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what it is
Delek turns crude oil into fuels, then moves and stores those products through its own logistics network.
how it gets paid
Last year Delek Us made $10.7B in revenue.
why it's growing
Revenue grew 341.4% last year. Latest-quarter revenue was $2.4 billion, up 2% vs. prior year.
what just happened
Delek posted $2.31 in EPS versus a $0.61 estimate, but one strong quarter does not erase a brutal year.
At a glance
B balance sheet — gets the job done, barely
5/100 earnings predictability — expect surprises
14.9x trailing p/e — the market's not buying it — or you found a deal
3.1% dividend yield — cash in your pocket every quarter
6.0% return on capital — nothing to write home about
xvary composite: 38/100 — weak
What they do
Delek turns crude oil into fuels, then moves and stores those products through its own logistics network.
Delek's edge is physical, not magical. It runs 4 refineries with 302,000 barrels per day of crude capacity, then keeps more of the value chain in-house through logistics ownership. That means when your barrel moves from refinery to terminal, Delek can collect fees twice instead of once.
How they make money
$10.7B
annual revenue · their business grew +341.4% last year
total revenue
$10.7B
+341.4%
The products that matter
converts crude into transport fuels
Refining
$10.7B revenue · 100% of sales shown here
it is the whole story on this page: a $10.7B business that kept just 1.1 cents of each revenue dollar as net profit. scale is here. cushion is not.
margin-sensitive
Key numbers
$3.2B
long-term debt
That debt equals 60% of capital, which means your upside depends on refining staying decent long enough to carry the balance sheet.
6.0%
operating margin
Operating margin → profit after running the business → so what: Delek does not have much cushion when fuel spreads tighten.
$10.7B
annual revenue
Delek is still a big revenue machine, but revenue size is less important than what survives after a 1.2% net margin.
14.9x
trailing p/e
Price-to-earnings → what investors pay for past profit → so what: the stock looks cheap until you notice forward EPS drops to $2.95.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- long-term debt $3.2B (60% of capital)
- net profit margin 1.2% — keeps 1 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in DK 3 years ago → it's now worth $15,820.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Delek posted $2.31 in EPS versus a $0.61 estimate, but one strong quarter does not erase a brutal year.
Latest-quarter revenue was $2.4 billion, up 2% vs. prior year. The beat lines up with management's enterprise optimization plan, but 2025 full-year EPS was still -$1.00 after 2024 came in at -$9.98.
$2.4B
revenue
$2.31
eps
n/a
n/a
the number that mattered
The number that mattered was the 278.69% EPS surprise, because it showed how violently refinery earnings can snap back when conditions cooperate.
-
the ongoing enterprise optimization plan ought to continue to boost results.management is now targeting annual savings of roughly $180 million, with a primary focus on driving operational efficiencies and cost reduction across all business segments.
-
in the meantime, periodic stock repurchases are expected to continue.
-
on balance, we look for earnings of $2.00 per share for 2026.on top of this, increased production levels and potentially higher crude oil prices should get the top line back on track this year.
-
the stock price has taken a breather of late following a sharp rise to multi-year highs.indeed, delek shares had some industry-related tailwinds at its back for much of 2025 (tightening global supply concerns), which likely drove positive investor sentiment.
-
however, the equity is down roughly 15% in value since our late november review.
source: company earnings report, 2026
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What could go wrong
the risk is not abstract. delek kept only 1.1% of $10.7B in revenue as net profit, carries $3.2B of long-term debt, and trades near the top of its $11–$36 range. when the margin cushion is this thin, several small problems can add up fast.
med
refining margin compression
delek sells into a market it does not control. if crude costs rise faster than fuel prices, profits compress quickly.
1.1% net margin on $10.7B of revenue leaves very little buffer.
med
debt load meets a weak stretch
$3.2B of long-term debt equals 60% of capital. that is manageable when refining conditions cooperate and a lot less comfortable when they do not.
the balance sheet grade is B, not the kind of setup that lets you shrug off a downturn.
med
the Q4 beat was a spike, not a base
Q4 EPS came in at $2.93, while the full year landed at $2.35 and the FY2026 estimate sits at $2.00. those numbers do not describe a smooth earnings arc.
if results drift toward the $2.00 estimate, the stock stops looking cheap in a hurry.
med
the stock already discounts a cleaner story
DK trades around $35.01, near the top of its 52-week range, while the 3–5 year midpoint target sits at $29.
you are paying for recovery before the business has earned a higher-quality label.
this page shows one cyclical earnings engine, weak predictability, and a lot of sensitivity to small operating changes. that is investable. it is not forgiving.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
cost plan conversion
$180M of annual savings is the cleanest number on the page. if it starts showing up in operating margin, the story improves for a real reason.
trend
EPS normalization
Q4 EPS was $2.93, but FY2026 EPS is projected at $2.00. watch whether results follow the spike or the cooler forecast.
risk
debt versus margin cushion
$3.2B of long-term debt can work if margins cooperate. at 1.1% net margin, there is not much slack.
earnings
the quarter after the beat
one strong quarter can lift sentiment. two in a row would matter more than any management adjective.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts are not giving the underlying business much benefit of the doubt from here.
risk profile
below average
stability score 4 means more volatility than most stocks. this is not where you hide when the tape gets messy.
chart momentum
top 20%
technical score 2 says the chart looks stronger than the business quality metrics. welcome to cyclicals.
earnings predictability
5 / 100
earnings predictability this low means estimates are fragile. one quarter can rewrite the story.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 131 buyers vs. 113 sellers in 3q2025. total institutional holdings: 62.2M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$12
$46
$35
current price
$29
target midpoint · 17% from current · 3-5yr high: $45 (+25% · 8% ann'l return)
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