DELEK US HOLDINGS, INC. vs VALERO ENERGY CORP/TX, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither refiner's growth reads here, but the gulf between them is not about growth: Valero is a $77B refining franchise earning 15.6% on equity at 0.04 turns of debt, Delek a $2.9B distressed operator at 10.57 turns with a negative operating margin and no usable multiple. Valero pays a 1.7% dividend from real earnings, trades at 19 times, and runs a 1.58 current ratio; Delek pays 2.1% from a stretched sheet with a 0.76 current ratio. Both process crude into fuel on the same crack spreads. The pair is refining's health spectrum in one comparison: the disciplined major that returns capital through cycles against the leveraged survivor that endures them, and the balance sheets narrate the difference.
Comparison updated 2026-07-11.
| Metric | DK | VLO |
|---|---|---|
| Price | $47.83 | $259.41 |
| Market cap | $2.9B | $77.3B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | -1.0% | +9.4% |
| P/E | — | 18.9 |
| P/B | 9.54 | 2.87 |
| P/S | 0.27 | 0.62 |
| EV/EBITDA | 8.4 | 8.9 |
| Revenue growth | -4.7% | -2.4% |
| Operating margin | -6.8% | 5.3% |
| Net margin | -0.5% | 3.4% |
| Return on equity | -17.0% | 15.6% |
| Return on assets | -0.7% | 6.8% |
| Return on invested capital | 5.6% | 15.9% |
| FCF yield | 16.6% | 7.0% |
| Dividend yield | 2.1% | 1.7% |
| Debt / equity | 10.57 | 0.04 |
| Current ratio | 0.76 | 1.58 |
| Altman Z (solvency) | 7.11 | 9.40 |
| Piotroski F (quality) | 5 / 9 | 7 / 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.