Delek US Holdings (FRA:DEH) Scaled Net Operating Assets: 0.43 (As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:DEH Delek US Holdings Inc FRA:DEH
52 GF Score
Price €51.94
GF Value €17.03
Valuation Significantly Overvalued
! 9 Warning Signs
View Full Analysis

What is Delek US Holdings Scaled Net Operating Assets?

Delek US Holdings FRA:DEH +0.89% 52 Scaled Net Operating Assets is 0.43 as of Mar. 2026. GuruFocus rates FRA:DEH with a GF Score™ of 52/100 and a GF Value™ of €17.03 (Significantly Overvalued). The stock has 9 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Delek US Holdings's operating assets for the quarter that ended in Mar. 2026 was €6,008 Mil. Delek US Holdings's operating liabilities for the quarter that ended in Mar. 2026 was €3,473 Mil. Delek US Holdings's Total Assets for the quarter that ended in Dec. 2025 was €5,848 Mil. Therefore, Delek US Holdings's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.43.


Delek US Holdings Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Delek US Holdings's Scaled Net Operating Assets can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Delek US Holdings Scaled Net Operating Assets Chart

Delek US Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.45 0.54 0.34 0.39 0.43

Delek US Holdings Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.43 0.39 0.43 0.46 0.43

FRA:DEH vs PARR, CVI, DKL: Scaled Net Operating Assets Comparison

For the Oil & Gas Refining & Marketing subindustry, Delek US Holdings's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Delek US Holdings Scaled Net Operating Assets vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Delek US Holdings's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Delek US Holdings's Scaled Net Operating Assets falls into.


FRA:DEH
52GF Score
Delek US Holdings Inc FRA:DEH
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Delek US Holdings Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Delek US Holdings's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(5313.503-2556.876)/6365.839
=0.43

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=5847.936 - 534.433
=5313.503

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=5380.542 - 2792.324 - 31.342
=2556.876

Delek US Holdings's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(6008.117-3473.494)/5847.936
=0.43

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6547.963 - 539.846
=6008.117

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=6286.733 - 2782.272 - 30.967
=3473.494

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.43 mean?
Delek US Holdings (FRA:DEH) has a Scaled Net Operating Assets of 0.43 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Delek US Holdings and its competitors.
Is Delek US Holdings' Scaled Net Operating Assets too high?
Delek US Holdings' current Scaled Net Operating Assets is 0.43. Overall, Delek US Holdings has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Delek US Holdings' Scaled Net Operating Assets compare to PARR and CVI?
Delek US Holdings' Scaled Net Operating Assets of 0.43 can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Oil & Gas company?
A good Scaled Net Operating Assets depends on the Oil & Gas industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Delek US Holdings and its competitors. Delek US Holdings's current Scaled Net Operating Assets is 0.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Delek US Holdings stock overvalued right now?
Based on GuruFocus' analysis, Delek US Holdings (FRA:DEH) is currently considered Significantly Overvalued. The stock's GF Value™ is €17.03, compared to a current price of €51.94 — trading 205% above its estimated fair value. The current Scaled Net Operating Assets is 0.43. Delek US Holdings' overall GF Score™ is 52/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Delek US Holdings (FRA:DEH), the current Scaled Net Operating Assets is 0.43 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Delek US Holdings (FRA:DEH) Overvalued in 2026?

Based on GuruFocus' analysis, Delek US Holdings stock appears to be overvalued. The current stock price of €51.94 is trading 205% above its estimated GF Value™ of €17.03. GuruFocus considers Delek US Holdings to be Significantly Overvalued.

Key valuation signals for FRA:DEH:

  • Scaled Net Operating Assets: 0.43
  • GF Value™: €17.03 vs. price of €51.94 (205% above fair value)
  • GF Score™: 52/100 with 9 warning signs

No single metric tells the full story. See the FRA:DEH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Delek US Holdings Business Description

Industry EnergyOil & Gas
Other Exchanges DK:USADEH:Germany
Address 310 Seven Springs Way, Suite 500, Brentwood, TN, USA, 37027
Delek US Holdings Inc is an integrated energy business focused on petroleum refining, transportation and storage; wholesale crude oil, intermediate, and refined products, and convenience stores retailing. The company owns and operates independent refineries that produce a variety of petroleum products for transportation and industrial markets in the United States. It has three segments: Refining segment and Logistics segment and retail segment. The logistics segment generates revenue through gathering, transporting, and storing crude oil and intermediate products, as well as by marketing, storing, and distributing refined products. The company also offers a collection of retail fuel and convenience stores operating in the Southeast region of the United States.
52GF Score

Get the complete analysis for FRA:DEH

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€51.94
Price
€17.03
GF Value