Latest Ratios: P/E Ratio -137.7x · EV/EBITDA 7.5x · 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 | $3.2B | $1.8B | $1.2B | $1.7B | $1.9B | $1.1B | $1.2B | $2.6B | $2.8B | $2.5B | $1.5B |
| Enterprise Value | $5.9B | $4.5B | $3.3B | $3.6B | $4.3B | $2.7B | $2.9B | $3.9B | $3.5B | $3.1B | $1.6B |
| P/E Ratio → | -137.68 | — | — | 86.00 | 7.50 | — | — | 8.45 | 8.17 | 8.73 | — |
| P/S Ratio | 0.30 | 0.17 | 0.10 | 0.10 | 0.10 | 0.10 | 0.16 | 0.28 | 0.28 | 0.35 | 0.36 |
| P/B Ratio | 5.80 | 3.29 | 2.05 | 1.77 | 1.81 | 1.09 | 1.05 | 1.40 | 1.54 | 1.29 | 1.26 |
| P/FCF | 145.75 | 81.84 | — | 2.76 | 13.84 | 7.48 | — | 18.04 | 11.92 | 16.34 | 6.74 |
| P/OCF | 5.81 | 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 | 7.48 | 5.70 | — | 5.73 | 5.89 | 11.64 | — | 5.29 | 4.33 | 8.99 | 24.21 |
| EV / EBIT | 14.99 | 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 | 2.0% | 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 | 0.7% | 1.2% | — | 36.2% | 7.2% | 13.4% | — | 5.5% | 8.4% | 6.1% | 14.8% |
| Buyback Yield | 2.5% | 4.4% | 3.5% | 5.0% | 10.0% | 0.0% | 0.3% | 6.9% | 13.0% | 1.0% | 0.4% |
| Total Shareholder Yield | 4.4% | 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 |
Insolvency and leverage risk
According to recent market data, DK's P/E ratio of -125.84 and P/B of 5.30 suggest that traditional valuation metrics are currently distorted by earnings volatility, warranting caution as investors attempt to price the company's recovery potential against its peers in the mid-continent refining sector.
The forward P/E of 9.35 implies an expectation of a return to profitability that appears optimistic given the persistent margin compression observed in recent quarters. Investors should monitor whether the current valuation discount relative to peers like PBF Energy reflects a permanent impairment of the company's competitive position rather than a temporary cyclical trough.
As reported in financial statements, DK's ROIC has trended into negative territory, reaching -2.7% in 2026Q1, which indicates that the company is currently failing to generate returns that exceed its cost of capital, a significant departure from the positive returns observed in late 2025.
The rapid decay in ROIC suggests that the capital-intensive nature of the refining segment is becoming a liability rather than a driver of value. This trend warrants further investigation into whether management's historical acquisition strategy has left the firm with assets that cannot achieve adequate throughput efficiency in the current pricing environment.
Based on Delek's reported figures, the cash conversion cycle has fluctuated significantly, moving from -16 days in 2025Q3 to -11 days in 2026Q1, highlighting the company's reliance on aggressive payables management to maintain liquidity amidst a challenging operational backdrop.
While the negative CCC suggests the company is effectively using supplier credit to fund operations, the trend appears unsustainable if supplier terms tighten. The asset turnover ratio of 0.37 remains low compared to historical levels, suggesting that the company's infrastructure is underutilized relative to its fixed cost base.
According to recent SEC filings, the debt-to-equity ratio has surged to 10.77 as of 2026Q1, reflecting a precarious capital structure that leaves the company highly vulnerable to interest rate volatility and potential covenant breaches in the event of further margin contraction.
The negative interest coverage ratio of -1.77 indicates that the firm is currently unable to service its debt obligations from core operating income. This situation suggests that the company may be forced to prioritize debt reduction over necessary maintenance capital expenditures, potentially creating a cycle of operational underperformance.
Investors frequently misapply the consolidated debt-to-equity ratio to DK, which obscures the fact that a significant portion of the debt is held at the MLP level, potentially leading to an overestimation of the parent company's direct insolvency risk while ignoring the structural limitations on cash flow access.
Analysts should instead focus on the parent-only leverage and the specific cash flow distribution agreements within the logistics segment. Relying on consolidated figures fails to account for the ring-fencing of assets, which may provide a different picture of the company's actual ability to navigate a liquidity crisis.
Includes 30+ ratios · 23 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DK stock.
Delek US Holdings, Inc.'s current P/E ratio is -137.7x. The historical average is 20.1x.
Delek US Holdings, Inc.'s current EV/EBITDA is 7.5x. 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 -137.7x. Compare with industry peers and growth rates for a complete picture.
Delek US Holdings, Inc.'s current dividend yield is 1.95%.
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.