DKL Delek Logistics Partners, L.P. Common Units representing Limited Partner Interests
$54.46
Price · Aug 20, 2026
Fundamentals as of Aug 5, 2026
52W Range
$42–$62
63% of range
Analyst Rating
HOLD
13 analysts
Price Target
$53
P/E (TTM)
—
ROE
—
Net Profit Margin
17.4%
DKL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$54.46
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$1.01B
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$42 – $62
DKL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.01B
2016-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$-31M
2016-12-31
→
2025-12-31
Margins
17.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
DKL
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
DKL
Peer Median
Operating Margin
17.9%
—
Net Profit Margin
17.4%
11.6%
ROA
7.3%
4.1%
ROIC
7.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
DKL
Peer Median
Current Ratio
1.1
1.0
Quick Ratio
0.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
DKL
Peer Median
Revenue YoY
7.7%
—
Revenue CAGR 3Y
-0.75%
—
Revenue CAGR 5Y
12.5%
—
Net Income YoY
23.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
DKL
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 3, 2026 | $1.1350 |
| May 4, 2026 | $1.1300 |
| Feb. 5, 2026 | $1.1250 |
| Nov. 7, 2025 | $1.1200 |
| Aug. 8, 2025 | $1.1150 |
| May 8, 2025 | $1.1100 |
| Feb. 4, 2025 | $1.1050 |
| Nov. 8, 2024 | $1.1000 |
| Aug. 9, 2024 | $1.0900 |
| May 7, 2024 | $1.0700 |
| Feb. 2, 2024 | $1.0550 |
| Nov. 3, 2023 | $1.0450 |
| Aug. 4, 2023 | $1.0350 |
| May 5, 2023 | $1.0250 |
| Feb. 1, 2023 | $1.0200 |
| Nov. 3, 2022 | $0.9900 |
| Aug. 3, 2022 | $0.9850 |
| May 4, 2022 | $0.9800 |
| Jan. 31, 2022 | $0.9750 |
| Nov. 4, 2021 | $0.9500 |
DKL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
13 analysts
- Strong Buy 0 0.0%
- Buy 1 7.7%
- Hold 6 46.2%
- Sell 5 38.5%
- Strong Sell 1 7.7%
12-Month Price Target
6 analysts · 2026-08-18
Median
$55.50
Mean
$52.83
Now
$54.46
Low
$36.00
High
$61.00
Median target
$55.50
+1.9%
Mean target
$52.83
-3.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.21%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.54 | $0.92 | -0.38% |
| March 31, 2026 | $0.60 | $0.85 | -0.25% |
| Dec. 31, 2025 | $0.88 | $1.13 | -0.25% |
| Sept. 30, 2025 | $0.85 | $1.00 | -0.15% |
| June 30, 2025 | $0.83 | $0.95 | -0.12% |
| March 31, 2025 | $0.73 | $0.82 | -0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DKL | — | — | 7.7% | 17.4% | — | — |
| PAGP | — | 38.3 | -9.5% | 0.59% | — | — |
| INSW | $2.40B | 7.8 | -11.4% | 36.7% | 15.8% | — |
| EE | — | 21.9 | 44.3% | — | — | — |
| NGL | — | — | -9.0% | -4.5% | — | — |
| LPG | $1.46B | 7.5 | 36.3% | 40.2% | 17.6% | — |
| GEL | — | -3.7 | -1.8% | -27.0% | — | — |
| NEXT | — | -4.5 | — | — | -181.7% | — |
| GLP | — | — | 8.1% | 0.53% | — | 5.7% |
| CAPL | — | 20.2 | -10.6% | 1.1% | — | 11.0% |
| WMB | — | 28.1 | 13.8% | 21.9% | 20.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $941M | $1.02B | $1.04B | $701M | $563M | $584M | $658M | $538M | $448M | $590M | $841M | |
| Cost of Revenue | $798M | $697M | $735M | $787M | $485M | $357M | $433M | $509M | $432M | $355M | $436M | $697M | |
| SG&A Expense | $29M | $36M | $25M | $34M | $21M | $23M | $21M | $17M | $12M | $10M | $11M | $11M | |
| Operating Expenses | $167M | $122M | $116M | $85M | $59M | $54M | $71M | $56M | $40M | $35M | $512M | $762M | |
| Operating Income | $182M | $203M | $239M | $210M | $191M | $180M | $126M | $126M | $88M | $78M | $77M | $79M | |
| Interest Expense | · | · | $143M | $82M | $50M | $43M | $47M | $41M | $24M | $14M | $11M | $9M | |
| Other Non-op | $60.0K | $205.0K | $303.0K | $373.0K | $119.0K | $-133.0K | $-600.0K | $-8.0K | $1.0K | $0 | $0 | · | |
| Pretax Income | $177M | $143M | $127M | $159M | $165M | $159M | $98M | $91M | $69M | $63M | $66M | $70M | |
| Income Tax | $458.0K | $479.0K | $1M | $382.0K | $153.0K | $223.0K | $967.0K | $534.0K | $-222.0K | $81.0K | $-195.0K | $132.0K | |
| Net Income | $176M | $143M | $126M | $159M | $165M | $159M | $97M | $90M | $69M | $63M | $66M | $70M | |
| EBITDA | $307M | $299M | $331M | $273M | $233M | $216M | $153M | $152M | $88M | $78M | $77M | $80M |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11M | $5M | $4M | $8M | $4M | $4M | $6M | $5M | $5M | $59.0K | $0 | $2M | |
| Receivables | · | · | · | $53M | $15M | $16M | $13M | $22M | $23M | $19M | $35M | $28M | |
| Inventory | $18M | $5M | $2M | $1M | $2M | $3M | $13M | $5M | $21M | $9M | $10M | $10M | |
| Other Current Assets | $4M | $24M | $676.0K | $2M | $951.0K | $331.0K | $2M | $969.0K | $783.0K | $1M | $2M | $768.0K | |
| Current Assets | $401M | $146M | $76M | $65M | $23M | $29M | $34M | $33M | $50M | $32M | $47M | $41M | |
| PP&E (Net) | $1.42B | $1.06B | $936M | $924M | $449M | $465M | $295M | $313M | $255M | $251M | $254M | $255M | |
| PP&E (Gross) | $1.83B | $1.38B | $1.32B | $1.24B | $716M | $692M | $461M | $453M | $367M | $342M | $326M | $308M | |
| Accum. Depreciation | $404M | $311M | $384M | $317M | $266M | $227M | $166M | $140M | $112M | $91M | $72M | $53M | |
| Goodwill | $12M | $12M | $12M | $27M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | |
| Intangibles | $370M | $281M | $343M | $365M | $154M | $160M | $147M | $154M | $16M | $14M | $15M | $17M | |
| Other Non-current Assets | $7M | $10M | $14M | $16M | $26M | $12M | $6M | $24M | $3M | $5M | $6M | $7M | |
| Total Assets | $2.78B | $2.04B | $1.64B | $1.68B | $935M | $956M | $744M | $625M | $444M | $416M | $375M | $331M | |
| Accounts Payable | $293M | $41M | $26M | $57M | $8M | $7M | $12M | $14M | $19M | $11M | $7M | $18M | |
| Current Liabilities | $356M | $89M | $91M | $106M | $97M | $28M | $35M | $37M | $32M | $21M | $21M | $30M | |
| Capital Leases | $4M | $6M | $8M | $12M | $14M | $15M | $2M | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | $616.0K | $215.0K | $0 | · | · | $0 | $231.0K | |
| Other Non-current Liabilities | $24M | $20M | $21M | $16M | $23M | $23M | $19M | $17M | $14M | $12M | $11M | $6M | |
| Long-term Debt | $2.34B | $1.88B | $1.70B | $1.66B | $899M | · | · | · | · | · | · | · | |
| Total Debt | $2.34B | $1.88B | $1.70B | $15M | · | · | · | · | · | · | · | · | |
| Liabilities + Equity | $2.78B | $2.04B | $1.64B | $1.68B | $935M | $956M | $744M | $625M | $444M | $416M | $375M | $331M |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $126M | $96M | $92M | $63M | $43M | $36M | $27M | $26M | $22M | $21M | $20M | $15M | |
| Stock-based Comp | · | · | $3M | $3M | $2M | $1M | $2M | $674.0K | $610.0K | $599.0K | $406.0K | $274.0K | |
| Deferred Tax | · | · | · | $5.0K | $353.0K | $401.0K | $496.0K | $152.0K | $-111.0K | $-173.0K | $14.0K | $-109.0K | |
| Other Non-cash | $-65M | $-33M | $4M | $-33M | $65M | $-3M | $5M | $31M | · | · | · | · | |
| Operating Cash Flow | $237M | $206M | $225M | $192M | $275M | $193M | $130M | $153M | $91M | $101M | $68M | $85M | |
| CapEx | $268M | $129M | $96M | $141M | $23M | $13M | $9M | $13M | $18M | $11M | $20M | $9M | |
| Investing Cash Flow | $-444M | $-385M | $-90M | $-770M | $-16M | $-123M | $-147M | $-228M | $-30M | $-73M | $-57M | $-32M | |
| Net Debt Issued | $0 | $-531M | $-19M | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $10M | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $-10M | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $213M | $180M | $-140M | $582M | $-259M | $-71M | $18M | $75M | $-57M | $-28M | $-13M | $-52M | |
| Net Change in Cash | $6M | $2M | $-4M | $4M | $49.0K | $-1M | $1M | $-153.0K | $5M | $59.0K | $-2M | $937.0K | |
| Free Cash Flow | $-31M | $77M | $129M | $51M | $251M | $180M | $121M | $135M | $70M | $89M | $48M | $79M | |
| Levered FCF | · | · | $-13M | $-31M | $201M | $137M | $74M | $94M | $45M | $76M | $37M | $70M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 17.9% | 21.6% | 23.4% | 20.2% | 27.2% | 31.9% | 21.5% | 19.1% | 16.4% | 17.3% | 13.1% | 9.5% | |
| Net Margin | 17.4% | 15.2% | 12.4% | 15.3% | 23.5% | 28.3% | 16.6% | 13.7% | 12.9% | 14.0% | 11.2% | 8.5% | |
| Pretax Margin | 17.5% | 15.2% | 12.5% | 15.4% | 23.5% | 28.3% | 16.7% | 13.8% | 12.9% | 14.0% | 11.2% | 8.5% | |
| EBITDA Margin | 30.3% | 31.8% | 32.5% | 26.3% | 33.3% | 38.2% | 26.1% | 23.1% | 16.4% | 17.3% | 13.1% | 9.5% | |
| ROA | 7.3% | 7.8% | 7.6% | 12.2% | 17.4% | 18.7% | 14.1% | 16.9% | 16.2% | 15.9% | 18.7% | 23.2% | |
| ROIC | 7.7% | 10.8% | 13.9% | 1394.5% | · | · | · | · | · | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.6 | 0.8 | 0.6 | 0.2 | 1.0 | 1.0 | 0.9 | 1.6 | 1.5 | 2.3 | 1.3 | |
| Quick Ratio | 0.0 | 0.1 | 0.0 | 0.6 | 0.2 | 0.7 | 0.5 | 0.7 | 0.9 | 0.9 | 1.7 | 1.0 | |
| Interest Coverage | · | · | 1.7 | 2.5 | 3.8 | 4.2 | 2.7 | 3.0 | 3.7 | 5.7 | 7.2 | 9.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.5 | 0.6 | 0.8 | 0.7 | 0.7 | 0.9 | 1.2 | 1.3 | 1.1 | 1.7 | 2.7 | |
| Inventory Turnover | 68.4 | 181.2 | 392.6 | 404.7 | 174.9 | 45.3 | 47.8 | 38.6 | 25.1 | 31.3 | 42.0 | 50.1 | |
| Receivables Turnover | · | · | · | 30.2 | 45.1 | 39.0 | 33.6 | 29.5 | 25.5 | 16.5 | 18.7 | 29.6 |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.7% | -7.8% | -1.5% | 47.9% | 24.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -0.75% | 10.3% | 21.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 12.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 23.7% | 13.0% | -20.6% | -3.5% | 3.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 3.5% | -4.7% | -7.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 2.1% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.01B | $941M | $1.02B | $1.04B | $701M | $563M | $584M | $658M | $538M | $448M | $590M | $841M | |
| Net Income TTM | $176M | $143M | $126M | $159M | $165M | $159M | $97M | $90M | $69M | $63M | $66M | $70M |
Income Statement 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $385M | $297M | $256M | $261M | $246M | $250M | $210M | $214M | $265M | $252M | $276M | $247M | $244M | $269M | $294M | $267M | |
| Cost of Revenue | $319M | $251M | $212M | $207M | $183M | $196M | $161M | $165M | $190M | $181M | $206M | $179M | $170M | $202M | $222M | $210M | |
| SG&A Expense | $3M | $4M | $6M | $5M | $9M | $9M | $9M | $16M | $6M | $5M | $6M | $7M | $8M | $3M | $12M | $14M | |
| Operating Expenses | $43M | $47M | $45M | $43M | $38M | $41M | $33M | $28M | $29M | $32M | $33M | $28M | $24M | $23M | $25M | $20M | |
| Operating Income | $62M | $40M | $36M | $45M | $52M | $48M | $38M | $32M | $68M | $65M | $63M | $60M | $64M | $62M | $59M | $42M | |
| Interest Expense | · | · | · | · | · | · | · | · | $35M | $40M | $37M | $35M | $33M | · | $23M | $17M | |
| Other Non-op | $29.0K | $27.0K | $86.0K | $-67.0K | $20.0K | $21.0K | $28.0K | $-34.0K | $40.0K | $171.0K | $3.0K | $19.0K | $2.0K | $334.0K | $36.0K | $2.0K | |
| Pretax Income | $29M | $32M | $47M | $46M | $45M | $39M | $35M | $34M | $41M | $33M | $35M | $32M | $38M | $42M | $45M | $32M | |
| Income Tax | $0 | $0 | $-313.0K | $344.0K | $245.0K | $182.0K | $-54.0K | $150.0K | $57.0K | $326.0K | $127.0K | $256.0K | $302.0K | $-411.0K | $387.0K | $305.0K | |
| Net Income | $29M | $32M | $47M | $46M | $45M | $39M | $35M | $34M | $41M | $33M | $35M | $32M | $37M | $43M | $45M | $32M | |
| EBITDA | $99M | $77M | · | $80M | $80M | $75M | · | $53M | $93M | $91M | $87M | $84M | $85M | · | $79M | $56M |
Balance Sheet 19
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14M | $10M | $11M | $7M | $1M | $2M | $5M | $7M | $5M | $10M | $4M | $8M | $11M | · | $15M | $14M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | $61M | · | $53M | $44M | |
| Inventory | $24M | $21M | $18M | $19M | $17M | $9M | $5M | $5M | $2M | $2M | $4M | $3M | $3M | · | $2M | $4M | |
| Other Current Assets | $5M | $5M | $4M | $1M | $2M | $2M | $24M | $2M | $1M | $615.0K | $962.0K | $1M | $3M | · | $2M | $2M | |
| Current Assets | $470M | $536M | $401M | $383M | $410M | $157M | $146M | $86M | $97M | $106M | $118M | $85M | $77M | · | $73M | $64M | |
| PP&E (Net) | $1.48B | $1.44B | $1.42B | $1.42B | $1.40B | $1.32B | $1.06B | $1.04B | $919M | $930M | $937M | $942M | $941M | · | $876M | $854M | |
| PP&E (Gross) | $1.94B | $1.88B | $1.83B | $1.79B | $1.75B | $1.65B | $1.38B | $1.48B | $1.34B | $1.34B | $1.31B | $1.29B | $1.27B | · | $1.18B | $1.14B | |
| Accum. Depreciation | $460M | $432M | $404M | $376M | $351M | $331M | $311M | $441M | $424M | $406M | $369M | $350M | $333M | · | $303M | $288M | |
| Goodwill | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $27M | $27M | $27M | $27M | $27M | $23M | |
| Intangibles | · | · | $370M | · | · | · | $281M | $96M | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $14M | $14M | $7M | $35M | $26M | $16M | $10M | $11M | $12M | $13M | $17M | $20M | $19M | · | $20M | $19M | |
| Total Assets | $2.87B | $2.91B | $2.78B | $2.75B | $2.75B | $2.40B | $2.04B | $1.96B | $1.62B | $1.65B | $1.71B | $1.69B | $1.69B | · | $1.64B | $1.61B | |
| Accounts Payable | $427M | $509M | $293M | $308M | $382M | $60M | $41M | · | · | · | · | · | $23M | · | $53M | $44M | |
| Current Liabilities | $489M | $561M | $356M | $370M | $443M | $97M | $89M | $70M | $70M | $57M | $85M | $56M | $78M | · | $266M | $163M | |
| Capital Leases | $3M | $3M | $4M | $4M | $5M | $6M | $6M | $6M | $7M | $7M | $9M | $10M | $12M | · | $12M | $13M | |
| Other Non-current Liabilities | $29M | $25M | $24M | $44M | $37M | $25M | $20M | $21M | $21M | $21M | $18M | $16M | $16M | · | $17M | $19M | |
| Long-term Debt | $2.37B | $2.29B | $2.34B | $2.29B | $2.21B | $2.15B | $1.88B | $1.89B | $1.57B | $1.60B | $1.74B | $1.74B | $1.71B | · | $1.45B | $1.52B | |
| Total Debt | $2.37B | $2.29B | · | $2.29B | $2.21B | $2.15B | · | $1.89B | $1.57B | $1.60B | $1.74B | $1.74B | $1.71B | · | · | · | |
| Liabilities + Equity | $2.87B | $2.91B | $2.78B | $2.75B | $2.75B | $2.40B | $2.04B | $1.96B | $1.62B | $1.65B | $1.71B | $1.69B | $1.69B | · | $1.64B | $1.61B |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $37M | $37M | $36M | $35M | $27M | $28M | $24M | $21M | $24M | $26M | $25M | $24M | $21M | $20M | $20M | $13M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | $1M | $605.0K | $927.0K | $780.0K | · | $666.0K | $626.0K | |
| Other Non-cash | · | $102M | · | · | · | $-35M | · | · | · | $-17M | · | · | $-30M | · | · | · | |
| Operating Cash Flow | $71M | $170M | $43M | $55M | $107M | $32M | $50M | $25M | $88M | $44M | $47M | $35M | $29M | $-105M | $164M | $85M | |
| CapEx | $60M | $49M | $31M | $67M | $114M | $55M | $46M | $57M | $15M | $11M | $3M | $28M | $28M | $64M | $41M | $25M | |
| Investing Cash Flow | $-60M | $-49M | $-33M | $-64M | $-113M | $-235M | $-70M | $-299M | $-6M | $-10M | $-741.0K | $-28M | $-27M | $-65M | $-46M | $-647M | |
| Net Debt Issued | · | · | · | · | · | $0 | · | · | · | $-531M | · | · | $-4M | · | · | · | |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 | $10M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | · | $0 | · | · | · | $-10M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-8M | $-122M | $-7M | $15M | $5M | $200M | $18M | $276M | $-87M | $-28M | $-50M | $-10M | $783.0K | $164M | $-118M | $573M | |
| Net Change in Cash | $4M | $-985.0K | $4M | $5M | $-671.0K | $-3M | $-2M | $2M | $-5M | $6M | $-4M | $-3M | $3M | $-7M | $1M | $11M | |
| Free Cash Flow | · | $122M | · | · | · | $-24M | · | · | · | $33M | · | · | $1M | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-7M | · | · | $-31M | · | · | · |
Profitability 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 16.1% | 13.5% | · | 17.4% | 21.3% | 19.0% | · | 14.9% | 25.9% | 25.6% | 22.7% | 24.3% | 26.2% | · | 20.1% | 15.8% | |
| Net Margin | · | 10.9% | · | · | · | 15.6% | · | · | · | 13.0% | · | · | 15.3% | · | · | · | |
| Pretax Margin | 7.5% | 10.9% | · | 17.6% | 18.2% | 15.7% | · | 15.8% | 15.5% | 13.1% | 12.7% | 13.0% | 15.5% | · | 15.3% | 12.2% | |
| EBITDA Margin | 25.8% | 25.7% | · | 30.7% | 32.3% | 30.1% | · | 24.8% | 35.0% | 36.1% | 31.6% | 33.9% | 34.9% | · | 26.7% | 20.8% | |
| ROA | · | 1.2% | · | · | · | 1.9% | · | · | · | 1.9% | · | · | 2.8% | · | · | · | |
| ROIC | 2.6% | 1.7% | · | 2.0% | 2.4% | 2.2% | · | 1.7% | 4.4% | 4.0% | 3.6% | 3.4% | 3.7% | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | · | 1.0 | 0.9 | 1.6 | · | 1.2 | 1.4 | 1.8 | 1.4 | 1.5 | 1.0 | · | 0.3 | 0.4 | |
| Quick Ratio | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.2 | 0.0 | 0.1 | 0.9 | · | 0.3 | 0.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 1.9 | 1.6 | 1.7 | 1.7 | 2.0 | · | 2.6 | 2.5 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | · | 0.2 | 0.2 | |
| Inventory Turnover | 15.6 | 16.9 | · | 17.8 | 19.3 | 38.0 | · | 37.7 | 78.7 | 83.8 | 62.3 | 53.2 | 76.7 | · | 94.2 | 74.3 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | 6.0 | · | 8.2 | 8.6 |
Valuation (TTM) 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.19B | $1.06B | · | $972M | $975M | $981M | · | $1.01B | $1.04B | $1.02B | $1.06B | $1.05B | $1.01B | · | $957M | $831M |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.01B | $941M | $1.02B | $1.04B | $701M |
| Operating Margin % | 17.9% | 21.6% | 23.4% | 20.2% | 27.2% |
| Net Income | $176M | $143M | $126M | $159M | $165M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.6 | 0.8 | 0.6 | 0.2 |
| Quick Ratio | 0.0 | 0.1 | 0.0 | 0.6 | 0.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-31M | $77M | $129M | $51M | $251M |
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Institutional owners (13F) 92 filers · $525.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 11 (-1 vs prior Q) | 6 (+1 vs prior Q) | 30 (+1 vs prior Q) | 18 (-4 vs prior Q) | +1.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ALPS ADVISORS INC | $225,958,627 | 4,384,141 | 43.02% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $84,045,866 | 1,630,692 | 16.00% | Shares |
| Invesco Ltd. | $78,015,737 | 1,513,693 | 14.85% | Shares |
| Clearbridge Investments, LLC | $25,226,665 | 489,458 | 4.80% | Shares |
| NEOS Investment Management LLC | $8,935,026 | 173,361 | 1.70% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $8,255,935 | 160,185 | 1.57% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,602,150 | 147,500 | 1.45% | Call option |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $7,215,600 | 140,000 | 1.37% | Shares |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | $7,205,910 | 139,812 | 1.37% | Shares |
| PEAK6 LLC | $6,947,592 | 134,800 | 1.32% | Call option |
| Blackstone Inc. | $6,812,300 | 132,175 | 1.30% | Shares |
| Castellan Group | $4,806,775 | 93,263 | 0.92% | Shares |
| JANE STREET GROUP, LLC | $4,602,522 | 89,300 | 0.88% | Call option |
| FIRST TRUST ADVISORS LP | $4,037,540 | 78,338 | 0.77% | Shares |
| CITADEL ADVISORS LLC | $3,641,507 | 70,654 | 0.69% | Shares |
| Adams Asset Advisors, LLC | $3,622,644 | 70,288 | 0.69% | Shares |
| GraniteShares Advisors LLC | $3,176,513 | 61,632 | 0.60% | Shares |
| GOLDMAN SACHS GROUP INC | $3,006,174 | 58,327 | 0.57% | Shares |
| SHARPEPOINT LLC | $2,085,336 | 40,461 | 0.40% | Shares |
| IFG Advisory, LLC | $1,874,193 | 36,364 | 0.36% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,865,686 | 36,199 | 0.36% | Shares |
| LPL Financial LLC | $1,770,746 | 34,357 | 0.34% | Shares |
| Bramshill Investments, LLC | $1,529,089 | 29,668 | 0.29% | Shares |
| JANE STREET GROUP, LLC | $1,510,122 | 29,300 | 0.29% | Put option |
| CITADEL ADVISORS LLC | $1,412,196 | 27,400 | 0.27% | Call option |
| NOVEM GROUP | $1,176,113 | 22,819 | 0.22% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $942,564 | 18,288 | 0.18% | Shares |
| Private Advisor Group, LLC | $903,857 | 17,537 | 0.17% | Shares |
| AMERICAN FINANCIAL GROUP INC | $876,180 | 17,000 | 0.17% | Shares |
| PFG Investments, LLC | $865,872 | 16,800 | 0.16% | Shares |
| Strategic Financial Concepts, LLC | $831,287 | 16,129 | 0.16% | Shares |
| Cetera Investment Advisers | $827,797 | 16,061 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $804,024 | 15,600 | 0.15% | Put option |
| Cerity Partners LLC | $794,386 | 15,413 | 0.15% | Shares |
| Sanctuary Advisors, LLC | $768,034 | 14,902 | 0.15% | Shares |
| UBS Group AG | $765,369 | 14,850 | 0.15% | Shares |
| Allspring Global Investments Holdings, LLC | $757,638 | 14,700 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $711,252 | 13,800 | 0.14% | Put option |
| Focus Financial Network, Inc. | $707,351 | 13,724 | 0.13% | Shares |
| Fractal Investments LLC | $544,211 | 10,559 | 0.10% | Shares |
| Mariner, LLC | $537,098 | 10,421 | 0.10% | Shares |
| ROYAL BANK OF CANADA | $518,000 | 10,052 | 0.10% | Shares |
| Abel Hall, LLC | $515,400 | 10,000 | 0.10% | Shares |
| Apollon Wealth Management, LLC | $496,897 | 9,641 | 0.09% | Shares |
| KESTRA PRIVATE WEALTH SERVICES, LLC | $471,047 | 9,139 | 0.09% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $382,684 | 7,425 | 0.07% | Shares |
| HighTower Advisors, LLC | $366,656 | 7,114 | 0.07% | Shares |
| JPMORGAN CHASE & CO | $348,314 | 6,803 | 0.07% | Shares |
| GUGGENHEIM CAPITAL LLC | $321,507 | 6,238 | 0.06% | Shares |
| DAVIDSON TRUST CO | $314,394 | 6,100 | 0.06% | Shares |
| Clarity Financial LLC | $309,240 | 6,000 | 0.06% | Shares |
| STIFEL FINANCIAL CORP | $308,312 | 5,982 | 0.06% | Shares |
| &PARTNERS | $298,932 | 5,800 | 0.06% | Shares |
| MGO ONE SEVEN LLC | $272,698 | 5,291 | 0.05% | Shares |
| FMR LLC | $270,585 | 5,250 | 0.05% | Shares |
| DIVIDEND ASSETS CAPITAL, LLC | $239,094 | 4,639 | 0.05% | Shares |
| Toroso Investments, LLC | $229,659 | 5,147 | 0.04% | Shares |
| Arrow Investment Advisors, LLC | $218,787 | 4,245 | 0.04% | Shares |
| Avior Wealth Management, LLC | $206,160 | 4,000 | 0.04% | Shares |
| SITTNER & NELSON, LLC | $180,390 | 3,500 | 0.03% | Shares |
| Lindbrook Capital, LLC | $151,410 | 3,500 | 0.03% | Shares |
| FIFTH THIRD BANCORP | $126,273 | 2,450 | 0.02% | Shares |
| HIGHLINE WEALTH PARTNERS LLC | $95,658 | 1,856 | 0.02% | Shares |
| Rockefeller Capital Management L.P. | $75,970 | 1,474 | 0.01% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $68,037 | 1,340 | 0.01% | Shares |
| Farther Finance Advisors, LLC | $68,033 | 1,320 | 0.01% | Shares |
| State of Wyoming | $67,878 | 1,317 | 0.01% | Shares |
| PNC Financial Services Group, Inc. | $53,086 | 1,030 | 0.01% | Shares |
| HUNTINGTON NATIONAL BANK | $40,974 | 795 | 0.01% | Shares |
| HM PAYSON & CO | $37,006 | 718 | 0.01% | Shares |
| PROEQUITIES, INC. | $36,605 | 825 | 0.01% | Shares |
| OSAIC HOLDINGS, INC. | $35,406 | 687 | 0.01% | Shares |
| Osbon Capital Management LLC | $26,079 | 506 | 0.00% | Shares |
| CWM, LLC | $25,029 | 503 | 0.00% | Shares |
| GROUP ONE TRADING LLC | $24,636 | 478 | 0.00% | Shares |
| BARCLAYS PLC | $21,131 | 410 | 0.00% | Shares |
| CIBC Private Wealth Group LLC | $19,355 | 425 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $10,617 | 206 | 0.00% | Shares |
| North Star Investment Management Corp. | $10,308 | 200 | 0.00% | Shares |
| COHEN & STEERS, INC. | $9,820 | 190,528 | 0.00% | Shares |
| HARBOUR INVESTMENTS, INC. | $8,968 | 174 | 0.00% | Shares |
| Allworth Financial LP | $6,752 | 131 | 0.00% | Shares |
| Triumph Capital Management | $6,442 | 125 | 0.00% | Shares |
| MORGAN STANLEY | $5,154 | 100 | 0.00% | Shares |
| DiNuzzo Private Wealth, Inc. | $4,976 | 100 | 0.00% | Shares |
| NewEdge Advisors, LLC | $2,901 | 56 | 0.00% | Shares |
| HRT FINANCIAL LP | $2,728 | 52,937 | 0.00% | Shares |
| Tower Research Capital LLC (TRC) | $825 | 16 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $695 | 13,492 | 0.00% | Shares |
| Cambridge Investment Research Advisors, Inc. | $211 | 4,101 | 0.00% | Shares |
| Motiv8 Investments LLC | $192 | 4,305 | 0.00% | Shares |
| TORONTO DOMINION BANK | $0 | 21 | 0.00% | Shares |
Company insiders 21 insiders · 6 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Assi Ginzburg | EVP / Chief Financial Officer | Dec. 1, 2014 P | 77,520 | 0 | 0 | $0 |
| Denise Clark Mcwatters | EVP, Gen Counsel & Corp Sec | June 10, 2026 F | 14,550 | 0 | 0 | $0 |
| Harry Parker Daily | Executive Vice President | Dec. 10, 2014 F | 18,160 | 0 | 0 | $0 |
| Kent B Thomas | Executive Vice President | Dec. 10, 2014 F | 15,953 | 0 | 0 | $0 |
| Donald Norman Holmes | Executive Vice President | Dec. 10, 2014 F | 16,147 | 0 | 0 | $0 |
| Daniel L Gordon | Executive Vice President | Dec. 2, 2014 P | 300 | 0 | 0 | $0 |
| Gennifer F. Kelly | Director | June 10, 2026 A | 17,776 | 0 | 0 | $0 |
| Sherri Anne Brillon | Director | June 10, 2026 A | 16,962 | 0 | 0 | $0 |
| Charles J Brown III | Director | June 10, 2026 A | 20,447 | 0 | 0 | $0 |
| Frederec Green | Director | June 10, 2026 A | 83,514 | 0 | 0 | $0 |
| Eric D Gadd | Director | June 10, 2026 A | 36,406 | 0 | 0 | $0 |
| Ron W Haddock | Director | June 10, 2026 A | 28,312 | 0 | 0 | $0 |
| Gary M Sullivan Jr. | Director | June 10, 2014 A | 8,700 | 0 | 0 | $0 |
| Mark Wayne Hobbs | — | Aug. 13, 2026 P | 24,125 | 1 | 0 | $200,000 |
| Robert G. Wright | — | Aug. 13, 2026 P | 7,994 | 1 | 0 | $75,000 |
| Avigal Soreq | — | Aug. 13, 2026 P | 84,782 | 1 | 0 | $125,000 |
| Reuven Spiegel | — | Aug. 13, 2026 P | 29,549 | 1 | 0 | $50,000 |
| Ezra Uzi Yemin | — | Aug. 13, 2026 P | 168,217 | 1 | 0 | $300,000 |
| Joseph Israel | — | March 10, 2026 F | 23,782 | 0 | 0 | $0 |
| Mark B Cox | — | Oct. 21, 2016 F | 30,671 | 0 | 0 | $0 |
| Andrew L Schwarcz | — | May 19, 2015 S | 20,148 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Delek US Holdings, Inc. (2), Delek US Energy, Inc. (2), Delek Logistics Services Company (2) ×7 filings | Aug. 18, 2020 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 10 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| MLPA · Global X Funds | 2.59% | 1,102,115 NS | May 31, 2026 | N-PORT |
| DIV · Global X Funds | 1.96% | 276,215 NS | April 30, 2026 | N-PORT |
| AMLP · ALPS ETF Trust | 1.87% | 4,603,942 NS | May 31, 2026 | N-PORT |
| AMZA · ETFis Series Trust I | 1.59% | 138,720 NS | April 30, 2026 | N-PORT |
| GYLD · ARROW ETF TRUST | 0.71% | 4,245 NS | April 30, 2026 | N-PORT |
| MLPX · Global X Funds | 0.35% | 249,714 NS | May 31, 2026 | N-PORT |
| ENFR · ALPS ETF Trust | 0.33% | 31,109 NS | May 31, 2026 | N-PORT |
| TPYP · Tortoise Capital Series Trust | 0.11% | 18,683 NS | May 31, 2026 | N-PORT |
| PFM · Invesco Exchange-Traded Fund Trust | 0.01% | 1,513 | Aug. 19, 2026 | Daily |
| NEAR · iShares U.S. ETF Trust | 0.01% | 382,000 SH | Aug. 19, 2026 | Daily |