Delek US Holdings Inc. Common Stock (DK)

FairStock Score: 38/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I view Delek as a downstream refiner and logistics operator, a commodity business where refining spreads, not brand or patent, set the outcome. Scale and terminals help, but the filed record shows volatility: FY2023 net income was $19.8M, FY2024 was a $560.4M loss, and FY2025 was a $22.8M loss. In fiscal Q1 2026, the quarter ended 2026-03-31, net loss was $201.3M; in fiscal Q2 2026, the quarter ended 2026-06-30, net income was $169.5M and diluted EPS was $2.71. That is a cycle, not a durable moat. FairStock's TURNAROUND category—loss in the latest year after earlier profits—captures this well. Financial health is mixed. FairStock calculates a Piotroski F-Score of 8/9, TTM free cash flow of $666.7M, and an FCF yield of 13.5%, which look supportive. But it also shows debt-to-equity of 8.12 and an Altman Z-Score of 0.89, signs of leverage and financial stress, while ROCE is only 5.49%. At the 2026-10-13 close of $80.75, FairStock calculates P/E 22, P/B 26.48, EV/EBITDA 6.94, and ROE 78.76%. The Graham Number is $15.87, leaving a negative margin of safety of 408.82%; the price is far above asset-based value. Revenue fell from $11.9B in FY2024 to $10.7B in FY2025, though fiscal Q2 2026 revenue was $4.1B. I would demand a wider discount before calling this a value opportunity.

In plain English: Delek US Holdings runs oil refineries and fuel logistics. Its profits swing sharply, with large losses in FY2024 and FY2025 and a big gain in fiscal Q2 2026, so the business looks cyclical rather than steady. At the 2026-10-13 close of $80.75, the price looks high compared with the company's accounting value and a conservative value estimate.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer