Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026

Delek US Holdings, Inc. (DK)

A forensic read on Delek US Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-0.2

Altman Z-score

Clean

Earnings quality

Forensic signals

-37.7%

ROE

$2.9B

Market cap

2.38%

Dividend yield

Delek US Holdings, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -0.2, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.

What the filings flag

1% of revStock-based comp load. Stock-based compensation ran 1% of revenue and 1376% of free cash flow in FY2025 — about $1.43 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.

+19.1%Accruals ratio. Net operating assets grew +19.1% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -19% of net operating assets.

8%Return on invested capital. Return on invested capital is 8% and steady — around its ~8% cost of capital, so growth is roughly value-neutral — watch the trend.

984% of FCFShareholder returns. Returned $62M to shareholders (buybacks + dividends) in FY2025 — 984% of free cash flow, but 12% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep.

$353MGoodwill impairments. Took $353M of goodwill writedowns across 3 year(s) (FY2020 ($126M), FY2023 ($15M), FY2024 ($212M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.

-38%Dividend — cut. The payout was CUT ~38% in FY2022 (from FY2020). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.

Key fundamentals

Net Margin-0.2%

Debt / Equity5.91x

Free Cash Flow$6.3M

Latest Revenue$10.72B

Return on Equity-4.2%

Revenue Growth YoY-9.5%

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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.