CVR Energy vs HF Sinclair
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KIRA’s take AI analyst
I put CVR Energy and HF Sinclair 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 $7.2B 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 91.2x against 11.9x for HF Sinclair.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
CVR Energy
CVI
2/11
Revenue growthReturn on capital
HF Sinclair
DINO
8/11
5-year growthGross marginOperating marginNet marginFCF marginReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CVI FY25 | DINO FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.2B | $22.5B |
| 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 | 91.2x | 11.9x |
| Piotroski F-score | 8 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.