Latest Ratios: P/E Ratio 16.7x · EV/EBITDA 17.0x · ROE 847.5%. (2011–2025 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 | $2.9B | $2.4B | $2.0B | $1.9B | $2.0B | $1.9B | $1.1B | $780M | $714M | $773M | $696M |
| Enterprise Value | $5.3B | $4.8B | $3.9B | $3.6B | $3.6B | $2.8B | $2.1B | $1.6B | $1.4B | $1.2B | $1.1B |
| P/E Ratio → | 16.66 | 13.52 | 14.13 | 14.94 | 12.36 | 11.27 | 7.66 | 12.25 | 7.91 | 15.17 | 13.79 |
| P/S Ratio | 2.88 | 2.36 | 2.13 | 1.85 | 1.90 | 2.65 | 1.91 | 1.34 | 1.09 | 1.44 | 1.55 |
| P/B Ratio | 481.48 | 390.82 | 56.48 | — | — | — | — | — | — | — | — |
| P/FCF | — | — | 26.92 | 15.07 | 43.30 | 7.39 | 5.98 | 6.43 | — | 11.12 | 7.78 |
| P/OCF | 12.33 | 10.08 | 9.72 | 8.36 | 10.25 | 6.75 | 5.57 | 5.98 | 4.82 | 8.81 | 6.91 |
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 | — | 4.70 | 4.13 | 3.53 | 3.51 | 3.96 | 3.70 | 2.76 | 2.14 | 2.21 | 2.43 |
| EV / EBITDA | 17.03 | 15.31 | 12.81 | 10.63 | 13.01 | 11.53 | 9.37 | 10.09 | 8.91 | 10.79 | 11.02 |
| EV / EBIT | 28.99 | 13.36 | 13.22 | 13.29 | 15.07 | 12.88 | 10.32 | 11.11 | 11.21 | 12.79 | 14.23 |
| EV / FCF | — | — | 52.15 | 28.79 | 80.11 | 11.04 | 11.61 | 13.28 | — | 17.13 | 12.17 |
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 | 20.9% | 20.9% | 25.9% | 27.4% | 23.8% | 30.6% | 36.7% | 25.9% | 22.6% | 22.7% | 24.3% |
| Operating Margin | 18.0% | 18.0% | 21.6% | 23.4% | 20.2% | 27.2% | 31.9% | 21.5% | 19.1% | 16.4% | 17.3% |
| Net Profit Margin | 17.4% | 17.4% | 15.2% | 12.4% | 15.3% | 23.5% | 28.3% | 16.6% | 13.7% | 12.9% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 847.5% | 847.5% | 401.6% | — | — | — | — | — | — | — | — |
| ROA | 7.3% | 7.3% | 7.7% | 7.6% | 12.2% | 17.4% | 18.7% | 14.1% | 16.9% | 16.2% | 15.9% |
| ROIC | 6.4% | 6.4% | 8.8% | 11.5% | 13.2% | 16.7% | 17.0% | 15.3% | 20.1% | 17.5% | 16.5% |
| ROCE | 8.3% | 8.3% | 11.6% | 15.3% | 17.4% | 21.6% | 22.0% | 19.4% | 25.2% | 21.9% | 20.7% |
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 | 389.20 | 389.20 | 53.11 | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 7.66 | 7.66 | 6.22 | 5.08 | 6.01 | 3.83 | 4.56 | 5.24 | 4.43 | 3.83 | 3.98 |
| Net Debt / Equity | — | 387.42 | 52.95 | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 7.62 | 7.62 | 6.20 | 5.07 | 5.98 | 3.81 | 4.54 | 5.20 | 4.40 | 3.79 | 3.98 |
| Debt / FCF | — | — | 25.24 | 13.72 | 36.81 | 3.65 | 5.63 | 6.85 | — | 6.01 | 4.39 |
| Interest Coverage | 1.99 | 1.99 | 1.95 | 1.89 | 2.94 | 4.28 | 4.72 | 3.06 | 3.05 | 3.89 | 5.63 |
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 | 1.12 | 1.12 | 1.64 | 0.84 | 0.61 | 0.24 | 1.04 | 0.96 | 0.89 | 1.59 | 1.55 |
| Quick Ratio | 1.07 | 1.07 | 1.58 | 0.82 | 0.60 | 0.21 | 0.93 | 0.60 | 0.74 | 0.93 | 1.12 |
| Cash Ratio | 0.03 | 0.03 | 0.06 | 0.04 | 0.08 | 0.04 | 0.15 | 0.16 | 0.12 | 0.15 | 0.00 |
| Asset Turnover | — | 0.36 | 0.46 | 0.62 | 0.62 | 0.75 | 0.59 | 0.78 | 1.05 | 1.21 | 1.08 |
| Inventory Turnover | 44.75 | 44.75 | 128.41 | 327.16 | 532.56 | 202.27 | 114.06 | 34.30 | 92.71 | 19.96 | 38.24 |
| Days Sales Outstanding | — | 41.26 | 43.00 | 24.89 | 18.78 | 8.01 | 14.00 | 8.25 | 11.98 | 16.37 | 17.95 |
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 | 8.1% | 10.0% | 10.2% | 9.6% | 8.7% | 8.7% | 10.2% | 10.5% | 24.2% | 8.9% | 8.7% |
| Payout Ratio | 134.9% | 134.9% | 143.5% | 142.6% | 107.6% | 98.1% | 68.6% | 84.8% | 191.8% | 98.6% | 96.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 7.4% | 7.1% | 6.7% | 8.1% | 8.9% | 13.1% | 8.2% | 12.6% | 6.6% | 7.3% |
| FCF Yield | — | — | 3.7% | 6.6% | 2.3% | 13.5% | 16.7% | 15.5% | — | 9.0% | 12.9% |
| Buyback Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.4% | 10.4% | 10.2% | 9.6% | 8.7% | 8.7% | 10.2% | 10.5% | 24.2% | 8.9% | 8.7% |
| Shares Outstanding | — | $54M | $47M | $44M | $44M | $43M | $34M | $24M | $24M | $24M | $24M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying DKL stock.
Delek Logistics Partners, LP's current P/E ratio is 16.7x. The historical average is 16.7x. This places it at the 93th percentile of its historical range.
Delek Logistics Partners, LP's current EV/EBITDA is 17.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Delek Logistics Partners, LP's return on equity (ROE) is 847.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 136.9%.
Based on historical data, Delek Logistics Partners, LP is trading at a P/E of 16.7x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Delek Logistics Partners, LP's current dividend yield is 8.09% with a payout ratio of 134.9%.
Delek Logistics Partners, LP has 20.9% gross margin and 18.0% operating margin. Operating margin between 10-20% is typical for established companies.
Delek Logistics Partners, LP's Debt/EBITDA ratio is 7.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Extreme leverage and negative equity
Metrics are mathematically derived from official filings.
Leverage Spikes to Extreme Levels
Debt-to-equity reached 389.2x in 2025Q4, per the balance sheet, as total debt climbed to $2.4B against a near-zero equity base, signaling extreme financial risk.
The reported debt-to-equity ratio is distorted by negative equity, which turned to -$69.3M in 2026Q2, per the balance sheet. This suggests that traditional leverage metrics are not meaningful; instead, debt-to-EBITDA, which stood at 25.14x in 2026Q2, provides a clearer picture of the partnership's heavy debt load relative to cash generation. The interest coverage ratio of 0.68x in 2026Q2 indicates that operating income is insufficient to cover interest expenses, implying a high risk of financial distress if cash flows do not improve.
Thin Liquidity Cushion Under Stress
Current ratio fell to 0.96 in 2026Q2, per the balance sheet, with cash of only $13.7M against $2.4B in debt, indicating a tight liquidity position.
The quick ratio of 0.91 in 2026Q2 suggests that even without inventory, current assets barely cover current liabilities, leaving little buffer for operational disruptions. Given the negative equity and high leverage, the partnership appears vulnerable to a liquidity squeeze if cash flows deteriorate or refinancing becomes difficult. Investors should monitor the ability to roll over debt and maintain access to credit markets, as the thin cash position provides minimal cushion.
Working Capital Efficiency Improves
Cash conversion cycle turned negative to -59 days in 2026Q2, per the financial statements, as DPO of 134 days far exceeded DSO of 68 days, indicating strong supplier leverage.
The negative cash conversion cycle suggests that DKL is effectively using supplier financing to fund its operations, which is a positive sign for working capital efficiency. However, the volatility in DSO, which swung from 40 days in 2026Q1 to 68 days in 2026Q2, indicates that collections are not stable, possibly due to the wholesale segment's transactional nature. Asset turnover remains low at 0.13x in 2026Q2, reflecting the capital-intensive midstream business, but the improvement in CCC may help offset some cash flow pressure.
Margin Compression Amid Volume Growth
Gross margin fell to 17.2% in 2026Q2 from 25.3% a year earlier, as reported in the income statement, indicating that the revenue surge came at the expense of profitability.
The decline in gross margin suggests that the wholesale marketing segment, which carries lower margins, is driving the revenue growth, diluting overall profitability. Operating margin also compressed to 16.1% in 2026Q2 from 21.7% in 2025Q2, per the income statement, indicating that cost pressures are not fully offset by volume gains. Net margin of 7.5% in 2026Q2 is the lowest in the ten-quarter period, reflecting the impact of higher interest expenses and the EPS miss, which may indicate that reported earnings are not a reliable indicator of cash-generating ability.
Return on Capital Decaying
ROIC fell to 2.0% in 2026Q2 from 3.3% in 2024Q2, per the financial statements, as the asset base expanded faster than operating income, indicating diminishing returns on invested capital.
The decline in ROIC suggests that the partnership's heavy capital expenditures, which grew net PPE to $2.0B in 2026Q2, are not generating commensurate returns. ROE is distorted by the thin equity base, swinging from 184.2% in 2025Q3 to 4.0% in 2025Q4, per the balance sheet, making it an unreliable metric. The trend in ROIC indicates that the business is not compounding returns, and investors should question whether the expansion into third-party gathering will eventually improve returns or continue to dilute them.
Misapplied Debt-to-Equity Ratio
The debt-to-equity ratio is commonly misapplied to DKL because negative equity distorts the metric, per the balance sheet, making it appear extreme and obscuring the true leverage relative to cash flows.
With equity turning negative in 2026Q2, the debt-to-equity ratio becomes meaningless and can mislead investors into overestimating financial risk. Instead, analysts should focus on debt-to-EBITDA, which at 25.14x in 2026Q2 still indicates high leverage but provides a more operational view of the partnership's ability to service debt. Additionally, distributable cash flow (DCF) coverage is a more relevant metric for MLPs, as it accounts for maintenance capex and is the basis for distribution sustainability, which reported EPS may not capture.