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Delek US Holdings
(NYSE:DK)
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Rating:61Neutral
Price Target:
$63.00
▼(-0.32% Downside)
Action:Reiterated
Date:08/06/26
Overall score reflects improving operating and cash-flow performance alongside elevated balance-sheet risk and cyclical earnings volatility. The earnings call supports a stronger forward cash-flow narrative (EOP progress, logistics strength, and reiterated mid-cycle FCF outlook), while technicals are neutral-to-supportive. Valuation remains a caution due to the negative P/E and only modest dividend yield.
Positive Factors
Free cash flow generation
Delek’s trailing‑12‑month operating cash flow and materially higher free cash flow demonstrate durable cash generation capacity. Sustained FCF supports ongoing debt paydown, dividends/buybacks and funding of strategic programs, improving financial flexibility across commodity cycles.
Negative Factors
Elevated, erratic leverage
Very high and swinging leverage creates a persistent financial vulnerability for a cyclical refiner. Elevated debt limits strategic optionality, raises refinancing and covenant risk in downcycles, and magnifies returns volatility despite recent debt amendments and paydowns.
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Positive Factors
Negative Factors
Free cash flow generation
Delek’s trailing‑12‑month operating cash flow and materially higher free cash flow demonstrate durable cash generation capacity. Sustained FCF supports ongoing debt paydown, dividends/buybacks and funding of strategic programs, improving financial flexibility across commodity cycles.
Read all positive factors
Delek US Holdings (DK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.18B
Dividend Yield1.56%
Average Volume (3M)1.20M
Price to Earnings (P/E)17.9
Beta (1Y)0.56
Revenue Growth11.40%
EPS GrowthN/A
CountryUS
Employees1,902
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)3.65
Shares Outstanding61,232,174
10 Day Avg. Volume1,224,263
30 Day Avg. Volume1,200,665
Financial Highlights & Ratios
PEG Ratio0.82
Price to Book (P/B)6.28
Price to Sales (P/S)0.17
P/FCF Ratio81.84
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$62.30Price Target Upside-1.42% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)10.07
Revenue Forecast (FY)$12.88B
Delek US Holdings Business Overview & Revenue Model
Company Description
Delek US Holdings, Inc. is an integrated downstream energy corporation operating within the United States. Its operations are divided into three core segments: Refining, Logistics, and Retail. The Refining segment processes crude oil and other raw...
How the Company Makes Money
Delek US Holdings makes money primarily through (1) refining margins, (2) logistics/midstream fees and income from logistics assets and related arrangements, and (3) marketing and other downstream sales.
1) Refining (manufacturing and selling ref...
Delek US Holdings Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, record results in logistics, meaningful adjusted earnings and clear progress on enterprise optimization and DKL separation — all supported by capital returns and debt reduction. Offsetting risks include commodity and geopolitical-driven market volatility, RFS/RVO uncertainty and a sizable working capital outflow that reduced operating cash flow. Management conveyed confidence in free cash flow generation and continued capital discipline.Positive Updates
Strong Adjusted Earnings and EBITDA
Reported GAAP net income of ~$170 million ($2.71/share) and adjusted net income of ~$344 million ($5.48/share). Adjusted EBITDA for the quarter was ~$639 million (note: excluding the 50% RVO adjustment adjusted EBITDA was ~$490 million).
Negative Updates
Market Volatility and Geopolitical Impact
Events in the Middle East and Eastern Europe created steep liquidation, wide swings in crude differentials and transportation fuel shortages. Management highlighted ongoing volatility which complicates margin capture and supply dynamics.
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Q2-2026 Updates
Positive
Negative
Strong Adjusted Earnings and EBITDA
Reported GAAP net income of ~$170 million ($2.71/share) and adjusted net income of ~$344 million ($5.48/share). Adjusted EBITDA for the quarter was ~$639 million (note: excluding the 50% RVO adjustment adjusted EBITDA was ~$490 million).
Read all positive updates
Company Guidance
For Q3 2026 Delek guided system throughput of 296,000–316,000 bpd (Tyler 72,000–77,000 bpd; El Dorado 78,000–83,000 bpd; Big Spring 68,000–73,000 bpd; Krotz Springs 78,000–83,000 bpd), operating expenses of $220–$230 million, G&A of $50–$55 million, D&A of $110–$120 million, and net interest expense of $75–$85 million (DK standalone $28–$33 million; DKL $47–$52 million). Management reaffirmed DKL 2026 EBITDA guidance of $520–$560 million and expects pro‑forma DKL third‑party EBITDA to exceed 80%; the Enterprise Optimization Plan targets at least $220 million of annual run‑rate cash flow (EOP contributed about $60 million in Q2), and management reiterated a mid‑cycle free cash flow outlook of roughly $650–$700 million including DKL distributions (implying ~15–20% FCF yield).Delek US Holdings Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
28
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.06B | 10.72B | 11.85B | 16.92B | 19.80B | 10.65B |
| Gross Profit | 1.03B | 568.30M | -67.90M | 1.04B | 736.50M | 225.50M |
| EBITDA | 1.25B | 782.00M | -18.50M | 664.00M | 792.60M | 264.00M |
| Net Income | 224.50M | -22.80M | -560.40M | 19.80M | 257.10M | -128.30M |
Balance Sheet | ||||||
| Total Assets | 7.55B | 6.85B | 6.67B | 7.17B | 8.19B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 628.60M | 625.80M | 735.60M | 821.80M | 841.30M | 856.50M |
| Total Debt | 3.26B | 3.35B | 2.86B | 2.74B | 3.23B | 2.42B |
| Total Liabilities | 6.89B | 6.30B | 6.09B | 6.21B | 7.12B | 5.80B |
| Stockholders Equity | 422.70M | 286.50M | 312.80M | 845.50M | 943.60M | 894.20M |
Cash Flow | ||||||
| Free Cash Flow | 684.90M | 22.00M | -497.40M | 616.80M | 139.50M | 148.20M |
| Operating Cash Flow | 1.27B | 551.50M | -66.80M | 1.01B | 425.30M | 371.40M |
| Investing Cash Flow | -590.40M | -713.60M | -241.50M | -408.00M | -931.60M | -178.40M |
| Financing Cash Flow | -670.90M | 52.30M | 221.70M | -624.70M | 491.10M | -124.00M |
Delek US Holdings Technical Analysis
Positive
63.20
Price Trends
55.93
Positive
49.74
Positive
42.31
Positive
Market Momentum
2.33
Positive
57.77
Neutral
87.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DK, the sentiment is Positive. The current price of 63.2 is below the 20-day moving average (MA) of 64.31, above the 50-day MA of 55.93, and above the 200-day MA of 42.31, indicating a bullish trend. The MACD of 2.33 indicates Positive momentum. The RSI at 57.77 is Neutral, neither overbought nor oversold. The STOCH value of 87.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $16.33B | 8.90 | 19.86% | 2.27% | 16.26% | ― | |
74 Outperform | $8.81B | 6.25 | 24.08% | 1.78% | 13.54% | ― | |
72 Outperform | $4.12B | 4.60 | 57.75% | ― | 13.19% | ― | |
69 Neutral | $15.24B | 14.73 | 18.17% | 4.99% | 83.34% | 123.75% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $4.18B | 17.94 | 95.27% | 1.61% | 11.40% | ― | |
55 Neutral | $3.58B | 51.10 | 10.48% | 1.41% | 17.88% | ― |
* Energy Sector Average
DK
Delek US Holdings
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44.19
207.62%
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Delek US Holdings Corporate Events
Business Operations and StrategyDividends
Delek US Declares Quarterly Dividend, Signals Capital Confidence
Positive
Jul 23, 2026
On July 23, 2026, Delek US Holdings, Inc. announced that its board approved a quarterly dividend of $0.255 per share, underscoring the downstream energy company’s continued capital return to shareholders. The dividend will be paid on August ...
Business Operations and StrategyExecutive/Board Changes
Delek US Announces Key Executive Leadership and Governance Changes
Positive
Jul 2, 2026
On June 26, 2026, Delek US Holdings and the general partner of Delek Logistics Partners approved executive leadership changes effective July 1, 2026, reassigning Mark Hobbs from Chief Financial Officer to Executive Vice President, Logistics for bo...
Business Operations and StrategyPrivate Placements and Financing
Delek US Holdings Amends and Refinances Term Loan Facility
Positive
May 15, 2026
On May 15, 2026, Delek US Holdings, Inc. closed an amendment to its existing term loan credit facility, refinancing its prior term loan with proceeds from the amended facility and cash on hand, and reducing outstanding term loans to $850 million i...
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.