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Institutional accumulation: ownership increased +1.84% quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $56.30 today, the market must believe free cash flow compounds 21.3%/yr for a decade (off $103M normalized FCF).
2-stage DCF · 0.06B shares (market data) · net debt $2.3B
mean 4.7% · volatility σ 89% · implied rate exceeded in 4/9 yrs
Central path = implied 21.3%/yr growth; shaded band = ±1σ (89%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.01B 100.0% | $940.6M 100.0% | $1.02B 100.0% | $1.04B 100.0% | $700.9M 100.0% | $563.4M 100.0% | $584.0M 100.0% | $657.6M 100.0% | $538.1M 100.0% | $448.1M 100.0% |
| Cost of Revenue | $798.2M 78.8% | $696.9M 74.1% | $735.4M 72.1% | $787.0M 75.9% | $484.8M 69.2% | $356.7M 63.3% | $432.7M 74.1% | $509.1M 77.4% | $432.1M 80.3% | $355.0M 79.2% |
| Cost of Products | — | — | — | — | — | — | — | $429.1M 65.2% | $372.9M 69.3% | $302.2M 67.4% |
| Selling, General & Admin | $28.6M 2.8% | $35.9M 3.8% | $24.8M 2.4% | $34.2M 3.3% | $21.5M 3.1% | $22.6M 4.0% | $20.8M 3.6% | $17.2M 2.6% | $11.8M 2.2% | $10.3M 2.3% |
| Total Operating Expenses | $166.8M 16.5% | $122.0M 13.0% | $115.7M 11.3% | $85.4M 8.2% | $59.5M 8.5% | $53.8M 9.6% | $71.3M 12.2% | $55.9M 8.5% | $40.2M 7.5% | $34.9M 7.8% |
| Operating Income | $181.8M 17.9% | $202.8M 21.6% | $238.9M 23.4% | $209.7M 20.2% | $190.5M 27.2% | $179.8M 31.9% | $125.8M 21.5% | $125.8M 19.1% | $88.2M 16.4% | $77.7M 17.3% |
| Interest Expense | $179.3M 17.7% | $151.0M 16.0% | $143.2M 14.0% | $82.3M 7.9% | $50.2M 7.2% | $42.9M 7.6% | $47.3M 8.1% | $41.3M 6.3% | $23.9M 4.4% | $13.6M 3.0% |
| Interest & Investment Income | $112.5M 11.1% | $47.8M 5.1% | $0 0.0% | $0 0.0% | — | — | — | — | — | — |
| Other Income (Expense), net | $60K 0.0% | $205K 0.0% | $303K 0.0% | $373K 0.0% | $119K 0.0% | -$133K -0.0% | -$600K -0.1% | -$8K -0.0% | $1K 0.0% | $0 0.0% |
| Pretax Income | $176.9M 17.5% | $143.2M 15.2% | $127.4M 12.5% | $159.4M 15.4% | $165.0M 23.5% | $159.5M 28.3% | $97.7M 16.7% | $90.7M 13.8% | $69.2M 12.9% | $62.9M 14.0% |
| Income Tax Expense | $458K 0.0% | $479K 0.1% | $1.2M 0.1% | $382K 0.0% | $153K 0.0% | $223K 0.0% | $967K 0.2% | $534K 0.1% | -$222K -0.0% | $81K 0.0% |
| Net Income | $176.5M 17.4% | $142.7M 15.2% | $126.2M 12.4% | $159.1M 15.3% | $164.8M 23.5% | $159.3M 28.3% | $96.7M 16.6% | $90.2M 13.7% | $69.4M 12.9% | $62.8M 14.0% |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $10M buybacks = $10M returned on -$31M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $11M covers the $0 due within a year 10892000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~7.6% on $2.3B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
No standout strengths flagged.
Nothing notable to watch.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 77.4 | 74.1 | 63.3 | 69.2 | 75.9 | 72.1 | 74.1 | 78.8 |
| SG&A | 2.6 | 3.6 | 4.0 | 3.1 | 3.3 | 2.4 | 3.8 | 2.8 |
| Operating Income | 19.1 | 21.5 | 31.9 | 27.2 | 20.2 | 23.4 | 21.6 | 17.9 |
| Income Tax | 0.1 | 0.2 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 |
| Net Income | 13.7 | 16.6 | 28.3 | 23.5 | 15.3 | 12.4 | 15.2 | 17.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DKL: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 238 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| XOM | $682.3B | 24.4× | — | 2.0× | -5.0% | — | 8.7% | 11.1% | 10.7% | — | 4,568 |
| SHEL | $545.2B | — | — | — | — | — | — | — | — | — | 1,521 |
| CVX | $391.2B | 31.9× | — | 2.1× | -6.8% | 42.8% | 6.5% | 6.6% | 6.6% | — | 4,121 |
| TTE | $202.1B | — | — | — | — | — | — | — | — | — | 951 |
| COP | $166.8B | 21.0× | — | 2.8× | 7.7% | 62.1% | 13.6% | 12.4% | 12.2% | — | 2,450 |
| PBR | $155.8B | — | — | — | — | — | — | — | — | — | 524 |
| MPC | $128.7B | 31.9× | 11.0× | 1.0× | -4.4% | 10.0% | 3.0% | 23.4% | 20.6% | 0.2× | 1,802 |
| VLO | $127.5B | 54.5× | 24.1× | 1.0× | -5.5% | 4.4% | 1.9% | 9.9% | 7.1% | 1.7× | 1,781 |
| BP | $117.0B | — | — | — | — | — | — | — | — | — | 1,220 |
| PSX | $111.3B | 25.4× | — | 0.8× | -7.5% | 12.3% | 3.3% | 15.1% | 14.6% | — | 2,041 |
| EQNR | $110.8B | — | — | — | — | — | — | — | — | — | 398 |
| WMB | $87.7B | 33.6× | 17.8× | 7.3× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 1,736 |
| EPD | $84.1B | — | 12.6× | 1.6× | -6.4% | 26.7% | 11.0% | — | — | 3.7× | 1,573 |
| EOG | $79.0B | 15.9× | 7.7× | 3.5× | -4.5% | — | 22.0% | 16.7% | 13.2% | 0.7× | 1,525 |
| SLB | $77.9B | 22.2× | — | 2.2× | -1.6% | — | 9.4% | 12.9% | 9.4% | — | 1,624 |
| ET | $72.5B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.8× | 1,244 |
| KMI | $69.7B | 22.9× | 14.2× | 4.1× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 1,745 |
| TRGP | $61.2B | 33.6× | 16.2× | 3.6× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 979 |
| TS | $60.6B | — | — | — | — | — | — | — | — | — | 248 |
| MPLX | $59.4B | — | — | 4.6× | 8.9% | — | 38.1% | — | — | — | 622 |
| LNG | $59.3B | 11.2× | 7.8× | 3.0× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.2× | 1,303 |
| OKE | $58.7B | 17.2× | 12.4× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.4× | 1,622 |
| OXY | $58.5B | 36.8× | — | 2.7× | -1.9% | — | 11.0% | 6.6% | 4.2% | — | 1,250 |
| BKR | $56.2B | — | — | 2.0× | -0.3% | — | 9.3% | 13.7% | 13.3% | — | 1,095 |
| FANG | $56.0B | 34.4× | 11.2× | 3.7× | 35.8% | — | 11.1% | 4.5% | 3.2% | 2.3× | 1,141 |
| DKL | $3.3B | — | 18.2× | 3.2× | 7.7% | 21.2% | 17.4% | — | — | 7.6× | 82 |
Peers = companies sharing DKL's sector (Energy) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.