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Delek US Holdings
(NYSE:DK)
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Rating:53Neutral
Price Target:
$67.00
▲(6.01% Upside)
Action:Reiterated
Date:07/24/26
DK’s score is primarily held back by high balance-sheet leverage and still-negative net profitability despite solid TTM cash generation. Technically, the stock has strong upward trend/momentum, but overbought readings raise near-term pullback risk. The latest earnings call was mixed: operational and optimization progress was positive, but substantial RIN/SRE regulatory exposure and GAAP losses remain key overhangs, while valuation support is limited by the negative P/E and only modest yield.
Positive Factors
Strong operating cash generation
Sustained operating cash flow and meaningful free cash flow provide durable financial flexibility to fund capex, logistics investments, dividends and debt service. Over 2–6 months this cash generation supports execution of optimization plans and buffers earnings volatility tied to refining margins.
Negative Factors
Very high financial leverage
Extremely elevated debt-to-equity constrains financial flexibility, raises refinancing and covenant risk, and magnifies earnings shocks from commodity or regulatory swings. Over the medium term high leverage limits ability to opportunistically invest or absorb prolonged low refining margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating cash generation
Sustained operating cash flow and meaningful free cash flow provide durable financial flexibility to fund capex, logistics investments, dividends and debt service. Over 2–6 months this cash generation supports execution of optimization plans and buffers earnings volatility tied to refining margins.
Read all positive factors
Delek US Holdings (DK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.16B
Dividend Yield1.5%
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth-6.49%
EPS Growth93.38%
CountryUS
Employees1,902
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)-0.87
Shares Outstanding61,287,540
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
$60.78Price Target Upside-3.83% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)7.98
Revenue Forecast (FY)$12.64B
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 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).
Read all updates
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
28
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.73B | 10.72B | 11.85B | 16.92B | 19.80B | 10.65B |
| Gross Profit | 707.80M | 568.30M | -67.90M | 1.04B | 736.50M | 225.50M |
| EBITDA | 708.60M | 782.00M | -18.50M | 664.00M | 792.60M | 264.00M |
| Net Income | -51.40M | -22.80M | -560.40M | 19.80M | 257.10M | -128.30M |
Balance Sheet | ||||||
| Total Assets | 7.57B | 6.85B | 6.67B | 7.17B | 8.19B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 624.10M | 625.80M | 735.60M | 821.80M | 841.30M | 856.50M |
| Total Debt | 3.25B | 3.35B | 2.86B | 2.74B | 3.23B | 2.42B |
| Total Liabilities | 7.27B | 6.30B | 6.09B | 6.21B | 7.12B | 5.80B |
| Stockholders Equity | 52.50M | 286.50M | 312.80M | 845.50M | 943.60M | 894.20M |
Cash Flow | ||||||
| Free Cash Flow | 483.90M | 22.00M | -497.40M | 616.80M | 139.50M | 148.20M |
| Operating Cash Flow | 1.07B | 551.50M | -66.80M | 1.01B | 425.30M | 371.40M |
| Investing Cash Flow | -582.20M | -713.60M | -241.50M | -408.00M | -931.60M | -178.40M |
| Financing Cash Flow | -485.40M | 52.30M | 221.70M | -624.70M | 491.10M | -124.00M |
Delek US Holdings Technical Analysis
Positive
63.20
Price Trends
52.52
Positive
47.87
Positive
41.02
Positive
Market Momentum
4.17
Positive
65.76
Neutral
78.57
Neutral
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 above the 20-day moving average (MA) of 61.94, above the 50-day MA of 52.52, and above the 200-day MA of 41.02, indicating a bullish trend. The MACD of 4.17 indicates Positive momentum. The RSI at 65.76 is Neutral, neither overbought nor oversold. The STOCH value of 78.57 is Neutral, 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 | $16.26B | 8.69 | 19.86% | 2.27% | 16.26% | ― | |
74 Outperform | $8.57B | 6.29 | 24.08% | 1.78% | 13.54% | ― | |
74 Outperform | $15.71B | 19.37 | 17.28% | 4.99% | 37.27% | -29.09% | |
71 Outperform | $4.31B | 9.43 | 32.61% | ― | -2.52% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
55 Neutral | $3.58B | 51.62 | 10.48% | 1.41% | 17.88% | ― | |
53 Neutral | $4.16B | -78.01 | -37.66% | 1.61% | -6.49% | 93.38% |
* Energy Sector Average
DK
Delek US Holdings
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45.35
219.46%
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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.