CVR Energy vs HF Sinclair
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The short version
- HF Sinclair is the larger business, with $26.9B of revenue in fiscal 2025 against $7.2B for CVR Energy, about 3.8 times as much.
- HF Sinclair kept more of each dollar of sales as operating profit (3.5% operating margin, against 2.5%).
- HF Sinclair turned more of its sales into free cash flow (3.2% FCF margin, against −0.6%).
- CVR Energy earned a higher return on the capital invested in it (9.1%, against 6.6%).
- Investors pay more for each dollar of CVR Energy’s earnings: a P/E of 85.5x against 11.6x for HF Sinclair.
| Latest fiscal year | CVI · FY25 | DINO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $21.8B |
| Revenue | $7.2B | $26.9B |
| Free cash flow | −$41.0M | $866M |
| Net income | $27.0M | $579M |
| Growth | ||
| Revenue growth | −5.9% | −6.0% |
| 5-year growth | 12.8% | 19.2% |
| Share count change | 0.0% | −2.9% |
| Profitability | ||
| Gross margin | 4.8% | 19.0% |
| Operating margin | 2.5% | 3.5% |
| Net margin | 0.4% | 2.2% |
| FCF margin | −0.6% | 3.2% |
| Return on capital | 9.1% | 6.6% |
| Return on equity | 3.8% | 6.3% |
| Balance sheet | ||
| Net debt | $1.3B | $1.9B |
| Net debt / EBITDA | 2.2x | 1.0x |
| Dividends and buybacks | $0.0M | $730M |
| Valuation & quality | ||
| P/E | 85.5x | 11.6x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
CVI $4.8B
DINO $10.5B
FY17
CVI $6.0B
DINO $14.3B
FY18
CVI $7.1B
DINO $17.7B
FY19
CVI $6.4B
DINO $17.5B
FY20
CVI $3.9B
DINO $11.2B
FY21
CVI $7.2B
DINO $18.4B
FY22
CVI $10.9B
DINO $38.2B
FY23
CVI $9.2B
DINO $32.0B
FY24
CVI $7.6B
DINO $28.6B
FY25
CVI $7.2B
DINO $26.9B
CVI
DINO
Operating margin
FY16
CVI 1.5%
DINO −1.0%
FY17
CVI 2.4%
DINO 6.3%
FY18
CVI 7.5%
DINO 9.2%
FY19
CVI 9.1%
DINO 7.3%
FY20
CVI −8.5%
DINO −6.6%
FY21
CVI 1.2%
DINO 4.1%
FY22
CVI 8.8%
DINO 10.6%
FY23
CVI 12.1%
DINO 6.9%
FY24
CVI 0.8%
DINO 0.9%
FY25
CVI 2.5%
DINO 3.5%
CVI
DINO
Free cash flow
FY16
CVI $134M
DINO $235M
FY17
CVI $128M
DINO $724M
FY18
CVI $526M
DINO $1.3B
FY19
CVI $626M
DINO $1.3B
FY20
CVI −$34.0M
DINO $187M
FY21
CVI $172M
DINO −$318M
FY22
CVI $776M
DINO $3.3B
FY23
CVI $743M
DINO $1.9B
FY24
CVI $225M
DINO $640M
FY25
CVI −$41.0M
DINO $866M
CVI
DINO
Return on capital
FY16
CVI 3.0%
DINO −1.2%
FY17
CVI 6.1%
DINO 12.7%
FY18
CVI 17.6%
DINO 16.2%
FY19
CVI 18.4%
DINO 12.0%
FY20
CVI −11.8%
DINO −7.4%
FY21
CVI 4.2%
DINO 7.5%
FY22
CVI 41.3%
DINO 30.0%
FY23
CVI 41.0%
DINO 15.0%
FY24
CVI 2.6%
DINO 1.9%
FY25
CVI 9.1%
DINO 6.6%
CVI
DINO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.