Does DELEK US HOLDINGS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores DELEK US HOLDINGS, INC. (DK) 22.7 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 27, balance-sheet safety 49, capital discipline 24.

How has DK's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 22.7 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

DELEK US HOLDINGS, INC.

DK · Energy · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 3.6% over 10y, variable.

Returns on capital27

Median ROIC 8.1%, above the 9% hurdle in 40% of years.

Balance-sheet safety49

Net debt/EBITDA 3.7x, no material interest expense disclosed.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $63.25
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

12 years of fundamentals

The business, in plain English

DELEK US HOLDINGS, INC. booked $10.7B of revenue in FY2025 in the Energy sector and kept 5.7% of it as gross profit — a thin-margin business by that measure. After every other cost, −0.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $4.3B (FY2015) to $10.7B (FY2025) — about 9.6% a year compounded over 10 years.

It earned 9.5% on invested capital in FY2025, with a median of 7.2% across 11 filed years. The Returns on Capital filter above scores it 27/100.

The balance sheet carried $3.2B of total debt in FY2025. Balance-Sheet Safety scores it 49/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (49/100) and Pricing Power the weakest (0/100), which is how DK lands at 23/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$10.7B FY2025

Gross marginRevenue kept after cost of goods5.7% FY2025

Return on invested capitalOperating profit on the capital employed9.5% FY2025

Owner earningsCash an owner could take out−$22.8M FY2025

Gaps in a line mean that item isn’t in DK’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale22.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — DK has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Energy context

#7 of 7 scored Energy companies, ranked by Moat Score.

Nearest peers by Moat Score

#3MPC MARATHON PETROLEUM CORPORATION37.1 out of 100, No moatNo moat
#4CVI CVR ENERGY, INC32.7 out of 100, No moatNo moat
#5PBF PBF ENERGY INC.31.9 out of 100, No moatNo moat
#6KWR QUAKER CHEMICAL CORPORATION28.2 out of 100, No moatNo moat

Compare DK with its nearest peers →All Energy companies on the Index →

Common questions about DK

Does DELEK US HOLDINGS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores DELEK US HOLDINGS, INC. (DK) 22.7 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 27, balance-sheet safety 49, capital discipline 24.
How has DK's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 22.7 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DK. See the disclaimer.