Delek Logistics Partners, LP
DKL · Pipe Lines (No Natural Gas) · 53.2M shares · EDGAR filings ↗
Reference price $53.20 · est. market cap ~$2.8B — last insider sale, 2026-03-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Sponsor-dependent midstream MLP with strong margins and top-quartile ROA but negative free cash flow.
Strengths
- Net margin 17.4% (84th pct), operating margin 17.9% (84th), ROA 6.3% (82nd) — top-quartile returns
- OCF margin 23.4% (80th); revenue +7.7% with Gravity/H2O Midstream contributions
Risks
- Negative FCF (-3% margin, 19th pct) and cash runway 1.4 quarters from heavy capex/acquisitions
- Substantial dependence on Delek Holdings (refineries, drop-downs, ROFO) and rising interest expense
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-30.6M)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
21.2%
Operating margin
17.9%
Net margin
17.4%
Return on assets
6.3%
Revenue growth (QoQ)
16.3%
Net-income growth
23.7%
Net debt / EBITDA
7.6×
Current ratio
1.1×
Free cash flow
-$31M
EBITDA
$307M
Cash & investments
$11M
Cash runway
1q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Green Frederec | Grant | 2.5K | $52.49 |
| 2026-06-10 | Hobbs Mark Wayne | Tax withheld | 350 | $52.49 |
| 2026-06-10 | Wright Robert G. | Tax withheld | 74 | $52.49 |
| 2026-06-10 | Kelly Gennifer F. | Grant | 2.5K | $52.49 |
| 2026-06-10 | Brillon Sherri Anne | Grant | 2.5K | $52.49 |
| 2026-06-10 | Soreq Avigal | Tax withheld | 1.6K | $52.49 |
| 2026-06-10 | Spiegel Reuven | Tax withheld | 1.5K | $52.49 |
| 2026-06-10 | Brown Charles J III | Grant | 2.5K | $52.49 |
| 2026-06-10 | McWatters Denise Clark | Tax withheld | 1.3K | $52.49 |
| 2026-06-10 | Yemin Ezra Uzi | Grant | 2.5K | $52.49 |
| 2026-06-10 | Green Frederec | Grant | 2.5K | $1,527.00 |
| 2026-06-10 | GADD ERIC D | Grant | 2.5K | $52.49 |
| 2026-06-10 | HADDOCK RON W | Grant | 2.5K | $52.49 |
| 2026-04-01 | Delek US Holdings, Inc. | Disposition | 359K | — |
| 2026-03-10 | Israel Joseph | Tax withheld | 575 | $53.02 |
| 2026-03-10 | Hobbs Mark Wayne | Grant | 4.7K | — |
| 2026-03-10 | Hobbs Mark Wayne | Tax withheld | 461 | $53.02 |
| 2026-03-10 | Wright Robert G. | Grant | 2.4K | — |
| 2026-03-10 | Wright Robert G. | Grant | 1.9K | — |
| 2026-03-10 | Wright Robert G. | Tax withheld | 831 | $53.02 |
| 2026-03-10 | Soreq Avigal | Grant | 21K | — |
| 2026-03-10 | Soreq Avigal | Tax withheld | 2.2K | $53.02 |
| 2026-03-10 | Spiegel Reuven | Grant | 7.5K | — |
| 2026-03-10 | McWatters Denise Clark | Tax withheld | 1.4K | $53.02 |
| 2026-03-10 | Israel Joseph | Grant | 5.7K | — |
| 2026-03-09 | Israel Joseph | Tax withheld | 168 | $51.62 |
| 2026-03-04 | Spiegel Reuven | Sell | 250 | $53.20 |
| 2026-02-04 | Spiegel Reuven | Sell | 250 | $52.38 |
| 2026-01-05 | Spiegel Reuven | Sell | 250 | $46.99 |
| 2025-12-10 | Israel Joseph | Tax withheld | 575 | $45.02 |
| 2025-12-10 | Hobbs Mark Wayne | Tax withheld | 461 | $45.02 |
| 2025-12-10 | Wright Robert G. | Tax withheld | 499 | $45.02 |
| 2025-12-10 | Soreq Avigal | Tax withheld | 2.2K | $45.02 |
| 2025-12-10 | Spiegel Reuven | Tax withheld | 972 | $45.02 |
| 2025-12-10 | McWatters Denise Clark | Tax withheld | 987 | $45.02 |
| 2025-12-09 | Israel Joseph | Tax withheld | 168 | $45.45 |
| 2025-12-04 | Spiegel Reuven | Sell | 250 | $45.86 |
| 2025-11-05 | Spiegel Reuven | Sell | 250 | $45.00 |
| 2025-10-06 | Spiegel Reuven | Sell | 250 | $45.00 |
| 2025-09-12 | Spiegel Reuven | Sell | 250 | $45.00 |
| 2025-09-10 | Spiegel Reuven | Tax withheld | 972 | $43.99 |
| 2025-09-10 | Israel Joseph | Tax withheld | 939 | $43.99 |
| 2025-09-10 | Wright Robert G. | Tax withheld | 500 | $43.99 |
| 2025-09-10 | Soreq Avigal | Tax withheld | 3.1K | $43.99 |
| 2025-09-10 | Hobbs Mark Wayne | Tax withheld | 663 | $43.99 |
| 2025-09-10 | McWatters Denise Clark | Tax withheld | 1.7K | $43.99 |
| 2025-09-09 | Israel Joseph | Tax withheld | 168 | $43.69 |
| 2025-08-20 | Brown Charles J III | Sell | 1.1K | $42.91 |
| 2025-08-04 | Spiegel Reuven | Sell | 250 | $45.00 |
| 2025-07-29 | Spiegel Reuven | Sell | 500 | $45.00 |
| 2025-06-10 | McWatters Denise Clark | Tax withheld | 258 | $42.57 |
| 2025-06-10 | Yemin Ezra Uzi | Grant | 3.1K | $42.58 |
| 2025-06-10 | Kelly Gennifer F. | Grant | 3.1K | $42.58 |
| 2025-06-10 | Green Frederec | Grant | 3.1K | $42.58 |
| 2025-06-10 | HADDOCK RON W | Grant | 3.1K | $42.58 |
| 2025-06-10 | Hobbs Mark Wayne | Tax withheld | 258 | $42.57 |
| 2025-06-10 | Brown Charles J III | Grant | 3.1K | $42.58 |
| 2025-06-10 | Brillon Sherri Anne | Grant | 3.1K | $42.58 |
| 2025-06-10 | Spiegel Reuven | Tax withheld | 1.9K | $42.57 |
| 2025-06-10 | Israel Joseph | Tax withheld | 210 | $42.57 |
| 2025-06-10 | Wright Robert G. | Tax withheld | 74 | $42.57 |
| 2025-06-10 | GADD ERIC D | Grant | 3.1K | $42.58 |
| 2025-06-10 | Soreq Avigal | Tax withheld | 1.6K | $42.57 |
| 2025-06-09 | Israel Joseph | Tax withheld | 168 | $42.53 |
| 2025-03-17 | Delek US Holdings, Inc. | Disposition | 243K | — |
| 2025-03-10 | Israel Joseph | Tax withheld | 198 | $40.49 |
| 2025-03-10 | Israel Joseph | Grant | 7.4K | — |
| 2025-03-10 | Spiegel Reuven | Grant | 9.9K | — |
| 2025-03-10 | Wright Robert G. | Tax withheld | 69 | $40.49 |
| 2025-03-10 | Wright Robert G. | Grant | 2.2K | — |
| 2025-03-10 | McWatters Denise Clark | Tax withheld | 332 | $40.49 |
| 2025-03-10 | McWatters Denise Clark | Grant | 9.3K | — |
| 2025-03-10 | Soreq Avigal | Tax withheld | 1.5K | $40.49 |
| 2025-03-10 | Soreq Avigal | Grant | 28K | — |
| 2025-03-10 | Hobbs Mark Wayne | Tax withheld | 244 | $40.49 |
| 2025-03-10 | Hobbs Mark Wayne | Grant | 6.2K | — |
| 2025-03-07 | Israel Joseph | Tax withheld | 158 | $41.07 |
| 2024-12-31 | Yemin Ezra Uzi | Tax withheld | 2.9K | $42.26 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-05-05 | OtherExhibits | filing ↗ |
| 2026-05-04 | Reg FDOtherExhibits | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-04-23 | OtherExhibits | filing ↗ |
| 2026-04-21 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-27 | Material agreement1.02Debt obligationExhibits | filing ↗ |
| 2026-02-27 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-14 | 0001193125-26-223986 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001193125-26-204602 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-202744 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001628280-26-028277 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001628280-26-028090 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001628280-26-026903 ↗ |
| 8-K | 2026-04-21 | 2026-04-16 | 0001628280-26-026114 ↗ |
| 8-K | 2026-03-27 | 2026-03-26 | 0001193125-26-129319 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001628280-26-012666 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001628280-26-012560 ↗ |
| 8-K | 2026-01-26 | 2026-01-26 | 0001628280-26-003429 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001628280-25-050542 ↗ |