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Insufficient data to determine institutional momentum.
Data as of Q2 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.
Ranked against 2 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DINO | $22.7B | 41.5× | 13.3× | 0.8× | -6.0% | — | 2.2% | 6.3% | 4.8% | 1.0× | 652 |
| SOBO | $7.1B | 16.4× | 6.7× | 3.6× | -6.3% | 84.2% | 21.8% | 16.0% | 16.0% | -0.6× | 299 |
| DKL | $3.3B | — | 18.2× | 3.2× | 7.7% | 21.2% | 17.4% | — | — | 7.6× | 83 |
Peers = companies sharing DKL's sector (Pipe Lines (No Natural Gas)) 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $56.41 today, the market must believe free cash flow compounds 22.2%/yr for a decade (off $103.3M on the 3-yr avg basis).
Default is 10.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.06B shares (market data) · net debt $2.33B
mean 4.7% · volatility σ 89% · implied rate exceeded in 4/9 yrs
Central path = implied 22.2%/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.
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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $10.0M buybacks = $10.0M returned on -$30.6M 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.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $10.9M 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 $2.34B 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.
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROIC is not available for this period, so the share of ROE attributable to leverage cannot be separated out.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
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 and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 20.8% | 17.3% | 14.0% |
| FY2017 | 19.7% | 16.4% | 12.9% |
| FY2018 | 22.6% | 19.1% | 13.7% |
| FY2019 | 25.9% | 21.5% | 16.6% |
| FY2020 | 36.7% | 31.9% | 28.3% |
| FY2021 | 30.8% | 27.2% | 23.5% |
| FY2022 | 24.1% | 20.2% | 15.3% |
| FY2023 | 27.9% | 23.4% | 12.4% |
| FY2024 | 25.9% | 21.6% | 15.2% |
| FY2025 | 21.2% | 17.9% | 17.4% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Cash conversion of 0.65x sits below the level that would make the earnings clearly cash-backed.
Conversion has deteriorated: 0.46x over three years against 0.65x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Stressed coverage falls to 0.7x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.01x |
| 5% | 0.96x |
| 10% | 0.91x |
| 15% | 0.86x |
| 20% | 0.81x |
| 25% | 0.76x |
| 30% | 0.71x |
| 35% | 0.66x |
| 40% | 0.61x |
| 45% | 0.56x |
| 50% | 0.51x |
| 55% | 0.46x |
| 60% | 0.41x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $56.41, free cash flow must compound 22.3%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 48.1% | 22.3% |
| FY2021 | 40.3% | 22.3% |
| FY2022 | −79.7% | 22.3% |
| FY2023 | 153.0% | 22.3% |
| FY2024 | −40.2% | 22.3% |
| FY2025 | −139.6% | 22.3% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $176M | $176M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $61M | $237M |
| Operating cash flow | $237M | $237M |
| Capex | −$268M | −$31M |
| Free cash flow | −$31M | −$31M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -3.5% | 18.7% | 22.2 points |
| FY2021 | 24.4% | -1.9% | -26.3 points |
| FY2022 | 47.9% | 246.6% | 198.7 points |
| FY2023 | -1.5% | not reported | not reported |
| FY2024 | -7.8% | not reported | not reported |
| FY2025 | 7.7% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 8.3 days | 10.6 days | 10.5 days | 8.4 days |
| FY2020 | 10.2 days | 3.2 days | 6.8 days | 6.5 days |
| FY2021 | 8 days | 1.8 days | 6.1 days | 3.7 days |
| FY2022 | 18.8 days | 0.7 days | 26.6 days | -7.2 days |
| FY2023 | not reported | 1.1 days | 13 days | not reported |
| FY2024 | not reported | 2.8 days | 21.7 days | not reported |
| FY2025 | not reported | 8.2 days | 133.9 days | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.5 percent |
| FY2020 | -3.5 percent |
| FY2021 | -11.8 percent |
| FY2022 | -2.0 percent |
| FY2023 | -6.0 percent |
| FY2024 | -3.1 percent |
| FY2025 | -2.2 percent |
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.