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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

64.78 USDDay -2.10%

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
64.78 USD · -2.10%
Market cap
3.9 bn USD

Growth

Δ revenue y/y
0.4%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
—
P/B (FY)
7.2x
P/E (ann.)
<0
EV/EBITDA (LTM)
10.1x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
1.6%
FCF yield (LTM)
-0.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+138.5%
↓ details

Liquidity

Daily turnover (listing)
72.9 mln USD

Shares: yahoo_fundamentals_timeseries/DK

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
2026-03-31Q1 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 -151.7%
0.1
y/y 21.9%
-0.3
y/y -277.7%
-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 -90.8%
0.1
y/y -1.1%
0.1
y/y -33.3%
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 —
-0.2
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 —
0.1
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

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 00001 0002 0003 0004 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-150%-100%-50%0%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-400-20002002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01 0002 0003 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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

Current 66spot vs LTM +121%

Commodity-player potential

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

Upside: +138.5% ▲ +5.0 pp 1d

Main driver: US Crack Spread (oil refining) +121% vs LTM; revenue ×1.16 vs costs ×1.04; EBITDA 647→1 295; at 9.7× EV/EBITDA → +138%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (oil refining) (rev)+13%66.3729.9828.53+121%-5%

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

1 · Reported baseline (LTM)
LTM revenue10 734
LTM EBITDA647
LTM cash costs (revenue − EBITDA)10 087
2 · Revenue projection
Revenue multiplier — spot×1.158 (+16%)
= Spot revenue12 427
Revenue multiplier — 3y price×0.994 (-1%)
= 3-year-price revenue10 667
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs10 490
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs10 490
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 053
= 3-year-price EBITDA560
Conservative EBITDA = min(spot, avg)1 295
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.7x
Target EV = EV/EBITDA × conservative EBITDA12 609
Net debt2 448
Target market cap = EV − net debt10 161
Current market cap4 261

Upside = target market cap ÷ current − 1 = +138.5%

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 Q24 1964 701-10.7%140-20—
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%

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 10.8x · 3-year average 9.7x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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 EV/EBITDA?
Delek US (DK) trades at 10.1x EV/EBITDA.
What is Delek US (DK)'s P/B ratio?
Delek US (DK) trades at a P/B of 7.2x.
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 3.9 bn USD.