Latest Ratios: P/E Ratio -190.2x · EV/EBITDA 9.0x · ROE -4.1%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $1.8B | $1.2B | $1.7B | $1.9B | $1.1B | $1.2B | $2.6B | $2.8B | $2.5B | $1.5B |
| Enterprise Value | $7.2B | $4.5B | $3.3B | $3.6B | $4.3B | $2.7B | $2.9B | $3.9B | $3.5B | $3.1B | $1.6B |
| P/E Ratio → | -190.16 | — | — | 86.00 | 7.50 | — | — | 8.45 | 8.17 | 8.73 | — |
| P/S Ratio | 0.41 | 0.17 | 0.10 | 0.10 | 0.10 | 0.10 | 0.16 | 0.28 | 0.28 | 0.35 | 0.36 |
| P/B Ratio | 8.01 | 3.29 | 2.05 | 1.77 | 1.81 | 1.09 | 1.05 | 1.40 | 1.54 | 1.29 | 1.26 |
| P/FCF | 201.30 | 81.84 | — | 2.76 | 13.84 | 7.48 | — | 18.04 | 11.92 | 16.34 | 6.74 |
| P/OCF | 8.03 | 3.26 | — | 1.68 | 4.54 | 2.99 | — | 4.46 | 5.03 | 7.61 | 5.56 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.42 | 0.28 | 0.21 | 0.22 | 0.25 | 0.40 | 0.42 | 0.35 | 0.42 | 0.39 |
| EV / EBITDA | 9.02 | 5.70 | — | 5.73 | 5.89 | 11.64 | — | 5.29 | 4.33 | 8.99 | 24.21 |
| EV / EBIT | 18.07 | 11.78 | — | 11.57 | 8.34 | — | — | 7.24 | 5.77 | 7.79 | — |
| EV / FCF | — | 205.78 | — | 5.86 | 30.93 | 18.06 | — | 27.15 | 14.90 | 19.79 | 7.39 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.3% | 5.3% | -0.6% | 6.1% | 3.7% | 2.1% | -3.9% | 9.6% | 9.6% | 7.0% | 3.2% |
| Operating Margin | 3.7% | 3.7% | -4.1% | 1.7% | 2.3% | -0.3% | -10.0% | 5.3% | 6.0% | 2.6% | -1.2% |
| Net Profit Margin | -0.2% | -0.2% | -4.7% | 0.1% | 1.3% | -1.2% | -8.4% | 3.3% | 3.4% | 4.0% | -3.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.1% | -4.1% | -73.0% | 2.0% | 24.7% | -12.0% | -41.3% | 17.0% | 18.2% | 18.4% | -12.1% |
| ROA | -0.3% | -0.3% | -8.1% | 0.3% | 3.4% | -2.0% | -9.3% | 4.9% | 5.9% | 6.5% | -4.9% |
| ROIC | 9.9% | 9.9% | -13.2% | 6.6% | 11.4% | -1.0% | -18.3% | 13.0% | 18.2% | 7.3% | -2.2% |
| ROCE | 9.4% | 9.4% | -11.4% | 5.8% | 10.4% | -0.9% | -16.5% | 11.2% | 16.6% | 7.0% | -2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.13 | 6.13 | 4.98 | 2.85 | 3.02 | 2.39 | 2.25 | 1.23 | 0.98 | 0.75 | 0.70 |
| Debt / EBITDA | 4.22 | 4.22 | — | 4.33 | 4.40 | 10.54 | — | 3.08 | 2.19 | 4.31 | 12.34 |
| Net Debt / Equity | — | 4.98 | 3.70 | 1.99 | 2.23 | 1.55 | 1.55 | 0.71 | 0.39 | 0.27 | 0.12 |
| Net Debt / EBITDA | 3.44 | 3.44 | — | 3.03 | 3.26 | 6.82 | — | 1.77 | 0.87 | 1.57 | 2.13 |
| Debt / FCF | — | 123.94 | — | 3.10 | 17.09 | 10.58 | — | 9.11 | 2.98 | 3.45 | 0.65 |
| Interest Coverage | 1.11 | 1.11 | -1.26 | 0.98 | 2.64 | -0.00 | -4.97 | 4.07 | 4.85 | 4.19 | -6.19 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.93 | 0.99 | 1.20 | 0.97 | 1.21 | 1.26 | 1.45 | 0.98 | 1.49 |
| Quick Ratio | 0.53 | 0.53 | 0.57 | 0.64 | 0.71 | 0.56 | 0.83 | 0.86 | 1.04 | 0.68 | 1.07 |
| Cash Ratio | 0.25 | 0.25 | 0.29 | 0.31 | 0.27 | 0.27 | 0.41 | 0.41 | 0.65 | 0.35 | 0.73 |
| Asset Turnover | — | 1.57 | 1.78 | 2.36 | 2.42 | 1.56 | 1.19 | 1.33 | 1.77 | 1.22 | 1.41 |
| Inventory Turnover | 13.99 | 13.99 | 13.35 | 16.87 | 12.55 | 8.27 | 10.43 | 8.88 | 13.32 | 8.36 | 10.35 |
| Days Sales Outstanding | — | 22.33 | 19.23 | 17.24 | 23.14 | 26.74 | 33.49 | 33.79 | 18.46 | 29.22 | 23.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 3.4% | 5.4% | 3.5% | 2.2% | — | 5.8% | 3.4% | 2.8% | 1.7% | 2.5% |
| Payout Ratio | — | — | — | 304.5% | 16.6% | — | — | 27.9% | 23.2% | 15.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.2% | 13.3% | — | — | 11.8% | 12.2% | 11.4% | — |
| FCF Yield | 0.5% | 1.2% | — | 36.2% | 7.2% | 13.4% | — | 5.5% | 8.4% | 6.1% | 14.8% |
| Buyback Yield | 1.8% | 4.4% | 3.5% | 5.0% | 10.0% | 0.0% | 0.3% | 6.9% | 13.0% | 1.0% | 0.4% |
| Total Shareholder Yield | 3.2% | 7.9% | 8.9% | 8.6% | 12.2% | 0.0% | 6.2% | 10.3% | 15.8% | 2.7% | 2.9% |
| Shares Outstanding | — | $61M | $64M | $66M | $72M | $74M | $74M | $77M | $87M | $72M | $62M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying DK stock.
Delek US Holdings, Inc.'s current P/E ratio is -190.2x. The historical average is 20.1x.
Delek US Holdings, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
Delek US Holdings, Inc.'s return on equity (ROE) is -4.1%. The historical average is 7.0%.
Based on historical data, Delek US Holdings, Inc. is trading at a P/E of -190.2x. Compare with industry peers and growth rates for a complete picture.
Delek US Holdings, Inc.'s current dividend yield is 1.41%.
Delek US Holdings, Inc. has 5.3% gross margin and 3.7% operating margin.
Delek US Holdings, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and RINs exposure
Metrics are mathematically derived from official filings.
Margin Whiplash Masks Structural Strain
Gross margin swung from -5.9% in 2024Q4 to 17.1% in 2025Q3, then fell to 8.9% in 2026Q2, as reported in quarterly filings, reflecting extreme refining cyclicality and limited pricing power.
The TTM net margin remains negative at -0.2%, indicating that despite the 2026Q2 EPS beat, the company is not consistently covering its cost of capital. Operating margin volatility, from -17.0% to 10.2%, suggests high operating leverage that amplifies both gains and losses. Investors should monitor whether the 2026Q2 improvement is sustainable or a mark-to-market artifact, given the persistent negative net margin.
ROIC Oscillates with Crack Spreads
ROIC swung from -11.0% in 2024Q4 to 7.3% in 2026Q2, as per financial statements, indicating that returns are highly sensitive to refining margins and not yet demonstrating a stable compounding trend.
The 2026Q2 ROIC of 7.3% is a sharp recovery from the -11.0% trough, but the average over the last ten quarters is near zero, suggesting that the company is not consistently earning its cost of capital. The driver appears to be margin expansion rather than asset efficiency, as asset turnover has remained relatively stable around 0.4x. This implies that any sustained improvement in returns depends on the durability of crack spreads, which remain uncertain.
Negative CCC Masks Working Capital Leverage
Cash conversion cycle improved to -7 days in 2026Q2 from 1 day in 2024Q1, as reported in quarterly data, driven by extended payables and faster inventory turnover, suggesting DK is using supplier financing to offset weak liquidity.
The negative CCC indicates that DK is collecting cash from sales before paying suppliers, which provides a short-term liquidity cushion. However, DPO has risen to 51 days, which may strain supplier relationships if extended further. The improvement in DIO from 30 to 24 days suggests better inventory management, but the overall efficiency gains are modest and may not offset the balance sheet stress.
Leverage Spikes Threaten Financial Flexibility
Debt-to-equity surged to 4.94 in 2026Q2 from 2.56 in 2024Q1, while interest coverage fell to 2.83, as per balance sheet data, indicating a deteriorating ability to service debt from operating income.
The equity base has eroded to $422.7M, while total debt stands at $3.3B, making the balance sheet highly vulnerable to margin downturns. Interest coverage of 2.83x is thin, and in quarters like 2025Q2 it was negative, suggesting that debt service is not consistently covered by earnings. The consolidation of Delek Logistics Partners may distort these figures, but the parent-level leverage appears elevated, and refinancing risk warrants close monitoring.
Liquidity Buffer Thins Below Safety
Current ratio fell to 0.76 in 2026Q2 from 1.04 in 2024Q1, with quick ratio at 0.47, as reported in financial statements, indicating a shrinking cushion that may not withstand a severe refining downturn.
The current ratio below 1.0 suggests that DK may struggle to meet short-term obligations without relying on cash flows or external financing. The quick ratio of 0.47 highlights heavy inventory dependence, which is risky if product prices fall. While cash remains stable at $628.6M, the overall liquidity position appears strained, and any prolonged margin compression could force asset sales or additional borrowing.
Misapplied Metric: Debt-to-Equity
Debt-to-equity is commonly used to assess DK's leverage, but consolidation of Delek Logistics Partners may overstate parent-level debt, as per regulatory filings, obscuring the true risk of the parent company.
The headline D/E of 4.94 includes debt from the MLP, which the parent may not be obligated to service. A more accurate measure would be parent-only debt or net debt adjusted for non-controlling interests. Additionally, the negative book equity due to retained earnings deficits makes D/E less meaningful; EV/EBITDA or debt-to-capital may provide better insight. Investors should adjust for the MLP structure to avoid overestimating financial risk.