Delek US Holdings, Inc. (DK)
🔔 Watch stock
symbol.quality_heading
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Buying today means betting that refining margins hold through 2026, that the regulator's exemptions repeat or are replaced, and that the balance sheet survives the next weak quarters without new equity — on $52.5 million of shareholder capital and $341.7 million of annual cash interest. The price already assumes a peak year: the average analyst target of $60.58 sat below the price on July 24, 2026, and the same consensus expects only $3.05 per share for 2027 against $7.17 for 2026. If you wait, check three lines in every filing: equity attributable to Delek shareholders, the "cost of materials and other" line for new or absent exemptions, and free cash flow after capital expenditures against the payout. The thin equity cushion is the dominant risk and the reason for caution. The decision is yours.
symbol.quality_note
Delek US Holdings runs four refineries with 302,000 barrels per day of capacity, and it shows up in two of our screens at once. The reason: a 105 percent earnings surprise for the first quarter of 2026. The filings with the U.S. securities regulator, the SEC, tell a different story. Most of the 2025 operating swing came from small refinery exemptions that cut cost of materials by $356.1 million. Under U.S. accounting rules the first quarter of 2026 produced a loss of $3.34 per share. And of the $302.0 million of equity on the balance sheet, $249.5 million belongs to the minority holders of the midstream affiliate — leaving $52.5 million for Delek shareholders. Let us read what is operations and what is a regulatory decision.
Read the analysis
Stock Watch
This analysis is as of July 25, 2026. Stock Watch will tell you what's changed at DK since then.
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Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 67.90 $ — 100% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIDelek US setzt künstliche Intelligenz als internes Werkzeug ein — eingebettet in die IT-Systeme der Raffinerie- und Logistiksteuerung, flankiert von einer eigenen KI-Richtlinie und einem Technologieausschuss des Verwaltungsrats; ein KI-Produkt verkauft der Konzern nicht, und eine Bedrohung des Raffineriegeschäfts durch KI benennt er nicht.
View the full file — quotes, sources, reviewed filings
„Additionally, our use of AI software may create additional risks related to the unintentional disclosure of proprietary, confidential, personal or otherwise sensitive information."
Darüber hinaus kann unser Einsatz von KI-Software zusätzliche Risiken einer unbeabsichtigten Offenlegung von geschützten, vertraulichen, personenbezogenen oder anderweitig sensiblen Informationen begründen.
„We also continue to monitor the use of AI throughout our business and we have embedded responsible AI principles into our corporate framework."
Wir überwachen den Einsatz von KI in unserem gesamten Geschäft weiterhin und haben Grundsätze für den verantwortungsvollen Umgang mit KI in unseren Unternehmensrahmen aufgenommen.
„In 2025, Delek remained focused on enhancing infrastructure, ensuring robust security measures, streamlining enterprise applications, and advancing innovation, artificial intelligence, and data analytics to support Delek's strategic and operational goals."
Im Jahr 2025 blieb Delek darauf ausgerichtet, die Infrastruktur zu verbessern, belastbare Sicherheitsmaßnahmen sicherzustellen, Unternehmensanwendungen zu verschlanken sowie Innovation, künstliche Intelligenz und Datenanalyse voranzutreiben, um die strategischen und operativen Ziele von Delek zu unterstützen.
Filings Reviewed: 10-K 2026-02-27 · 10-Q 2026-04-29 · 10-Q 2025-11-07 · 10-K 2025-02-26 · 8-K 2026-05-15 · 8-K 2026-07-23
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 10.6% below the current price.
- Consensus
- Sell
- Analyst Ratings
- 13
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 7.30 | -3.80 – 15.44 | 12,883 | 10.6% | 10 |
| 12/31/2027 | 3.21 | -5.91 – 17.09 | 12,134 | -56.0% | 10 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 2.21 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.92 | -192.00 | 3,308 | -21.20 | -1.10 | -48 | -128 |
| 2024: Q3 | -1.45 | -171.80 | 3,042 | -34.30 | -2.50 | -22 | -141 |
| 2024: Q4 | -2.54 | -74.00 | 2,374 | -41.40 | -17.40 | -164 | -355 |
| 2025: Q1 | -2.32 | -465.90 | 2,642 | -15.50 | -6.50 | -62 | -203 |
| 2025: Q2 | -0.56 | 39.10 | 2,765 | -16.40 | -3.80 | 51 | -117 |
| 2025: Q3 | 7.13 | 591.70 | 2,887 | -5.10 | 6.20 | 44 | -64 |
| 2025: Q4 | 2.31 | 190.90 | 2,429 | 2.30 | 3.20 | 506 | 386 |
| 2026: Q1 | 0.08 | 103.40 | 2,653 | 0.40 | -7.60 | 466 | 278 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 4,198 | -49 | -154 | -2.48 | 268 | 992 | 2,985 |
| 2017 | 7,267 | 186 | 289 | 3.99 | 332 | 1,651 | 5,935 |
| 2018 | 10,172 | 612 | 346 | 3.98 | 560 | 1,653 | 5,761 |
| 2019 | 9,298 | 492 | 311 | 4.06 | 575 | 1,666 | 7,016 |
| 2020 | 7,302 | -732 | -611 | -8.31 | -283 | 1,007 | 6,134 |
| 2021 | 10,648 | -35 | -128 | -1.73 | 371 | 894 | 6,813 |
| 2022 | 19,801 | 458 | 257 | 3.60 | 425 | 944 | 8,193 |
| 2023 | 16,917 | 280 | 20 | 0.30 | 1,014 | 846 | 7,172 |
| 2024 | 11,852 | -492 | -560 | -8.77 | -67 | 313 | 6,666 |
| 2025 | 10,723 | 396 | -23 | -0.38 | 552 | 287 | 6,848 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Operating income swung from minus $491.5 million to plus $301.0 million in 2025, refining margin rose 119.3 percent and the margin rate went from 5.4 to 13.2 percent. Segment EBITDA attributable to Delek reached $1,199.0 million (refining $803.4 million, logistics $395.6 million). Four refineries with 302,000 barrels per day of capacity are assets that are effectively no longer built in the United States.
Roughly $356.1 million of the improvement came from small refinery exemptions granted by the U.S. environmental regulator — about 45 percent of the entire year-over-year gain, and not a recurring operating item. The bottom line was still a net loss of $22.8 million for 2025, and the first quarter of 2026 ended at minus $3.34 per share under U.S. accounting rules even though the adjusted figure beat the estimate by 105 percent.
Of $302.0 million of total equity at March 31, 2026, $249.5 million is non-controlling interests in Delek Logistics; $52.5 million — about $0.86 per share — is left for Delek shareholders, against $475.3 million of goodwill and a $528.6 million accumulated deficit in the same balance sheet. Total equity fell from $959.7 million to $302.0 million in two years.
After capital expenditures of $529.5 million, the $535.8 million of operating cash flow left just $6.3 million of free cash flow in 2025. Delek paid $141.4 million to shareholders and $87.1 million to the Delek Logistics minorities, alongside $341.7 million of cash interest — the roughly $222 million gap was closed with borrowings. To its credit, no shares were repurchased in the first quarter of 2026.
Delek reset its debt after the quarter end: on April 9, 2026 the secured revolving facility rose to $1,250.0 million with a maturity to April 9, 2031 and a margin 0.25 points lower; on May 15, 2026 the term loan was cut to $850.0 million with a six-year maturity at term SOFR plus 300 basis points. Near-term maturity pressure is off the table.
At an anchor price of $63.20 (July 24, 2026) and 61,287,542 shares, market capitalization is about $3.9 billion and enterprise value about $6.5 billion — a good third of annual revenue and roughly eight to nine times earnings before interest, taxes, depreciation and amortization. The consensus of thirteen analysts carried an average target of $60.58, below the price; expectations run to $7.17 per share for 2026 but only $3.05 for 2027.
Delek US Holdings is the turnaround trap in pure form. Operating income swung from minus $491.5 million to plus $301.0 million in 2025, and a roughly 105 percent earnings surprise for the first quarter of 2026 lifted the stock into two of our screens at once. But the company's own annual report names the source of a large part of that improvement: roughly $356.1 million of cost relief from small refinery exemptions. Under U.S. accounting rules the first quarter of 2026 produced a loss of $3.34 per share, only $52.5 million of the $302.0 million of equity belongs to Delek shareholders, and the $141.4 million paid out in 2025 dwarfed the $6.3 million of free cash flow. Against that stand a reset debt structure and an asset base nobody builds anymore today. Not investment advice.
- Delek US reached our research list through two screens of our in-house stock scanner, both as of July 25, 2026: "Big Earnings Surprise" (rank 27 of 81) and "Richard Moglen: 1 Week Top Performers" (rank 26 of 28), each with a relative strength rating of 80. Both lists are recomputed daily, so the placements are a snapshot.
- The first-quarter 2026 earnings surprise ($0.08 against an estimate of minus $1.61 per share) is an adjusted consensus metric. The audited quarterly report shows a loss of $3.34 per share and an operating loss of $179.3 million for the same quarter. First quarters are seasonally weak for refiners — the first quarter of 2025 was also deep in the red at minus $172.7 million.
- On identity: the name on record with the SEC is Delek US Holdings, Inc. (CIK 0001694426); some data providers still carry the different name "Delek US Energy". The Form 15-12B of April 21, 2021 deregistered rights under an expired rights plan, not the common stock. Not to be confused with the affiliate Delek Logistics Partners, LP (NYSE: DKL) or with the Israeli Delek Group.
About the Company
Delek US Holdings, Inc. engages in the integrated downstream energy business in the United States. The company operates in two segments Refining and Logistics. 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 terminals. It owns and operates refineries located in Tyler, Texas; El Dorado, Arkansas; Big Spring, Texas; and Krotz Springs, Louisiana. The Logistics segment gathers, transports, and stores crude oil and natural gas, intermediate, and refined products; and markets, distributes, transports, and stores refined products, as well as disposes and recycles water for third parties. It owns or leases crude oil transportation pipelines, refined product pipelines, crude oil gathering systems, and associated crude oil storage tanks; and owns and operates light product distribution terminals, as well as markets light products using third-party terminals. It serves oil companies, independent refiners and marketers, jobbers, distributors, utility and transportation companies, government, and independent retail fuel operators. Delek US Holdings, Inc. was founded in 2001 and is headquartered in Brentwood, Tennessee.
| Employees | 1,902 |
|---|---|
| Headquarters | Brentwood, TN |
| Address | 310 Seven Springs Way, 37027 Brentwood, United States |
| Phone | 615 771 6701 |
| Website | delekus.com |
| IPO Date | 4. May 2006 |
| ISIN | US24665A1034 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Avigal Soreq CPA | President, CEO & Director | 1978 |
| Mark Hobbs | Executive VP & CFO | 1971 |
| Denise Clark McWatters | Executive VP, General Counsel & Corporate Secretary | 1960 |
| Reuven Avraham Spiegel | Executive Vice President of Special Projects | 1956 |
| Robert Wright | Executive Vice President | 1984 |
| Joseph Israel | Executive VP and President of Refining & Renewables | 1972 |
| Ido Biger | Executive VP and Chief Information & Data Officer | – |
| Mohit Bhardwaj | Executive Vice President of Strategy, Business Development & Investor Relations | – |
| Sam Eljaouhari | Executive VP & Chief Human Resource Officer | – |
| Anthony Leo Miller | Executive Vice President of Retail | 1963 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.