A Business at a Glance
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HF Sinclair Corp
DINO
$16.5B
Mkt Cap
$88.30
-0.89%
HF Sinclair Corp (DINO) has a current P/E ratio of 28.7, compared to its historical median P/E of 8.3. The stock is currently considered Expensive based on its historical valuation range.
HF Sinclair Corp (DINO) has a 5-year average return on invested capital (ROIC) of 13.0%. This indicates solid capital allocation.
HF Sinclair Corp (DINO) has a market capitalization of $19.7B. It is classified as a large-cap stock.
Yes, HF Sinclair Corp (DINO) pays a dividend with a trailing twelve-month yield of 1.89%. The company also returns capital through share buybacks, with a buyback yield of 2.18%.
Based on historical P/E analysis, HF Sinclair Corp (DINO) appears expensive. The current P/E of 28.7 is 247% above its historical median of 8.3. The estimated fair value CAGR (P/E method) is 4.0%.
HF Sinclair Corp (DINO) operates in the Pipe Lines (No Natural Gas) industry, within the Industrials sector.
HF Sinclair Corp (DINO) reported annual revenue of $26.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
HF Sinclair is an independent energy company that produces and markets high-value light products including gasoline, diesel fuel, jet fuel, renewable diesel, and specialty products through a diversified portfolio of refining, renewables, marketing, lubricants, and midstream assets. The company operates seven refineries across the Mid-Continent, Southwest, and Rocky Mountain regions of the United States—located in El Dorado Kansas, Tulsa Oklahoma, Anacortes Washington, Artesia and Lovington New Mexico, West Bountiful Utah, Sinclair Wyoming, and Casper Wyoming—along with three renewable diesel units and a pre-treatment unit that convert crude oil and other feedstocks into finished products. Beyond refining, HF Sinclair operates a branded fuel marketing segment, lubricants and specialty products businesses including Petro-Canada Lubricants, Sonneborn, and Red Giant Oil, and midstream logistics assets comprising petroleum product and crude oil pipelines, terminals, and tankage facilities that primarily support refining operations. The company's business model centers on integrated refining and logistics, where downstream marketing and midstream assets create operational leverage and capture value across the supply chain, while the lubricants and specialties segment provides higher-margin specialty products and diversification. HF Sinclair serves customers across multiple end-markets including transportation fuel consumers, industrial lubricant users, and specialty product purchasers, with geographic concentration in North America and a growing branded retail presence through company-operated and supplied sites.
【Margin resilience and strategic expansion】 Management expects the favorable refining market environment to persist through the summer driving season, with the company well-positioned to generate strong cash flows from its diversified asset portfolio. The company is pursuing price recovery actions in its renewables segment to offset elevated cost pressures and continues to optimize commercial and operational performance to capture favorable market conditions. Capital discipline remains a priority, with sustaining capital expected to decline significantly as the company completes its heavy maintenance cycle, while growth investments focus on high-return opportunities including the multi-phase midstream expansion project targeting final investment decisions by mid-year 2026 and the Green Trail Fuels joint venture targeting phase one completion by mid-year 2026. Management intends to continue returning excess cash flow to shareholders through dividends and share repurchases while maintaining investment in reliability, integration, and accretive organic growth initiatives.
| Metric | Target | Period |
|---|---|---|
| Sustaining capital spending | approximately $650 million | Full year 2026 |
| Growth capital investments | $125 million | Full year 2026 |
| Branded sites growth | approximately 10% annually | Ongoing |
Sustaining capital spending (Full year 2026): “With respect to capital spending for full year 2026, we expect to spend approximately $650 million in sustaining capital, including turnaround and catalyst.”
Growth capital investments (Full year 2026): “In addition, we expect to spend $125 million in growth capital investments across our segments.”
Branded sites growth (Ongoing): “We still expect to grow our number of branded sites by approximately 10% annually.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Transportation fuels | $13.41B | $30.25B | $24.58B | $22.23B | $20.93B | 77% |
Lubricants and specialty products | — | $2.83B | $2.52B | $2.43B | $2.31B | 8% |
Asphalt, fuel oil and other products | $949M | $2.15B | $2.17B | $1.93B | $1.43B | 5% |
Excess crude oil revenues | $1.55B | $2.34B | $2.15B | $1.57B | $1.33B | 5% |
Other revenues | $52M | $529M | $429M | $307M | $746M | 3% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 27.6B | 26.9B | 28.6B | 32.0B | 38.2B | 18.4B |
| Net Income | 1.2B | 574M | 175M | 1.6B | 2.9B | 551M |
| EPS | $5.47 | $3.08 | $0.91 | $8.29 | $14.28 | $3.39 |
| Free Cash Flow | 1.4B | 866M | 640M | 1.9B | 3.3B | -318M |
| ROIC | 11.8% | 6.5% | 1.8% | 15.1% | 32.4% | 9.3% |
| Gross Margin | - | 8.6% | 5.4% | 19.3% | 19.7% | 15.3% |
| Debt/Equity | 0.29 | 0.34 | 0.36 | 0.35 | 0.35 | 0.54 |
| Dividends/Share | $1.67 | $2.00 | $2.00 | $1.80 | $1.20 | $0.35 |
| Operating Income | 1.7B | 927M | 261M | 2.2B | 4.1B | 749M |
| Operating Margin | 6.1% | 3.5% | 0.9% | 6.9% | 10.6% | 4.1% |
| ROE | 12.6% | 6.2% | 1.8% | 16.2% | 38.7% | 9.7% |
| Shares Outstanding | 223M | 186M | 192M | 190M | 203M | 162M |
| Metric | |||||||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 11.2B | 18.4B | 38.2B | 32.0B | 28.6B | 26.9B | 27.6B |
| Gross Margin | 18.1% | 15.3% | 19.7% | 19.3% | 5.4% | 8.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 314M | 362M | 427M | 497M | 447M | 456M | 467M |
| EBIT | -734M | 749M | 4.1B | 2.2B | 261M | 927M | 1.7B |
| Op. Margin | -6.6% | 4.1% | 10.6% | 6.9% | 0.9% | 3.5% | 6.1% |
| Net Income | -603M | 551M | 2.9B | 1.6B | 175M | 574M | 1.2B |
| Net Margin | -5.4% | 3.0% | 7.6% | 4.9% | 0.6% | 2.1% | 4.4% |
| Non-Recurring | 79M | 90M | 2.0M | 7.0M | 2.0M | 2.0M | 2.0M |
| Returns on Capital | |||||||
| ROIC | N/A | 9.3% | 32.4% | 15.1% | 1.8% | 6.5% | 11.8% |
| ROE | N/A | 9.7% | 38.7% | 16.2% | 1.8% | 6.2% | 12.6% |
| ROA | N/A | 8.5% | 18.6% | 8.8% | 1.0% | 3.5% | 6.7% |
| Cash Flow | |||||||
| Op. Cash Flow | 458M | 407M | 3.8B | 2.3B | 1.1B | 1.3B | 1.9B |
| Free Cash Flow | 187M | -318M | 3.3B | 1.9B | 640M | 866M | 1.4B |
| Owner Earnings | -95M | -136M | 3.1B | 1.5B | 255M | 373M | 913M |
| CapEx | 271M | 725M | 524M | 385M | 470M | 449M | 465M |
| Maint. CapEx | 521M | 504M | 657M | 771M | 832M | 909M | 913M |
| Growth CapEx | 0 | 222M | 0 | 0 | 0 | 0 | 0 |
| D&A | 521M | 504M | 657M | 771M | 832M | 909M | 913M |
| CapEx/OCF | N/A | 178.3% | 12.8% | 16.8% | 42.3% | 34.1% | 25.0% |
| Capital Allocation | |||||||
| Dividends Paid | 229M | 58M | 256M | 341M | 386M | 376M | 372M |
| Dividend Yield | N/A | 1.3% | 3.1% | 3.9% | 4.3% | 4.9% | 1.9% |
| Share Buybacks | 7.6M | 7.1M | 1.4B | 999M | 672M | 354M | 430M |
| Buyback Yield | 0.0% | 0.2% | 15.7% | 10.3% | 10.7% | 4.1% | 2.2% |
| Stock-Based Comp | 32M | 39M | 31M | 41M | 23M | 33M | 35M |
| Debt Repayment | 0 | 0 | 41M | 308M | 106M | 350M | 350M |
| Balance Sheet | |||||||
| Net Debt | -619M | 2.8B | 1.6B | 2.2B | 2.6B | 2.2B | 1.6B |
| Cash & Equiv. | 1.4B | 234M | 1.7B | 1.4B | 800M | 978M | 1.1B |
| Long-Term Debt | 749M | 3.1B | 2.9B | 2.7B | 2.3B | 2.8B | 2.8B |
| Debt/Equity | N/A | 0.54 | 0.35 | 0.35 | 0.36 | 0.34 | 0.29 |
| Interest Coverage | -5.8 | 6.0 | 23.1 | 11.5 | 1.6 | 4.3 | 4.3 |
| Equity | N/A | 5.7B | 9.2B | 10.2B | 9.3B | 9.2B | 9.7B |
| Total Assets | N/A | 12.9B | 18.1B | 17.7B | 16.6B | 16.5B | 18.2B |
| Total Liabilities | N/A | 6.6B | 8.1B | 7.5B | 7.3B | 7.3B | 8.4B |
| Intangibles | N/A | 299M | 464M | 411M | 351M | 301M | 301M |
| Retained Earnings | 229M | 4.4B | 4.1B | 5.4B | 5.2B | 5.4B | 5.9B |
| Working Capital | N/A | 1.7B | 3.5B | 3.4B | 2.0B | 2.3B | 2.8B |
| Current Assets | N/A | 3.8B | 6.7B | 6.1B | 5.0B | 4.8B | 6.4B |
| Current Liabilities | N/A | 2.1B | 3.2B | 2.8B | 3.0B | 2.5B | 3.6B |
| Per Share Data | |||||||
| EPS | -3.72 | 3.39 | 14.28 | 8.29 | 0.91 | 3.08 | 5.47 |
| Owner EPS | -0.58 | -0.84 | 15.25 | 7.81 | 1.33 | 2.00 | 4.09 |
| Book Value | N/A | 35.00 | 45.63 | 53.49 | 48.25 | 49.28 | 43.29 |
| Cash Flow/Share | 2.82 | 2.50 | 18.64 | 12.08 | 5.77 | 7.06 | 9.56 |
| Dividends/Share | 1.40 | 0.35 | 1.20 | 1.80 | 2.00 | 2.00 | 1.67 |
| Shares Out. | 162.2M | 162.5M | 202.6M | 190.1M | 192.3M | 186.4M | 223.2M |
| Valuation | |||||||
| P/E Ratio | N/A | 8.3 | 3.0 | 6.1 | 35.4 | 14.7 | 16.1 |
| P/FCF | N/A | N/A | 2.7 | 5.0 | 9.7 | 9.8 | 14.1 |
| EV/EBIT | N/A | 9.6 | 2.2 | 4.4 | 29.4 | 10.1 | 12.6 |
| Price/Book | N/A | 0.8 | 0.9 | 0.9 | 0.7 | 0.9 | 2.0 |
| Price/Sales | N/A | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.7 |
| FCF Yield | N/A | -6.9% | 37.2% | 19.8% | 10.2% | 10.1% | 7.1% |
| Market Cap | 0 | 4.6B | 8.7B | 9.7B | 6.3B | 8.5B | 19.7B |
| Avg. Price | 0.00 | 28.08 | 40.14 | 45.46 | 46.45 | 40.92 | 88.30 |
| Year-End Price | 0.00 | 28.04 | 42.72 | 50.34 | 32.25 | 45.42 | 88.30 |
HF Sinclair Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
HF Sinclair Corp trades at 28.7x trailing earnings, compared to its 15-year median P/E of 8.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 18.4x vs a median of 7.3x. The company's 5-year average ROIC is 13.0% with a gross margin of 13.7%. Total shareholder yield (dividends + buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is +8.3%.
HF Sinclair Corp (DINO) has a net profit margin of 2.1%. This is a modest margin.
HF Sinclair Corp (DINO) generated $866 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HF Sinclair Corp (DINO) has a debt-to-equity ratio of 0.34. This indicates a conservatively financed balance sheet.
HF Sinclair Corp (DINO) reported earnings per share (EPS) of $3.08 in its most recent fiscal year.
HF Sinclair Corp (DINO) has a return on equity (ROE) of 6.2%. This indicates moderate shareholder returns.
HF Sinclair Corp (DINO) has a 5-year average gross margin of 13.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for HF Sinclair Corp (DINO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HF Sinclair Corp (DINO) has a book value per share of $49.28, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the favorable refining market environment to persist through the summer driving season, with the company well-positioned to generate strong cash flows from its diversified asset portfolio. The company is pursuing price recovery actions in its renewables segment to offset elevated cost pressures and continues to optimize commercial and operational performance to capture favorable market conditions. Capital discipline remains a priority, with sustaining capital expected to decline significantly as the company completes its heavy maintenance cycle, while growth investments focus on high-return opportunities including the multi-phase midstream expansion project targeting final investment decisions by mid-year 2026 and the Green Trail Fuels joint venture targeting phase one completion by mid-year 2026. Management intends to continue returning excess cash flow to shareholders through dividends and share repurchases while maintaining investment in reliability, integration, and accretive organic growth initiatives.
Based on recent SEC filings and earnings calls, HF Sinclair Corp (DINO) has provided the following forward guidance: Sustaining capital spending: approximately $650 million (Full year 2026); Growth capital investments: $125 million (Full year 2026); Branded sites growth: approximately 10% annually (Ongoing).