What are the investment strengths of Delek Logistics Partners LP (DKL)?

EBITDA of 448M TTM at 46% margin provides debt service capacity; EV/EBITDA of 11.4x reasonable for midstream MLPs with contracted cash flows. 14.4% dividend yield (4.43/share) sustainable if capex normalizes - 293M TTM capex appears elevated vs 35M depreciation.

What are the investment risks for Delek Logistics Partners LP (DKL)?

Tangible book value negative (-368M) with 131x debt/equity - any EBITDA decline triggers covenant risk on 2.3B debt. EPS declined 7.6% over 5Y while distributions grew - MLP structure extracting value faster than business generates it.

Delek Logistics Partners LP

DKL

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Delek Logistics Partners LP AI Insights

Informational only. Not investment advice.

As of 2026-02-09

Snapshot

Debt/equity of 131x with interest expense (169M TTM) exceeding net income (164M) - equity is nearly wiped out at 17M total.[Debt to Equity]
Negative FCF of -49M TTM while paying 4.43/share dividends (payout ratio 122% 5Y avg) - distributions funded by debt.[Free Cash Flow TTM]
Operating margin 19% TTM vs industry median 8.8% - 2.2x advantage despite capital structure stress.[Operating Margin TTM]

Watch Triggers

Interest Expense TTM: Exceeds EBIT (currently 169M vs 334M EBIT) — Interest coverage at 2.0x EBIT; any compression signals distribution cut risk.
Capital Expenditure TTM: Falls below 150M (currently 293M) — Capex normalization would flip FCF positive, validating distribution sustainability.
Total Debt: Rises above 2.5B (currently 2.3B) — Additional leverage on 17M equity base signals imminent restructuring risk.

Bull Case

EBITDA of 448M TTM at 46% margin provides debt service capacity; EV/EBITDA of 11.4x reasonable for midstream MLPs with contracted cash flows.

EBITDA TTMOperating Margin TTM

14.4% dividend yield (4.43/share) sustainable if capex normalizes - 293M TTM capex appears elevated vs 35M depreciation.

Dividends Paid Per Share TTMCapital Expenditure TTM

Bear Case

Tangible book value negative (-368M) with 131x debt/equity - any EBITDA decline triggers covenant risk on 2.3B debt.

Tangible Book ValueDebt to EquityTotal Debt

EPS declined 7.6% over 5Y while distributions grew - MLP structure extracting value faster than business generates it.

EPS Growth 5YDividend Payout Ratio Avg 5Y

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Distribution sustainability depends on capex normalization or asset sales within 12-18 months.

3-12mhigh

Capex of 293M TTM vs 244M operating cash flow
Near-zero cash position (7M) limits flexibility
Interest coverage at 1.0x leaves no margin

FCF negative 49M TTMDividend payout 122% of earnings (5Y avg)Total debt 2.3B vs equity 17M

Valuation Context

Caveats

Public Strategies Rankings

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DKL Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Support Activities for Mining

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$2.87B		—
Enterprise Value	$5.24B		—
P/E Ratio	16		—
Total Revenue - TTM	$1.01B	+7.7%	—
Earnings Per Share (diluted) - TTM	$3.30	+10.4%	—
Operating Margin - TTM	18.0%	-3.6%	—
Net Margin - TTM	17.4%	+2.2%	—
Free Cash Flow - TTM	$-43.14M		—
Return on Common Equity - TTM	848%		—
Beta 5Y (Monthly)	unknown		—

DKL Dividend History

54 dividends

2026

$1.1250

02/05/26$1.1250

2025

$4.4500

11/07/25$1.1200

08/08/25$1.1150

05/08/25$1.1100

02/04/25$1.1050

2024

$4.5600

11/08/24$1.1000

08/09/24$1.0900

05/07/24$1.0700

02/29/24$0.2450

02/02/24$1.0550

2023

$4.1250

11/03/23$1.0450

08/04/23$1.0350

05/05/23$1.0250

02/01/23$1.0200

2022

$3.9300

11/03/22$0.9900

08/03/22$0.9850

05/04/22$0.9800

01/31/22$0.9750

2021

$3.7200

11/04/21$0.9500

08/04/21$0.9400

05/07/21$0.9200

02/01/21$0.9100

2020

$3.5800

11/05/20$0.9050

08/06/20$0.9000

05/04/20$0.8900

02/03/20$0.8850

2019

$3.3600

11/01/19$0.8800

08/02/19$0.8500

05/06/19$0.8200

02/01/19$0.8100

2018

$3.0350

11/01/18$0.7900

08/02/18$0.7700

05/04/18$0.7500

02/01/18$0.7250

2017

$2.7900

11/06/17$0.7150

08/02/17$0.7050

05/03/17$0.6900

02/03/17$0.6800

2016

$2.4850

11/03/16$0.6550

08/03/16$0.6300

05/03/16$0.6100

02/03/16$0.5900

2015

$2.1600

11/04/15$0.5700

08/04/15$0.5500

04/30/15$0.5300

02/04/15$0.5100

2014

$1.8050

11/04/14$0.4900

08/05/14$0.4750

05/02/14$0.4250

01/31/14$0.4150

2013

$1.4090

11/05/13$0.4050

08/02/13$0.3950

05/03/13$0.3850

02/04/13$0.2240

DKL Stock Splits

No stock splits

DKL SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/27/26	12/31/25	Unknown	0001628280-26-012666
11/07/25	09/30/25	10-Q	0001628280-25-050542
08/06/25	06/30/25	10-Q	0001552797-25-000095
05/07/25	03/31/25	10-Q	0001552797-25-000054
02/26/25	12/31/24	10-K	0001552797-25-000019
11/07/24	09/30/24	10-Q	0001552797-24-000100
08/07/24	06/30/24	10-Q	0001552797-24-000071
05/08/24	03/31/24	10-Q	0001552797-24-000040
02/28/24	12/31/23	10-K	0001552797-24-000011
11/08/23	09/30/23	10-Q	0001552797-23-000096
08/09/23	06/30/23	10-Q	0001552797-23-000073
05/09/23	03/31/23	10-Q	0001552797-23-000035
03/01/23	12/31/22	10-K	0001552797-23-000010
11/08/22	09/30/22	10-Q	0001552797-22-000126
08/05/22	06/30/22	10-Q	0001552797-22-000088
05/05/22	03/31/22	10-Q	0001552797-22-000035
02/25/22	12/31/21	10-K	0001552797-22-000012
11/05/21	09/30/21	10-Q	0001552797-21-000091
08/05/21	06/30/21	10-Q	0001552797-21-000081
05/07/21	03/31/21	10-Q	0001552797-21-000035
03/01/21	12/31/20	10-K	0001552797-21-000015
11/09/20	09/30/20	10-Q	0001552797-20-000100
08/07/20	06/30/20	10-Q	0001552797-20-000068
05/08/20	03/31/20	10-Q	0001552797-20-000031
09/23/22	12/31/19	10-K/A	0001552797-22-000113
02/28/20	12/31/19	10-K	0001552797-20-000009
11/08/19	09/30/19	10-Q	0001552797-19-000061
08/08/19	06/30/19	10-Q	0001552797-19-000048
05/09/19	03/31/19	10-Q	0001552797-19-000022
03/01/19	12/31/18	10-K	0001552797-19-000011
11/09/18	09/30/18	10-Q	0001552797-18-000088
08/09/18	06/30/18	10-Q	0001552797-18-000075
05/10/18	03/31/18	10-Q	0001552797-18-000050
03/01/18	12/31/17	10-K	0001552797-18-000019
11/09/17	09/30/17	10-Q	0001552797-17-000079
08/07/17	06/30/17	10-Q	0001552797-17-000063
05/09/17	03/31/17	10-Q	0001552797-17-000017
02/28/17	12/31/16	10-K	0001552797-17-000009
11/03/16	09/30/16	10-Q	0001552797-16-000180
08/05/16	06/30/16	10-Q	0001552797-16-000163
05/06/16	03/31/16	10-Q	0001552797-16-000122
02/29/16	12/31/15	10-K	0001552797-16-000106
11/06/15	09/30/15	10-Q	0001552797-15-000075
08/06/15	06/30/15	10-Q	0001552797-15-000062
05/08/15	03/31/15	10-Q	0001552797-15-000018
02/26/15	12/31/14	10-K	0001552797-15-000008
11/06/14	09/30/14	10-Q	0001552797-14-000033
08/08/14	06/30/14	10-Q	0001552797-14-000025
05/08/14	03/31/14	10-Q	0001552797-14-000013
03/05/14	12/31/13	10-K	0001552797-14-000007
11/07/13	09/30/13	10-Q	0001552797-13-000036
08/08/13	06/30/13	10-Q	0001552797-13-000028
05/09/13	03/31/13	10-Q	0001552797-13-000015
03/12/13	12/31/12	10-K	0001552797-13-000009
12/14/12	09/30/12	10-Q	0001552797-12-000007
11/05/12	06/30/12	424B4	0001193125-12-449758
07/12/12	03/31/12	S-1	0001193125-12-300002
11/05/12	12/31/11	424B4	0001193125-12-449758
12/14/12	09/30/11	10-Q	0001552797-12-000007
06/30/11	06/30/11	Unknown	--
07/12/12	03/31/11	S-1	0001193125-12-300002