# Delek Logistics Partners, LP (DKL)

> Source: Nexqual · https://nexqual.com/DKL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Delek Logistics Partners, LP (DKL), nexqual.com/DKL" · informational, not investment advice.

**Price:** USD 56.91 (+0.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 56.77 · day 56.61–57.24 · 52w 42.82–61.5 · market cap $3.29B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.20B, net income $154M (12.8% margin), free cash flow $134M (SEC filings).
- Valuation: P/E 21.3x, EV/EBITDA 17.2x, net debt $2.36B.
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $750K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (6 analysts), mean target USD 53.33 (range 36–62).
- Total return with dividends: 1Y +37.5% vs S&P 500 +14.9%; 5Y +79.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 1.04, revenue estimate $355M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $701M | $1.04B | $1.02B | $941M | $1.01B | $1.20B |
| Gross profit | $216M | $249M | $285M | $244M | $215M | — |
| Operating income | $191M | $210M | $239M | $203M | $182M | $184M |
| Net income | $165M | $159M | $126M | $143M | $176M | $154M |
| Free cash flow | $252M | $51.1M | $129M | $77.3M | -$30.6M | $134M |
| Gross margin | 30.8% | 24.1% | 27.9% | 25.9% | 21.2% | — |
| Operating margin | 27.2% | 20.2% | 23.4% | 21.6% | 17.9% | 15.3% |
| Net margin | 23.5% | 15.3% | 12.4% | 15.2% | 17.4% | 12.8% |
| Revenue growth | +24.4% | +47.9% | -1.5% | -7.8% | +7.7% | — |
| Cash + short-term investments | $4.3M | $8.0M | $3.8M | $5.4M | $10.9M | — |
| Total debt | $899M | $1.66B | $1.70B | $1.88B | $2.34B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.3x · P/S 2.7x · EV/EBITDA 17.2x · EV/Sales 4.7x · P/FCF 24.6x · FCF yield 4.07% · Earnings yield 4.68% · Buyback yield (TTM) 0.00% · Net debt $2.36B · EV $5.65B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $750K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-13 | Soreq Avigal | President | 2,500 | $125K | 50 | Too little history (no open-market trades in 2025) |
| 2026-08-13 | Hobbs Mark Wayne | EVP | 4,000 | $200K | 50 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Spiegel Reuven | Executive Vice President, DKL | 1,000 | $50K | 50 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-13 | Wright Robert G. | EVP, Chief Financial Officer | 1,500 | $75K | 50 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Yemin Ezra Uzi | Chairman | 6,000 | $300K | 50 | Too little history (no open-market trades in 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 6 analysts; mean target USD 53.33 (low 36, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | UBS | Target raised | Neutral | $55 → $57 |
| 2026-07-17 | UBS | Initiated | Neutral | $56 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +37.5% | +79.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +37.7% | +12.4% |
| Volatility (annualized) | 30.2% | 32.3% |
| Max drawdown | -12.8% (Aug 2026→Aug 2026) | -30.7% (Aug 2022→Aug 2023) |

## Peers (Oil & Gas Refining & Marketing)
PARR (Par Pacific Holdings, Inc. Comm) USD 80.18 -5.34% · IEP (Icahn Enterprises L.P. - Deposi) USD 6.13 -0.33% · DK (Delek US Holdings, Inc.) USD 75.79 -3.11% · WKC (World Kinect Corporation) USD 36.5 +0.52% · CVI (CVR Energy Inc.) USD 58.63 -3.46% · UGP (Ultrapar Participacoes S.A. (Ne) USD 7.8 -2.13%

## More
Full page: https://nexqual.com/DKL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DKL's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1552797/000162828026012666/dkl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | H2O Midstream | "By acquiring Gravity and H2O Midstream, we increased third-party revenue streams, diversified our customer and product mix, and expanded our footprint in the Midland and Bakken basins, aligning with our strategic growth …" |
| Partner | Delek US Holdings, Inc. (DK) | "Unless otherwise noted or the context requires otherwise, references in this report to "Delek Holdings" refers collectively to Delek US Holdings, Inc. and any of its subsidiaries, other than the Partnership and its subsi…" |
| Partner | W2W Holdings | "W2W Holdings includes our 15.6% indirect interest in the Wink to Webster Pipeline, LLC joint venture ("Wink to Webster"), and related joint venture indebtedness." |
| Partner | Amended and Restated Agreement of | "The taxable income reportable to each partner takes into account differences between the tax basis and the fair market value of our assets and financial reporting bases of assets and liabilities, the acquisition price of…" |
| Partner | Delaware Revised Uniform | "Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act, we may not make a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair value of our assets." |
| Partner | Yemin Investments | "(7) 162,217 of our units and 679,656 shares of Delek US Holdings, Inc. Common Stock are held of record by Yemin Investments, L.P., a limited partnership of which Mr. Yemin is the sole general partner." |
| Partner | Red River Pipeline Company | "We did not audit the 2024 and 2023 financial statements of Red River Pipeline Company LLC, an entity in which the Partnership has a 33% interest." |
| Partner | Webster Pipeline | "W2W Holdings includes our 15.6% indirect interest in the Wink to Webster Pipeline, LLC joint venture ("Wink to Webster"), and related joint venture indebtedness." |
| Partner | PLAINS ALL AMERICAN PIPELINE LP (PAA) | "Additionally, we have two pipeline joint ventures, in which we own a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. ("CP LLC") to operate one of these pipeline system…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gathering and Processing | $195.1M | 50.7% | +65.7% |
| Wholesale Marketing and Terminalling | $162.7M | 42.3% | +55.5% |
| Storage and Transportation | $26.9M | 7.0% | +12.2% |
| Total revenue | $384.8M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product Revenue - Third Party | $110.3M | 28.7% | +89.6% |
| Service Revenue - Third Party | $21.7M | 5.6% | +5.9% |
| Service Revenue - Affiliate | $3.3M | 0.8% | +114.3% |
| Product Revenue - Affiliate | $2.2M | 0.6% | +228.8% |
| Total revenue | $384.8M | 100% | — |
The lines above cover 35.7% of total revenue.

## Customer concentration

Period ended 2025-12-31: 49.3% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.04 | $0.93 | +12.0% | $355.4M | 6 |
| Next quarter (ends 2026-12-31) | $0.97 | $0.89 | +8.5% | $358.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $3.49 | $3.33 | +4.7% | $1.40B | 6 |
| Next fiscal year (ends 2027-12-31) | $4.43 | $3.77 | +17.7% | $1.43B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±6.5%; last 8 reports averaged ±2.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.9% | ±6.5% |
| 2026-12-18 | 56 | 29.9% | ±9.4% |
| 2027-02-19 | 119 | 24.4% | ±11.4% |
| 2027-05-21 | 210 | 28.4% | ±17.0% |