MeritValue

Delek US Holdings, Inc.

DKdata completeness 100%11 fiscal years on file
The thesis, from the filings

Delek US Holdings, Inc. earns about -1% on invested capital, and has bought back 18% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10.6B1$19.8B2$16.5B3$11.9B3$10.7B3
Net income−$128.3M4$257.1M5$19.8M6−$560.4M6−$22.8M6
Operating cash flow$371.4M7$425.3M8$1.01B9−$66.8M9$535.8M9
Capital expenditure$222.2M10$280.2M11$392.5M12$427.7M12$529.5M12
Free cash flow (derived)$149.2M7$145.1M8$621.1M9−$494.5M9$6.3M9
Total debt$4.44B13$6.11B14$5.2B15$5.53B16$6.47B16
Cash & equivalents$856.5M17$841.3M18$821.8M19$735.6M20$625.8M20
Diluted shares74.0M71.5M65.4M63.9M60.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$90.16
your share of equity
Profit it earned you last year
−$3.76
Free cash flow it threw off
$1.04
Debt you’d be carrying
$1,065.21

10 shares is a claim on $90.16 of net worth that earned you −$3.76 and generated $1.04 of cash last year, against $1,065.21 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 -2%FY22 4%FY23 1%FY24 -10%FY25 1%

It earned an average -1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−18% shares · 5y

Share count is down 18% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 46% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$6.3M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$6.3M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001694426-24-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001694426-25-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-012664 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001694426-24-000028 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001694426-25-000013 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012664 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001694426-24-000028 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001694426-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-012664 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001694426-24-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001694426-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-012664 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001694426-23-000007 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001694426-24-000028 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001694426-25-000013 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-012664 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001694426-23-000007 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001694426-24-000028 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001694426-25-000013 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-012664 (CashAndCashEquivalentsAtCarryingValue)