Delek US Holdings, Inc.
- Open
- 62.73
- Day high
- 64.09
- Day low
- 61.89
- Prev close
- 61.59
- Volume
- 1.4M
- Mkt cap
- $3.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 73.8
- P/S
- 0.4
- Yield
- 1.61%
- Per share
- $1.02
- ▼Insiders net selling -$8.4M over the last 3 months (0 open-market buys, 17 sales)
- 🏛Institutions mixed (13F)
Delek US Holdings, Inc. (DK) is a Energy company listed on NYSE. The stock is up 157% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 17 sales (SEC Form 4). Drillr has 2 published research articles covering DK.
Delek US Holdings, Inc. (DK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-1.56 | $0.08 | +105.1% | $2.7B | +13.9% |
| Nov 7, 2025 | $0.28 | $1.52 | +442.9% | $2.9B | +13.2% |
| Aug 6, 2025 | $-0.92 | $-0.56 | +39.1% | $2.8B | +2.6% |
| Feb 25, 2025 | $-1.53 | $-2.54 | -66.0% | $2.4B | -11.9% |
| Feb 27, 2024 | $-1.28 | $-1.46 | -14.1% | $4.0B | +14.2% |
| Feb 28, 2023 | $0.82 | $0.88 | +7.3% | $4.5B | +31.5% |
| Aug 4, 2022 | $3.27 | $4.40 | +34.6% | $6.0B | +48.0% |
| May 3, 2022 | $-0.14 | $0.58 | +514.3% | $4.5B | +51.1% |
| Feb 23, 2022 | $-0.80 | $-0.61 | +23.8% | $3.1B | +16.7% |
| Nov 4, 2021 | $-0.35 | $0.13 | +137.1% | $3.0B | +17.8% |
| Aug 3, 2021 | $-1.01 | $-0.88 | +12.9% | $2.2B | +0.0% |
| May 4, 2021 | $-1.38 | $-1.69 | -22.5% | $2.4B | +61.4% |
DK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | FINNERTY WILLIAM Jdirector | Sell | 5,000 | $51.50 |
| Jun 12, 2026 | Schwartzstein Christine Bensondirector | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | Moreno Leonardodirector | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | Marcogliese Richard Jdirector | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | Spiegel Reuvenofficer: EVP, Special Projects | Tax | 1,937 | $48.01 |
| Jun 12, 2026 | Yemin Ezra Uzidirector | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | McWatters Denise Clarkofficer: EVP, Gen Counsel & Corp Sec | Tax | 3,496 | $48.01 |
| Jun 12, 2026 | Wright Robert G.officer: EVP | Tax | 846 | $48.01 |
| Jun 12, 2026 | Soreq Avigaldirector, officer: President & CEO | Tax | 3,810 | $48.01 |
| Jun 12, 2026 | Tolson Laurie Z.director | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | Hobbs Mark Wayneofficer: EVP, Chief Financial Officer | Tax | 823 | $48.01 |
| Jun 12, 2026 | FINNERTY WILLIAM Jdirector | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | Zohar Shlomodirector | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | Sullivan Gary M Jr.director | Grant | 3,436 | $48.01 |
| Jun 12, 2026 | Sutil Vickydirector | Grant | 3,436 | $48.01 |
Source: DK SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full DK insider & 13F page →DK research & analysis
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Delek US Holdings, Inc. company profile
Overview
Delek US Holdings, Inc. (NYSE:DK) is an integrated downstream energy company founded in 2001 and headquartered in Brentwood, Tennessee. The company went public in 2006 and operates across the United States energy value chain through three primary business segments: refining, logistics, and retail. Delek has established itself as a significant independent refiner with four refineries located across Texas, Arkansas, and Louisiana, complemented by an extensive midstream logistics network and convenience store operations primarily in West Texas and New Mexico.
Business
Delek US operates in the downstream energy sector, which involves the processing of crude oil into refined petroleum products and their subsequent distribution and sale to end consumers. The company's business is divided into three main segments: Refining Operations (Primary Revenue Driver): Delek owns and operates four independent refineries with a combined capacity of approximately 300,000 barrels per day. The Tyler, Texas refinery processes 75,000 barrels daily; El Dorado, Arkansas handles 78,000 barrels; Big Spring, Texas processes 73,000 barrels; and Krotz Springs, Louisiana operates at 82,000 barrels per day. These facilities convert crude oil and other feedstock into gasoline, diesel fuel, aviation fuel, asphalt, and other petroleum products. The refining process involves heating crude oil and separating it into different components based on their boiling points, then further processing these components into marketable products. The company also operates three biodiesel facilities that produce renewable diesel from organic materials. Logistics and Midstream Operations: Through its subsidiary Delek Logistics Partners (which trades as a separate master limited partnership), the company operates an extensive network of pipelines, storage facilities, and terminals. This includes approximately 400 miles of crude oil transportation pipelines, 450 miles of refined product pipelines, and a 900-mile crude oil gathering system. The logistics segment also owns storage tanks with 10.2 million barrels of capacity and operates ten light product distribution terminals. This infrastructure is critical for gathering crude oil from production areas (particularly the Permian Basin), transporting it to refineries, and distributing finished products to market. Retail Operations: The company operates 248 convenience stores primarily in West Texas and New Mexico under the DK, Alon, and 7-Eleven brand names. These stores sell gasoline, diesel, food, beverages, tobacco products, and general merchandise. However, the company has been divesting retail assets as part of its strategic focus on upstream operations. The refining segment typically generates the majority of revenue, though this varies significantly with commodity price cycles and refining margins.
Revenue model
Delek generates revenue through multiple complementary business models across its integrated operations: Product Sales Revenue: The primary revenue source comes from selling refined petroleum products including gasoline, diesel, jet fuel, and asphalt to wholesale customers, distributors, and retail operators. The company's profitability depends on crack spreads - the difference between crude oil input costs and refined product selling prices. When refined product prices rise faster than crude oil costs, margins expand. Fee-Based Logistics Services: The logistics segment generates stable cash flows through transportation tariffs, storage fees, and terminal services charged to third-party customers. This includes pipeline transportation fees, crude oil gathering services, and product terminalling. The company has been strategically increasing third-party revenue to around 80% of logistics EBITDA, reducing dependence on internal refining operations. Retail Fuel and Merchandise Sales: Convenience stores generate revenue from fuel sales (with relatively thin margins) and higher-margin merchandise, food, and beverage sales. However, this segment is being strategically reduced through asset sales. Several factors significantly impact Delek's margins and profitability. Crude oil price volatility affects input costs, while regional refined product demand influences selling prices. The company benefits from crude oil differentials, particularly when Permian Basin crude trades at discounts to benchmark prices, reducing input costs for their strategically located refineries. Refinery utilization rates are crucial since fixed costs are spread across production volumes. Seasonal demand patterns affect margins, with gasoline demand typically higher in summer driving seasons and heating oil demand higher in winter. Regulatory factors including Renewable Fuel Standard (RFS) compliance costs and potential Small Refinery Exemptions (SREs) can significantly impact profitability - the company is pursuing nearly $300 million in retroactive SRE benefits. Competition from larger integrated oil companies and export/import dynamics also influence regional product pricing and margins.
Competitive moat
Delek operates with a moderate competitive moat based primarily on strategic asset positioning and operational integration, though this moat faces meaningful challenges. The company's primary competitive advantages include its strategic geographic positioning in the Permian Basin region, where it can access discounted crude oil feedstock while serving refined product markets with limited competition. The integrated logistics network connecting crude oil gathering, refining, and product distribution creates operational efficiencies and reduces transportation costs compared to competitors lacking such integration. The company's mid-continent refinery locations provide some protection from coastal competition, particularly for serving inland markets where transportation costs create natural barriers. Additionally, Delek's smaller scale and operational flexibility allows quicker responses to market changes compared to larger integrated oil companies with more complex decision-making processes. However, the moat is relatively weak due to several factors. Commodity price exposure means the company cannot control its primary input costs or product selling prices, making it a price-taker in volatile markets. Regulatory pressures including environmental regulations and renewable fuel mandates create ongoing compliance costs and operational constraints. The refining industry faces long-term demand headwinds from electric vehicle adoption and energy transition policies, potentially reducing future refined product demand. Competition from larger integrated oil companies with superior financial resources, more diverse operations, and greater economies of scale poses ongoing challenges. Infrastructure constraints and high capital requirements for maintaining aging refinery assets limit the company's ability to significantly expand or upgrade operations. The company's financial leverage and cyclical cash flow generation also constrain strategic flexibility compared to better-capitalized competitors. Overall, while Delek has carved out a defensible regional position, its moat is primarily operational rather than structural and remains vulnerable to industry-wide pressures.
Risks & safety
Delek's margin of safety appears concerning based on recent financial performance and leverage metrics: • Liquidity Position: $624 million cash and short-term investments as of Q1 2025, providing reasonable near-term liquidity buffer • Debt Burden: Debt-to-equity ratio of 20.1x indicates extremely high leverage, creating significant financial risk • Cash Flow Stress: Negative free cash flow of -$203 million in Q1 2025, indicating cash burn • Current Ratio: 0.85x suggests potential working capital constraints with current liabilities exceeding current assets • Profitability Concerns: Net loss of -$159 million in Q1 2025 and negative EBITDA of -$10 million show operational struggles • Valuation Metrics: Negative earnings make traditional P/E ratios meaningless; high price-to-book ratio of 6.0x suggests potential overvaluation relative to book value • Cyclical Risk: Refining margins are highly cyclical and currently compressed, with no guarantee of recovery timing • Solvency Risk: High leverage combined with negative cash generation raises questions about ability to service debt during extended downturns
Recent development
Over the past few years, Delek has undertaken significant strategic restructuring focused on portfolio optimization and operational efficiency. The company launched an Enterprise Optimization Plan (EOP) targeting at least $120 million in annual cash flow improvements through structural changes to liquid yields, product mix optimization, and cost structure improvements across all refineries. Strategic Asset Transactions have been central to the company's transformation. Delek sold its retail business to FEMSA for $385 million, allowing management to focus on higher-return refining and logistics operations. Simultaneously, the company has been strategically restructuring its relationship with Delek Logistics Partners (DKL), working toward eventual deconsolidation by increasing third-party EBITDA to approximately 80% and reducing operational interdependence. Midstream Expansion has been a key growth area, with acquisitions including H2O Midstream for $230 million and announcements of Edge Draw Midstream and Gravity Water Midstream acquisitions in the Midland Basin. These transactions position Delek as a comprehensive crude oil, natural gas, and water services provider in the Permian Basin. The company is also expanding processing capacity with a Delaware Basin processing plant and announced final investment decisions on acid gas injection capabilities. Financial Optimization efforts include aggressive cost reduction programs that achieved $100 million in annual savings ahead of schedule, with management exploring additional optimization opportunities. The company has maintained a balanced capital allocation approach, paying dividends while opportunistically repurchasing shares when trading at significant discounts to intrinsic value. Regulatory Strategy includes actively pursuing Small Refinery Exemptions (SREs) for 2019-2020, potentially worth nearly $300 million, while positioning for future SRE approvals that could significantly improve cash flows.
DK company profile · for informational purposes only — not investment advice.
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