Delek US Holdings, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Operating recovery
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.
Earnings quality
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.
Balance sheet & equity
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.
Payout & cash flow
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.
Funding & maturities
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.
Valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at DK since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 26.70 $ to 81.60 $ · Last price: 81.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Refining & Marketing
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Delek US Holdings, Inc. DK | 5.2 | – | 6.8 | 10.5 | -6.7 | -9.5 | 167.6 |
| Marathon Petroleum Corp MPC | 122.6 | 27.8 | 7.8 | 12.8 | 3.6 | -4.4 | 132.3 |
| Valero Energy Corporation VLO | 122.5 | 30.2 | 8.5 | 16.1 | 6.1 | -5.5 | 157.4 |
| Phillips 66 PSX | 109.9 | 27.3 | 9.3 | 13.1 | 0.6 | -7.6 | 112.1 |
| HF Sinclair Corp DINO | 21.0 | 17.5 | 5.6 | 12.9 | 11.9 | -6.0 | 128.8 |
| Sunoco LP SUN | 14.9 | 17.1 | 9.5 | 11.9 | 4.1 | 11.1 | 67.7 |
| PBF Energy Inc PBF | 9.1 | – | 3.9 | 5.0 | -1.3 | -11.4 | 159.6 |
| CVR Energy Inc CVI | 5.6 | – | 8.0 | 10.9 | – | -5.9 | 67.1 |
| Icahn Enterprises LP IEP | 5.0 | – | 13.2 | 7.1 | -8.7 | -7.5 | 9.8 |
| Median of companies shown | 14.9 | 27.3 | 8.0 | 11.9 | 2.1 | -6.0 | 128.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 | -1.20 | -160.90 | 3,042 | -34.30 | -2.50 | -22 | -141 |
| 2024: Q4 | -6.48 | -161.30 | 2,374 | -41.40 | -17.40 | -164 | -355 |
| 2025: Q1 | -2.78 | -445.10 | 2,642 | -15.50 | -6.50 | -62 | -203 |
| 2025: Q2 | -0.56 | 39.10 | 2,765 | -16.40 | -3.80 | 51 | -117 |
| 2025: Q3 | 2.93 | 344.20 | 2,887 | -5.10 | 6.20 | 44 | -64 |
| 2025: Q4 | 2.31 | 135.60 | 2,429 | 2.30 | 3.20 | 506 | 386 |
| 2026: Q1 | 0.08 | 102.90 | 2,653 | 0.40 | -7.60 | 466 | 278 |
| 2026: Q2 | 2.71 | 583.90 | 4,087 | 47.80 | 4.10 | 263 | 89 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Dividends
Earnings & Surprises
Momentum & Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Power Trend
- Richard Moglen: 1 Week Top Performers
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 15.93 | 7.02 – 23.59 | 14,158 | 141.3% | 9 |
| 12/31/2027 | 7.85 | -2.82 – 20.95 | 12,857 | -50.7% | 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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -5.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $684.9M |
|---|---|
| Market cap | $5.24B |
| Free cash flow in year ten | $380.4M |
| Terminal value as a share of market value | 38.3% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Delek 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.
10-K · 2026-02-27 · View SEC filing
„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.
10-K · 2026-02-27 · View SEC filing
„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.
10-K · 2026-02-27 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -18.5%
- More than 10% revenue growth is expected for the coming year -68.5%
- Share count grows by less than 3% a year -5.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -9.3%
- Gross margin at 40% or higher and without meaningful erosion 5.3%
- Goodwill from acquisitions does not grow faster than revenue 6.9%
- Net debt below twice EBITDA 3.5 x EBITDA
- Operating cash flow covers the profits of the last three years 2,062 m
- Return on capital at 15% or higher, or up versus two years ago 9.2%
- Insiders hold at least 10% or are net buyers 2.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 11.0%
- Exp. sales growth 3Y > 5% 9.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 9.5%
- Net debt < 4x EBIT 6.9x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 9.2%
- Expected return > 10% 10.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Russell Amber | EVP, Refining | Sell | 5,392 | 75.50 | 407,096 |
| Sep 11, 2026 | Finnerty William J | Director | Sell | 1,602 | 77.59 | 124,299 |
| Sep 11, 2026 | Finnerty William J | Director | Sell | 1,341 | 76.67 | 102,814 |
| Sep 10, 2026 | Russell Amber | EVP, Refining | Other | 1,736 | 74.89 | 130,009 |
| Sep 10, 2026 | Hobbs Mark Wayne | EVP, Delek Logistics | Other | 1,227 | 74.89 | 91,890 |
| Sep 10, 2026 | Wright Robert G. | EVP, Chief Financial Officer | Other | 311 | 74.89 | 23,291 |
| Sep 10, 2026 | Soreq Avigal | President & CEO | Other | 5,626 | 74.89 | 421,331 |
| Sep 10, 2026 | Spiegel Reuven | EVP, Delek Logistics | Other | 969 | 74.89 | 72,568 |
| Sep 4, 2026 | Sutil Vicky | Director | Sell | 6,397 | 71.50 | 457,386 |
| Sep 1, 2026 | Spiegel Reuven | EVP, Special Projects | Sell | 500 | 73.36 | 36,680 |
The company
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
- 05/04/2006
- 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.