DK vs PARR: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: PARR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DK and PARR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DK and PARR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Delek US Holdings is an integrated downstream energy company operating in two segments: Refining and Logistics. It owns and operates four inland refineries with combined crude throughput of roughly 302,000 barrels per day (Tyler, Texas; El Dorado, Arkansas; Big Spring, Texas; and Krotz Springs, Louisiana), and it holds a controlling interest in Delek Logistics Partners (NYSE: DKL), a midstream MLP that gathers, transports, and stores crude and refined products, increasingly for third parties. Around the refining and logistics core sit asphalt, renewable and biodiesel operations, marketing and supply, and a retail fuel and convenience footprint.

Full DK guide

Par Pacific Holdings is a Houston-based diversified energy company that operates four refineries (Kapolei in Hawaii, Tacoma in Washington, Billings in Montana, and Newcastle in Wyoming) with roughly 219,000 barrels per day of combined, distillate-oriented capacity. It runs three integrated segments: Refining (gasoline, ultra-low-sulfur diesel, jet fuel, marine fuel, and asphalt), Logistics (terminals, pipelines, trucking, marine vessels, and storage), and Retail (convenience stores and fuel outlets under brands including Hele, 76, and nomnom). Because its refineries sit in supply-constrained regional markets like Hawaii and the Rockies, Par tends to face less direct competition than Gulf Coast peers.

Full PARR guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DK drivers: Enterprise Optimization Plan; Delek Logistics (DKL) midstream value.
• PARR drivers: Niche regional refining margins; Hawaii Renewables and diversification.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Independent refining is one of the most cyclical corners of energy, and DK's earnings can swing from profit to loss quarter to quarter as crack spreads and crude differentials move. For PARR, refining is a deep cyclical business, so earnings and cash flow swing sharply with crack spreads, crude differentials, and refined-product demand.

Pick DK if you believe its drivers more; PARR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DK and PARR guides.

DK. DK trades as a small-cap refiner with trailing-twelve-month revenue near $10.7B but a net loss in early 2026, so headline earnings multiples are distorted by the loss and by refining cyclicality. Many investors instead frame valuation on mid-cycle earnings power, free cash flow in strong-margin years, and a sum-of-the-parts view that credits the Delek Logistics (DKL) stake. Figures are approximate and move with crack spreads and quarterly results.

PARR. PARR trades at a low single-digit trailing P/E (around 6.6x) and roughly 5x EV/EBITDA, a valuation typical of cyclical refiners where the market discounts volatile, mean-reverting margins. Q1 2026 showed the swings clearly: revenue was about $1.82 billion with net income of $54.5 million and adjusted EBITDA of $91.5 million, but adjusted EPS of $0.78 missed estimates and the stock fell around 12 percent. Trailing metrics benefit from stronger prior quarters, so headline cheapness reflects cyclicality, not guaranteed value.

Headline figures (approximate, JULY 2026): DK shows revenue (ttm) ~$10.7B, q1 2026 revenue ~$2.65B, q1 2026 net loss ~$201M, market cap ~$3.3B; PARR shows revenue (ttm) ~$7.5B, net income (ttm) ~$454M, diluted eps (ttm) ~$8.83, market cap ~$2.9B.

DK and PARR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DK and PARR exposure against your real portfolio. It is not an investment adviser.