HF Sinclair vs Par Pacific

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KIRA’s take AI analyst

I put HF Sinclair and Par Pacific side by side, using each one’s latest annual report. Here is what stands out:

HF Sinclair is the larger business, with $26.9B of revenue in fiscal 2025 against $7.5B for Par Pacific, about 3.6 times as much.
Par Pacific kept more of each dollar of sales as operating profit (7.2% operating margin, against 3.5%).
Par Pacific turned more of its sales into free cash flow (4.0% FCF margin, against 3.2%).
Par Pacific earned a higher return on the capital invested in it (19.3%, against 6.6%).
Investors pay more for each dollar of HF Sinclair’s earnings: a P/E of 11.6x against 4.5x for Par Pacific.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

HF Sinclair

DINO

3/10

Revenue growth5-year growthPiotroski F-score

Par Pacific

PARR

7/10

Operating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change

Side by side

Best in the row

Latest fiscal year	DINO FY25	PARR FY25
Size
Market cap	$21.8B	$3.8B
Revenue	$26.9B	$7.5B
Free cash flow	$866M	$296M
Net income	$579M	$369M
Growth
Revenue growth	−6.0%	−6.4%
5-year growth	19.2%	19.0%
Share count change	−2.9%	−9.1%
Profitability
Gross margin	19.0%	—
Operating margin	3.5%	7.2%
Net margin	2.2%	5.0%
FCF margin	3.2%	4.0%
Return on capital	6.6%	19.3%
Return on equity	6.3%	27.3%
Balance sheet
Net debt	$1.9B	$653M
Net debt / EBITDA	1.0x	1.0x
Dividends and buybacks	$730M	$125M
Valuation & quality
P/E	11.6x	4.5x
Piotroski F-score	8	6

Ten years

Revenue

FY16

DINO $10.5B

PARR $1.9B

FY17

DINO $14.3B

PARR $2.4B

FY18

DINO $17.7B

PARR $3.4B

FY19

DINO $17.5B

PARR $5.4B

FY20

DINO $11.2B

PARR $3.1B

FY21

DINO $18.4B

PARR $4.7B

FY22

DINO $38.2B

PARR $7.3B

FY23

DINO $32.0B

PARR $8.2B

FY24

DINO $28.6B

PARR $8.0B

FY25

DINO $26.9B

PARR $7.5B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DINO PARR

Operating margin

FY16

DINO −1.0%

PARR −1.1%

FY17

DINO 6.3%

PARR 3.9%

FY18

DINO 9.2%

PARR 2.4%

FY19

DINO 7.3%

PARR 2.7%

FY20

DINO −6.6%

PARR −10.2%

FY21

DINO 4.1%

PARR −0.2%

FY22

DINO 10.6%

PARR 6.0%

FY23

DINO 6.9%

PARR 8.3%

FY24

DINO 0.9%

PARR 0.6%

FY25

DINO 3.5%

PARR 7.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DINO PARR

Free cash flow

FY16

DINO $235M

PARR −$48.2M

FY17

DINO $724M

PARR $74.8M

FY18

DINO $1.3B

PARR $42.2M

FY19

DINO $1.3B

PARR $21.7M

FY20

DINO $187M

PARR −$101M

FY21

DINO −$318M

PARR −$57.2M

FY22

DINO $3.3B

PARR $400M

FY23

DINO $1.9B

PARR $497M

FY24

DINO $640M

PARR −$51.8M

FY25

DINO $866M

PARR $296M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DINO PARR

Return on capital

FY16

DINO −1.2%

PARR −3.0%

FY17

DINO 12.7%

PARR 13.4%

FY18

DINO 16.2%

PARR 10.5%

FY19

DINO 12.0%

PARR 11.9%

FY20

DINO −7.4%

PARR −24.7%

FY21

DINO 7.5%

PARR −0.7%

FY22

DINO 30.0%

PARR 62.7%

FY23

DINO 15.0%

PARR 56.9%

FY24

DINO 1.9%

PARR 2.0%

FY25

DINO 6.6%

PARR 19.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DINO PARR

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.