which involve converting crude oil into gasoline, diesel, and other petroleum products. The company earns money from refining margins—the difference between the purchase price of crude oil and the selling price of refined products. Additionally, Delek Logistics provides logistics services that include the transportation and storage of crude oil and refined products, contributing another significant revenue stream. Retail operations, including the sale of fuel and convenience store merchandise, also add to the company's earnings. Strategic partnerships with suppliers and customers, along with a focus on operational efficiency, play a crucial role in enhancing profitability.

Delek US Holdings Financial Statement Overview

Summary

Delek US Holdings faces significant financial challenges with negative net income, declining revenue, high leverage, and negative cash flows. These factors collectively suggest financial instability and potential risks in sustaining operations without strategic improvements.

Income Statement

The income statement shows significant challenges with negative net income and declining revenue. The TTM data reveals a negative gross profit margin and net profit margin, indicating inefficiencies and losses. Revenue growth is negative, reflecting a downturn in sales. Despite some past profitability, recent trends suggest financial instability.

Balance Sheet

The balance sheet indicates a high debt-to-equity ratio, suggesting significant leverage and potential financial risk. Return on equity is negative, highlighting poor returns for shareholders. The equity ratio is low, indicating heavy reliance on debt financing. These factors suggest financial vulnerability and potential liquidity issues.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, indicating cash burn and potential liquidity challenges. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is unfavorable, suggesting inefficiencies in converting income to cash. These factors highlight cash management issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.67B	11.85B	16.92B	19.80B	10.65B	7.30B
Gross Profit	328.90M	-67.90M	1.04B	736.50M	225.50M	-287.00M
EBITDA	209.30M	-18.50M	664.00M	792.60M	264.00M	-374.10M
Net Income	-514.90M	-560.40M	19.80M	257.10M	-128.30M	-611.40M
Balance Sheet
Total Assets	7.08B	6.67B	7.17B	8.19B	6.81B	6.13B
Cash, Cash Equivalents and Short-Term Investments	630.90M	735.60M	821.80M	841.30M	856.50M	787.50M
Total Debt	3.66B	2.86B	2.74B	3.23B	2.42B	2.53B
Total Liabilities	6.64B	6.09B	6.21B	7.12B	5.80B	5.01B
Stockholders Equity	180.90M	312.80M	845.50M	943.60M	894.20M	1.01B
Cash Flow
Free Cash Flow	-738.90M	-497.40M	616.80M	139.50M	148.20M	-555.10M
Operating Cash Flow	-130.50M	-66.80M	1.01B	425.30M	371.40M	-282.90M
Investing Cash Flow	-796.80M	-241.50M	-408.00M	-931.60M	-178.40M	-191.30M
Financing Cash Flow	520.60M	221.70M	-624.70M	491.10M	-124.00M	306.40M

Delek US Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 29.51
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 29.51 is below the 20-day moving average (MA) of 30.55, below the 50-day MA of 35.38, and above the 200-day MA of 26.02, indicating a neutral trend. The MACD of -1.49 indicates Negative momentum. The RSI at 34.49 is Neutral, neither overbought nor oversold. The STOCH value of 56.02 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SUN	68 Neutral	$8.59B	19.13	8.27%	6.88%	-5.18%	-33.14%
DINO	68 Neutral	$9.25B	24.20	4.07%	4.26%	-9.55%	27.65%
PARR	67 Neutral	$1.87B	7.76	17.81%	―	-10.11%	-7.00%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CVI	56 Neutral	$2.31B	13.46	21.78%	10.50%	-7.21%	135.72%
PBF	49 Neutral	$3.80B	-7.03	-9.47%	4.14%	-15.35%	-81.94%
DK	45 Neutral	$1.84B	―	-115.95%	3.42%	-22.37%	-27.22%

Delek US Holdings Corporate Events

Delek US Unveils 2026 Outlook and Optimization Plan

Effective January 12, 2026, Delek US senior management began using a new investor presentation to update current and prospective shareholders on its financial outlook, free cash flow profile and capital allocation priorities. The materials highlight the company’s Enterprise Optimization Plan, which is expected to add at least $180 million in annual cash flow, supported by more than $150 million in annual distributions from Delek Logistics and an amended Inventory Intermediation Agreement that is projected to improve working capital efficiency and generate an additional $30 million to $50 million of free cash flow. The presentation underscores that Delek has outpaced its U.S. refining peer group in total shareholder returns over the twelve months from the fourth quarter of 2024 to the third quarter of 2025, while outlining 2026 guidance that includes $200 million to $220 million of maintenance and reliability capital spending and a major turnaround at its Big Spring refinery in the first quarter of 2026 aimed at enhancing reliability, optimizing crude slate, improving product yields and enabling higher-octane blending, all of which are intended to support margin improvement and sustained cash generation.

The most recent analyst rating on (DK) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Delek US Holdings stock, see the DK Stock Forecast page.

Delek US Holdings Reports Strong Q3 2025 Financial Results

Delek US Holdings reported strong financial results for the third quarter of 2025, with a net income of $178 million and adjusted net income of $434.2 million. The company benefited from Small Refinery Exemptions granted by the EPA, which significantly reduced material costs and improved cash flow. Delek Logistics is performing well, with expectations to finish the year in the top half of its adjusted EBITDA guidance. The company continues to advance its Enterprise Optimization Plan, increasing its annual cash flow improvement guidance and maintaining a strong financial position.

The most recent analyst rating on (DK) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Delek US Holdings stock, see the DK Stock Forecast page.

Delek US Holdings Approves Quarterly Dividend Payment

On October 29, 2025, Delek US Holdings, Inc. announced that its Board of Directors approved a quarterly dividend of $0.255 per share, to be paid on November 17, 2025, to shareholders recorded by November 10, 2025. This decision reflects the company’s ongoing commitment to returning value to its shareholders and may enhance its attractiveness to investors seeking regular income through dividends.

The most recent analyst rating on (DK) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Delek US Holdings stock, see the DK Stock Forecast page.