Delek US Holdings, Inc. — Earnings Quality Grade F
DK · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 22 days, change +3 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -9.5%, CFFO 902.1%. Cash follows revenue
Expense Quality
Inventory -18.7% vs COGS -15.0%. Normal
CapEx growth 25.9% is >2x revenue growth -9.5%
SG&A/Gross Profit = 45.8%. Normal
Gross margin swung +6.1pp (-0.6% → 5.5%)
Cash Flow Quality
CFFO/NI = -23.50. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -8.2%. Low accruals
Cash $0.6B covers only 19% of debt $3.3B
Balance Sheet Health
Goodwill+Intangibles $0.9B = 308% of equity. Over 50%
Debt/EBITDA = 4.2x (>4x). Interest coverage = 0.9x (<2x). Financial stress
Other assets 13.6% vs revenue -9.5%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 11% YoY. Normal
Manipulation Score
M-Score = -3.40 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25