Recent News
On November 7, 2025 Delek Logistics announced its third-quarter 2025 corporate filings and scheduled related investor communications. On November 13, 2025 the partnership declared a quarterly cash distribution of $1.120 per common limited partner unit payable to unitholders of record on November 7, 2025.
Technical Analysis
ADX at 12.45 indicates no strong trend; directional strength lacks momentum, implying price action may remain range-bound rather than trending aggressively.
DI+ shows a dip-and-reverse while DI- shows a peak-and-reverse, both actions indicating directional indicators have flipped toward a bullish bias; however the low ADX moderates the expectation for an extended move.
MACD sits at 0.47 with a signal line at 0.40, and the MACD has experienced a dip-and-reverse. The MACD crossing above its signal line constitutes a bullish momentum signal that supports short-term upside bias.
MRO reads 17.74 and has dipped-and-reversed; the positive MRO implies price currently trades above the Partnership’s modeled target, signaling a higher likelihood of mean reversion or consolidation from current levels.
RSI at 56.17 with a recent dip-and-reverse indicates mild bullish momentum without overbought conditions, consistent with a controlled upward bias rather than a runaway rally.
Daily price at $45.84 sits above the 20-day average ($45.31), 50-day average ($44.14) and 200-day average ($40.95), with the 12-day EMA showing a dip-and-reverse; those relationships favor continued price support above near-term averages while capping acceleration.
Bollinger band placement places the price just below the upper 1x band ($45.89), suggesting limited immediate upside cushion before volatility-based resistance; the SuperTrend lower support sits at $43.55 and offers a nearby technical floor.
Volume trends lag short- and long-term averages (today’s volume 34,722 vs. 10-day avg 58,599 and 200-day avg 122,742), indicating moves have occurred on below-average participation and reducing conviction for a durable breakout. Low betas (42-day 0.49; 52-week 0.55) support a low-volatility profile in the near term.
Fundamental Analysis
Third-quarter reporting shows net income of $45,560,000 alongside EBITDA of $128,694,000 and EBIT of $93,895,000. EBIT margin stands at 35.94%, above the industry peer mean of 30.10% and above the industry peer median of 25.64%, and sits inside the industry peer range (low -8.22% to high 62.86%), reflecting stronger operating profitability relative to many peers.
EPS came in at $0.85 versus an estimate of $1.04, producing an EPS surprise of -18.27%, which signals a notable shortfall versus consensus expectations for the quarter.
Revenue growth registers 6.06% on the headline measure, showing positive top-line expansion. Free cash flow shows a cash outflow of $14,155,000 and free-cash-flow yield of -0.61%, reflecting negative free cash generation in the period and pressuring cash available for distribution and deleveraging.
Leverage metrics present a material constraint: total debt $2,295,942,000 and net debt $2,281,406,000 sit roughly in line with enterprise scale, while debt-to-assets at 83.57% places the partnership toward the higher end of the industry peer range (industry peer high 87.69%). Debt-to-EBITDA around 17.84x and interest coverage near 1.96x indicate heavy leverage and limited cushion against interest expense.
Liquidity ratios show a current ratio of 1.03, slightly above the industry peer mean of 0.89, while the cash ratio at 1.87% and cash-and-short-term-investments of $6,912,000 indicate constrained cash buffers relative to debt load. Dividend/distribution metrics show a dividend payout ratio of 130.84% and dividend coverage of 0.76x, which underscore distribution growth pressure when viewed against negative free cash flow and high leverage.
Valuation multiples present mixed signals: P/E at 50.73 sits below the industry peer mean of 69.39 but P/B at 132.00 far exceeds the industry peer mean of 2.29; enterprise multiple 35.71 sits below the industry peer mean of 44.86. Taken together with cash-flow and leverage dynamics, valuation appears elevated relative to underlying cash generation.
The current valuation as determined by WMDST: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-07 |
| NEXT REPORT DATE: | 2026-02-06 |
| CASH FLOW | Begin Period Cash Flow | $ 1.4 M |
| Operating Cash Flow | $ 54.9 M | |
| Capital Expenditures | $ -69.09 M | |
| Change In Working Capital | $ -20.56 M | |
| Dividends Paid | $ -59.61 M | |
| Cash Flow Delta | $ 5.5 M | |
| End Period Cash Flow | $ 6.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 261.3 M | |
| Forward Revenue | $ 45.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 208.0 M | |
| Depreciation | $ 34.8 M | |
| Depreciation and Amortization | $ 34.8 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 215.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 53.3 M | |
| EBITDA | $ 128.7 M | |
| EBIT | $ 93.9 M | |
| Operating Income | $ 45.4 M | |
| Interest Income | $ 26.7 M | |
| Interest Expense | $ 48.0 M | |
| Net Interest Income | $ -21.27 M | |
| Income Before Tax | $ 45.9 M | |
| Tax Provision | $ 344.0 K | |
| Tax Rate | 0.749 % | |
| Net Income | $ 45.6 M | |
| Net Income From Continuing Operations | $ 45.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.04 | |
| EPS Actual | $ 0.85 | |
| EPS Difference | $ -0.19 | |
| EPS Surprise | -18.269 % | |
| Forward EPS | $ 0.59 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.7 B | |
| Intangible Assets | $ 385.0 M | |
| Net Tangible Assets | $ -385.01 M | |
| Total Current Assets | $ 382.8 M | |
| Cash and Short-Term Investments | $ 6.9 M | |
| Cash | $ 6.9 M | |
| Net Receivables | $ 334.2 M | |
| Inventory | $ 18.6 M | |
| Long-Term Investments | $ 35.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 308.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 370.2 M | |
| Net Debt | $ 2.3 B | |
| Total Debt | $ 2.3 B | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 17.5 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.33 | |
| Shares Outstanding | 53.480 M | |
| Revenue Per-Share | $ 4.89 | |
| VALUATION | Market Capitalization | $ 2.3 B |
| Enterprise Value | $ 4.6 B | |
| Enterprise Multiple | 35.707 | |
| Enterprise Multiple QoQ | -9.68 % | |
| Enterprise Multiple YoY | 83.99 % | |
| Enterprise Multiple IPRWA | high: 81.226 mean: 44.855 median: 44.185 DKL: 35.707 low: 24.093 |
|
| EV/R | 17.588 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 157.237 | |
| Asset To Liability | 1.006 | |
| Debt To Capital | 0.992 | |
| Debt To Assets | 0.836 | |
| Debt To Assets QoQ | 3.614 % | |
| Debt To Assets YoY | 15150.547 % | |
| Debt To Assets IPRWA | high: 0.877 DKL: 0.836 mean: 0.515 median: 0.502 low: 0.192 |
|
| Debt To Equity | 131.407 | |
| Debt To Equity QoQ | 89.325 % | |
| Debt To Equity YoY | -140913.266 % | |
| Debt To Equity IPRWA | DKL: 131.407 high: 5.118 mean: 1.573 median: 1.527 low: -2.376 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 132.0 | |
| Price To Book QoQ | 85.767 % | |
| Price To Book YoY | -946.632 % | |
| Price To Book IPRWA | DKL: 132.0 high: 3.564 mean: 2.288 median: 2.088 low: 1.237 |
|
| Price To Earnings (P/E) | 50.735 | |
| Price To Earnings QoQ | 66.46 % | |
| Price To Earnings YoY | -5.577 % | |
| Price To Earnings IPRWA | high: 121.258 mean: 69.393 median: 59.659 DKL: 50.735 low: -33.81 |
|
| PE/G Ratio | -1.277 | |
| Price To Sales (P/S) | 8.827 | |
| Price To Sales QoQ | -4.339 % | |
| Price To Sales YoY | 5.289 % | |
| Price To Sales IPRWA | high: 34.715 mean: 12.8 median: 11.855 DKL: 8.827 low: 0.344 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 73.631 | |
| Forward PE/G | -1.854 | |
| Forward P/S | 50.767 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.405 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.095 | |
| Asset Turnover Ratio QoQ | -0.721 % | |
| Asset Turnover Ratio YoY | -20.467 % | |
| Asset Turnover Ratio IPRWA | high: 0.159 mean: 0.102 DKL: 0.095 median: 0.073 low: 0.031 |
|
| Receivables Turnover | 0.742 | |
| Receivables Turnover Ratio QoQ | -25.664 % | |
| Receivables Turnover Ratio YoY | -76.303 % | |
| Receivables Turnover Ratio IPRWA | high: 8.65 mean: 2.797 median: 2.318 low: 1.312 DKL: 0.742 |
|
| Inventory Turnover | 11.628 | |
| Inventory Turnover Ratio QoQ | -18.474 % | |
| Inventory Turnover Ratio YoY | -77.521 % | |
| Inventory Turnover Ratio IPRWA | DKL: 11.628 high: 9.673 mean: 5.15 median: 3.579 low: 1.113 |
|
| Days Sales Outstanding (DSO) | 122.968 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -39.463 | |
| Cash Conversion Cycle Days QoQ | 711.633 % | |
| Cash Conversion Cycle Days YoY | -351.071 % | |
| Cash Conversion Cycle Days IPRWA | high: 83.102 median: 19.111 mean: 9.79 DKL: -39.463 low: -81.1 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 20.802 | |
| CapEx To Revenue | -0.264 | |
| CapEx To Depreciation | -1.985 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ -385.01 M | |
| Net Working Capital | $ 12.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.019 | |
| Current Ratio | 1.034 | |
| Current Ratio QoQ | 11.656 % | |
| Current Ratio YoY | -16.289 % | |
| Current Ratio IPRWA | high: 2.411 DKL: 1.034 mean: 0.891 median: 0.88 low: 0.422 |
|
| Quick Ratio | 0.984 | |
| Quick Ratio QoQ | 10.856 % | |
| Quick Ratio YoY | -15.827 % | |
| Quick Ratio IPRWA | high: 2.025 DKL: 0.984 mean: 0.728 median: 0.603 low: 0.306 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 17.84 | |
| Cost Of Debt | 2.109 % | |
| Interest Coverage Ratio | 1.957 | |
| Interest Coverage Ratio QoQ | -5.688 % | |
| Interest Coverage Ratio YoY | 2.241 % | |
| Interest Coverage Ratio IPRWA | high: 6.813 mean: 3.821 median: 3.497 DKL: 1.957 low: -1.01 |
|
| Operating Cash Flow Ratio | 0.11 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 171.302 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.764 | |
| Dividend Payout Ratio | 1.308 | |
| Dividend Rate | $ 1.11 | |
| Dividend Yield | 0.026 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.205 % | |
| Revenue Growth | 6.059 % | |
| Revenue Growth QoQ | -523.115 % | |
| Revenue Growth YoY | -131.714 % | |
| Revenue Growth IPRWA | high: 9.471 % DKL: 6.059 % median: 4.197 % mean: 4.111 % low: -18.748 % |
|
| Earnings Growth | -39.716 % | |
| Earnings Growth QoQ | -133.968 % | |
| Earnings Growth YoY | 115.953 % | |
| Earnings Growth IPRWA | high: 134.783 % mean: 9.925 % median: 8.654 % DKL: -39.716 % low: -90.909 % |
|
| MARGINS | ||
| Gross Margin | 20.393 % | |
| Gross Margin QoQ | -19.446 % | |
| Gross Margin YoY | -10.624 % | |
| Gross Margin IPRWA | high: 79.299 % median: 39.642 % mean: 38.43 % DKL: 20.393 % low: 5.781 % |
|
| EBIT Margin | 35.937 % | |
| EBIT Margin QoQ | 2.312 % | |
| EBIT Margin YoY | 8.587 % | |
| EBIT Margin IPRWA | high: 62.857 % DKL: 35.937 % mean: 30.101 % median: 25.639 % low: -8.224 % |
|
| Return On Sales (ROS) | 17.364 % | |
| Return On Sales QoQ | -18.421 % | |
| Return On Sales YoY | -47.533 % | |
| Return On Sales IPRWA | high: 49.363 % median: 25.639 % mean: 25.081 % DKL: 17.364 % low: -7.927 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -14.15 M | |
| Free Cash Flow Yield | -0.614 % | |
| Free Cash Flow Yield QoQ | 46.89 % | |
| Free Cash Flow Yield YoY | -65.698 % | |
| Free Cash Flow Yield IPRWA | high: 2.716 % mean: 1.179 % median: 1.017 % low: -0.325 % DKL: -0.614 % |
|
| Free Cash Growth | 48.843 % | |
| Free Cash Growth QoQ | -173.327 % | |
| Free Cash Growth YoY | -133.782 % | |
| Free Cash Growth IPRWA | DKL: 48.843 % high: 38.483 % median: 1.598 % mean: -27.588 % low: -128.871 % |
|
| Free Cash To Net Income | -0.311 | |
| Cash Flow Margin | 15.586 % | |
| Cash Flow To Earnings | 0.894 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.657 % | |
| Return On Assets QoQ | -4.33 % | |
| Return On Assets YoY | -11.815 % | |
| Return On Assets IPRWA | high: 3.812 % DKL: 1.657 % mean: 1.623 % median: 1.157 % low: -1.524 % |
|
| Return On Capital Employed (ROCE) | 3.95 % | |
| Return On Equity (ROE) | 2.608 | |
| Return On Equity QoQ | 87.149 % | |
| Return On Equity YoY | -991.365 % | |
| Return On Equity IPRWA | DKL: 2.608 high: 0.108 mean: 0.047 median: 0.046 low: -0.059 |
|
| DuPont ROE | 184.219 % | |
| Return On Invested Capital (ROIC) | 4.042 % | |
| Return On Invested Capital QoQ | 5.37 % | |
| Return On Invested Capital YoY | -99.804 % | |
| Return On Invested Capital IPRWA | high: 4.563 % DKL: 4.042 % mean: 2.479 % median: 2.174 % low: -0.759 % |
|