DK
Delek US Holdings, Inc.
DK's fundamentals are strong and it looks cheap: trading at 3.6x earnings, below its usual 6.2x. Analysts expect strong earnings growth, though they disagree widely on how much.
DK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Strong |
DK's revenue, profitability, cash flow and balance sheet are all currently healthy.
DK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 3.6x | $68.41 | — |
| Forward | 4x | $68.41 | — |
| Cheap | 5.3x | $99.73 | +46% |
| Fair | 6.2x | $117 | +71% |
| Expensive | 25x | $466 | +581% |
Historical ranges are pointers, not guarantees.
DK's PE is in its cheap range at 3.6x. On analysts' estimates for next year's earnings, today's price would be 4.0x.
DK Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for DK, with profitability improving. However, they disagree widely on these estimates.
DK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $16.96 | -9.9% |
| Q3 2026 | $18.82 | +$26.91 |
| Q2 2026 | $3.53 | +$15.75 |
| Q1 2026 | -$0.94 | +$10.10 |
| Q4 2025 | -$0.38 | +$8.39 |
| Q3 2025 | -$8.09 | -$3.31 |
| Q2 2025 | -$12.22 | -$10.61 |
| Q1 2025 | -$11.04 | -$9.88 |
| Q4 2024 | -$8.77 | -3023% |
DK has returned to profit: it earned $18.82 per share over the past year, after losing money the year before.
DK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.4B | +52% |
| Q2 2026 | $4.1B | +48% |
| Q1 2026 | $2.7B | +0.4% |
| Q4 2025 | $2.4B | +2.3% |
| Q3 2025 | $2.9B | -5.1% |
| Q2 2025 | $2.8B | -19% |
| Q1 2025 | $2.6B | -18% |
| Q4 2024 | $2.4B | -41% |
DK's revenue is recovering but still below its 2022 peak: $4.4B last quarter, up 52% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +24 points |
| Q2 2026 | 7.4% | +8.6 points |
| Q1 2026 | -6.8% | -2 points |
| Q4 2025 | 6.8% | +24 points |
| Q3 2025 | 10% | +14 points |
| Q2 2025 | -1.2% | -1.6 points |
| Q1 2025 | -4.8% | -5.8 points |
| Q4 2024 | -17% | -14 points |
DK's operating margin was 35% last quarter, up 24 points from the same quarter a year ago, near the top of its range since 2019.
DK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $456.1M | +$520.1M |
| Q2 2026 | $89.1M | +$203.5M |
| Q1 2026 | $273.4M | +$471.5M |
| Q4 2025 | $382.8M | +$736.8M |
| Q3 2025 | -$64M | +$61.5M |
| Q2 2025 | -$114.4M | +$20M |
| Q1 2025 | -$198.1M | -266% |
| Q4 2024 | -$354M | -3826% |
DK's free cash flow has turned positive after two years mostly in the red: $1.2B over the past year.
DK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -262K shares |
| 1 year | +2.1% | +1.3M shares |
| 3 years | -5% | -3.2M shares |
| 5 years | -16% | -12.3M shares |
| Available history | -17% | -12.5M shares |
DK has 62M diluted shares, up 2.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | $65.6M |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | $64M |
DK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.9x | Very low |
| Q2 2026 | 2.6x | Moderate |
| Q1 2026 | 4.0x | Elevated |
| Q4 2025 | 3.7x | Elevated |
| Q3 2025 | 20.2x | High |
| Q3 2024 | 11.0x | High |
| Q2 2024 | 3.6x | Elevated |
| Q1 2024 | 3.3x | Elevated |
DK's net debt is less than a year of its operating earnings (EBITDA), down from more than 20 years a year ago.
DK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.9 | Neutral |
| Stochastic | 45.1 | Neutral |
DK's weekly RSI is 55 (neutral) and its Stochastic is 45 (neutral).
DK PE vs Energy Sector
| Metric | DK | Sector median | Relative |
|---|---|---|---|
| PE | 3.6x | 13x | 72% below |
| PE % | 3 | 61 | 58 pts below |
DK is trading at 3.6x earnings, a 72% discount to the Energy sector's median of 13x.
DK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $71.7 | 4.6% below |
| 20 week MA | $68.5 | 0.1% below |
| 50 week MA | $50.8 | 35% above |
| 100 week MA | $36.9 | 86% above |
| 200 week MA | $30.7 | 123% above |
DK has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 123% above its 200-week average.
DK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.5 | $15.4 | -54% |
| 2021 | $15.4 | $14.7 | -4.9% |
| 2022 | $14.7 | $27.6 | +88% |
| 2023 | $27.6 | $25.8 | -6.6% |
| 2024 | $25.8 | $17.3 | -33% |
| 2025 | $17.3 | $29.6 | +71% |
| 2026 YTD | $29.6 | $68.4 | +131% |
DK is up 131% so far in 2026, after finishing lower in four of the previous six years.