DELEK US HOLDINGS, INC. vs Phillips 66, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Economically these are the same business at opposite ends of viability: both refine crude and handle midstream logistics, but Delek does it as a $2.9B distressed operator at 10.57 turns of debt and a negative operating margin, while Phillips 66 does it as a $69B franchise at 0.28 turns earning 13.9% on equity. Phillips pays a 2.8% dividend from real earnings at 17 times; Delek pays 2.1% from a stretched sheet with no usable multiple. Delek's 16.6% free-cash figure is a suppressed-denominator artifact; Phillips' 3.6% is ordinary. The pair prices refining scale-and-health against refining smallness-and-distress; the same crack spreads flow to both, but only one has the balance sheet to survive a bad quarter of them.
Comparison updated 2026-07-11.
| Metric | DK | PSX |
|---|---|---|
| Price | $47.83 | $171.67 |
| Market cap | $2.9B | $69.2B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | -1.0% | +0.1% |
| P/E | — | 17.0 |
| P/B | 9.54 | 2.33 |
| P/S | 0.27 | 0.51 |
| EV/EBITDA | 8.4 | 24.0 |
| Revenue growth | -4.7% | -1.8% |
| Operating margin | -6.8% | — |
| Net margin | -0.5% | 3.1% |
| Return on equity | -17.0% | 13.9% |
| Return on assets | -0.7% | 4.9% |
| Return on invested capital | 5.6% | — |
| FCF yield | 16.6% | 3.6% |
| Dividend yield | 2.1% | 2.8% |
| Debt / equity | 10.57 | 0.28 |
| Current ratio | 0.76 | 1.13 |
| Altman Z (solvency) | 7.11 | 2.96 |
| Piotroski F (quality) | 5 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.