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Delek US Holdings

DK on NYSE. Petroleum refining. Market value $4.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Energy stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
14.7%very high

For every $100 of what the whole company costs, it produced $14.70 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
12.3×fair

You pay 12.3 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
7.1%five-year median

Each dollar kept in the business earns 7 cents a year. Above 10 is good.

Quality score: 47 of 100. Price score: 92 of 100. Our list needs 70 on quality and 60 on price.

$75.67 a share, 193% above its 1-year low

Over the past year the price has ranged from $25.85 to $82.27.

Dividend: 1.3% a year

Paid every year for 4 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.1
0.6
-0.5
0.0
0.7
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $681 million in the past 12 months, $6 million in the year to December 2025.

Revenue
$10.6bn$19.8bn$16.5bn$11.9bn$10.7bn
Operating margin
-0.3%2.3%1.5%-4.1%2.8%
Debt to equity
2.192.862.714.815.97
Shares outstanding
0.07bn0.06bn0.06bn0.06bn0.06bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)3 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt5.97× equity
  • Revenue growth, five yearsSlow, 8.0% a year
  • Buying back its own sharesYes, 12% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $4.1 billion last quarter, up 48% on a year ago.
  • Profit: $170 million, after a loss of $106 million a year ago.
  • It keeps 5 cents of each $1 of sales as operating profit, after losing 6 cents a year earlier.
  • Spare cash over the past 12 months: $681 million. A year earlier it spent $807 million more than it brought in.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $2.6 billion more than cash, up from $2.5 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$3.0bn
December 2024$2.4bn
March 2025$2.6bn
June 2025$2.8bn
September 2025$2.9bn
December 2025$2.4bn
March 2026$2.7bn
June 2026$4.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$77m
December 2024-$414m
March 2025-$173m
June 2025-$106m
September 2025$178m
December 2025$78m
March 2026-$201m
June 2026$170m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 300 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 14 sold $57m, $48m of it under preset trading plans.

  • Russell Amber
    EVP, Refining
    Sold
    Date
    11 September 2026
    Shares
    5,392
    Price
    $75.50
    Value
    $407,096
  • FINNERTY WILLIAM J
    Director
    Sold
    Date
    11 September 2026
    Shares
    2,943
    Price
    $77.17
    Value
    $227,114
  • Sutil Vicky
    Director
    Sold
    under a preset trading plan
    Date
    4 September 2026
    Shares
    6,397
    Price
    $71.50
    Value
    $457,386
  • Spiegel Reuven
    EVP, Special Projects
    Sold
    Date
    1 September 2026
    Shares
    7,500
    Price
    $73.21
    Value
    $549,094
  • Sullivan Gary M Jr.
    Director
    Sold
    Date
    24 August 2026
    Shares
    27,688
    Price
    $69.01
    Value
    $2m
  • Marcogliese Richard J
    Director
    Sold
    Date
    21 August 2026
    Shares
    2,000
    Price
    $71.05
    Value
    $142,100
  • FINNERTY WILLIAM J
    Director
    Sold
    Date
    21 August 2026
    Shares
    1,457
    Price
    $64.70
    Value
    $94,268
  • Spiegel Reuven
    EVP, Special Projects
    Sold
    under a preset trading plan
    Date
    18 August 2026
    Shares
    10,000
    Price
    $68.21
    Value
    $682,100
  • Hobbs Mark Wayne
    EVP, Delek Logistics
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    20,000
    Price
    $64.59
    Value
    $1m
  • Soreq Avigal
    President & CEO, Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    80,000
    Price
    $66.51
    Value
    $5m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 11 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 6.0× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.