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Delek US (DK) USD

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.

At a glance: strengths & risks
✓Revenue growing (+48% y/y, Q2 2026)✓Margins improving (2%→11%, Q2 2026)✗Loss-making last FY✗High leverage (3.8x EBITDA)

Sector: Oil refining

Geography: United States

COMM_DK

Price chart

75.79 USDDay -3.11%

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
75.79 USD · -3.11%
Market cap
4.6 bn USD

Growth

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

Multiples

P/E (LTM)
20.5x
P/B (FY)
8.4x
P/E (ann.)
6.8x
EV/EBITDA (LTM)
7.1x
EV/EBITDA (ann.)
4.3x

Cash return

Dividend yield
1.3%
FCF yield (LTM)
12.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+53.9%
↓ details

Liquidity

Daily turnover (listing)
107.1 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
2026-06-30Q2 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%2.6Yahoo Finance
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 0005 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

Operating and investing cash flow (OCF + ICF) ($ mln)

-400-20002004002024 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 2026-06-30): 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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

Current 58spot vs LTM +35%

Commodity-player potential

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

Upside: +53.9% ▲ +4.8 pp 1d

Main driver: US Crack Spread (oil refining) +75% vs LTM; revenue ×1.10 vs costs ×1.04; EBITDA 1 024→1 181; at 9.3× EV/EBITDA → +54%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (oil refining) (rev)+13%58.3133.3431.99+75%-4%

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×1.097 (+10%)
= Spot revenue13 231
Revenue multiplier — 3y price×0.995 (-1%)
= 3-year-price revenue11 993
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 EBITDA1 685
= 3-year-price EBITDA676
Conservative EBITDA = min(spot, avg)1 181
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.3x
Target EV = EV/EBITDA × conservative EBITDA10 932
Net debt2 381
Target market cap = EV − net debt7 143
Current market cap4 641

Upside = target market cap ÷ current − 1 = +53.9%

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 101-23.7%121-21—
2024 Q23 3083 919-15.6%93-26—
2024 Q33 0423 624-16.0%-24-106—
2024 Q42 3743 221-26.3%-307-185—
2025 Q12 6422 933-9.9%-24-135—
2025 Q22 7652 911-5.0%61-68—
2025 Q32 8872 786+3.6%397-63—
2025 Q42 4292 712-10.4%26610—
2026 Q12 6532 777-4.5%-76208-136.5%
2026 Q24 0872 989+36.8%438404+8.4%

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 8.9x · 3-year 75th pct 10.4x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Par Pacificglobal4.34.0x4.0x
PBF Energyglobal9.44.2x4.2x
REX American Resourcesglobal1.35.5x5.5x
Valero Energyglobal135.06.9x6.9x
S-OilKorea12.46.6x7.3x
Sunoco LPglobal10.18.2x8.2x
CVR Energyglobal6.18.8x8.8x
CrossAmerica Partnersglobal0.88.8x8.8x
Marathon Petroleumglobal143.29.6x9.6x
Valvolineglobal4.013.9x13.9x
Phillips 66global116.417.9x17.9x
Calumetglobal4.631.6x31.6x
Group median8.5x8.5x
Group average10.5x10.6x
This companyglobal4.77.1x7.1x

Group median 8.5x as traded, 8.5x adjusted; this company 7.1x — a 16% discount.

Group average 10.5x as traded, 10.6x adjusted; against the average this company is at a 33% discount.

At the adjusted group median the market cap would be +30% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

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.

Frequently asked questions

What is Delek US (DK)'s P/E ratio?
Delek US (DK) trades at a P/E of 20.5x (price to trailing 12-month earnings).
What is Delek US (DK)'s EV/EBITDA?
Delek US (DK) trades at 7.1x EV/EBITDA.
What is Delek US (DK)'s P/B ratio?
Delek US (DK) trades at a P/B of 8.4x.
What is Delek US (DK)'s dividend yield?
Delek US (DK)'s trailing 12-month dividend yield is 1.3%.
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 4.6 bn USD.

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