Delek US (DK)
Market Price (5/21/2026): $44.58 | Market Cap: $2.7 BilSector: Energy | Industry: Oil & Gas Refining & Marketing
Delek US (DK)
Market Price (5/21/2026): $44.58Market Cap: $2.7 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 2.3%, FCF Yield is 17% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Midstream & Logistics Infrastructure, and Petroleum Products Supply. | Meaningful short interestShort 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 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 98% Stock price has recently run up significantly12M Rtn12 month market price return is 147% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% Key risksDK key risks include [1] persistent operational reliability and execution challenges and [2] a highly leveraged financial position that indicates a possibility of bankruptcy. |
| Attractive yieldDividend Yield is 2.3%, FCF Yield is 17% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Midstream & Logistics Infrastructure, and Petroleum Products Supply. |
| Meaningful short interestShort 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 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 98% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 147% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% |
| Key risksDK key risks include [1] persistent operational reliability and execution challenges and [2] a highly leveraged financial position that indicates a possibility of bankruptcy. |
Qualitative Assessment
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Delek US (DK) stock has gained about 55% since 1/31/2026 because of the following key factors:
1. Strong Q1 2026 Earnings Beat and Operational Success. Delek US reported adjusted earnings per share (EPS) of $0.08 for the first quarter of 2026, significantly surpassing analysts' consensus estimates which ranged from ($0.19) to ($1.42) per share. Revenue also exceeded expectations, reaching $2.65 billion against forecasts of $2.33 billion to $2.55 billion. This positive earnings surprise was bolstered by the successful completion of the Big Spring refinery turnaround, which was executed "safely, on time, and on budget," positioning the company for improved margins.
2. Robust Refining Margins Driven by Favorable Macroeconomic Factors. Delek US benefited from a substantial increase in refining crack spreads. The company's refining segment Adjusted EBITDA significantly improved to $155.3 million in Q1 2026, a massive increase from a $(27.0) million loss in Q1 2025, reflecting a 63.8% surge in benchmark crack spreads. This trend was partly influenced by geopolitical tensions in the Persian Gulf, which created supply challenges for global refiners and disproportionately favored U.S. domestic refiners like Delek.
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1. Strong Q1 2026 Earnings Beat and Operational Success. Delek US reported adjusted earnings per share (EPS) of $0.08 for the first quarter of 2026, significantly surpassing analysts' consensus estimates which ranged from ($0.19) to ($1.42) per share. Revenue also exceeded expectations, reaching $2.65 billion against forecasts of $2.33 billion to $2.55 billion. This positive earnings surprise was bolstered by the successful completion of the Big Spring refinery turnaround, which was executed "safely, on time, and on budget," positioning the company for improved margins.
2. Robust Refining Margins Driven by Favorable Macroeconomic Factors. Delek US benefited from a substantial increase in refining crack spreads. The company's refining segment Adjusted EBITDA significantly improved to $155.3 million in Q1 2026, a massive increase from a $(27.0) million loss in Q1 2025, reflecting a 63.8% surge in benchmark crack spreads. This trend was partly influenced by geopolitical tensions in the Persian Gulf, which created supply challenges for global refiners and disproportionately favored U.S. domestic refiners like Delek.
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Stock Movement Drivers
Fundamental Drivers
The 53.0% change in DK stock from 1/31/2026 to 5/20/2026 was primarily driven by a 52.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.15 | 44.59 | 53.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,667 | 10,734 | 0.6% |
| P/S Multiple | 0.2 | 0.3 | 52.2% |
| Shares Outstanding (Mil) | 60 | 60 | -0.1% |
| Cumulative Contribution | 53.0% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| DK | 53.0% | |
| Market (SPY) | 7.4% | -29.2% |
| Sector (XLE) | 17.9% | 56.9% |
Fundamental Drivers
The 20.3% change in DK stock from 10/31/2025 to 5/20/2026 was primarily driven by a 20.8% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.07 | 44.59 | 20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,823 | 10,734 | -0.8% |
| P/S Multiple | 0.2 | 0.3 | 20.8% |
| Shares Outstanding (Mil) | 61 | 60 | 0.4% |
| Cumulative Contribution | 20.3% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| DK | 20.3% | |
| Market (SPY) | 9.3% | -14.3% |
| Sector (XLE) | 37.8% | 58.3% |
Fundamental Drivers
The 259.1% change in DK stock from 4/30/2025 to 5/20/2026 was primarily driven by a 277.9% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.42 | 44.59 | 259.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,852 | 10,734 | -9.4% |
| P/S Multiple | 0.1 | 0.3 | 277.9% |
| Shares Outstanding (Mil) | 63 | 60 | 4.9% |
| Cumulative Contribution | 259.1% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| DK | 259.1% | |
| Market (SPY) | 35.2% | 4.9% |
| Sector (XLE) | 53.3% | 48.9% |
Fundamental Drivers
The 135.1% change in DK stock from 4/30/2023 to 5/20/2026 was primarily driven by a 280.6% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.96 | 44.59 | 135.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,801 | 10,734 | -45.8% |
| P/S Multiple | 0.1 | 0.3 | 280.6% |
| Shares Outstanding (Mil) | 69 | 60 | 14.0% |
| Cumulative Contribution | 135.1% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| DK | 135.1% | |
| Market (SPY) | 85.2% | 25.0% |
| Sector (XLE) | 54.9% | 56.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DK Return | -7% | 84% | -1% | -25% | 69% | 55% | 235% |
| Peers Return | 44% | 98% | 18% | -18% | 24% | 57% | 437% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| DK Win Rate | 42% | 75% | 42% | 25% | 58% | 60% | |
| Peers Win Rate | 58% | 75% | 53% | 38% | 67% | 84% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| DK Max Drawdown | -47% | -36% | -28% | -53% | -42% | -22% | |
| Peers Max Drawdown | -34% | -32% | -28% | -42% | -33% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VLO, MPC, PSX, DINO, PBF.
[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] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | DK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.7% | -18.8% |
| % Gain to Breakeven | 50.8% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.5% | -7.8% |
| % Gain to Breakeven | 14.3% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.7% | -6.7% |
| % Gain to Breakeven | 34.6% | 7.1% |
| Time to Breakeven | 83 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.2% | -33.7% |
| % Gain to Breakeven | 205.2% | 50.9% |
| Time to Breakeven | 349 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.2% | -19.2% |
| % Gain to Breakeven | 45.4% | 23.8% |
| Time to Breakeven | 218 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.7% | -3.7% |
| % Gain to Breakeven | 13.2% | 3.9% |
| Time to Breakeven | 7 days | 6 days |
In The Past
Delek US's stock fell -33.7% during the 2025 US Tariff Shock. Such a loss loss requires a 50.8% gain to breakeven.
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| Event | DK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.7% | -18.8% |
| % Gain to Breakeven | 50.8% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.7% | -6.7% |
| % Gain to Breakeven | 34.6% | 7.1% |
| Time to Breakeven | 83 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.2% | -33.7% |
| % Gain to Breakeven | 205.2% | 50.9% |
| Time to Breakeven | 349 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.2% | -19.2% |
| % Gain to Breakeven | 45.4% | 23.8% |
| Time to Breakeven | 218 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -63.8% | -12.2% |
| % Gain to Breakeven | 175.9% | 13.9% |
| Time to Breakeven | 667 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -61.1% | -6.8% |
| % Gain to Breakeven | 157.0% | 7.3% |
| Time to Breakeven | 650 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -41.1% | -0.2% |
| % Gain to Breakeven | 69.7% | 0.2% |
| Time to Breakeven | 83 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.6% | -17.9% |
| % Gain to Breakeven | 57.8% | 21.8% |
| Time to Breakeven | 231 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -81.1% | -53.4% |
| % Gain to Breakeven | 428.2% | 114.4% |
| Time to Breakeven | 1326 days | 1085 days |
In The Past
Delek US's stock fell -33.7% during the 2025 US Tariff Shock. Such a loss loss requires a 50.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
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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Here are 1-3 brief analogies for Delek US (DK):
- Like a smaller, regional version of Phillips 66 or Marathon Petroleum.
- Imagine Valero Energy (an independent refiner) operating its own network of 7-Eleven-style convenience stores.
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- Refined Petroleum Products: Delek US manufactures various grades of gasoline, diesel fuel, aviation fuel, asphalt, and other petroleum-based products from crude oil.
- Retail Fuels: The company sells gasoline and diesel fuel directly to consumers through its convenience store network.
- Convenience Store Merchandise: Delek US offers a variety of food products, tobacco, beverages, and general merchandise at its retail convenience stores.
- Crude Oil and Refined Product Logistics: The company provides services for gathering, transporting, and storing crude oil, intermediate, and refined products for itself and third parties.
- Money Orders: Delek US facilitates money order services for the public at its convenience store locations.
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Avigal Soreq - President & Chief Executive Officer
Mr. Soreq joined Delek US as Chief Executive Officer and President in June 2022. He previously served as Chief Executive Officer of El Al Airlines from January 2021 until May 2022. Prior to that, Mr. Soreq held several roles at Delek US from December 2012 through 2020, including Chief Operating Officer, Chief Commercial Officer, Executive Vice President, and Vice President. He 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., and as a corporate finance consultant for KPMG's Tel-Aviv office. Mr. Soreq is a certified public accountant in Israel and served in the Israeli Air Force from 1996 to 2004, reaching the rank of Major.
Mark Hobbs - EVP, Chief Financial Officer
Mr. Hobbs has served as Executive Vice President and Chief Financial Officer since March 2025. He previously held the position of Executive Vice President, Corporate Development, beginning in October 2022. Before joining Delek US, Mr. Hobbs was a Managing Director in investment banking at Citigroup, serving as Global Head of Downstream sector coverage since 2011 and as a member of the Clean Energy Transition group since 2021. From 2004 through 2011, he was with the Global Energy Group at UBS, including serving as Head of Europe, Middle East, and Africa energy coverage from 2009. Mr. Hobbs was also an energy investment banker in Houston with Morgan Stanley and CS First Boston.
Joseph Israel - EVP, President of Refining & Renewables
Mr. Israel serves as the Executive Vice President and President of Refining & Renewables for Delek US. He was appointed to this role in January 2025.
Ismail Bhayat - EVP, Chief Commercial Officer
Mr. Bhayat joined Delek US in June 2025 as Executive Vice President, Chief Commercial Officer, bringing over 20 years of experience in the oil and gas industry. Previously, he served as Vice President, Commercial at Marathon Petroleum, where he was instrumental in building the derivative trading team and transforming the Clean Products business into a global trading platform.
Ido Biger - EVP, Chief Technology & Data Officer
Mr. Biger serves as Executive Vice President, Chief Technology & Data Officer of Delek US Holdings. In his previous role, he was the Chief Information Data Officer for EL AL, the national airline of Israel. Before that, Mr. Biger worked at Yes Television, a large Israeli communication company, and in the financial industry in New York, supporting compliance for tier-one banks such as Deutsche Bank, Citibank, and JPMorgan Chase. He also spent many years in the high-tech sector, primarily in Israel.
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```htmlKey Risks to Delek US (DK)
- Volatility of Refining Margins: Delek US's financial performance is intrinsically linked to the highly volatile and cyclical nature of refining crack spreads. While strong refining margins have recently boosted the company's results, a sudden downturn in these spreads, driven by factors such as economic slowdowns, increased supply, or geopolitical shifts, could severely impact profitability. Forecasted declines in U.S. gasoline prices in 2026 also pose a risk of compressing these crucial margins.
- Regulatory and Legal Uncertainties, particularly Regarding Small Refinery Exemptions (SREs): A substantial portion of Delek US's recent financial success and profitability has been tied to the receipt of Small Refinery Exemptions (SREs) from the U.S. Environmental Protection Agency (EPA) for past Renewable Fuel Standard (RFS) compliance periods, leading to significant reductions in compliance costs. However, the ongoing and future availability of these SRE benefits remains uncertain and is subject to the discretion of the EPA and future administrations, introducing significant political and legal risks that are beyond the company's control. The finalization of rulemaking concerning the Renewable Fuel Standard for upcoming years is expected to directly influence Delek's refining economics and compliance costs.
- Planned Turnaround Activities and Operational Execution Risks: The company faces operational risks associated with significant planned maintenance turnarounds at its refineries. For instance, a major planned turnaround at the Big Spring refinery in the first quarter of 2026 is projected to substantially reduce throughput and negatively impact the refining segment's production, margins, and overall profitability during that period. More broadly, the capital-intensive nature of running an asset-heavy, hydrocarbon-focused business, including the need to fund future capital expenditures and navigate execution risks in midstream growth initiatives, presents ongoing challenges.
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The accelerating adoption of electric vehicles (EVs) threatening the demand for gasoline and diesel, which directly impacts Delek US's refining, logistics, and retail segments.
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Delek US Holdings, Inc. (DK) operates in several key segments, and the addressable markets for its main products and services are primarily within the United States and North America.
Refining Segment Products:
- Gasoline: The North American gasoline as a fuel market was valued at approximately USD 850.0 billion in 2024 and is projected to increase to USD 1,100.0 billion by 2035.
- Diesel Fuel: The U.S. diesel fuel market size is estimated to reach USD 60 billion by 2031, growing at a CAGR of 2.5% during the forecast period of 2025-2031. U.S. diesel consumption averaged about 3.8 million barrels per day in 2023.
- Aviation Fuel (Jet Fuel): The U.S. aviation fuel market is projected to reach an estimated value of USD 218.63 billion by 2032. North America held the highest revenue share of the global aviation fuel market in 2025.
- Biodiesel: The United States biodiesel market size was USD 12.23 billion in 2024 and is expected to expand to US$ 20.29 billion by 2033, with a CAGR of 5.79% from 2025 to 2033. The U.S. biodiesel market is projected to surpass USD 20.5 billion by 2032.
- Asphalt: Null (due to conflicting market size data).
Logistics Segment Services:
- Crude Oil and Refined Product Pipeline Transportation: The U.S. oil & gas pipeline construction market size was USD 52.5 billion in 2024 and is projected to reach USD 99 billion by 2032. The overall Oil and Gas Pipeline market size in 2026 is estimated at USD 108.73 billion, with projections showing USD 138.17 billion by 2031 (CAGR of 4.92% from 2026-2031). The market size for Refined Petroleum Pipeline Transportation in the U.S. was $15.7 billion in 2024 and $15.8 billion in 2025.
Retail Segment Services:
- Convenience Stores (primarily selling gasoline/diesel and other merchandise): As of December 31, 2025, there were 152,255 convenience stores in the United States. These convenience stores sell an estimated 80% of the fuel purchased by consumers in the United States. The market for retail fuel is primarily addressed by the gasoline and diesel fuel market sizes mentioned above.
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Delek US (DK) anticipates future revenue growth over the next two to three years will be driven by several strategic initiatives and operational improvements:
- Enhanced Operational Efficiency and Cost Optimization through the Enterprise Optimization Plan (EOP): Delek US is actively implementing its Enterprise Optimization Plan, which aims to improve cash flow through operational excellence, cost optimization, and disciplined capital allocation. The company has consistently reported progress and increased its annual run-rate cash flow improvements target to at least $200 million. These efforts are expected to improve overall profitability and contribute to a stronger financial profile, which can indirectly support revenue growth initiatives.
- Expansion and Increased Utilization of Delek Logistics (DKL) Assets, particularly in the Permian Basin: Delek Logistics (DKL), a segment of Delek US, is a significant growth driver, with a focus on strengthening its premier position in the Permian Basin. DKL is investing in and ramping up its gas processing facilities and sour gas handling, treating, and processing capabilities. This organic growth within the Logistics segment, alongside a strategy to increase third-party sourced EBITDA, is expected to drive higher revenue.
- Strategic Acquisitions and Dropdowns within the Logistics Segment: Recent acquisitions, such as H2O Midstream (September 2024) and Gravity Acquisition (January 2025), along with the W2W dropdown, have contributed to the increase in the Logistics segment's Adjusted EBITDA. This indicates that strategic inorganic growth through acquisitions and dropdowns in the logistics sector will continue to be a driver of future revenue for Delek US.
- Optimization of Refining Margins through Operational Enhancements and Small Refinery Exemptions (SREs): While the refining sector can be volatile, Delek US is focused on maximizing profitability from its refining segment. The company has highlighted improvements from increased crack spreads and significant benefits related to Small Refinery Exemptions (SREs) granted by the U.S. Environmental Protection Agency. These factors, combined with ongoing operational enhancements, are expected to contribute to an improved refining margin and overall company profitability.
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Share Repurchases
- Delek US Holdings completed a share repurchase program totaling $606.09 million for 21,331,155 shares since its November 2018 authorization, by the end of 2025.
- The company purchased approximately $20 million in DK common stock during the fourth quarter of 2025.
- In full-year 2023, Delek US returned $145.7 million to shareholders through dividends and share buybacks.
Outbound Investments
- Delek Logistics Partners, LP (DKL), a subsidiary of Delek US, acquired Gravity Water Midstream on January 2, 2025.
- Delek Logistics (DKL) also closed the acquisition of H2O Midstream during 2024.
- Delek completed the drop-down of the Wink to Webster ("W2W") pipeline into DKL in 2024.
Capital Expenditures
- For 2026, total capital spending is budgeted at approximately $495 million, including $222 million for the refining segment, primarily focused on sustaining maintenance and regulatory compliance, and $255 million for the logistics segment, largely directed toward growth projects.
- The 2024 capital program was estimated at approximately $330 million, with $220 million allocated to the refining segment (93% for sustaining and regulatory projects) and $70 million for the logistics segment.
- Actual capital expenditures for 2023 were $389 million, excluding insurance proceeds and other reimbursements.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Delek US (DK) Stock (+8.5%): Massive Earnings Beat Annihilates Loss Expectations | 03/03/2026 | |
| Delek US Earnings Notes | 12/31/2026 | |
| Can Delek US Stock Recover If Markets Fall? | 10/17/2025 | |
| Delek US (DK) Debt Comparison | 08/08/2025 | |
| Delek US (DK) Operating Cash Flow Comparison | 08/08/2025 | |
| Delek US (DK) EBITDA Comparison | 08/08/2025 | |
| Delek US (DK) Operating Income Comparison | 08/08/2025 | |
| Delek US (DK) Net Income Comparison | 08/08/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 09/26/2025 |
Trade Ideas
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|---|---|---|---|---|---|---|---|
| 04172026 | VAL | Valaris | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 15.2% | 15.2% | -0.9% |
| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 16.3% | 16.3% | -0.7% |
| 03312026 | KOS | Kosmos Energy | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 10.8% | 10.8% | -10.8% |
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 54.5% | 54.5% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 25.4% | 25.4% | -6.5% |
| 01312025 | DK | Delek US | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 20.1% | 73.9% | -34.3% |
| 04302023 | DK | Delek US | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 18.6% | 40.4% | -9.8% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 125.23 |
| Mkt Cap | 42.5 |
| Rev LTM | 77,490 |
| Op Inc LTM | 2,792 |
| FCF LTM | 894 |
| FCF 3Y Avg | 1,649 |
| CFO LTM | 2,186 |
| CFO 3Y Avg | 2,953 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.6% |
| Rev Chg 3Y Avg | -10.2% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 157.3% |
| Op Inc Chg 3Y Avg | -5.5% |
| Op Mgn LTM | 3.8% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 5.9% |
| CFO/Rev 3Y Avg | 4.6% |
| FCF/Rev LTM | 4.3% |
| FCF/Rev 3Y Avg | 2.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 42.5 |
| P/S | 0.5 |
| P/Op Inc | 11.0 |
| P/EBIT | 8.2 |
| P/E | 13.8 |
| P/CFO | 10.1 |
| Total Yield | 8.0% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | 6.9% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 17.0% |
| 3M Rtn | 28.8% |
| 6M Rtn | 33.6% |
| 12M Rtn | 99.6% |
| 3Y Rtn | 117.9% |
| 1M Excs Rtn | 8.9% |
| 3M Excs Rtn | 21.3% |
| 6M Excs Rtn | 21.6% |
| 12M Excs Rtn | 71.6% |
| 3Y Excs Rtn | 39.4% |
Price Behavior
Price Behavior
| Market Price | $44.59 | |
| Market Cap ($ Bil) | 2.7 | |
| First Trading Date | 05/04/2006 | |
| Distance from 52W High | -9.1% | |
| 50 Days | 200 Days | |
| DMA Price | $43.38 | $35.00 |
| DMA Trend | up | up |
| Distance from DMA | 2.8% | 27.4% |
| 3M | 1YR | |
| Volatility | 65.9% | 58.3% |
| Downside Capture | -264.94 | -113.99 |
| Upside Capture | -87.61 | 24.32 |
| Correlation (SPY) | -33.8% | 0.7% |
DK Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.47 | -1.50 | -1.17 | -0.47 | 0.36 | 0.86 |
| Up Beta | -1.84 | -2.71 | -2.08 | -1.03 | 0.54 | 0.98 |
| Down Beta | -1.46 | -0.08 | 0.47 | 1.06 | 1.35 | 1.40 |
| Up Capture | -121% | -77% | -34% | -44% | 59% | 29% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 23 | 36 | 62 | 131 | 379 |
| Down Capture | -575% | -205% | -298% | -125% | -156% | 67% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 20 | 28 | 63 | 118 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DK | |
|---|---|---|---|---|
| DK | 147.7% | 58.2% | 1.77 | - |
| Sector ETF (XLE) | 46.5% | 20.3% | 1.77 | 48.0% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | -0.1% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | -2.3% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | 39.6% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 0.3% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 8.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DK | |
|---|---|---|---|---|
| DK | 20.1% | 52.8% | 0.54 | - |
| Sector ETF (XLE) | 22.7% | 26.1% | 0.78 | 64.8% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 27.1% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 5.6% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 45.4% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 20.1% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 9.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DK | |
|---|---|---|---|---|
| DK | 15.4% | 56.4% | 0.48 | - |
| Sector ETF (XLE) | 10.6% | 29.5% | 0.40 | 66.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 37.5% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | -2.6% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 40.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 28.8% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/27/2026 | 4.8% | 23.9% | 31.3% |
| 11/7/2025 | 5.7% | 1.0% | -7.8% |
| 8/6/2025 | -4.9% | 1.3% | 53.4% |
| 5/7/2025 | 0.1% | 25.6% | 38.6% |
| 2/25/2025 | 0.1% | -2.4% | -1.2% |
| 11/6/2024 | 8.6% | 16.4% | 17.9% |
| 8/6/2024 | -11.0% | -1.8% | -5.2% |
| 5/7/2024 | 4.6% | 3.0% | -4.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 9 |
| # Negative | 9 | 10 | 13 |
| Median Positive | 4.1% | 3.3% | 23.7% |
| Median Negative | -7.5% | -5.0% | -5.4% |
| Max Positive | 8.6% | 25.6% | 53.4% |
| Max Negative | -13.0% | -13.7% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tolson, Laurie Z | Direct | Sell | 5202026 | 46.30 | 4,921 | 227,842 | 843,864 | Form | |
| 2 | Spiegel, Reuven | EVP, Special Projects | Direct | Sell | 5202026 | 44.36 | 10,000 | 443,600 | 2,145,782 | Form |
| 3 | Wright, Robert G | EVP | Direct | Sell | 5152026 | 47.07 | 10,720 | 504,590 | 2,266,326 | Form |
| 4 | Yemin, Ezra Uzi | Yemin Investments, LP | Sell | 5042026 | 47.29 | 34,026 | 1,609,090 | 21,176,226 | Form | |
| 5 | Yemin, Ezra Uzi | Direct | Sell | 5012026 | 47.03 | 120 | 5,644 | 9,883,872 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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