A Business at a Glance
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Table of Contents Items 1 and 2. Business and Properties COMPANY OVERVIEW References herein to HF Sinclair Corporation (“HF Sinclair” or the “Company”) include HF Sinclair and its consolidated subsidiaries. In this document, the words “we,” “our,” “ours” and “us” refer only to HF Sinclair and its consolidated subsidiaries or, in certain contexts, to HF Sinclair or an individual consolidated subsidiary and not to any other person, with certain exceptions. References herein to Holly Energy Partners, L.P. (“HEP”) with respect to time periods prior to the HEP Merger Transaction (as defined below) refer to HEP and its consolidated subsidiaries. We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. We were incorporated in Delaware in 1947 and maintain our principal corporate offices at 2323 Victory Avenue, Suite 1400, Dallas, Texas 75219.
| 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 | 26.9B | 26.9B | 28.6B | 32.0B | 38.2B | 18.4B |
| Net Income | 574M | 574M | 175M | 1.6B | 2.9B | 551M |
| EPS | $3.08 | $3.08 | $0.91 | $8.29 | $14.28 | $3.39 |
| Free Cash Flow | 866M | 866M | 640M | 1.9B | 3.3B | -318M |
| ROIC | 6.5% | 6.5% | 1.8% | 15.1% | 32.4% | 16.0% |
| Gross Margin | 8.6% | 8.6% | 5.4% | 19.3% | 19.7% | 15.3% |
| Debt/Equity | 0.34 | 0.34 | 0.36 | 0.35 | 0.35 | 0.54 |
| Dividends/Share | $2.02 | $2.00 | $2.00 | $1.80 | $1.20 | $0.35 |
| Operating Income | 927M | 927M | 261M | 2.2B | 4.1B | 749M |
| Operating Margin | 3.5% | 3.5% | 0.9% | 6.9% | 10.6% | 4.1% |
| ROE | 6.3% | 6.2% | 1.8% | 16.2% | 38.7% | 19.4% |
| Shares Outstanding | 186M | 186M | 192M | 190M | 203M | 162M |
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 11.2B | 18.4B | 38.2B | 32.0B | 28.6B | 26.9B | 26.9B |
| Gross Margin | 18.1% | 15.3% | 19.7% | 19.3% | 5.4% | 8.6% | 8.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 314M | 362M | 427M | 497M | 447M | 456M | 456M |
| EBIT | -734M | 749M | 4.1B | 2.2B | 261M | 927M | 927M |
| Op. Margin | -6.6% | 4.1% | 10.6% | 6.9% | 0.9% | 3.5% | 3.5% |
| Net Income | -603M | 551M | 2.9B | 1.6B | 175M | 574M | 574M |
| Net Margin | -5.4% | 3.0% | 7.6% | 4.9% | 0.6% | 2.1% | 2.1% |
| Non-Recurring | 79M | 90M | 2.0M | 7.0M | 2.0M | 2.0M | 2.0M |
| Returns on Capital | |||||||
| ROIC | -16.6% | 16.0% | 32.4% | 15.1% | 1.8% | 6.5% | 6.5% |
| ROE | -18.5% | 19.4% | 38.7% | 16.2% | 1.8% | 6.2% | 6.3% |
| ROA | N/A | 8.5% | 18.6% | 8.8% | 1.0% | 3.5% | 3.5% |
| Cash Flow | |||||||
| Op. Cash Flow | 458M | 407M | 3.8B | 2.3B | 1.1B | 1.3B | 1.3B |
| Free Cash Flow | 187M | -318M | 3.3B | 1.9B | 640M | 866M | 866M |
| Owner Earnings | -95M | -136M | 3.1B | 1.5B | 255M | 373M | 373M |
| CapEx | 271M | 725M | 524M | 385M | 470M | 449M | 449M |
| Maint. CapEx | 521M | 504M | 657M | 771M | 832M | 909M | 909M |
| Growth CapEx | 0 | 222M | 0 | 0 | 0 | 0 | 0 |
| D&A | 521M | 504M | 657M | 771M | 832M | 909M | 909M |
| CapEx/OCF | N/A | 178.3% | 12.8% | 16.8% | 42.3% | 34.1% | 34.1% |
| Capital Allocation | |||||||
| Dividends Paid | 229M | 58M | 256M | 341M | 386M | 376M | 376M |
| Dividend Yield | N/A | 1.3% | 3.1% | 3.9% | 4.3% | 4.9% | 3.5% |
| Share Buybacks | 7.6M | 7.1M | 1.4B | 999M | 672M | 354M | 354M |
| Buyback Yield | 0.0% | 0.2% | 15.7% | 10.3% | 10.7% | 4.1% | 3.3% |
| Stock-Based Comp | 32M | 39M | 31M | 41M | 23M | 33M | 33M |
| Debt Repayment | 0 | 0 | 41M | 308M | 106M | 350M | 350M |
| Balance Sheet | |||||||
| Net Debt | -619M | 2.8B | 1.6B | 2.2B | 2.6B | 2.2B | 2.2B |
| Cash & Equiv. | 1.4B | 234M | 1.7B | 1.4B | 800M | 978M | 978M |
| Long-Term Debt | 749M | 3.1B | 2.9B | 2.7B | 2.3B | 2.8B | 2.8B |
| Debt/Equity | -1242.00 | 0.54 | 0.35 | 0.35 | 0.36 | 0.34 | 0.34 |
| Interest Coverage | -5.8 | 6.0 | 23.1 | 11.5 | 1.6 | 4.3 | 4.3 |
| Equity | -603K | 5.7B | 9.2B | 10.2B | 9.3B | 9.2B | 9.2B |
| Total Assets | N/A | 12.9B | 18.1B | 17.7B | 16.6B | 16.5B | 16.5B |
| Total Liabilities | N/A | 6.6B | 8.1B | 7.5B | 7.3B | 7.3B | 7.3B |
| Intangibles | N/A | 299M | 464M | 411M | 351M | 301M | 301M |
| Retained Earnings | 229M | 4.4B | 4.1B | 5.4B | 5.2B | 5.4B | 5.4B |
| Working Capital | N/A | 1.7B | 3.5B | 3.4B | 2.0B | 2.3B | 2.3B |
| Current Assets | N/A | 3.8B | 6.7B | 6.1B | 5.0B | 4.8B | 4.8B |
| Current Liabilities | N/A | 2.1B | 3.2B | 2.8B | 3.0B | 2.5B | 2.5B |
| Per Share Data | |||||||
| EPS | -3.72 | 3.39 | 14.28 | 8.29 | 0.91 | 3.08 | 3.08 |
| Owner EPS | -0.58 | -0.84 | 15.25 | 7.81 | 1.33 | 2.00 | 2.00 |
| Book Value | -0.00 | 35.00 | 45.63 | 53.49 | 48.25 | 49.28 | 49.28 |
| Cash Flow/Share | 2.82 | 2.50 | 18.64 | 12.08 | 5.77 | 7.06 | 7.96 |
| Dividends/Share | 1.40 | 0.35 | 1.20 | 1.80 | 2.00 | 2.00 | 2.02 |
| Shares Out. | 162.2M | 162.5M | 202.6M | 190.1M | 192.3M | 186.4M | 186.4M |
| Valuation | |||||||
| P/E Ratio | N/A | 8.3 | 3.0 | 6.1 | 35.4 | 14.7 | 18.6 |
| P/FCF | N/A | N/A | 2.7 | 5.0 | 9.7 | 9.8 | 12.3 |
| EV/EBIT | N/A | 9.6 | 2.2 | 4.4 | 29.4 | 10.1 | 13.8 |
| Price/Book | N/A | 0.8 | 0.9 | 0.9 | 0.7 | 0.9 | 1.2 |
| Price/Sales | N/A | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 |
| FCF Yield | N/A | -6.9% | 37.2% | 19.8% | 10.2% | 10.1% | 8.1% |
| Market Cap | 0 | 4.6B | 8.7B | 9.7B | 6.3B | 8.5B | 10.7B |
| Avg. Price | 0.00 | 28.08 | 40.14 | 45.46 | 46.45 | 40.92 | 57.17 |
| Year-End Price | 0.00 | 28.04 | 42.72 | 50.34 | 32.25 | 45.42 | 57.17 |
HF Sinclair Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
HF Sinclair Corp trades at 18.6x trailing earnings, compared to its 15-year median P/E of 8.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.9x vs a median of 7.3x. The company's 5-year average ROIC is 14.4% with a gross margin of 13.7%. Total shareholder yield (dividends + buybacks) is 6.9%. At current prices, the estimated annualized return to fair value is +9.0%.
HF Sinclair Corp (DINO) has a current P/E ratio of 18.6, compared to its historical median P/E of 8.3. The stock is currently considered Fair based on its historical valuation range.
HF Sinclair Corp (DINO) has a 5-year average return on invested capital (ROIC) of 14.4%. This indicates solid capital allocation.
HF Sinclair Corp (DINO) has a market capitalization of $10.7B. It is classified as a large-cap stock.
Yes, HF Sinclair Corp (DINO) pays a dividend with a trailing twelve-month yield of 3.53%. The company also returns capital through share buybacks, with a buyback yield of 3.32%.
Based on historical P/E analysis, HF Sinclair Corp (DINO) appears fair. The current P/E of 18.6 is 124% 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 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.