Delek US Q2 2026 sum-of-the-parts valuation

Delek US Holdings Inc. (DK)
By@hypertonx
Assumptions as of 2026-09-30
USD
Updated Sep 30, 2026 · Revised 9 times
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Delek US Q2 2026 sum-of-the-parts valuation

Values Delek US as its publicly traded DKL stake plus a normalized refining and corporate enterprise value, less standalone net debt. Q2 peak-cycle refining results are not annualized; base EBITDA remains a conservative mid-cycle assumption after excluding RVO benefits.

as of 2026-09-30

Fair value per DK share
$59.93
Upside/downside
-20.6%
Equity value
$3,757
DK value of DKL stake
$1,605
Refining and corporate enterprise value
$2,400

Capitalization

62.70M shares
247.3$M

DKL stake

10.0%
3,075$M
58.0%

Market

$75.46
Latest DK quote · updated Oct 7, 2026 2:00 PM MDT

Refining

600$M
4

SOTP valuation bridge

Current
Refining and corporate enterprise value$2,400
DKL stake value after discount$1,605
Less standalone net debt-$247
Equity value$3,757
Fair value per share$59.93

Sources

  1. September 30 Modeledge reference DK price $71.37, refreshed 2026-09-30T15:27:35.459604-06:00. This quote refresh changes market-relative outputs; any intrinsic effects are separately explained. For USAU only, the existing financing-price formula mechanically links valuation to price. (accessed 2026-09-30)
  2. September 30 review of the September 29 closing 8-K confirms $460M zero-coupon notes due 2031, including the fully exercised option; proceeds after purchaser discounts $449.1M and capped-call cost $34.3M. On the existing standalone net-debt basis, add $460M debt less $414.8M cash retained before matched term-loan repayment, increasing pro forma net debt $202.1M to $247.3M. Repayment of principal reduces debt and cash equally; unquantified other fees/accrued interest and interim operating cash movements remain open. This is a transaction-only bridge, not a September balance sheet. Conversion is $85.31 with $117.09 capped-call protection; do not add maximum potential conversion shares while also carrying the full debt. Refresh DKL stake at $53.21 (provider September 30 20:00:03Z) times 57.797301M post-offering units, retaining 33.508831M parent-owned units, 10% holding discount and fixed bear/bull DKL-capitalization assumptions. Preserve $600M normalized refining EBITDA, 4x and 62.7M shares. — modeledge.ai (accessed 2026-09-30)
  3. Additional supporting source for the September 30 DK review; see the first dated source note. — sec.gov (accessed 2026-09-30)
  4. September 29 Modeledge reference DK stock price $68.73, retrieved 2026-09-29T15:15:01.416817-06:00; a post-session reference snapshot, not an asserted official close. No operating or intrinsic valuation inputs changed in this review. (accessed 2026-09-29)
  5. September 29: expected convertible settlement date has arrived, but company-specific index and web checks still did not verify a closing announcement or final proceeds/uses. Preserve the capital bridge and September 24 DKL mark. Do not treat the expected $400M zero-coupon financing as closed or add unmatched proceeds, debt retirement savings or dilution; original final terms and settlement remain unresolved. (accessed 2026-09-29)
  6. September 28 Modeledge reference DK stock price $67.47, retrieved 2026-09-28T16:46:38.577046-06:00; a post-session reference snapshot, not an asserted official close. Operating assumptions are unchanged except separately documented updates. (accessed 2026-09-28)
  7. September 28: no verified closing of the $400M zero-coupon convertible offering expected September 29. Preserve existing intrinsic assumptions and September 24 DKL stake mark; do not book unmatched proceeds, retirement savings, capped-call economics or dilution before original final terms and closing are verified. (accessed 2026-09-28)
  8. September 25, 2026 Model Edge reference DK price $67.84, refreshed 2026-09-25T15:02:45.579139-06:00. This changes market-relative outputs; intrinsic changes are separately sourced. (accessed 2026-09-26)
  9. Pricing reports specify $400M zero-coupon convertible notes, $85.31 conversion price and $117.09 capped-call cap, with September 29 expected closing. Await final issuer documents and actual settlement before changing the balance sheet. — tradingview.com (accessed 2026-09-26)
  10. September 24: shares fell 7.42%. The issuer proposes $400M senior unsecured convertible notes due November 2031 plus a $60M option, with capped calls, partial term-loan repayment and other corporate uses contemplated. Coupon/conversion terms await pricing and the offering is not verified closed; book neither new debt nor proceeds/dilution yet. Refresh the existing DKL stake at $54.48 (2026-09-24T20:00:03Z) times 57.797301M post-offering units, retaining 33.508831M DK-held units and a 10% discount. This gives $3,148.79695848M total DKL equity value and $1,643.005001592M discounted stake value. Keep refining EBITDA/multiple, $202.1M standalone net debt and 62.7M shares. Historical ownership, refining/RIN/crack-spread and peer checklists remain incomplete. — marketscreener.com (accessed 2026-09-24)
  11. September 24 reference DK price $66.9; quote refresh timestamp 2026-09-24T15:15:28.682652-06:00. This changes market-relative outputs; price alone does not change operating assumptions. (accessed 2026-09-24)
  12. Supporting primary filing for the September 24 source review described above. — sec.gov (accessed 2026-09-24)
  13. August 14 closing, verified September 15, confirms 4.6M new DKL units including the full option; DK did not subscribe and ownership fell from approximately 63.0% to 58.0%. Reconstruct current DKL capitalization at $56.69 (September 15 20:00:03 UTC) times 57.797301M post-offering units, with 33.508831M DK-held June 30 units divided by that same denominator. These are reported-share proxies, not a live ownership register. Reject stale $3.014B provider market cap. Proceeds of $220.8M after underwriting fees/before other expenses belong to DKL; do not add them to standalone DK cash or reduce ex-DKL net debt. Preserve $600M normalized core EBITDA, 4x, $202.1M standalone net debt, 62.7M diluted shares and existing bear/bull total-DKL-market-cap anchors. No quantified SRE cash windfall added. Ownership remains above 55% and 50% user alert thresholds. Broader filing, crack-spread, RIN, peer-multiple and quarterly checklist review remains incomplete. — ir.deleklogistics.com (accessed 2026-09-15)
  14. DKL Q2 10-Q reports 53.197301M common units at July 30 and 33.508831M DK-owned June 30 units excluding 0.359372M treasury units. Adding the 4.6M closed primary offering yields 57.797301M pro forma units; later unreported issuance or parent transactions remain a limitation. — sec.gov (accessed 2026-09-15)
  15. September 15 reference DK price $78.14; refresh provider timestamp 2026-09-15T15:01:38.384367-06:00. Rename the scalar price input current_price for automatic market-relative updates. Fixed bear/bull DKL total-capitalization scenarios remain $2.4B/$3.6B; apply the updated ownership fraction in all scenarios. (accessed 2026-09-15)
  16. Q2 2026 adjusted EBITDA was $638.7M, or $490.1M excluding the RVO adjustment; DKL adjusted EBITDA was $143.5M and annual guidance remained $520M-$560M. — sec.gov
  17. At June 30, 2026, DK excluding DKL had $614.9M cash and $817.0M long-term debt, or $202.1M net debt. — sec.gov
  18. DK's Q2 call reiterated no planned refining turnarounds for the rest of 2026, Q3 system throughput guidance of 296K-316K bpd, approximately $60M of Q2 EOP contribution, and a disciplined buyback/dividend capital allocation stance.
  19. DKL's Q2 call reaffirmed 2026 adjusted EBITDA guidance of $520M-$560M, approximately 80% pro forma third-party run-rate EBITDA, 4.23x leverage, and a $1.135 quarterly distribution.
  20. Modeledge market data showed DK at $58.46 and DKL market capitalization of approximately $3.017B using provider data dated August 7, 2026. — modeledge.ai

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