Delek US Holdings, Inc. (DK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-158.3%

-$41.38

vs $70.98 price

Levered DCF

-$28.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.04

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-78.05×	-2.11×	86×	7.44×	-6.52×	-2.07×	8.36×	7.8×
P/B	6.28×	3.78×	2.01×	2.03×	1.24×	1.17×	1.53×	1.63×
P/S	0.17×	0.1×	0.1×	0.1×	0.1×	0.16×	0.27×	0.26×
EV / EBITDA	5.79×	-178.89×	5.45×	5.42×	10.14×	-7.82×	5.27×	4.15×
Gross margin	5.3%	-0.6%	6.1%	3.7%	2.1%	-3.9%	9.6%	9.6%
Operating margin	3.7%	-4.1%	1.7%	2.3%	-0.3%	-10.0%	5.3%	6.0%
Net margin	-0.2%	-4.7%	0.1%	1.3%	-1.2%	-8.4%	3.3%	3.4%
Current ratio	0.82×	0.93×	0.99×	1.2×	0.97×	1.21×	1.26×	1.45×
Debt / equity	11.7×	9.15×	3.24×	3.42×	2.71×	2.51×	1.35×	1.08×
Interest coverage	1.15×	-1.57×	0.88×	2.34×	-0.25×	-5.68×	3.76×	4.86×
Dividend yield	3.4%	5.4%	3.5%	2.2%	0.0%	5.8%	3.4%	3.0%
Payout ratio	-271.9%	-11.5%	304.5%	16.6%	0.0%	-11.3%	27.9%	23.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.0%	-179.2%	2.3%	27.2%	-14.3%	-60.7%	18.6%	20.9%
Return on invested capital	9.1%	-9.9%	5.5%	7.2%	-0.6%	-12.7%	8.5%	11.9%
Return on assets	-0.3%	-8.4%	0.3%	3.1%	-1.9%	-10.0%	4.4%	6.0%
Free cash flow yield	1.2%	-42.1%	36.2%	7.3%	13.4%	-46.9%	5.6%	8.8%
Earnings yield	-1.3%	-47.4%	1.2%	13.5%	-11.6%	-51.7%	12.2%	12.8%
Enterprise value	$4.5B	$3.3B	$3.6B	$4.3B	$2.7B	$2.9B	$3.8B	$3.4B
Net debt / EBITDA	3.49×	-115.01×	2.88×	3.01×	5.94×	-4.66×	1.78×	0.86×
Cash conversion cycle (days)	-10	-9	-3	19	12	13	5	6