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HF Sinclair

DINO NYSE Oil & Gas Refining & Marketing Financials FY2016–FY2025

HF Sinclair's revenue fell 6.0% to $26.9 billion in fiscal 2025. Its operating margin was 3.5%, up from 0.9% a year earlier. Free cash flow was $866 million, up 35.3%. It paid out $730 million in dividends and buybacks, 84% of free cash flow. The diluted share count fell 2.9%.

Last close · Oct 23, 2026

$121.66

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$26.9B
6.0% vs prior year
Operating margin Operating income as a share of revenue.
3.5%
2.5 pts
Net income Profit after all expenses, interest and tax.
$579M
227.1%
Free cash flow Cash from operations minus capital spending.
$866M
35.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.6%
4.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$21.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.6x
On $10.51 EPS (TTM)

About these figures. Years to 2021 come from HollyFrontier, the listed company until HF Sinclair was formed as its new holding company in the 2022 purchase of Sinclair's refining business. Gross profit is sales less HF Sinclair's cost of materials; its refinery operating costs come below gross profit, so its gross margin is higher than that of refiners who count them in cost of sales. Its 2024 and 2025 filings tag the same line under another label.

What HF Sinclair does

No business description yet.

Legal name
HF Sinclair Corp
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001915657-26-000016
0001915657

Revenue and margins

HF Sinclair had $26.9B of revenue in fiscal 2025, down 6.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $866M in fiscal 2025, 3.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

HF Sinclair returned $730M to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 2.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value HF Sinclair yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.9B and divides by 186.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 11.6x · peers 6.7x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably HF Sinclair can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $234M$1.7B$1.4B$800M$978M
Debt incl. finance leases $3.2B$3.3B$2.8B$2.7B$2.9B
Net debt / EBITDA 2.3x0.4x0.5x1.8x1.0x
Debt / equity 0.6x0.4x0.3x0.3x0.3x
Interest coverage 6.0x23.1x11.6x1.6x4.3x
Current ratio 1.8x2.1x2.2x1.7x1.9x
Quick ratio 0.8x1.1x1.2x0.7x0.9x
Total assets $12.9B$18.1B$17.7B$16.6B$16.5B
Total liabilities $6.6B$8.1B$7.5B$7.3B$7.3B
Shareholders' equity $5.7B$9.2B$10.2B$9.3B$9.2B
Net debt (− = net cash) $2.9B$1.7B$1.5B$1.9B$1.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$2.4M

2 insiders

Sold, 12 months

$1.7M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 11, 2026 Franklin MyersCEO, Director Bought 15,000 $85.30 $1.3M Form 4
Aug 5, 2026 Dale KunnemanSVP and CHRO Sold 8,936 $84.59 $0.8M Form 4
Jun 16, 2026 Rhoman J HardyDirector Bought 1,508 $66.32 $0.1M Form 4
Jun 2, 2026 Manuel J FernandezDirector Sold 635 $73.09 $0.0M Form 4
May 26, 2026 Matthew JoyceSVP, Lubricants & Specialties Sold 2,384 $69.73 $0.2M Form 4
May 19, 2026 Vivek GargActing CFO, VP, CAO & Contr Sold 717 $71.89 $0.1M Form 4
May 18, 2026 Franklin MyersCEO and President, Director Bought 15,000 $69.11 $1.0M Form 4
May 15, 2026 Valerie PompaEVP, Operations Sold 10,000 $69.05 $0.7M Form 4
Nov 5, 2025 Vivek GargVP, CAO and Controller Sold 314 $53.28 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 94 / 98 / 9
Accruals ratio −4.0%−5.4%−4.4%
Altman Z'' 4.513.243.70

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
HF Sinclair DINO $21.8B −6.0% 3.5% 3.2% 6.6% 11.6x 8
PBF Energy PBF $9.2B −11.4% −0.2% −2.7% −0.6% 6.7x 4 Compare →
World Kinect WKC $1.9B −12.5% −1.5% 0.6% −20.9% — 5 Compare →
Par Pacific PARR $3.8B −6.4% 7.2% 4.0% 19.3% 4.5x 6 Compare →
CVR Energy CVI $5.8B −5.9% 2.5% −0.6% 9.1% 85.5x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.5B $14.3B $17.7B $17.5B $11.2B $18.4B $38.2B $32.0B $28.6B $26.9B
Gross profit $1.8B $2.8B $3.8B $3.6B $2.0B $2.8B $7.5B $6.2B $4.0B $5.1B
Operating income −$103M $901M $1.6B $1.3B −$734M $749M $4.1B $2.2B $261M $927M
Interest expense $72.2M $118M $131M $143M $127M $125M $176M $191M $165M $217M
Pretax income −$172M $869M $1.5B $1.2B −$747M $787M $3.9B $2.2B $218M $732M
Income tax $19.4M −$12.4M $347M $299M −$232M $124M $895M $442M $34.0M $146M
Net income −$261M $805M $1.1B $772M −$601M $558M $2.9B $1.6B $177M $579M
Diluted EPS −$1.48 $4.52 $6.19 $4.61 −$3.72 $3.39 $14.28 $8.29 $0.91 $3.08
Diluted shares 0.18B 0.18B 0.18B 0.17B 0.16B 0.16B 0.20B 0.19B 0.19B 0.19B
Cash flow
Cash from operations $607M $951M $1.6B $1.5B $458M $407M $3.8B $2.3B $1.1B $1.3B
Capital expenditure $372M $227M $257M $264M $271M $725M $524M $385M $470M $449M
Free cash flow $235M $724M $1.3B $1.3B $187M −$318M $3.3B $1.9B $640M $866M
Depreciation and amortization $363M $410M $437M $510M $521M $504M $657M $771M $832M $909M
Stock-based compensation $25.6M $42.3M $42.2M $42.3M $31.7M $39.3M $31.0M $41.0M $23.0M $33.0M
Acquisitions $0.0M $871M $54.2M $663M $0.0M $624M $251M $0.0M $0.0M $0.0M
Share buybacks $138M $15.9M $363M $533M $7.6M $7.1M $1.4B $999M $672M $354M
Dividends paid $234M $236M $234M $225M $230M $57.7M $256M $341M $386M $376M
Dividends and buybacks $372M $251M $597M $758M $237M $64.7M $1.6B $1.3B $1.1B $730M
Balance sheet
Cash and short-term investments $1.1B $631M $1.2B $885M $1.4B $234M $1.7B $1.4B $800M $978M
Total debt $2.3B $2.5B $2.4B $2.5B $3.2B $3.1B $3.3B $2.8B $2.6B $2.8B
Finance lease liabilities $0.0M $0.0M $0.0M $6.7M $7.0M $67.1M $61.1M $86.0M $82.0M $89.0M
Current assets $2.9B $3.1B $3.3B $3.3B $3.3B $3.8B $6.7B $6.1B $5.0B $4.8B
Current liabilities $1.1B $1.4B $1.2B $1.7B $1.4B $2.1B $3.2B $2.8B $3.0B $2.5B
Inventory $1.1B $1.6B $1.4B $1.5B $1.2B $2.1B $3.2B $2.9B $2.8B $2.6B
Property and equipment, net $4.0B $4.7B $4.7B $4.8B $4.6B $5.4B $6.7B $6.6B $6.6B $6.5B
Total assets $9.4B $10.7B $11.0B $12.2B $11.5B $12.9B $18.1B $17.7B $16.6B $16.5B
Total liabilities $4.1B $4.8B $4.5B $5.7B $5.8B $6.6B $8.1B $7.5B $7.3B $7.3B
Shareholders' equity $4.7B $5.4B $5.9B $6.0B $5.2B $5.7B $9.2B $10.2B $9.3B $9.2B
Margins
Gross margin 16.8% 19.5% 21.3% 20.4% 18.1% 15.4% 19.7% 19.3% 14.0% 19.0%
Operating margin −1.0% 6.3% 9.2% 7.3% −6.6% 4.1% 10.6% 6.9% 0.9% 3.5%
EBITDA margin 2.5% 9.2% 11.6% 10.2% −1.9% 6.8% 12.3% 9.3% 3.8% 6.8%
Net margin −2.5% 5.7% 6.2% 4.4% −5.4% 3.0% 7.7% 5.0% 0.6% 2.2%
FCF margin 2.2% 5.1% 7.3% 7.4% 1.7% −1.7% 8.5% 6.0% 2.2% 3.2%
Returns
Return on capital −1.2% 12.7% 16.2% 12.0% −7.4% 7.5% 30.0% 15.0% 1.9% 6.6%
Return on capital employed −1.3% 10.2% 17.0% 12.6% −7.1% 7.1% 31.5% 14.8% 1.8% 6.7%
Return on equity −5.2% 16.0% 19.5% 13.0% −10.8% 10.3% 39.2% 16.4% 1.8% 6.3%
Return on assets −2.9% 8.0% 10.1% 6.7% −5.1% 4.6% 18.8% 8.9% 1.0% 3.5%
Growth
Revenue growth −20.4% 35.3% 24.3% −1.3% −36.0% 64.4% 107.8% −16.3% −10.6% −6.0%
Net income growth −135.2% — 36.3% −29.7% −177.9% — 423.5% −45.6% −88.9% 227.1%
EPS growth −138.0% — 37.0% −25.5% −180.7% — 321.2% −42.0% −89.0% 238.5%
FCF growth −53.3% 208.4% 79.2% −1.0% −85.4% −270.2% — −41.2% −66.5% 35.3%
Share count change −6.8% 0.6% −0.3% −5.3% −3.2% 0.4% 24.6% −6.2% 1.1% −2.9%
Financial health
Net debt / EBITDA 4.3x 1.4x 0.6x 0.9x — 2.3x 0.4x 0.5x 1.8x 1.0x
Debt / equity 0.5x 0.5x 0.4x 0.4x 0.6x 0.6x 0.4x 0.3x 0.3x 0.3x
Interest coverage −1.4x 7.7x 12.4x 8.9x −5.8x 6.0x 23.1x 11.6x 1.6x 4.3x
Current ratio 2.6x 2.2x 2.8x 2.0x 2.4x 1.8x 2.1x 2.2x 1.7x 1.9x
Quick ratio 1.6x 1.0x 1.7x 1.1x 1.6x 0.8x 1.1x 1.2x 0.7x 0.9x
Capital allocation
Capex / revenue 3.5% 1.6% 1.5% 1.5% 2.4% 3.9% 1.4% 1.2% 1.6% 1.7%
Stock comp / revenue 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.1% 0.1% 0.1% 0.1%
Payouts / FCF 158.5% 34.7% 46.0% 59.0% 126.8% — 50.1% 70.1% 165.3% 84.3%
Quality scores
Piotroski F-score 4.0 7.0 9.0 5.0 4.0 5.0 8.0 6.0 4.0 8.0
Altman Z'' 3.5 3.9 5.0 4.1 2.8 3.4 4.8 4.5 3.2 3.7
Accruals ratio −9.7% −1.5% −4.2% −6.7% −9.0% 1.2% −5.5% −4.0% −5.4% −4.4%

Source: SEC EDGAR XBRL filings (CIK 0001915657). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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