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Delek US (DK) USD

At a glance: strengths & risks
✓Margins improving (-1%→7%)✗Revenue declining (-10%)✗Loss-making last FY✗High leverage (3.8x EBITDA)

Sector: Oil refining

Geography: United States

COMM_DK

Price chart

65.47 USDDay -4.14%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
65.47 USD · -4.14%
Market cap
4.0 bn USD

Growth

Δ revenue y/y
47.8%
Δ EBITDA y/y
589.9%

Multiples

P/E (LTM)
17.7x
P/B (FY)
7.3x
P/E (ann.)
5.9x
EV/EBITDA (LTM)
6.5x
EV/EBITDA (ann.)
3.9x

Cash return

Dividend yield
1.6%
FCF yield (LTM)
3.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+45.9%
↓ details

Liquidity

Daily turnover (listing)
56.9 mln USD

Shares: sec_companyfacts/1694426

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK4.1
y/y 47.8%
0.3
y/y —
0.1
y/y 23.0%
0.4
y/y 589.9%
0.2
y/y —
0.3-0.27.6
y/y 6.8%
0.2
y/y -36.8%
277.6%2.6Link
2026-03-31Q1 2026 (3M)OK2.7
y/y 0.4%
-0.2
y/y —
0.1
y/y 2.0%
-0.1
y/y —
-0.2
y/y —
0.5-0.27.6
y/y 10.0%
0.3
y/y -29.7%
-189.6%2.6Link
2025-12-31Q4 2025 (3M)OK2.4
y/y 2.3%
0.2
y/y 140.8%
0.1
y/y 5.0%
0.3
y/y 186.5%
0.1
y/y 118.9%
0.5-0.16.8
y/y 2.7%
0.5
y/y -4.9%
-4.6%2.7Link
2025-09-30Q3 2025 (3M)OK2.9
y/y -5.1%
0.3
y/y —
0.1
y/y 3.3%
0.4
y/y —
0.2
y/y —
0.0-0.17.1
y/y 0.7%
0.4
y/y -49.2%
64.2%2.6Link
2025-06-30Q2 2025 (3M)OK2.8
y/y -16.4%
0.0
y/y -828.3%
0.1
y/y 6.4%
0.1
y/y -34.8%
-0.1
y/y —
0.1-0.27.1
y/y 1.8%
0.3
y/y -70.0%
-117.5%2.6Link
2025-03-31Q1 2025 (3M)OK2.6
y/y -15.5%
-0.1
y/y -530.8%
0.1
y/y 10.5%
0.0
y/y -120.3%
-0.2
y/y —
-0.1-0.36.9
y/y -4.2%
0.4
y/y -58.5%
-137.5%2.5Link
2024-12-31Q4 2024 (3M)OK2.4
y/y -36.2%
-0.4
y/y -172.9%
0.1
y/y 21.9%
-0.3
y/y -346.4%
-0.4
y/y -150.9%
-0.2-0.26.7
y/y -7.1%
0.6
y/y -40.1%
-77.3%2.1Link
2024-09-30Q3 2024 (3M)OK3.0
y/y -34.3%
-0.1
y/y -157.5%
0.1
y/y 11.9%
0.0
y/y -107.9%
-0.1
y/y -159.7%
0.0-0.17.0
y/y -10.7%
0.9
y/y -24.3%
-11.0%1.9Link
2024-06-30Q2 2024 (3M)OK3.3
y/y -21.2%
0.0
y/y -87.8%
0.1
y/y -1.1%
0.1
y/y -26.8%
0.0
y/y —
0.0-0.16.9
y/y -10.6%
1.0
y/y -7.5%
-14.7%2.0Link
2024-03-31Q1 2024 (3M)OK3.1
y/y -20.3%
0.0
y/y -79.6%
0.1
y/y 10.0%
0.1
y/y -46.6%
0.0
y/y -150.7%
0.20.07.2
y/y -7.8%
1.0
y/y -7.9%
-13.1%1.9Link
2023-12-31Q4 2023 (3M)OK3.7
y/y —
-0.1
y/y —
0.1
y/y —
-0.1
y/y —
-0.2
y/y —
0.1-0.17.2
y/y —
1.0
y/y —
1.9%1.9Link
2023-09-30Q3 2023 (3M)OK4.6
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.1
y/y —
0.4-0.17.9
y/y —
1.2
y/y —
15.5%1.9Link
2023-06-30Q2 2023 (3M)OK4.2
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.0
y/y —
0.1-0.17.8
y/y —
1.1
y/y —
-3.0%2.2Link
2023-03-31Q1 2023 (3M)OK3.9
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.1
y/y —
0.4-0.27.8
y/y —
1.1
y/y —
—2.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)8
Long-term debt (incl. LT leases)3 181
− Cash & equivalents629
Net debt2 561

Net debt / LTM EBITDA: 2.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 00001 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-150%-100%-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-20002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.65x of reported net profit; after capex, 15.97x. Loss years (2021, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit—1.65x———
accruals, % of assets-7.3%-2.1%-13.9%-7.4%-8.2%
Last twelve months (to 2025-Q3): 5.66x of profit came back as operating cash flow.
net debt / EBITDA 3.8x · capex 1.1x of depreciation · dividends 54% of free cash flow · share count -4.8% a year
● Net debt / EBITDA 3.8x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — US Crack Spread (oil refining)

Current 67spot vs LTM +122%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +45.9% → +0.0 pp 1d

Main driver: US Crack Spread (oil refining) +118% vs LTM; revenue ×1.15 vs costs ×1.04; EBITDA 1 024→1 327; at 6.5× EV/EBITDA → +46%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (oil refining) (rev)+13%66.5830.5929.19+118%-5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue12 056
LTM EBITDA1 024
LTM cash costs (revenue − EBITDA)11 032
2 · Revenue projection
Revenue multiplier — spot×1.153 (+15%)
= Spot revenue13 900
Revenue multiplier — 3y price×0.994 (-1%)
= 3-year-price revenue11 985
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs11 473
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs11 473
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 070
= 3-year-price EBITDA585
Conservative EBITDA = min(spot, avg)1 327
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)6.5x
Target EV = EV/EBITDA × conservative EBITDA8 666
Net debt2 381
Target market cap = EV − net debt6 285
Current market cap4 306

Upside = target market cap ÷ current − 1 = +45.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q34 6294 375+5.8%3004—
2023 Q43 9424 007-1.6%-60-141—
2024 Q13 1284 105-23.8%121-17—
2024 Q23 3083 921-15.6%93-24—
2024 Q33 0423 665-17.0%-24-64—
2024 Q42 3743 277-27.6%-307-129—
2025 Q12 6422 917-9.4%-24-150—
2025 Q22 7652 875-3.8%61-105—
2025 Q32 8872 754+4.8%397-95—
2025 Q42 4292 681-9.4%266-21—
2026 Q12 6532 726-2.7%-76157-148.4%
2026 Q24 0872 914+40.3%438329+33.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -10% vs -28% the year before — a +18.5 pp move. 3-year CAGR -18%.
revenue growth by year: 2023 -17% · 2024 -28% · 2025 -10%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 6.7x · 3-year average 9.6x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-030.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2026-05-010.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2026-03-020.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2025-11-100.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2025-08-110.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2025-05-120.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2025-03-030.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2024-11-120.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2024-08-120.255 USDEx-dividend: 0.255 USD per sharePaidYahoo Finance (ex-div)
2024-05-160.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-02-290.245 USDEx-dividend: 0.245 USD per sharePaidYahoo Finance (ex-div)
2023-11-100.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2023-08-110.235 USDEx-dividend: 0.235 USD per sharePaidYahoo Finance (ex-div)
2023-05-120.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2023-03-090.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2022-11-170.21 USDEx-dividend: 0.21 USD per sharePaidYahoo Finance (ex-div)
2022-08-190.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2022-07-110.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Delek US (DK) — from primary filings.

Delek US Holdings is an integrated downstream energy company that refines crude oil into fuels and asphalt, and operates logistics assets for transporting and storing crude oil, natural gas, and refined products.

Frequently asked questions

What is Delek US (DK)'s P/E ratio?
Delek US (DK) trades at a P/E of 17.7x (price to trailing 12-month earnings).
What is Delek US (DK)'s EV/EBITDA?
Delek US (DK) trades at 6.5x EV/EBITDA.
What is Delek US (DK)'s P/B ratio?
Delek US (DK) trades at a P/B of 7.3x.
What is Delek US (DK)'s dividend yield?
Delek US (DK)'s trailing 12-month dividend yield is 1.6%.
What is Delek US (DK)'s return on equity (ROE)?
Delek US (DK)'s ROE is -189.6%.
What is Delek US (DK)'s market capitalization?
Delek US (DK)'s market cap is 4.0 bn USD.

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