HF Sinclair vs PBF Energy
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The short version
- PBF Energy is the larger business, with $29.3B of revenue in fiscal 2025 against $26.9B for HF Sinclair.
- HF Sinclair grew revenue faster (−6.0%, against −11.4%).
- HF Sinclair kept more of each dollar of sales as operating profit (3.5% operating margin, against −0.2%).
- HF Sinclair turned more of its sales into free cash flow (3.2% FCF margin, against −2.7%).
- HF Sinclair earned a higher return on the capital invested in it (6.6%, against −0.6%).
- Investors pay more for each dollar of HF Sinclair’s earnings: a P/E of 11.6x against 6.7x for PBF Energy.
| Latest fiscal year | DINO · FY25 | PBF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.8B | $9.2B |
| Revenue | $26.9B | $29.3B |
| Free cash flow | $866M | −$783M |
| Net income | $579M | −$159M |
| Growth | ||
| Revenue growth | −6.0% | −11.4% |
| 5-year growth | 19.2% | 14.2% |
| Share count change | −2.9% | −1.9% |
| Profitability | ||
| Gross margin | 19.0% | −2.0% |
| Operating margin | 3.5% | −0.2% |
| Net margin | 2.2% | −0.5% |
| FCF margin | 3.2% | −2.7% |
| Return on capital | 6.6% | −0.6% |
| Return on equity | 6.3% | −2.9% |
| Balance sheet | ||
| Net debt | $1.9B | $1.7B |
| Net debt / EBITDA | 1.0x | 5.2x |
| Dividends and buybacks | $730M | $126M |
| Valuation & quality | ||
| P/E | 11.6x | 6.7x |
| Piotroski F-score | 8 | 4 |
Revenue
FY16
DINO $10.5B
PBF $15.9B
FY17
DINO $14.3B
PBF $21.8B
FY18
DINO $17.7B
PBF $27.2B
FY19
DINO $17.5B
PBF $24.5B
FY20
DINO $11.2B
PBF $15.1B
FY21
DINO $18.4B
PBF $27.3B
FY22
DINO $38.2B
PBF $46.8B
FY23
DINO $32.0B
PBF $38.3B
FY24
DINO $28.6B
PBF $33.1B
FY25
DINO $26.9B
PBF $29.3B
DINO
PBF
Operating margin
FY16
DINO −1.0%
PBF 3.1%
FY17
DINO 6.3%
PBF 3.4%
FY18
DINO 9.2%
PBF 1.3%
FY19
DINO 7.3%
PBF 2.7%
FY20
DINO −6.6%
PBF −9.4%
FY21
DINO 4.1%
PBF 2.2%
FY22
DINO 10.6%
PBF 8.9%
FY23
DINO 6.9%
PBF 7.7%
FY24
DINO 0.9%
PBF −2.1%
FY25
DINO 3.5%
PBF −0.2%
DINO
PBF
Free cash flow
FY16
DINO $235M
PBF $353M
FY17
DINO $724M
PBF $379M
FY18
DINO $1.3B
PBF $521M
FY19
DINO $1.3B
PBF $529M
FY20
DINO $187M
PBF −$828M
FY21
DINO −$318M
PBF $228M
FY22
DINO $3.3B
PBF $4.1B
FY23
DINO $1.9B
PBF $679M
FY24
DINO $640M
PBF −$348M
FY25
DINO $866M
PBF −$783M
DINO
PBF
Return on capital
FY16
DINO −1.2%
PBF 8.9%
FY17
DINO 12.7%
PBF 10.4%
FY18
DINO 16.2%
PBF 6.6%
FY19
DINO 12.0%
PBF 10.8%
FY20
DINO −7.4%
PBF −22.2%
FY21
DINO 7.5%
PBF 10.7%
FY22
DINO 30.0%
PBF 67.4%
FY23
DINO 15.0%
PBF 40.6%
FY24
DINO 1.9%
PBF −8.7%
FY25
DINO 6.6%
PBF −0.6%
DINO
PBF
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.