Tearsheet

Delek US (DK)

Market Price (12/4/2025): $37.92 | Market Cap: $2.3 Bil
Sector: Energy | Industry: Oil & Gas Refining & Marketing

Delek US (DK)

Market Price (12/4/2025): $37.92
Market Cap: $2.3 Bil
Sector: Energy
Industry: Oil & Gas Refining & Marketing

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Dividend Yield is 3.2%	Weak multi-year price returns 3Y Excs Rtn is -38%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -59 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.6%
1	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Midstream & Logistics Infrastructure, and Petroleum Products Supply.	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 135%
2			Stock price has recently run up significantly 6M Rtn6 month market price return is 109%, 12M Rtn12 month market price return is 110%
3			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -5.1%
4			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.9%
5			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 121%
6			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -27%

0	Attractive yield Dividend Yield is 3.2%
1	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Midstream & Logistics Infrastructure, and Petroleum Products Supply.
2	Weak multi-year price returns 3Y Excs Rtn is -38%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -59 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.6%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 135%
6	Stock price has recently run up significantly 6M Rtn6 month market price return is 109%, 12M Rtn12 month market price return is 110%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%, Rev Chg QQuarterly Revenue Change % is -5.1%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6.9%
9	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 121%
10	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -27%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$37.92	$17.58	$23.43	$23.62	$12.83
Market Cap CYE ($ Bil)	2.3	1.1	1.5	1.6	1.0
Total Debt ($ Bil)	3.3	2.9	2.7	3.2	2.4
Total Cash ($ Bil)	0.6	0.7	0.8	0.8	0.9
Enterprise Value ($ Bil)	4.9	4.0	4.2	4.8	3.4
Valuation Ratios
P/S TTM	0.2	0.1	0.1	0.1	0.1
P/EBIT TTM	-10.5	-3.0	5.0	3.7	-1848.4
P/E TTM	-3.8	-2.1	85.2	7.4	-8.6
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$37.92	$17.58	$23.43
Market Cap CYE ($ Bil)	2.3	1.1	1.5
Total Debt ($ Bil)	3.3	2.9	2.7
Total Cash ($ Bil)	0.6	0.7	0.8
Enterprise Value ($ Bil)	4.9	4.0	4.2
Valuation Ratios
P/S TTM	0.2	0.1	0.1
P/EBIT TTM	-10.5	-3.0	5.0
P/E TTM	-3.8	-2.1	85.2
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	DK	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	10.7
Rev Chg Q	-5.1%	7.1%
Rev Chg LTM	-20.5%	6.1%
Rev Chg 3Y Avg	-17.2%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.5
Op Mgn LTM	-0.6%	18.8%
CFO/Rev LTM	-1.2%	20.5%
Net Inc Mgn	-4.8%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.2
P/CFO	-14.8	15.8
P/FCF	-2.6	20.5
P/E	-3.8	23.5
STABILITY	POOR
Debt/Equity	1.68	0.20
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
Combined crude throughput capacity	302,000 barrels per day	8222025	Link
Number of convenience stores	249	8012024	Link
Biodiesel production capacity	approximately 40 million gallons a year	10262024	Link
Number of refineries	4	11012025	Link

Recent
11/07/2025	Earnings Release	Rev: $2.0 Bil (A) vs. $2.0 Bil (E) EPS: 1.52 (A) vs. $0.28 (E)
11/10/2025	Dividend	Amount: $0.26 Payment On: 11/17/2025
Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

DK Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Delek US (DK) experienced an approximate 39.84% stock increase from August 31, 2025, to December 4, 2025, driven by several significant factors.

1. Strong Q3 2025 Earnings Beat. Delek US reported adjusted earnings per share (EPS) of $7.13 for the third quarter of 2025, substantially surpassing analysts' consensus estimates of $0.28. Quarterly revenue also exceeded expectations, reaching $2.89 billion. This strong financial performance contributed to positive investor sentiment, leading to a pre-market stock increase of 2.96% following the earnings announcement on November 7, 2025.

2. Significant Benefit from Small Refinery Exemptions (SREs). The company recognized a substantial $280.8 million benefit in Q3 2025 related to the reduction in the cost of materials and other expenses, a direct result of the U.S. Environmental Protection Agency (EPA) granting Small Refinery Exemptions for past Renewable Volume Obligation (RVO) compliance periods. Delek US also anticipates receiving approximately $400 million from the monetization of historical SRE grants over the subsequent six to nine months, further enhancing financial prospects.

3. Enterprise Optimization Plan (EOP) Exceeding Targets. Delek US's Enterprise Optimization Plan demonstrated significant progress, with the company increasing its annual run-rate cash flow improvements guidance from a previous range of $130-$170 million to at least $180 million. Approximately $60 million in improvements were recognized during Q3 2025 alone, indicating effective operational enhancements.

4. Improved Refining Margins and Operational Performance. The refining segment's adjusted EBITDA surged to $696.9 million in Q3 2025, a significant increase from $10.2 million in the prior-year quarter. This improvement was largely attributed to a 46.8% rise in benchmark crack spreads from prior-year levels, along with the benefits from the SREs. Additionally, the company achieved a record throughput quarter at its Krotz Springs refinery.

5. Positive Analyst Upgrades and Price Target Adjustments. Throughout the period, several investment firms raised their price targets for Delek US Holdings. For instance, Scotiabank increased its price target for DK from $33 to $40 on November 10, 2025. Other institutions, including Goldman Sachs, Wells Fargo, Raymond James, and J.P. Morgan, also raised their price targets in October 2025, reflecting growing analyst confidence in the company's market position and future performance.

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Stock Movement Drivers

Fundamental Drivers

The 20.2% change in DK stock from 9/3/2025 to 12/3/2025 was primarily driven by a 21.3% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	31.71	38.13	20.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	10822.60	10667.20	-1.44%
P/S Multiple	0.18	0.22	21.35%
Shares Outstanding (Mil)	60.51	60.19	0.52%
Cumulative Contribution			20.23%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
DK	20.2%
Market (SPY)	6.2%	26.4%
Sector (XLE)	3.8%	43.7%

Fundamental Drivers

The 108.6% change in DK stock from 6/4/2025 to 12/3/2025 was primarily driven by a 115.4% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	18.28	38.13	108.62%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11366.10	10667.20	-6.15%
P/S Multiple	0.10	0.22	115.40%
Shares Outstanding (Mil)	62.12	60.19	3.10%
Cumulative Contribution			108.42%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
DK	108.6%
Market (SPY)	15.1%	18.0%
Sector (XLE)	13.0%	38.0%

Fundamental Drivers

The 110.2% change in DK stock from 12/3/2024 to 12/3/2025 was primarily driven by a 148.5% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	18.14	38.13	110.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13420.60	10667.20	-20.52%
P/S Multiple	0.09	0.22	148.47%
Shares Outstanding (Mil)	64.06	60.19	6.05%
Cumulative Contribution			109.44%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
DK	110.2%
Market (SPY)	14.3%	41.4%
Sector (XLE)	-0.5%	56.7%

Fundamental Drivers

The 50.7% change in DK stock from 12/4/2022 to 12/3/2025 was primarily driven by a 127.7% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	25.30	38.13	50.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18874.60	10667.20	-43.48%
P/S Multiple	0.09	0.22	127.72%
Shares Outstanding (Mil)	70.47	60.19	14.59%
Cumulative Contribution			47.48%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
DK	52.4%
Market (SPY)	53.2%	34.3%
Sector (XLE)	15.0%	54.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DK Return	-50%	-7%	84%	-1%	-25%	120%	42%
Peers Return	-27%	39%	57%	26%	-12%	37%	139%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
DK Win Rate	33%	42%	75%	42%	25%	60%
Peers Win Rate	43%	62%	68%	58%	40%	68%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
DK Max Drawdown	-73%	-13%	0%	-27%	-38%	-37%
Peers Max Drawdown	-65%	-2%	-4%	-13%	-16%	-14%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MPC, PSX, VLO, DINO, SUN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	DK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-46.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	87.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	258 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-74.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	284.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	817 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-50.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	102.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-87.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	686.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1515 days	1480 days

Compare to MPC, PSX, VLO, DINO, SUN

In The Past

Delek US's stock fell -46.7% during the 2022 Inflation Shock from a high on 2/24/2021. A -46.7% loss requires a 87.5% gain to breakeven.

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About Delek US (DK)

Delek US Holdings, Inc. engages in the integrated downstream energy business in the United States. The company operates through three segments: Refining, Logistics, and Retail. 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 terminal. It owns and operates four independent refineries located in Tyler, Texas; El Dorado, Arkansas; Big Spring, Texas; and Krotz Springs, Louisiana, as well as three biodiesel facilities in Crossett, Arkansas, Cleburne, Texas, and New Albany. The Logistics segment gathers, transports, and stores crude oil, intermediate, and refined products; and markets, distributes, transports, and stores refined products for third parties. It owns or leases capacity on approximately 400 miles of crude oil transportation pipelines, approximately 450 miles of refined product pipelines, an approximately 900-mile crude oil gathering system, and associated crude oil storage tanks with an aggregate of approximately 10.2 million barrels of active shell capacity; and owns and operates ten light product distribution terminals, as well as markets light products using third-party terminals. The Retail segment owns and leases 248 convenience store sites located primarily in West Texas and New Mexico. Its convenience stores offer various grades of gasoline and diesel under the DK or Alon brand; and food products and service, tobacco products, non-alcoholic and alcoholic beverages, and general merchandise, as well as money orders to the public primarily under the 7-Eleven and DK or Alon brand names. It serves oil companies, independent refiners and marketers, jobbers, distributors, utility and transportation companies, the U.S. government, and independent retail fuel operators. Delek US Holdings, Inc. was founded in 2001 and is headquartered in Brentwood, Tennessee.

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A smaller Valero

Like a regional Marathon Petroleum

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Refined Petroleum Products: Produces a range of fuels including gasoline, diesel, jet fuel, and asphalt from crude oil.
Logistics: Provides crude oil gathering, transportation, and storage services through pipelines and terminals.

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Delek US (symbol: DK) primarily sells its refined petroleum products to other companies. These customers are primarily wholesale marketers, distributors, and commercial entities that purchase gasoline, diesel fuel, jet fuel, and asphalt in bulk.

Delek US does not disclose specific names of its major wholesale customers in its public filings, such as 10-K reports. This is because their customer base is diversified, and no single customer accounts for 10% or more of their consolidated revenues. Under SEC regulations, companies are only required to identify individual customers by name if they represent a significant concentration of revenue (typically 10% or more).

Therefore, while Delek US's major customers are indeed other businesses, the company does not identify specific customer companies by name that account for a significant portion of their sales.

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Ezra Uzi Yemin, Executive Chairman

Mr. Yemin is recognized as the founder and Executive Chairman of Delek US. He joined Delek Israeli Fuel Corporation as CFO in 2001 and was tasked with expanding the company's North American operations, which led to the establishment of Delek US. He served as the Chief Executive Officer of Delek US from June 2004 to June 2022, and as President from April 2001 to June 2022. Under his leadership, Delek US acquired several companies, including MAPCO Express, Inc., various retail fuel and convenience stores, Fast Petroleum, Inc., Calfee Co. of Dalton Inc., and Lion Oil. Delek US's strategic vision, since its inception in 2001, has aimed to merge the acquisition style of a private equity firm with the operational expertise of seasoned energy industry veterans. Mr. Yemin also served as Chairman of Alon USA Energy, Inc. from 2015 to 2017.

Avigal Soreq, Chief Executive Officer and President

Mr. Soreq joined Delek US as Chief Executive Officer and President in June 2022. Previously, he held the position of Chief Executive Officer of El Al Airlines from January 2021 until May 2022. Prior to that, he served in several capacities at Delek US from December 2012 through 2020, including Chief Operating Officer, Chief Commercial Officer, Executive Vice President, and Vice President. Mr. Soreq also served on the Board of Directors of Alon USA Energy, Inc. from 2015 to 2017. Before joining Delek US, he worked for SunPower Corporation and as a senior finance and business consultant for Trabelsy & Co., as well as a consultant in the corporate finance department for KPMG's Tel-Aviv office. He is a certified public accountant in Israel and served in the Israeli Air Force.

Mark Hobbs, Executive Vice President and Chief Financial Officer

Mr. Hobbs has served as Executive Vice President and Chief Financial Officer of Delek US since March 2025. Before this, he was Executive Vice President, Corporate Development, starting in October 2022. Prior to joining Delek US, he was a Managing Director in investment banking at Citigroup, where he held the role of Global Head of Downstream sector coverage since 2011 and was a member of the Clean Energy Transition group since 2021. From 2004 through 2011, Mr. Hobbs was a member of the Global Energy Group at UBS, serving as Head of Europe, Middle East, and Africa energy coverage from 2009 to 2011. He also had previous experience as an energy investment banker with Morgan Stanley and CS First Boston.

Reuven Spiegel, Executive Vice President, Special Projects

Mr. Spiegel has held the role of Executive Vice President, Special Projects since March 2025. He previously served as Chief Financial Officer of Delek US from May 2020 to February 2025. Prior to his tenure at Delek US, he served as Chief Executive Officer of Israel Discount Bank Ltd. from 2011 through 2014 and as CEO of IDB Bank of NY from 2006 to 2010. Mr. Spiegel has also been a member of the board of directors of Delek Logistics since July 2014.

Ido Biger, Executive Vice President, Chief Information & Data Officer

Mr. Biger has served as Executive Vice President, Chief Information & Data Officer for Delek US since July 2022. Before joining Delek, he led the IT division of El Al Airlines, where his responsibilities included cybersecurity and data and analytics. He also served as the Chairman of the Board for Cockpit Innovation. Mr. Biger has held two Chief Data Officer roles at Telco and Aviation companies.

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The accelerating global energy transition, characterized by the rapid adoption of electric vehicles (EVs) and increasing fuel efficiency standards for internal combustion engines (ICE), poses a clear emerging threat by reducing long-term demand for refined petroleum products like gasoline and diesel, which are core to Delek US's refining operations.
The rapid expansion of renewable diesel and sustainable aviation fuel (SAF) production by competitors and standalone facilities, driven by government incentives, presents a clear emerging threat as these bio-based fuels directly substitute for traditional fossil-based diesel and jet fuel, eroding market share and demand for Delek US's conventional refinery output.

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Delek US (symbol: DK) operates in several key segments, including petroleum refining, asphalt production, renewable fuels, logistics, and convenience store retailing. The addressable markets for these main products and services are primarily within the United States.

Petroleum Refining: The U.S. petroleum refining market size was USD 793.3 billion in 2024, and it is projected to reach USD 1,168.3 billion by 2032.
Asphalt: The U.S. asphalt market size was valued at USD 4 billion in 2023, with projections to grow to USD 5.96 billion by 2032.
Renewable Fuels (Biodiesel and Renewable Diesel): The global renewable diesel market size was valued at USD 10.9 billion in 2024 and is expected to grow to USD 42.4 billion by 2032. The global biodiesel market size was valued at USD 37.8 billion in 2024 and is expected to reach USD 53.3 billion by 2029.
Logistics (Crude Oil and Refined Products Transportation): The global crude oil transportation market size was valued at USD 75.4 billion in 2023. The North America crude oil transportation market is expected to exceed USD 40 billion by 2032, with the U.S. component projected to exceed USD 25 billion by 2032. For the broader oil and gas logistics market, the global market was valued at USD 222.77 billion in 2024 and is projected to grow to USD 382.77 billion by 2034.
Convenience Store Retailing: The total in-store convenience store sales in the U.S. are estimated at USD 297 billion in 2024.

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Delek US (DK) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

Enterprise Optimization Plan (EOP) Initiatives: Delek US is focused on its Enterprise Optimization Plan, which aims to generate at least $180 million in annual run-rate cash flow improvements. These improvements stem from structural changes in how the company operates, including cost reductions, optimized refinery management, and enhanced procurement and sales strategies. These operational efficiencies are expected to bolster profitability and can indirectly support revenue growth by allowing for more competitive offerings or reinvestment into expansion.
Delek Logistics (DKL) Growth and Permian Basin Expansion: Delek Logistics, a key segment, is strengthening its position in the Permian Basin. This includes increasing its crude gathering business in both the Midland and Delaware basins and capitalizing on growth opportunities in the Delaware Basin. Recent acquisitions, such as H2O Midstream and Gravity Water Midstream, along with the completion of the Libby 2 gas plant, further enhance DKL's gas processing and sour gas handling capabilities. These efforts are projected to increase DKL's EBITDA, with full-year 2025 guidance raised to between $500 million and $520 million.
Strong Refining Margins and Operational Efficiencies: The refining segment is a significant contributor, with strong performance driven by favorable market conditions, such as a 46.8% increase in benchmark crack spreads in Q3 2025. Delek's focus on maintaining safe and reliable operations and achieving high throughput across its refineries (Tyler, El Dorado, Big Spring, and Krotz Springs) allows the company to maximize benefits from these strong refining margins.
Continued Benefit from Small Refinery Exemptions (SREs): Delek expects to continue benefiting from Small Refinery Exemptions (SREs). While the company anticipates receiving approximately $400 million from the monetization of previously granted RINs, the ongoing expectation of 100% SRE qualification for its refining capacity in 2025 contributes to reduced compliance costs and improved refining profitability.

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Share Repurchases

Delek US has consistently engaged in share repurchase programs, with $499.1 million of authorization remaining under its aggregate stock repurchase program as of June 30, 2025.
During the first three quarters of 2025, Delek US repurchased approximately $15 million in common stock in Q3, $13 million in Q2, and $32 million in Q1, totaling around $60 million.
In September 2024, the Board of Directors approved an additional $400 million for stock buybacks, increasing the total available funds for repurchases to approximately $562 million.

Share Issuance

In the first six months of 2024, Delek US issued net shares of common stock totaling 447,039 as a result of exercised or vested equity-based awards.
Similarly, for the first six months of 2023, 361,839 net shares of common stock were issued due to exercised or vested equity-based awards.

Outbound Investments

In October 2024, Delek US completed the sale of its retail business to FEMSA for approximately $385 million, including the purchase of inventories.
Delek US has been progressing its deconsolidation efforts regarding Delek Logistics (DKL), including reducing its interest in DKL from 78.7% in January 2024 to 63.6% by the end of 2024. In Q1 2025, DK agreed to sell $10 million worth of DKL units back to DKL under DKL's $150 million unit repurchase program as a tax-efficient step in deconsolidation.

Capital Expenditures

Delek US reported capital expenditures of $91 million in the third quarter of 2025, with approximately $50 million allocated to the logistics segment, primarily for crude and natural gas GMP initiatives at DKL, and the remainder for sustaining capital in the refining segment.
First-quarter 2025 capital expenditures were $133 million, with most of the remaining spend directed towards planned sustaining capital initiatives in the refining segment.
For 2025, the company is focused on lowering capital expenditures, with spending in refining and corporate activities expected to decrease to a midpoint of $160 million from $293 million in 2024, to enhance free cash flow.

Better Bets than Delek US (DK)

	DK	Better Performance than DK
Metric	Value	INDUSTRY: Oil & Gas Refining & Marketing
Rev Chg LTM	-20.5%	SUN (-5.2%), MPC (-6.1%), VLO (-8.5%), DINO (-9.5%), PSX (-10.7%)
Rev Chg 3Y Avg	-17.2%	SUN (-4.0%), PSX (-6.6%), DINO (-8.2%), MPC (-8.3%), VLO (-10.3%)
Op Mgn LTM	-0.6%	SUN (4.5%), MPC (3.6%), DINO (2.6%), VLO (2.5%), PSX (1.3%)
CFO/Rev LTM	-1.2%	MPC (5.5%), DINO (4.3%), SUN (4.2%), VLO (3.9%), PSX (2.6%)
FCF/Rev LTM	-6.9%	VLO (3.2%), MPC (3.2%), DINO (2.5%), SUN (1.7%), PSX (1.0%)
Total Yield	-23.3%	DINO (7.9%), SUN (7.2%), MPC (6.9%), PSX (6.2%), VLO (5.5%)
P/S	0.2	WKC (0.0), PBF (0.1)
P/Op Inc	-32.9

	DK	Better Performance than DK
Metric	Value	SECTOR: Energy
Rev Chg LTM	-20.5%	ENB (32.3%), WMB (9.0%), COP (8.2%), XOM (-3.3%), CVX (-3.6%)
Rev Chg 3Y Avg	-17.2%	ENB (8.6%), WMB (0.8%), XOM (-2.1%), CVX (-6.2%), COP (-6.6%)
Op Mgn LTM	-0.6%	WMB (34.3%), COP (21.0%), ENB (17.4%), XOM (11.4%), CVX (8.1%)
CFO/Rev LTM	-1.2%	WMB (48.2%), COP (33.3%), ENB (20.0%), CVX (17.0%), XOM (16.5%)
FCF/Rev LTM	-6.9%	WMB (15.0%), COP (11.9%), XOM (8.8%), CVX (8.2%), ENB (6.3%)
Total Yield	-23.3%	ENB (12.9%), COP (10.8%), XOM (10.3%), CVX (8.3%), WMB (6.2%)
P/S	0.2	SLB (0.0), WKC (0.0), KLXE (0.1), PAGP (0.1), PBF (0.1)
P/Op Inc	-32.9

	DK	Better Performance than DK
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-20.5%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-17.2%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	-0.6%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-1.2%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-6.9%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-23.3%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	0.2	CNC (0.1), ACI (0.1), AAL (0.1), M (0.1), CAH (0.2)
P/Op Inc	-32.9

		Best Bets In Energy Sector
	DK
What You Pay
P/E	-3.8
P/EBIT	-10.6
What You Get
Rev Chg Q	-5.1%
Rev Chg LTM	-20.5%
Rev Chg 3Y Avg	-17.2%
FCF/Rev 3Y Avg	-2.2%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Delek US Earnings Notes
2	How Low Can Delek US Stock Really Go?	Return
3	Delek US (DK) Debt Comparison	Financials
4	Delek US (DK) Operating Cash Flow Comparison	Financials
5	Delek US (DK) EBITDA Comparison	Financials
6	Delek US (DK) Operating Income Comparison	Financials
7	Delek US (DK) Net Income Comparison	Financials
8	Delek US (DK) Revenue Comparison	Financials
9	Delek US (DK) Tax Expense Comparison	Financials
10	Why Delek US Stock Moved: DK Stock Has Gained 198% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High		September 26th, 2025

	Title
0	DASHBOARDS
1	Delek US Earnings Notes
2	How Low Can Delek US Stock Really Go?
3	Delek US (DK) Debt Comparison
4	Delek US (DK) Operating Cash Flow Comparison
5	Delek US (DK) EBITDA Comparison
6	Delek US (DK) Operating Income Comparison
7	Delek US (DK) Net Income Comparison
8	Delek US (DK) Revenue Comparison
9	Delek US (DK) Tax Expense Comparison
10	Why Delek US Stock Moved: DK Stock Has Gained 198% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select past ideas related to DK. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%
DK_1312025_Short_Squeeze	01312025	DK	Delek US	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	20.1%	128.3%	-34.3%
DK_4302023_Short_Squeeze	04302023	DK	Delek US	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	18.6%	40.4%	-9.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%
DK_1312025_Short_Squeeze	01312025	DK	Delek US	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	20.1%	128.3%	-34.3%
DK_4302023_Short_Squeeze	04302023	DK	Delek US	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	18.6%	40.4%	-9.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Delek US

Peers to compare with:

Financials

	DK	MPC	PSX	VLO	DINO	SUN	Median
Name	Delek US	Marathon.	Phillips.	Valero E.	HF Sincl.	Sunoco
Mkt Price	38.13	189.43	139.85	177.05	51.72	-	139.85
Mkt Cap	2.3	57.4	56.6	54.7	9.6	7.3	32.2
Rev LTM	10,667	133,262	131,953	123,071	26,905	21,870	74,988
Op Inc LTM	-59	4,734	1,718	3,085	711	985	1,352
FCF LTM	-741	4,276	1,351	3,960	676	373	1,014
FCF 3Y Avg	-215	8,298	4,069	6,989	1,450	268	2,760
CFO LTM	-130	7,391	3,408	4,839	1,167	923	2,288
CFO 3Y Avg	230	10,783	6,060	7,926	1,876	623	3,968

Growth & Margins

	DK	MPC	PSX	VLO	DINO	SUN	Median
Name	Delek US	Marathon.	Phillips.	Valero E.	HF Sincl.	Sunoco
Rev Chg LTM	-20.5%	-6.1%	-10.7%	-8.5%	-9.5%	-5.2%	-9.0%
Rev Chg 3Y Avg	-17.2%	-8.3%	-6.6%	-10.3%	-8.2%	-4.0%	-8.3%
Rev Chg Q	-5.1%	-0.8%	-2.9%	-2.2%	0.6%	4.9%	-1.5%
QoQ Delta Rev Chg LTM	-1.4%	-0.2%	-0.8%	-0.6%	0.2%	1.3%	-0.4%
Op Mgn LTM	-0.6%	3.6%	1.3%	2.5%	2.6%	4.5%	2.6%
Op Mgn 3Y Avg	-0.2%	6.0%	3.1%	5.3%	4.5%	3.4%	3.9%
QoQ Delta Op Mgn LTM	3.9%	0.4%	0.7%	0.8%	2.5%	0.6%	0.8%
CFO/Rev LTM	-1.2%	5.5%	2.6%	3.9%	4.3%	4.2%	4.1%
CFO/Rev 3Y Avg	1.3%	7.4%	4.2%	5.7%	6.1%	2.8%	4.9%
FCF/Rev LTM	-6.9%	3.2%	1.0%	3.2%	2.5%	1.7%	2.1%
FCF/Rev 3Y Avg	-2.2%	5.7%	2.8%	5.0%	4.6%	1.2%	3.7%

Valuation

	DK	MPC	PSX	VLO	DINO	SUN	Median
Name	Delek US	Marathon.	Phillips.	Valero E.	HF Sincl.	Sunoco
Mkt Cap	2.3	57.4	56.6	54.7	9.6	7.3	32.2
P/S	0.2	0.4	0.4	0.4	0.4	0.3	0.4
P/EBIT	-10.6	8.5	18.6	22.3	13.3	6.4	10.9
P/E	-3.8	20.3	36.6	35.2	24.8	20.4	22.6
P/CFO	-14.9	7.9	16.1	10.9	8.4	7.4	8.1
Total Yield	-23.3%	6.9%	6.2%	5.5%	7.9%	7.2%	6.5%
Dividend Yield	3.2%	1.9%	3.5%	2.7%	3.9%	2.3%	2.9%
FCF Yield 3Y Avg	-12.2%	14.3%	7.5%	14.6%	14.7%	4.2%	10.9%
D/E	1.7	0.6	0.4	0.2	0.3	1.5	0.5
Net D/E	1.4	0.5	0.4	0.1	0.2	1.0	0.5

Returns

	DK	MPC	PSX	VLO	DINO	SUN	Median
Name	Delek US	Marathon.	Phillips.	Valero E.	HF Sincl.	Sunoco
1M Rtn	-2.0%	-2.8%	2.3%	3.8%	-2.3%	-	-2.0%
3M Rtn	20.2%	6.4%	8.1%	14.7%	1.2%	-	8.1%
6M Rtn	108.6%	22.0%	26.6%	41.9%	48.1%	-	41.9%
12M Rtn	110.2%	24.5%	7.9%	32.8%	34.2%	-	32.8%
3Y Rtn	50.7%	71.0%	46.2%	52.8%	3.9%	-	50.7%
1M Excs Rtn	-1.9%	-2.7%	2.3%	3.9%	-2.2%	-	-1.9%
3M Excs Rtn	14.8%	1.0%	1.8%	9.3%	-4.1%	-	1.8%
6M Excs Rtn	93.9%	7.3%	11.9%	27.2%	33.4%	-	27.2%
12M Excs Rtn	97.1%	10.5%	-5.3%	17.8%	19.2%	-	17.8%
3Y Excs Rtn	-38.3%	-6.9%	-28.2%	-28.8%	-80.2%	-	-28.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	2/26/2025	2/28/2024	3/1/2023	2/25/2022	3/1/2021	2/28/2020
Key Financials
Total Revenue	10,667	11,852	16,467	19,801	10,648	7,302	9,298
EBITDA	209	-18	674	793	264	-374	728
Operating Income	-59	-269	262	426	-58	-606	492
Net Income	-515	-560	20	257	-128	-611	311
EPS	-8.13	-8.77	0.30	3.63	-1.73	-8.31	4.10
Growth Rates
Total Revenue Growth	-20.5%	-28.0%	-16.8%	86.0%	45.8%	-21.5%	-9.1%
EBITDA Growth	-7.9%	-102.7%	-15.0%	200.2%	170.6%	-151.4%	-11.1%
Operating Income Growth	67.7%	-202.4%	-38.5%	835.0%	90.4%	-223.2%	-19.5%
Net Income Growth	-65.3%	-2930.3%	-92.3%	300.4%	79.0%	-296.8%	-8.7%
Margins
EBITDA Margin	2.0%	-0.2%	4.1%	4.0%	2.5%	-5.1%	7.8%
Operating Income Margin	-0.6%	-2.3%	1.6%	2.2%	-0.5%	-8.3%	5.3%
Net Income Margin	-4.8%	-4.7%	0.1%	1.3%	-1.2%	-8.4%	3.3%
Cash & Debt
Total Cash	631	736	822	841	856	788	955
Total Debt	3,254	2,863	2,736	3,226	2,424	2,530	2,252
Net Debt / (Cash)	2,624	2,128	1,914	2,384	1,567	1,743	1,297
Cash Flows
Net Cash from Operations	-130	-67	1,014	425	371	-283	575
Free Cash from Operations	-741	-497	617	140	148	-555	142
Returns to Shareholders
Dividends	63	64	60	43	-0	69	87
Share Repurchases	152	112	85	194	-0	4	178

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/6/2025	5/7/2025	2/26/2025	11/7/2024	8/7/2024	5/8/2024	2/28/2024	11/8/2023	8/9/2023	5/9/2023	3/1/2023
Key Financials Quarterly
Total Revenue	2,887	2,765	2,642	2,374	3,042	3,308	3,128	3,942	4,629	4,196	3,924	4,034
Ebitda	429	77	-10	-287	2	123	143	-41	320	164	248	-57
Operating Income	312	-34	-126	-212	-113	27	29	-126	212	50	143	-167
Net Income	178	-106	-173	-414	-77	-37	-33	-165	129	-8	64	-119
EPS	2.96	-1.76	-2.78	-6.55	-1.20	-0.58	-0.51	-2.57	1.98	-0.13	0.96	-1.73
Key Financials TTM
Total Revenue TTM	10,667	10,823	11,366	11,852	13,421	15,007	15,894	16,691	16,783	17,479	19,266	19,801
Ebitda TTM	209	-218	-172	-18	227	545	586	690	675	500	916	793
Operating Income TTM	-59	-484	-424	-269	-183	142	165	279	238	79	522	426
Net Income TTM	-515	-770	-700	-560	-312	-106	-77	20	66	-55	315	257
Growth Rates Quarterly
Total Revenue Growth	-5.1%	-16.4%	-15.5%	-39.8%	-34.3%	-21.2%	-20.3%	-2.3%	-13.1%	-29.9%	-12.0%	29.8%
EBITDA Growth	23755.6%	-37.9%	-106.7%	-593.5%	-99.4%	-25.0%	-42.2%	27.4%	121.3%	-71.7%	99.0%	-158.4%
Operating Income Growth	376.8%	-225.5%	-530.8%	-67.7%	-153.1%	-46.7%	-79.6%	24.2%	300.2%	-89.8%	205.8%	-9905.9%
Net Income Growth	331.8%	-186.0%	-429.8%	-150.9%	-159.7%	-348.2%	-150.7%	-38.9%	1639.2%	-102.3%	874.2%	-785.8%
Margins Quarterly
EBITDA Margin	14.9%	2.8%	-0.4%	-12.1%	0.1%	3.7%	4.6%	-1.1%	6.9%	3.9%	6.3%	-1.4%
Operating Income Margin	10.8%	-1.2%	-4.8%	-8.9%	-3.7%	0.8%	0.9%	-3.2%	4.6%	1.2%	3.6%	-4.1%
Net Income Margin	6.2%	-3.8%	-6.5%	-17.4%	-2.5%	-1.1%	-1.0%	-4.2%	2.8%	-0.2%	1.6%	-2.9%
Cash & Debt
Total Cash	631	616	624	736	1,038	658	753	822	902	822	865	841
Total Debt	3,254	3,187	3,130	2,863	2,899	2,609	2,653	2,736	2,795	2,974	2,950	3,226
Net Debt / (Cash)	2,624	2,572	2,506	2,128	1,861	1,951	1,900	1,914	1,893	2,153	2,085	2,384
Cash Flows Quarterly
FCF from Operations	44	51	-62	-164	-22	-48	167	91	433	95	395	-291
Cash Flows TTM
FCF from Operations TTM	-130	-196	-296	-67	188	642	785	1,014	632	330	794	425
Returns to Shareholders Quarterly
Dividends	15	16	16	16	16	16	16	15	15	15	15	14
Share Repurchases	15	13	32	92	20	-0	-0	20	25	40	0	90
Return on Invested Capital (ROIC) Quarterly
ROIC	39.5%	-4.5%	-16.3%	-35.3%	-18.6%	4.3%	4.9%	-21.1%	36.4%	2.6%	22.5%	-20.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-2.0%	-15.9%	-14.2%	-10.7%	-7.7%	5.6%	6.4%	14.6%	12.6%	2.1%	20.6%	14.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Refining	16,407	19,763	9,565	5,363	8,096
Logistics	1,020	1,036	282	184	323
Corporate, Other and Eliminations	-960	-1,510	4	1,073	41
Retail		957	797	682	838
Total	16,467	20,246	10,648	7,302	9,298

Price Behavior

Price Behavior

Market Price	$38.13
Market Cap ($ Bil)	2.3
First Trading Date	05/04/2006
Distance from 52W High	-8.6%
	50 Days	200 Days
DMA Price	$36.53	$23.87
DMA Trend	up	up
Distance from DMA	4.4%	59.7%
	3M	1YR
Volatility	53.7%	60.7%
Downside Capture	3.96	45.63
Upside Capture	88.38	112.58
Correlation (SPY)	27.7%	41.5%

DK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.04	1.58	1.00	1.00	1.28	1.02
Up Beta	-0.53	0.73	1.04	1.83	1.30	1.07
Down Beta	5.67	2.65	2.57	2.34	1.93	1.38
Up Capture	93%	221%	131%	122%	132%	53%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	22	32	66	130	368
Down Capture	71%	89%	-55%	-119%	60%	95%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	19	30	57	114	375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of DK With Other Asset Classes (Last 1Y)
	DK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	109.4%	-1.1%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	60.6%	24.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	1.45	-0.09	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		56.0%	41.2%	3.3%	41.4%	30.0%	25.0%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of DK With Other Asset Classes (Last 5Y)
	DK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	24.3%	22.4%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	53.3%	27.1%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.61	0.76	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		66.8%	30.1%	8.9%	45.6%	22.1%	9.9%

Based On 10-Year Data

		Comparison of DK With Other Asset Classes (Last 10Y)
	DK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.7%	7.1%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	56.7%	29.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.35	0.29	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		65.7%	40.2%	-2.7%	40.7%	30.2%	9.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	10,861,121
Short Interest: % Change Since 10312025	14.3%
Average Daily Volume	2,015,139
Days-to-Cover Short Interest	5.39
Basic Shares Quantity	60,190,054
Short % of Basic Shares	18.0%

Returns Analyses

	Title
0	How Low Can Delek US Stock Really Go?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Spiegel Reuven	EVP, Special Projects	11132025	Sell	41.42	17,000	704,140	1,367,688	Form
1	Israel Joseph	EVP	11132025	Sell	41.12	20,028	823,451	2,581,734	Form
2	Wright Robert G.	EVP	11132025	Sell	41.46	5,643	233,970	1,711,095	Form
3	Yemin Ezra Uzi		11122025	Sell	43.09	11,861	511,090	6,666,844	Form
4	Yemin Ezra Uzi		10292025	Sell	38.08	1,581	60,204	6,343,368	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Delek US (DK)

Market Price (12/4/2025): $37.92 | Market Cap: $2.3 BilSector: Energy | Industry: Oil & Gas Refining & Marketing

Delek US (DK)

Market Price (12/4/2025): $37.92Market Cap: $2.3 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing

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Market Price (12/4/2025): $37.92 | Market Cap: $2.3 Bil
Sector: Energy | Industry: Oil & Gas Refining & Marketing

Market Price (12/4/2025): $37.92
Market Cap: $2.3 Bil
Sector: Energy
Industry: Oil & Gas Refining & Marketing