Delek Logistics Partners, LP (DKL) 10-Year Financial Performance & Capital Metrics

DKL • • Industrial / General

EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators

AboutDelek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products in the United States. It operates through three segments: Pipelines and Transportation, Wholesale Marketing and Terminalling, and Investment in Pipeline Joint Ventures. The Pipelines and Transportation segment includes pipelines, trucks, and ancillary assets that provide crude oil gathering, crude oil intermediate and refined products transportation, and storage services primarily in support of the Tyler, El Dorado, and Big Spring refineries, as well as offers crude oil and other products transportation services to third parties. This segment operates approximately 400 miles of crude oil transportation pipelines; 450 miles of refined product pipelines; and approximately 900 miles of crude oil gathering, and intermediate and refined products storage tanks with an aggregate of approximately 10.2 million barrels of active shell capacity. The Wholesale Marketing and Terminalling segment provides wholesale marketing, transporting, storage, and terminalling services related to refined products to independent third parties. The Investments in Pipeline Joint Ventures Segment owns a portion of three joint ventures that have constructed separate crude oil pipeline systems and related ancillary assets, which serves third parties and subsidiaries. Delek Logistics GP, LLC serves as the general partner of the company. Delek Logistics Partners, LP was incorporated in 2012 and is headquartered in Brentwood, Tennessee. Delek Logistics Partners, LP operates as a subsidiary of Delek US Holdings, Inc.Show more

Revenue $941M -7.8%
EBITDA $303M -10.4%
Net Income $143M +13.0%
EPS (Diluted) 2.99 +3.5%
Gross Margin 25.91% -5.5%
EBITDA Margin 32.26% -2.8%
Operating Margin 21.56% -7.9%
Net Margin 15.17% +22.6%
ROE 401.61%
ROIC 8.77% -23.8%
Debt/Equity 53.11
Interest Coverage 1.34 -19.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 401.6%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.0%
✓Healthy 5Y average net margin of 18.9%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 53.1x
✗Dividend payout exceeds 100% of earnings
✗Expensive at 64.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.12%

5Y10%

3Y10.3%

TTM-1.78%

Profit (Net Income) CAGR

10Y7.08%

5Y8.08%

3Y-4.69%

TTM26.98%

EPS CAGR

10Y0.48%

5Y2.76%

3Y-7.6%

TTM9.57%

ROCE

10Y Avg19.92%

5Y Avg17.56%

3Y Avg14.75%

Latest11.58%

Peer Comparison

Diversified Midstream Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WMBThe Williams Companies, Inc.	73.63B	60.29	33.13	-3.7%	20.64%	15.95%	3.26%	1.82
KMIKinder Morgan, Inc.	60.98B	27.41	23.43	-0.55%	16.62%	8.51%	4.93%	0.99
ENBEnbridge Inc.	102.19B	46.81	20.00	22.51%	9.38%	12.2%	5.55%	1.48
DKLDelek Logistics Partners, LP	2.59B	48.41	16.19	-7.82%	17%	9.41%	2.88%	53.11
ETEnergy Transfer LP	59.95B	17.46	13.64	5.2%	5.66%	9.58%	12.25%	1.30
MPLXMPLX Lp	56.93B	55.97	13.29	4.5%	39.71%	33.17%	8.59%	1.53
PBAPembina Pipeline Corporation	22.35B	38.47	12.82	16.63%	22.1%	10.45%	10.11%	0.76
TRPTC Energy Corporation	56.56B	54.33	12.26	3.8%	28.18%	9.32%	2.37%	1.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	589.67M	448.06M	538.08M	657.61M	583.99M	563.42M	700.9M	1.04B	1.02B	940.64M
Revenue Growth %	-0.3%	-0.24%	0.2%	0.22%	-0.11%	-0.04%	0.24%	0.48%	-0.02%	-0.08%
Cost of Goods Sold+	481.23M	339.36M	416.16M	509.09M	432.71M	356.68M	486.66M	789.79M	740.69M	696.89M
COGS % of Revenue	0.82%	0.76%	0.77%	0.77%	0.74%	0.63%	0.69%	0.76%	0.73%	0.74%
Gross Profit+	108.44M	108.7M	121.91M	148.52M	151.28M	206.74M	214.24M	246.62M	279.72M	243.75M
Gross Margin %	0.18%	0.24%	0.23%	0.23%	0.26%	0.37%	0.31%	0.24%	0.27%	0.26%
Gross Profit Growth %	0.03%	0%	0.12%	0.22%	0.02%	0.37%	0.04%	0.15%	0.13%	-0.13%
Operating Expenses+	31.08M	31.07M	33.75M	21.87M	25.47M	26.95M	23.74M	36.94M	40.77M	40.92M
OpEx % of Revenue	0.05%	0.07%	0.06%	0.03%	0.04%	0.05%	0.03%	0.04%	0.04%	0.04%
Selling, General & Admin	56.31M	10.26M	11.84M	17.17M	20.82M	22.59M	21.46M	34.18M	24.77M	35.94M
SG&A % of Revenue	0.1%	0.02%	0.02%	0.03%	0.04%	0.04%	0.03%	0.03%	0.02%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	19.69M	20.81M	1K	-8K	4.66M	4.36M	2.28M	2.75M	16M	4.98M
Operating Income+	77.26M	77.65M	88.18M	125.76M	125.81M	179.79M	190.5M	209.68M	238.95M	202.83M
Operating Margin %	0.13%	0.17%	0.16%	0.19%	0.22%	0.32%	0.27%	0.2%	0.23%	0.22%
Operating Income Growth %	-0.03%	0.01%	0.14%	0.43%	0%	0.43%	0.06%	0.1%	0.14%	-0.15%
EBITDA+	96.95M	98.73M	110.38M	158.12M	159.72M	222.74M	240.48M	279.88M	338.54M	303.41M
EBITDA Margin %	0.16%	0.22%	0.21%	0.24%	0.27%	0.4%	0.34%	0.27%	0.33%	0.32%
EBITDA Growth %	0.03%	0.02%	0.12%	0.43%	0.01%	0.39%	0.08%	0.16%	0.21%	-0.1%
D&A (Non-Cash Add-back)	19.69M	21.08M	22.21M	32.36M	33.91M	42.94M	49.98M	70.2M	99.59M	100.58M
EBIT	76.67M	76.47M	93.13M	125.76M	145.04M	202.35M	215.2M	241.74M	270.69M	294.12M
Net Interest Income+	-10.66M	-13.59M	-23.94M	-41.26M	-47.33M	-42.87M	-50.22M	-82.3M	-143.24M	-103.17M
Interest Income	0	0	0	0	0	0	0	0	0	47.79M
Interest Expense	10.66M	13.59M	23.94M	41.26M	47.33M	42.87M	50.22M	82.3M	143.24M	150.96M
Other Income/Expense	-11.25M	-14.77M	-18.99M	-35.04M	-28.1M	-20.31M	-25.53M	-50.25M	-111.51M	-59.66M
Pretax Income+	66.02M	62.88M	69.19M	90.72M	97.72M	159.48M	164.97M	159.43M	127.44M	143.16M
Pretax Margin %	0.11%	0.14%	0.13%	0.14%	0.17%	0.28%	0.24%	0.15%	0.12%	0.15%
Income Tax+	-195K	81K	-222K	534K	967K	223K	153K	382K	1.21M	479K
Effective Tax Rate %	1.01%	1%	1%	0.99%	0.99%	1%	1%	1%	0.99%	1%
Net Income+	66.85M	62.8M	69.41M	90.18M	96.75M	159.26M	164.82M	159.05M	126.24M	142.69M
Net Margin %	0.11%	0.14%	0.13%	0.14%	0.17%	0.28%	0.24%	0.15%	0.12%	0.15%
Net Income Growth %	-0.07%	-0.06%	0.11%	0.3%	0.07%	0.65%	0.03%	-0.04%	-0.21%	0.13%
Net Income (Continuing)	66.21M	62.8M	69.41M	90.18M	96.75M	159.26M	164.82M	159.05M	126.24M	142.69M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-7.19M	-6.22M	-6.4M	-6.49M	-5.04M	0	0	0	0	0
EPS (Diluted)+	2.52	2.07	2.09	3.70	2.61	4.18	3.79	3.66	2.89	2.99
EPS Growth %	-0.12%	-0.18%	0.01%	0.77%	-0.29%	0.6%	-0.09%	-0.03%	-0.21%	0.03%
EPS (Basic)	2.55	2.08	2.09	3.70	2.61	4.18	3.79	3.66	2.90	2.99
Diluted Shares Outstanding	24.36M	24.36M	24.38M	24.4M	24.42M	33.6M	43.46M	43.51M	43.61M	47.48M
Basic Shares Outstanding	24.24M	24.29M	24.35M	24.39M	24.41M	33.59M	43.45M	43.49M	43.58M	47.45M
Dividend Payout Ratio	1.71%	0.97%	0.99%	1.92%	0.85%	0.69%	0.98%	1.08%	1.43%	1.43%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	47.04M	32.04M	50.45M	32.57M	33.57M	29.31M	23.03M	65.23M	76.27M	145.89M
Cash & Short-Term Investments	0	59K	4.67M	4.52M	5.54M	4.24M	4.29M	7.97M	3.75M	5.38M
Cash Only	0	59K	4.67M	4.52M	5.54M	4.24M	4.29M	7.97M	3.75M	5.38M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	35.05M	22.04M	24.14M	21.59M	13.2M	21.61M	15.38M	53.31M	69.57M	110.82M
Days Sales Outstanding	21.7	17.95	16.37	11.98	8.25	14	8.01	18.78	24.89	43
Inventory	10.45M	8.88M	20.86M	5.49M	12.62M	3.13M	2.41M	1.48M	2.26M	5.43M
Days Inventory Outstanding	7.93	9.55	18.29	3.94	10.64	3.2	1.8	0.69	1.12	2.84
Other Current Assets	1.54M	1.07M	783K	969K	2.2M	331K	951K	2.46M	676K	24.26M
Total Non-Current Assets+	328.25M	383.51M	393.08M	592.02M	710.88M	927.11M	912.04M	1.61B	1.57B	1.9B
Property, Plant & Equipment	253.85M	251.03M	255.07M	312.56M	298.79M	489.01M	470.32M	948.79M	955.19M	1.08B
Fixed Asset Turnover	2.32x	1.78x	2.11x	2.10x	1.95x	1.15x	1.49x	1.09x	1.07x	0.87x
Goodwill	12.2M	12.2M	12.2M	12.2M	12.2M	12.2M	12.2M	27.05M	12.2M	12.2M
Intangible Assets	15.48M	14.42M	15.92M	154.04M	131M	160.1M	153.86M	364.8M	343.03M	281.46M
Long-Term Investments	40.68M	101.08M	106.47M	104.77M	246.98M	253.68M	250.03M	257.02M	241.34M	510.28M
Other Non-Current Assets	6.04M	4.77M	3.43M	8.15M	21.9M	12.12M	25.63M	16.41M	14.22M	10.75M
Total Assets+	375.29M	415.55M	443.53M	624.59M	744.45M	956.42M	935.07M	1.68B	1.64B	2.04B
Asset Turnover	1.57x	1.08x	1.21x	1.05x	0.78x	0.59x	0.75x	0.62x	0.62x	0.46x
Asset Growth %	0.2%	0.11%	0.07%	0.41%	0.19%	0.28%	-0.02%	0.8%	-0.02%	0.24%
Total Current Liabilities+	20.69M	20.73M	31.78M	36.51M	35.08M	28.3M	96.81M	106.22M	90.59M	88.78M
Accounts Payable	10.84M	10.85M	19.15M	22.06M	21.37M	6.66M	72.58M	63.46M	26.29M	41.38M
Days Payables Outstanding	8.22	11.67	16.79	15.82	18.03	6.81	54.44	29.33	12.96	21.67
Short-Term Debt	0	0	0	0	1.44M	8.69M	6.81M	23.02M	36.7M	5.34M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	3.28M	2.11M	2.99M	0	12.28M	12.95M	17.42M	19.74M	27.6M	42.06M
Current Ratio	2.27x	1.55x	1.59x	0.89x	0.96x	1.04x	0.24x	0.61x	0.84x	1.64x
Quick Ratio	1.77x	1.12x	0.93x	0.74x	0.60x	0.93x	0.21x	0.60x	0.82x	1.58x
Cash Conversion Cycle	21.4	15.82	17.87	0.1	0.87	10.38	-44.62	-9.87	13.05	24.17
Total Non-Current Liabilities+	365.62M	408.1M	440.97M	722.91M	860.48M	1.04B	942.25M	1.68B	1.71B	1.92B
Long-Term Debt	351.6M	392.6M	422.65M	700.43M	833.11M	992.29M	898.97M	1.65B	1.67B	1.88B
Capital Lease Obligations	0	0	0	0	2.31M	15.42M	14.07M	12.11M	8.34M	6M
Deferred Tax Liabilities	0	0	0	0	215K	616K	1M	1M	0	0
Other Non-Current Liabilities	14.02M	15.5M	18.32M	22.48M	24.85M	28.09M	28.21M	24.1M	31.4M	35.85M
Total Liabilities	386.31M	428.83M	472.75M	759.42M	895.57M	1.06B	1.04B	1.79B	1.8B	2.01B
Total Debt+	351.6M	392.6M	422.65M	700.43M	836.86M	1.02B	919.85M	1.68B	1.72B	1.89B
Net Debt	351.6M	392.54M	417.97M	695.91M	831.31M	1.01B	915.56M	1.67B	1.72B	1.88B
Debt / Equity	-	-	-	-	-	-	-	-	-	53.11x
Debt / EBITDA	3.63x	3.98x	3.83x	4.43x	5.24x	4.56x	3.83x	6.01x	5.08x	6.22x
Net Debt / EBITDA	3.63x	3.98x	3.79x	4.40x	5.20x	4.54x	3.81x	5.98x	5.07x	6.20x
Interest Coverage	7.25x	5.72x	3.68x	3.05x	2.66x	4.19x	3.79x	2.55x	1.67x	1.34x
Total Equity+	-18.21M	-19.5M	-35.62M	-141.31M	-151.12M	-108.3M	-103.99M	-110.7M	-161.87M	35.53M
Equity Growth %	-2.4%	-0.07%	-0.83%	-2.97%	-0.07%	0.28%	0.04%	-0.06%	-0.46%	1.22%
Book Value per Share	-0.75	-0.80	-1.46	-5.79	-6.19	-3.22	-2.39	-2.54	-3.71	0.75
Total Shareholders' Equity	-11.02M	-13.28M	-29.23M	-134.82M	-146.08M	-108.3M	-103.99M	-110.7M	-161.87M	35.53M
Common Stock	0	0	0	0	-146.08M	-108.3M	-103.99M	-110.7M	-161.87M	35.53M
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-71.8M	-91.38M	-112.11M	-140.18M	0	0	0	0	0	0
Minority Interest	-7.19M	-6.22M	-6.4M	-6.49M	-5.04M	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	68.02M	100.71M	87.7M	147.95M	130.4M	193.02M	275.16M	192.17M	225.32M	206.34M
Operating CF Margin %	0.12%	0.22%	0.16%	0.22%	0.22%	0.34%	0.39%	0.19%	0.22%	0.22%
Operating CF Growth %	-0.21%	0.48%	-0.13%	0.69%	-0.12%	0.48%	0.43%	-0.3%	0.17%	-0.08%
Net Income	66.21M	62.8M	69.41M	90.18M	96.75M	140.53M	164.82M	159.05M	126.24M	142.69M
Depreciation & Amortization	19.69M	20.81M	21.91M	32M	33.91M	49.44M	49.98M	70.2M	99.59M	100.58M
Stock-Based Compensation	406K	599K	721K	674K	0	0	0	0	0	0
Deferred Taxes	14K	-173K	-111K	152K	496K	401K	0	0	0	0
Other Non-Cash Items	1.81M	1.8M	-768K	3.04M	-833K	22.42M	8.93M	12.34M	28.96M	11.84M
Working Capital Changes	-20.11M	14.86M	-3.46M	21.91M	571K	-19.78M	51.43M	-49.42M	-29.47M	-48.77M
Change in Receivables	-5.46M	15.85M	-3.81M	1.43M	8.38M	-2.47M	292K	-9.07M	21.57M	-6.95M
Change in Inventory	-907K	2.04M	-11.69M	15.18M	-7.7M	11.36M	55K	2.23M	-131K	-620K
Change in Payables	-13.73M	3.55M	10.86M	-1.75M	-4.84M	-13.48M	-1.91M	18.56M	-20.73M	8.54M
Cash from Investing+	-56.59M	-72.69M	-30.67M	-228.04M	-147.42M	-123.14M	-16.36M	-770.44M	-89.63M	-384.58M
Capital Expenditures	-19.96M	-11.29M	-18.18M	-157.15M	-9.07M	-13.28M	-24.02M	-141.1M	-96.1M	-129.04M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.24%	0.02%	0.02%	0.03%	0.14%	0.09%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.2M	175K	-8.96M	-70.72M	948K	-97.68M	9.05M	-3.72M	6.47M	11.4M
Cash from Financing+	-13.29M	-27.96M	-52.41M	79.93M	18.04M	-71.18M	-258.75M	581.95M	-139.91M	179.87M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-114.61M	-60.62M	-68.47M	-172.94M	-82.01M	-109.2M	-161.72M	-171.09M	-180.03M	-204.69M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.42M	-8.36M	-19.38M	-23.96M	-31.65M	-120.19M	-6.22M	-11.07M	-1.13M	-25.18M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	48.07M	89.42M	69.52M	-9.2M	121.33M	179.73M	251.15M	45.47M	124.97M	74.55M
FCF Margin %	0.08%	0.2%	0.13%	-0.01%	0.21%	0.32%	0.36%	0.04%	0.12%	0.08%
FCF Growth %	-0.39%	0.86%	-0.22%	-1.13%	14.19%	0.48%	0.4%	-0.82%	1.75%	-0.4%
FCF per Share	1.97	3.67	2.85	-0.38	4.97	5.35	5.78	1.05	2.87	1.57
FCF Conversion (FCF/Net Income)	1.02x	1.60x	1.26x	1.64x	1.35x	1.21x	1.67x	1.21x	1.78x	1.45x
Interest Paid	9.01M	12.21M	19.44M	38.96M	44.79M	40.58M	44.63M	78.15M	136.42M	117.3M
Taxes Paid	4K	224K	60K	137K	144K	98K	34K	43K	20K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	-	-	-	-	-	-	401.61%
Return on Invested Capital (ROIC)	19.44%	16.49%	17.51%	20.13%	15.28%	17.03%	16.66%	13.25%	11.5%	8.77%
Gross Margin	18.39%	24.26%	22.66%	22.58%	25.91%	36.69%	30.57%	23.8%	27.41%	25.91%
Net Margin	11.34%	14.02%	12.9%	13.71%	16.57%	28.27%	23.52%	15.35%	12.37%	15.17%
Debt / Equity	-	-	-	-	-	-	-	-	-	53.11x
Interest Coverage	7.25x	5.72x	3.68x	3.05x	2.66x	4.19x	3.79x	2.55x	1.67x	1.34x
FCF Conversion	1.02x	1.60x	1.26x	1.64x	1.35x	1.21x	1.67x	1.21x	1.78x	1.45x
Revenue Growth	-29.91%	-24.02%	20.09%	22.22%	-11.19%	-3.52%	24.4%	47.87%	-1.54%	-7.82%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Wholesale Marketing and Terminalling	716M	408.28M	280.07M	369.36M	504.04M	405.67M	148.79M	147.79M	588.88M	505.7M
Wholesale Marketing and Terminalling Growth	-	-42.98%	-31.40%	31.88%	36.46%	-19.52%	-63.32%	-0.67%	298.45%	-14.13%
Gathering And Processing	-	-	-	-	-	-	-	-	305.43M	371.11M
Gathering And Processing Growth	-	-	-	-	-	-	-	-	-	21.51%
Storage And Transportation	-	-	-	-	-	-	-	-	142.1M	143.6M
Storage And Transportation Growth	-	-	-	-	-	-	-	-	-	1.06%
Pipelines and Transportation	10.66M	28.83M	18.42M	12.43M	153.57M	178.32M	233.87M	271.03M	-	-
Pipelines and Transportation Growth	-	170.30%	-36.09%	-32.52%	1135.36%	16.12%	31.16%	15.89%	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

Frequently Asked Questions

Valuation & Price

Delek Logistics Partners, LP (DKL) has a price-to-earnings (P/E) ratio of 16.2x. This is roughly in line with market averages.

Growth & Financials

Delek Logistics Partners, LP (DKL) reported $967.4M in revenue for fiscal year 2024. This represents a 30% increase from $744.1M in 2011.

Delek Logistics Partners, LP (DKL) saw revenue decline by 7.8% over the past year.

Yes, Delek Logistics Partners, LP (DKL) is profitable, generating $164.5M in net income for fiscal year 2024 (15.2% net margin).

Dividend & Returns

Yes, Delek Logistics Partners, LP (DKL) pays a dividend with a yield of 8.91%. This makes it attractive for income-focused investors.

Delek Logistics Partners, LP (DKL) has a return on equity (ROE) of 401.6%. This is excellent, indicating efficient use of shareholder capital.

Delek Logistics Partners, LP (DKL) had negative free cash flow of $40.8M in fiscal year 2024, likely due to heavy capital investments.

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