Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.3
Distress distance
Clean
Earnings quality
4
Forensic signals
16.1
P / E (ttm)
-4.2%
ROE
$3.7B
Market cap
1.74%
Dividend yield
-9.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Delek Us Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.3, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+19.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +19.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 10% against -15% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 19% of net operating assets, diverging from the balance-sheet accrual read.
7.3%
FY2025
Return on invested capital.Return on invested capital is 7.3% in the latest fiscal year and steady — around its ~8% cost of capital, so growth is roughly value-neutral.
984% of FCF
FY2025
Shareholder 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. Counting the $87M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 2360%.
$353M
FY2020–FY2024
Goodwill impairments.Took $353M of goodwill writedowns across 3 years (FY2020 ($126M), FY2023 ($15M), FY2024 ($212M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$10.72B
Revenue Growth YoY-9.5%
Net Margin-0.2%
Free Cash Flow$6.3M
Return on Equity-4.2%
Debt / Equity5.91x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Delek Us Holdings, Inc.'s actual 10-K/10-Q/8-K filings?