Delek Logistics Partners DKL

NYSE · Pipe Lines (No Natural Gas) · $2.8B

$51.24−2.05%Nov 5 close · Databento

Every report since 2023 →

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DKL Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $51.241D −2.05%3M −13.59%SMA20 $56.00SMA50 $55.68RSI(14) 26.8

51.24

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 26.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$2.8B

Enterprise value$5.1B

Revenue$1.0B +7.7%

True FCF (ex-SBC)$-33.3M −139.6%

Rule of 404.7%

ROIC7.7%

True FCF Yield-1.2%

Modern Valuation (EOD)

Market Cap$2.8B

Enterprise Value$5.1B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT28.14

EV / Sales5.05

P / E (GAAP)15.77

P / FCF—

P / Oper. CF11.74

P / Book—

Owner & Cash Yields

True FCF Yield-1.2%

FCF Yield-1.1%

Owner Earn. Yield1.1%

Earnings Yield6.3%

Shareholder Yield+0.3%

Buyback Yield0.4%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$-0.53

EPS (diluted)—

Compounder & Returns

Rule of 404.7%

ROIC7.7%

Cash ROIC (CROIC)-1.3%

GP / Assets—

ROE—

ROA6.3%

Gross Margin—

Oper. Margin17.9%

Net Margin17.4%

FCF Margin-3.0%

True FCF Margin-3.3%

Quality & Dilution

Cash Conversion-17%

Accrual Ratio−2.2%

SBC % of FCF—

SBC % of Rev0.3%

Reinvest. Rate113%

Sales Growth Y/Y+7.7%

Sales 3Y CAGR−0.7%

EPS Growth Y/Y—

FCF Growth Y/Y−139.6%

FCF 3Y CAGR—

Share Change Y/Y—

Balance Sheet & Scale

Revenue (FY)$1.0B

Gross Profit (FY)—

Oper. Income (FY)$181.8M

GAAP Net Income$176.5M

True FCF (ex-SBC)$-33.3M

Cash & Equiv$10.9M

Total Debt$2.3B

Net Cash (Debt)$-2.3B

Net Cash % MCap−83.9%

Debt / FCF (yrs)—

Current Ratio1.1257.81M sh

Price & Technicals (EOD)

Perf Week−9.73%

Perf Month−8.45%

Perf Quarter−9.71%

Perf Half Y+0.43%

Perf YTD+2.34%

SMA 20 Dist−8.50%$56.00

SMA 50 Dist−7.98%$55.68

SMA 100 Dist−7.13%$55.17

Window High−15.04%$60.31

Window Low+4.55%$49.01

RSI (14) · Vol26.822%v

Income Distribution & Cash Flow ConversionHow every dollar of DKL revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$798.2M ($78.8 / $100)

SG&A & Other OpEx$166.8M ($16.5 / $100)

Tax & Non-Operating$5.4M ($0.5 / $100)

Net Profit Kept$176.5M ($4.2 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$176.5M (17.4% margin)

Operating Cash Flow (OCF)$237.1M(23.4% of rev)

Less: Capital Expenditures−$267.8M(26.4% of rev)

Standard Free Cash Flow (FCF)$-30.6M(-3.0% margin)

Less: Stock-Based Comp (SBC)−$2.7M

True FCF (Owner Cash ex-SBC)$-33.3M(-3.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$700.9M	$1.0B	$1.0B	$940.6M	$1.0B	+7.7%	+9.7%
Cost of Revenue (COGS)	$484.8M	$787.0M	$735.4M	$696.9M	$798.2M	+14.5%	+13.3%
Selling, General & Admin (SG&A)	$21.5M	$34.2M	$24.8M	$35.9M	$28.6M	−20.3%	+7.5%
Total Operating Expenses	$59.5M	$85.4M	$115.7M	$122.0M	$166.8M	+36.7%	+29.4%
Operating Income (EBIT)	$190.5M	$209.7M	$238.9M	$202.8M	$181.8M	−10.3%	−1.2%
Interest Expense	$50.2M	$82.3M	$143.2M	$151.0M	$179.3M	+18.8%	+37.5%
Income Tax Expense	$153,000	$382,000	$1.2M	$479,000	$458,000	−4.4%	+31.5%
GAAP Net Income	$164.8M	$159.1M	$126.2M	$142.7M	$176.5M	+23.7%	+1.7%
Diluted Shares	—	—	—	—	57.8M	—	—
Balance Sheet
Cash & Equivalents	$4.3M	$8.0M	$3.8M	$5.4M	$10.9M	+102.3%	+26.2%
Inventory	$2.4M	$1.5M	$2.3M	$5.4M	$17.9M	+230.1%	+65.2%
Total Current Assets	$23.0M	$65.2M	$76.3M	$145.9M	$400.8M	+174.7%	+104.2%
Total Assets	$935.1M	$1.7B	$1.6B	$2.0B	$2.8B	+36.1%	+31.3%
Total Current Liabilities	$96.8M	$106.2M	$90.6M	$88.8M	$356.5M	+301.6%	+38.5%
Total Debt (Short + Long Term)	$899.0M	$1.7B	$1.7B	$1.9B	$2.3B	+25.0%	+27.1%
Net Cash / (Net Debt)	$-894.7M	$-1.7B	$-1.7B	$-1.9B	$-2.3B	−24.8%	—
Invested Capital	$894.7M	$1.7B	$1.7B	$1.9B	$2.3B	+24.8%	+27.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$275.2M	$192.2M	$225.3M	$206.3M	$237.1M	+14.9%	−3.7%
Depreciation & Amortization (D&A)	$42.8M	$63.0M	$92.4M	$96.4M	$125.6M	+30.3%	+30.9%
Stock-Based Compensation (SBC)	$2.0M	$2.7M	$2.7M	—	$2.7M	—	+8.3%
Capital Expenditures (CapEx)	$23.1M	$141.1M	$96.1M	$129.0M	$267.8M	+107.5%	+84.6%
Free Cash Flow (FCF)	$252.1M	$51.1M	$129.2M	$77.3M	$-30.6M	−139.6%	—
True FCF (ex-SBC Owner Cash)	$250.2M	$48.4M	$126.5M	$77.3M	$-33.3M	−143.1%	—
Share Repurchases (Buybacks)	—	—	$0	$0	$10.0M	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what DKL did at the next close after each story

No Wire story has named DKL yet.

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 3.21% from the one before, three times DKL’s median day (1.07%). On 3 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.21%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayDKLWhat we hold that dayGroup (median of 4) · each

1 Jan 2, 2026+5.33%
Before our storiesgroup +1.5%, did not move with it
1Jan 2, 2026+5.33%
Before our stories
+1.5% did not move with itDINO +1.7 · SOBO +1.5 · PAA +1.4 · MPLX +0.9
2 Jan 6, 2026−4.71%
Before our storiesgroup −2.1%, did not move with it
2Jan 6, 2026−4.71%
Before our stories
−2.1% did not move with itSOBO −2.4 · DINO −2.3 · MPLX −2.0 · PAA −1.3
3 Jan 30, 2026−3.40%
Before our storiesgroup −0.7%, did not move with it
3Jan 30, 2026−3.40%
Before our stories
−0.7% did not move with itPAA −2.3 · SOBO −0.8 · MPLX −0.6 · DINO +1.4
4 Mar 2, 2026+5.14%
Before our storiesgroup +2.0%, did not move with it
4Mar 2, 2026+5.14%
Before our stories
+2.0% did not move with itDINO +7.6 · PAA +2.1 · SOBO +2.0 · MPLX +0.3
5 Mar 30, 2026−3.24%
Before our storiesgroup −0.3%, did not move with it
5Mar 30, 2026−3.24%
Before our stories
−0.3% did not move with itDINO −1.1 · MPLX −0.8 · PAA +0.1 · SOBO +0.1
6 Apr 23, 2026+3.83%
Before our storiesgroup +0.7%, did not move with it
6Apr 23, 2026+3.83%
Before our stories
+0.7% did not move with itSOBO +1.5 · PAA +1.3 · DINO +0.1 · MPLX −0.2
7 Apr 29, 2026+4.33%
Resultsgroup +1.8%, did not move with it
7Apr 29, 2026+4.33%
ResultsFirst close after the Apr 29 results filing
+1.8% did not move with itDINO +5.1 · SOBO +1.9 · PAA +1.7 · MPLX +0.8
8 May 4, 2026−5.17%
Before our storiesgroup +1.3%, did not move with it
8May 4, 2026−5.17%
Before our stories
+1.3% did not move with itMPLX +1.0 · PAA +1.3 · SOBO +1.3 · DINO +3.8
9 Jun 1, 2026+3.54%
Before our storiesgroup +1.2%, did not move with it
9Jun 1, 2026+3.54%
Before our stories
+1.2% did not move with itPAA +2.2 · DINO +1.3 · SOBO +1.1 · MPLX +0.6
10 Jun 15, 2026−6.60%
Nothing on DKLgroup −2.2%, did not move with it
10Jun 15, 2026−6.60%
Nothing on DKLNo DKL story, brief or results filing in our record that day
−2.2% did not move with itDINO −5.6 · PAA −2.2 · MPLX −2.1 · SOBO −1.4
11 Jul 22, 2026+3.58%
Nothing on DKLgroup +0.4%, did not move with it
11Jul 22, 2026+3.58%
Nothing on DKLNo DKL story, brief or results filing in our record that day
+0.4% did not move with itSOBO +2.6 · PAA +0.7 · MPLX +0.2 · DINO −0.9
12 Aug 3, 2026−3.78%
Nothing on DKLgroup −1.9%, moved with DKL
12Aug 3, 2026−3.78%
Nothing on DKLNo DKL story, brief or results filing in our record that day
−1.9% moved with DKLDINO −3.1 · SOBO −2.4 · PAA −1.5 · MPLX +0.8
13 Aug 7, 2026−3.65%
Nothing on DKLgroup −2.2%, moved with DKL
13Aug 7, 2026−3.65%
Nothing on DKLNo DKL story, brief or results filing in our record that day
−2.2% moved with DKLPAA −3.0 · MPLX −2.6 · DINO −1.8 · SOBO +0.8
14 Aug 10, 2026+4.49%
Nothing on DKLgroup +1.4%, did not move with it
14Aug 10, 2026+4.49%
Nothing on DKLNo DKL story, brief or results filing in our record that day
+1.4% did not move with itDINO +4.7 · PAA +2.0 · SOBO +0.8 · MPLX −0.3
15 Aug 13, 2026−12.83%
Nothing on DKLgroup +0.4%, did not move with it
15Aug 13, 2026−12.83%
Nothing on DKLNo DKL story, brief or results filing in our record that day
+0.4% did not move with itMPLX −1.9 · SOBO −0.1 · PAA +0.9 · DINO +4.5
16 Aug 14, 2026+3.27%
Nothing on DKLgroup +1.5%, did not move with it
16Aug 14, 2026+3.27%
Nothing on DKLNo DKL story, brief or results filing in our record that day
+1.5% did not move with itDINO +2.0 · PAA +1.9 · MPLX +1.1 · SOBO +0.5
17 Sep 21, 2026−3.40%
Nothing on DKLgroup −1.8%, moved with DKL
17Sep 21, 2026−3.40%
Nothing on DKLNo DKL story, brief or results filing in our record that day
−1.8% moved with DKLDINO −5.7 · SOBO −2.2 · PAA −1.5 · MPLX −0.6

A story on the same day is not a cause, and a group move is not proof either. Group: the median of MPLX, DINO, PAA and SOBO that day, the largest companies in DKL’s SEC industry; “moved with DKL” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). DKL reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 7, 2025

day 1−2.60%day 6−0.83%

Reported Feb 27, 2026

day 1−0.69%day 6−0.46%

Reported Apr 29, 2026

day 1+4.33%day 6+0.75%

Reported Aug 5, 2026

day 1−1.67%day 6+3.31%

Next report: expected early-to-late FebruaryEstimated from the dates of its last four results filings. Not announced. Four reports is a small sample.

Every report since 2023 →

Each line is DKL’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

DKL against four same-industry peers, a year at 100

DKL is up 14.7% in a year. HF Sinclair is up 78.6%, Plains All American Pipeline 47.5% and South Bow 21.6%. Of these four, only MPLX (+10.3%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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DKL +14.7%. HF Sinclair +78.6%, Plains All American Pipeline +47.5%, South Bow +21.6%, MPLX +10.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in DKL’s SEC industry (Pipe Lines (No Natural Gas)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

MPLX	MPLX	$57.0B	+0.53%
DINO	HF Sinclair	$18.6B	−6.50%
PAA	Plains All American Pipeline	$17.8B	−2.70%
SOBO	South Bow	$7.1B	−7.17%
PAGP	Plains GP	$5.3B	−2.01%
GEL	Genesis Energy	$1.6B	−5.81%