Forensic Analysis · Refining & Downstream · as of Nov 10, 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
-0.2
Distress distance
Clean
Earnings quality
4
Forensic signals
-4.1%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 -0.2, 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
+16.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +16.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $84.1M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +11% against revenue -10% and payables paid down 10% against -15% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 19% of net operating assets, against an accruals ratio of 16.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
7.6%
FY2025
Return on invested capital.Return on invested capital is 7.6% in the latest fiscal year, against 5.9% in FY2023, having run between -10.9% and 7.6% across FY2023–FY2025 with no direction held. After-tax operating profit was $220M in FY2023 and $271M in FY2025, with operating income at 1.5% of revenue in FY2023, -4.1% in FY2024 and 2.8% in FY2025. The capital base behind it went from $3.7B in FY2023 to $3.6B in FY2025 (-4%), while the revenue it carried went from $16.5B to $10.7B. Across FY2024–FY2025, $1.4B went into capital expenditure, purchases of intangible assets, acquisitions and equity-method investments against $719M of depreciation excluding $53M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2023's operating profit carried a $38M asset write-down, a $38M restructuring charge and a $15M goodwill write-off that took about 2.2 points off that year's return, and FY2025's carried a $87M restructuring charge and a $18M asset write-down that took about 2.6 points off the latest; so, net of each other, the two charges take about 0.4 points off the +1.7-point change across FY2023–FY2025. FY2024's operating profit carried a $244M asset write-down, a $212M goodwill write-off and a $63M restructuring charge that alone took about 11.5 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
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%.
$227M
FY2023–FY2024
Goodwill impairments.Took $227M of goodwill writedowns across 2 years (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%
Revenue CAGR (2yr)-19.3%
Net Margin-0.2%
Free Cash Flow$6.3M
Return on Equity-4.1%
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?