DKDelek US Holdings, Inc.

Petroleum Refining

Revenue: $10.7B; 9.5% YoY
Operating margin: 2.8%; 168% YoY
EBITDA: $699M; 697% YoY
Market cap: $6.0B
Employees: 1,902; $6M revenue each
Net debt / EBITDA: 3.7×; $2.6B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
12% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$6M · 56th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 29th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$51M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$10.6B	$19.8B	$16.5B	$11.9B	$10.7B	9.5%
Operating income	−$35M	$458M	$245M	−$492M	$301M	161%
Net income	−$128M	$257M	$20M	−$560M	−$23M	96%
Operating cash flow	$371M	$425M	$1.0B	−$67M	$536M	902%
Capex	$222M	$280M	$393M	$428M	$530M	24%
Stock-based comp	$25M	$29M	$28M	$34M	$87M	157%
Buybacks	$0	$64M	$0	$0	—
Dividends	$0	$43M	$60M	$64M	$62M	3.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 7, 2022	ICAHN CARL C	SC 13D/A	4.9%	Passive
Feb 1, 2022	ICAHN CARL C	SC 13D/A	9.4%	Active
Nov 16, 2021	ICAHN CARL C	SC 13D/A	9.4%	Passive
Jun 1, 2021	ICAHN CARL C	SC 13D/A	0.5%	Passive
May 11, 2021	ICAHN CARL C	SC 13D/A	—	Passive
Apr 20, 2021	ICAHN CARL C	SC 13D/A	—	Active
Apr 8, 2021	ICAHN CARL C	SC 13D/A	—	Passive
Mar 19, 2021	ICAHN CARL C	SC 13D/A	—	Active
Mar 1, 2021	ICAHN CARL C	SC 13D/A	—	Passive
Feb 18, 2021	ICAHN CARL C	SC 13D/A	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $51M · 66
Net: −$51M

Pay vs performance

No pay-versus-performance disclosure yet.