DKL
Delek Logistics Partners, LP
DKL's fundamentals are mixed: revenue grew 35%, but its operating margin fell 4 points to 15%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
DKL Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Weak |
DKL's revenue, profitability and cash flow are currently healthy, but its balance sheet is weak.
DKL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $28.77 | -46% |
| Forward | 12x | $53.65 | — |
| Fair | 13x | $38.45 | -28% |
| Expensive | 15x | $43.89 | -18% |
| Current | 19x | $53.65 | — |
Historical ranges are pointers, not guarantees.
DKL's PE is 19x, but its earnings don't support one, so it isn't a reliable read right now.
DKL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for DKL, but weaker profitability.
DKL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.32 | +50% |
| Q3 2026 | $2.88 | -6.8% |
| Q2 2026 | $2.88 | -2.4% |
| Q1 2026 | $3.17 | +6% |
| Q4 2025 | $3.30 | +10% |
| Q3 2025 | $3.09 | +10% |
| Q2 2025 | $2.95 | +1.7% |
| Q1 2025 | $2.99 | +8.3% |
| Q4 2024 | $2.99 | +3.5% |
DKL's earnings per share have fallen from their peak: $2.88 over the past year, against $4.21 in early 2021. Its recent earnings include one-off gains.
DKL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $372.4M | +43% |
| Q2 2026 | $384.8M | +56% |
| Q1 2026 | $297.5M | +19% |
| Q4 2025 | $255.8M | +22% |
| Q3 2025 | $261.3M | +22% |
| Q2 2025 | $246.4M | -6.9% |
| Q1 2025 | $249.9M | -0.9% |
| Q4 2024 | $209.9M | -17% |
DKL's revenue has grown year over year for five quarters in a row: $372M last quarter, up 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -3 points |
| Q2 2026 | 16% | -5.2 points |
| Q1 2026 | 13% | -5.6 points |
| Q4 2025 | 14% | -3.9 points |
| Q3 2025 | 17% | +2.5 points |
| Q2 2025 | 21% | -4.6 points |
| Q1 2025 | 19% | -6.6 points |
| Q4 2024 | 18% | -2.6 points |
DKL's operating margin was 14% last quarter, down 3 points from the same quarter a year ago, near the bottom of its range since 2019.
DKL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $128.8M | +$141.1M |
| Q2 2026 | $11.7M | +$18.7M |
| Q1 2026 | $121.9M | +$145.8M |
| Q4 2025 | $12.6M | +226% |
| Q3 2025 | -$12.3M | +$19.4M |
| Q2 2025 | -$7.1M | -110% |
| Q1 2025 | -$23.9M | -173% |
| Q4 2024 | $3.9M | -95% |
DKL's free cash flow has turned positive again: $275M over the past year, against −$39M the year before.
DKL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +8.7% | +4.6M shares |
| 1 year | +8.1% | +4.3M shares |
| 3 years | +33% | +14.2M shares |
| 5 years | +33% | +14.4M shares |
| Available history | +137% | +33.4M shares |
DKL has 58M diluted shares, up 8.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $10M |
| Q2 2020 | — |
DKL hasn't bought back shares in the past year.
DKL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.1x | High |
| Q2 2026 | 7.2x | High |
| Q1 2026 | 7.4x | High |
| Q4 2025 | 7.6x | High |
| Q3 2025 | 7.7x | High |
| Q2 2025 | 8.2x | High |
| Q1 2025 | 7.6x | High |
| Q4 2024 | 6.3x | High |
DKL's net debt is about 6.1 years of its operating earnings (EBITDA), down from 7.7 years a year ago.
DKL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 33.6 | Neutral |
DKL's weekly RSI is 49 (neutral) and its Stochastic is 34 (neutral).
DKL PE vs Energy Sector
| Metric | DKL | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 13x | 42% above |
| PE % | 96 | 61 | 35 pts above |
DKL is trading at 19x earnings, a 42% premium to the Energy sector's median of 13x, though its earnings don't support one.
DKL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $55.2 | 2.8% below |
| 20 week MA | $55.5 | 3.4% below |
| 50 week MA | $52.4 | 2.4% above |
| 100 week MA | $47.6 | 13% above |
| 200 week MA | $45.8 | 17% above |
DKL has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 17% above its 200-week average.
DKL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.2 | $30.0 | -6.9% |
| 2021 | $30.0 | $43.3 | +44% |
| 2022 | $43.3 | $46.5 | +7.3% |
| 2023 | $46.5 | $43.2 | -7.1% |
| 2024 | $43.2 | $41.0 | -5.1% |
| 2025 | $41.0 | $44.9 | +9.4% |
| 2026 YTD | $44.9 | $53.7 | +20% |
DKL has finished lower in three of the last six years. It's up 20% so far in 2026.