Delek US Holdings, Inc.
DK Energy Oil & Gas Refining & Marketing
Delek US Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.7 billion, down 9.53% from fiscal 2024. In the quarter to June 2026, revenue grew 47.8%, EPS grew 256.8%, free cash flow grew 173.9% and total debt rose 2.87%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
Follow DK
Delek US Holdings, Inc. (DK) Beneish M-score
Delek US Holdings, Inc.'s Beneish M-score for fiscal 2025 is −3.34; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.34 | 0.03 |
| FY2023 | −3.36 | (1.26) |
| FY2022 | −2.10 | 1.57 |
| FY2021 | −3.67 | (1.62) |
| FY2019 | −2.06 | 0.76 |
| FY2018 | −2.82 | (0.92) |
| FY2017 | −1.90 | (2.22) |
| FY2016 | 0.32 | 1.73 |
| FY2015 | −1.42 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.16 | — | 1.07 | |
| Gross margin index | (0.06) | — | −0.03 | |
| Asset quality index | 1.05 | — | 0.43 | |
| Sales growth index | 0.90 | — | 0.81 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 1.18 | — | −0.20 | |
| Total accruals to total assets | (0.07) | — | −0.33 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.34 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CSANY Cosan S.A. Sponsored ADR compare | −3.4× |
| DK Delek US Holdings, Inc. | −3.3× |
| PARR Par Pacific Holdings, Inc. compare | −3.0× |
| UGP Ultrapar Participacoes S.A. compare | −2.7× |
| CVI CVR Energy Inc. compare | −2.7× |
| PBF PBF Energy Inc. compare | −2.6× |
| IEP Icahn Enterprises L.P. compare | −2.6× |
| DKL Delek Logistics Partners, L.P. compare | −0.5× |
| SHI SINOPEC Shangai Petrochemical Company, Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI