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what it is
It moves crude oil and refined fuel through pipes, tanks, trucks, and terminals, and does about $1.0B of annual revenue.
how it gets paid
Last year Delek Logistics made $1.0B in revenue. Crude oil transportation was the main engine at $250M, or 25% of sales.
why it's growing
Revenue grew 7.7% last year. Revenue came in at $255.7M, and that was up 190% vs. prior year.
what just happened
Delek Logistics missed on $0.88 EPS versus $1.14 expected.
At a glance
B balance sheet — gets the job done, barely
80/100 earnings predictability — you can trust these numbers
17.1x trailing p/e — the market's not buying it — or you found a deal
8.4% dividend yield — cash in your pocket every quarter
11.4% return on capital — nothing to write home about
xvary composite: 63/100 — average
What they do
It moves crude oil and refined fuel through pipes, tanks, trucks, and terminals, and does about $1.0B of annual revenue.
Your money sits in pipes and tanks, not headlines. Delek Logistics owns pipelines, tanks, offloading facilities, trucks, and terminals, and those assets support about $1.0B of annual revenue. The 8.4% yield pays you while the network keeps moving barrels.
How they make money
$1.0B
annual revenue · their business grew +7.7% last year
Crude oil transportation
$250M
+2.0%
Refined products transportation
$200M
+1.0%
Storage and offloading
$180M
+3.0%
Wholesale marketing and terminalling
$220M
+7.7%
Crude gathering
$150M
+4.0%
The products that matter
pipeline and transportation services
Crude Oil Gathering & Transportation
$650M · about 69% of revenue shown here
it is the center of gravity. This segment generated $650M and grew 8%, which tells you most of the cash flow still starts with crude volumes moving through parent-linked assets.
largest segment
storage and distribution assets
Refined Products Logistics
$280M · about 30% of revenue shown here
this $280M business grew 7%. It gives you a second fee stream, but it is still tied to the same operating family, so diversification only goes so far.
steady fee revenue
gas gathering and NGL handling
Natural Gas & NGL Logistics
$70M · smallest segment
at $70M and +10% growth, this is the expansion angle. It matters because it is one of the few pieces that can reduce dependence on the older crude-heavy base, but today it is still small.
small growth piece
Key numbers
$2.3B
long-term debt
Debt → money you owe → 45% of capital means the balance sheet is carrying real weight.
8.4%
dividend yield
Yield → cash payout versus price → you are paid to wait, and the market knows it.
17.9%
operating margin
Operating margin → profit after running the business → 18 cents of each revenue dollar survives.
17.1x
trailing p/e
P/E → price divided by last year's profit → you pay $17.10 for $1 of earnings.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 50 / 100
- long-term debt $2.3B (45% of capital)
B — risk rank looks solid but long-term debt needs watching.
Total return vs. market
Return history isn't available for DKL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Delek Logistics missed on $0.88 EPS versus $1.14 expected.
Revenue came in at $255.7M, and that was up 190% vs. prior year. The quarter was big, but the EPS number landed below the bar.
$255.7M
revenue
$0.88
eps
190%
revenue vs. last year
eps miss
The $0.26 EPS miss is the clean read; revenue still reached $255.7M, so the problem was execution versus the bar, not demand collapse.
source: company earnings report, 2026
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What could go wrong
the top risk is 85% revenue concentration in Delek US. This is not a broad midstream basket. It is one relationship doing most of the work.
med
Delek US drives most of the revenue
About 85% of revenue comes from the parent. If refining activity or parent finances get weaker, DKL feels it fast.
roughly $800M of the current $941M revenue base is tied to that relationship
med
volume and spread pressure already showed up in Q4
Revenue came in $28M below expectations and EPS missed by $0.26 because volumes fell and spreads narrowed. That tells you the fee story is not pure insulation.
one soft quarter does not kill the thesis, but repeated misses would change the income story fast
med
$2.3B of long-term debt limits room for error
Debt equals 45% of capital. That is manageable in a stable cash-flow setup, but it narrows flexibility if volumes slip or financing costs rise.
higher debt service would compete with buybacks, growth spending, and payout support
med
the smaller growth segment is still small
Natural gas and NGL grew 10%, which sounds good until you remember it is only a $70M segment. It does not offset weakness in the $650M crude business yet.
if the smaller segment stalls, dependence on the core crude system stays high
A weaker Delek US, another quarter like the recent miss, or more leverage without more cash flow would pressure the 8.4% yield story first.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected late April 2026. You are watching for one thing first: did the lower-volume quarter reverse or repeat.
parent health
Delek US operating trends
When 85% of revenue comes from one parent, the parent's throughput and finances are not background noise. They are your revenue outlook.
capital
$150M buyback execution
Authorization is one thing. Repurchase pace is another. If management uses it, that is a louder signal than the press release.
segment mix
Natural gas & NGL scaling
At $70M, the smaller segment needs to keep growing if DKL wants a story that is bigger than crude volumes and one parent customer.
Analyst rankings
earnings predictability
80 / 100
in human-speak, analysts see a business that is usually steady even if the last quarter came in light.
risk rank
2
that places DKL in the safer part of the market on this screen, but concentration and debt still keep the story from feeling simple.
source: institutional data
Institutional activity
institutional ownership data for DKL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$53
current price
n/a
target midpoint · n/a from current
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