Tearsheet

HF Sinclair (DINO)

Market Price (5/11/2026): $72.56 | Market Cap: $13.1 Bil
Sector: Energy | Industry: Oil & Gas Refining & Marketing

HF Sinclair (DINO)

Market Price (5/11/2026): $72.56
Market Cap: $13.1 Bil
Sector: Energy
Industry: Oil & Gas Refining & Marketing

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 10%

Stock buyback support
Stock Buyback 3Y Total is 1.9 Bil

Low stock price volatility
Vol 12M is 36%

Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, and US Energy Independence. Themes include Renewable Fuel Production, and Domestic Oil & Gas Refining.

Trading close to highs
Dist 52W High is -2.8%, Dist 3Y High is -2.8%

Stock price has recently run up significantly
12M Rtn12 month market price return is 122%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%

Key risks
DINO key risks include [1] headwinds on its refining margins from weaker spreads and increased global capacity and [2] regulatory uncertainty threatening the profitability of its renewable diesel operations.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.0%, FCF Yield is 10%
1	Stock buyback support Stock Buyback 3Y Total is 1.9 Bil
2	Low stock price volatility Vol 12M is 36%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, and US Energy Independence. Themes include Renewable Fuel Production, and Domestic Oil & Gas Refining.
4	Trading close to highs Dist 52W High is -2.8%, Dist 3Y High is -2.8%
5	Stock price has recently run up significantly 12M Rtn12 month market price return is 122%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%
8	Key risks DINO key risks include [1] headwinds on its refining margins from weaker spreads and increased global capacity and [2] regulatory uncertainty threatening the profitability of its renewable diesel operations.

Valuation, Metrics & Events

	5/11/26	2025	2024	2023	2022
Share Price CYE	$72.56	$46.08	$35.05	$55.57	$51.89
Market Cap CYE ($ Bil)	13.1	8.4	6.6	10.4	10.3
Total Debt ($ Bil)	3.3	3.2	3.1	3.2	3.6
Total Cash ($ Bil)	1.1	1.0	0.8	1.4	1.7
Enterprise Value ($ Bil)	15.2	11.6	9.7	13.6	13.9
Valuation Ratios
P/S TTM	0.5	0.3	0.2	0.3	0.3
P/EBIT TTM	7.4	8.9	17.2	4.4	2.5
P/E TTM	10.6	14.5	37.3	6.5	3.5
P/FCF TTM	9.9	10.6	10.3	5.4	3.2
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.5	1.5	1.3
P/EBIT TTM (Sector)	7.7	7.0	6.4	5.9	3.9
P/E TTM (Sector)	10.6	11.2	8.6	8.1	4.9
P/FCF TTM (Sector)	10.1	7.7	7.1	7.8	5.0

	5/11/26	2025	2024
Share Price CYE	$72.56	$46.08	$35.05
Market Cap CYE ($ Bil)	13.1	8.4	6.6
Total Debt ($ Bil)	3.3	3.2	3.1
Total Cash ($ Bil)	1.1	1.0	0.8
Enterprise Value ($ Bil)	15.2	11.6	9.7
Valuation Ratios
P/S TTM	0.5	0.3	0.2
P/EBIT TTM	7.4	8.9	17.2
P/E TTM	10.6	14.5	37.3
P/FCF TTM	9.9	10.6	10.3
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.5
P/EBIT TTM (Sector)	7.7	7.0	6.4
P/E TTM (Sector)	10.6	11.2	8.6
P/FCF TTM (Sector)	10.1	7.7	7.1

	DINO	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	27.6
Rev Chg Q	11.8%	8.7%
Rev Chg LTM	-1.1%	7.3%
Rev Chg 3Y Avg	-10.1%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	1.7
CFO LTM ($ Bil)	1.9
Net Inc LTM ($ Bil)	1.2
Op Mgn LTM	6.1%	18.4%
CFO/Rev LTM	6.7%	21.0%
Net Inc Mgn	4.5%	12.9%
VALUATION	LOW
P/S	0.5	3.2
P/CFO	7.0	14.9
P/FCF	9.9	19.5
P/E	10.6	23.7
STABILITY	GOOD
Debt/Equity	0.25	0.22
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
Crude Oil Processing Capacity	678,000 barrels per day	11062025	Link
Renewable Diesel Production Capacity	380 million gallons annually	11062025	Link
Sales of Produced Refined Products	637,170 barrels per day	12312024	Link
Renewables Sales Volume	57 million gallons	9302025	Link
Marketing Branded Fuel Sales Volume	360 million gallons	9302025	Link
Number of Refineries	7	11062025	Link
Number of Branded Stations	more than 1,600	11062025	Link
Crude Oil Charge	639,050 barrels per day	9302025	Link
Adjusted Refinery Gross Margin per Produced Barrel Sold	$19.16	9302025	Link

Recent
5/01/2026	Earnings Release	Rev: $7.0 Bil (A) vs. $6.0 Bil (E) EPS: 0.69 (A) vs. $-0.15 (E)
Upcoming
5/11/2026	Dividend	Amount: $0.50 Payment On: 6/02/2026
7/30/2026	Earnings Release	Rev: $8.0 Bil (E) EPS: $2.94 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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HF Sinclair (DINO) stock has gained about 40% since 1/31/2026 because of the following key factors:

1. Strong Earnings Performance Exceeding Expectations. HF Sinclair consistently delivered robust financial results that surpassed analyst predictions. Most notably, in Q1 2026, the company reported adjusted earnings per share (EPS) of $0.69, significantly beating the consensus forecast of $0.07 by 886%. Quarterly revenue also exceeded expectations, reaching $7.12 billion against estimates of approximately $6.70 billion to $6.83 billion. This strong performance was driven by a turnaround in its Refining and Renewables segments, which shifted from losses to solid profits, benefiting from higher margins, increased volumes, and favorable inventory valuation and tax credit effects.

2. Widening Refining Crack Spreads. A significant increase in refining margins, known as crack spreads, boosted HF Sinclair's profitability. The 3-2-1 crack spread on the Gulf Coast surged from approximately $23 per barrel in February to nearly $43 per barrel in March 2026. This widening was attributed to macroeconomic factors including rising crude oil prices, strong demand for transportation fuels, and unexpected refinery disruptions along the Gulf Coast, which tightened fuel supply.

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Stock Movement Drivers

Fundamental Drivers

The 40.7% change in DINO stock from 1/31/2026 to 5/10/2026 was primarily driven by a 205.1% change in the company's Net Income Margin (%).

(LTM values as of)	1312026	5102026	Change
Stock Price ($)	51.47	72.43	40.7%
Change Contribution By:
Total Revenues ($ Mil)	26,905	27,622	2.7%
Net Income Margin (%)	1.5%	4.5%	205.1%
P/E Multiple	24.4	10.6	-56.5%
Shares Outstanding (Mil)	186	181	3.2%
Cumulative Contribution			40.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/10/2026

	Return	Correlation
DINO	40.7%
Market (SPY)	3.6%	-20.7%
Sector (XLE)	9.8%	49.9%

Fundamental Drivers

The 43.1% change in DINO stock from 10/31/2025 to 5/10/2026 was primarily driven by a 205.1% change in the company's Net Income Margin (%).

(LTM values as of)	10312025	5102026	Change
Stock Price ($)	50.63	72.43	43.1%
Change Contribution By:
Total Revenues ($ Mil)	26,905	27,622	2.7%
Net Income Margin (%)	1.5%	4.5%	205.1%
P/E Multiple	24.0	10.6	-55.8%
Shares Outstanding (Mil)	186	181	3.2%
Cumulative Contribution			43.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/10/2026

	Return	Correlation
DINO	43.1%
Market (SPY)	5.5%	-8.9%
Sector (XLE)	28.3%	55.9%

Fundamental Drivers

The 151.5% change in DINO stock from 4/30/2025 to 5/10/2026 was primarily driven by a 619.6% change in the company's Net Income Margin (%).

(LTM values as of)	4302025	5102026	Change
Stock Price ($)	28.80	72.43	151.5%
Change Contribution By:
Total Revenues ($ Mil)	28,580	27,622	-3.4%
Net Income Margin (%)	0.6%	4.5%	619.6%
P/E Multiple	30.6	10.6	-65.3%
Shares Outstanding (Mil)	188	181	4.2%
Cumulative Contribution			151.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/10/2026

	Return	Correlation
DINO	151.5%
Market (SPY)	30.4%	10.7%
Sector (XLE)	42.8%	57.1%

Fundamental Drivers

The 86.5% change in DINO stock from 4/30/2023 to 5/10/2026 was primarily driven by a 301.1% change in the company's P/E Multiple.

(LTM values as of)	4302023	5102026	Change
Stock Price ($)	38.84	72.43	86.5%
Change Contribution By:
Total Revenues ($ Mil)	38,205	27,622	-27.7%
Net Income Margin (%)	7.7%	4.5%	-41.8%
P/E Multiple	2.7	10.6	301.1%
Shares Outstanding (Mil)	199	181	10.4%
Cumulative Contribution			86.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/10/2026

	Return	Correlation
DINO	86.5%
Market (SPY)	78.7%	32.9%
Sector (XLE)	44.3%	65.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
DINO Return	28%	62%	11%	-34%	38%	55%	222%
Peers Return	47%	114%	18%	-18%	23%	41%	427%
S&P 500 Return	27%	-19%	24%	23%	16%	7%	95%
Monthly Win Rates [3]
DINO Win Rate	58%	67%	50%	33%	58%	80%
Peers Win Rate	60%	73%	53%	38%	65%	64%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
DINO Max Drawdown	-2%	-10%	-26%	-37%	-25%	0%
Peers Max Drawdown	-4%	0%	-17%	-23%	-21%	-4%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VLO, MPC, PSX, PBF, CVI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)

Event	DINO	S&P 500
2025 US Tariff Shock
% Loss	-30.4%	-18.8%
% Gain to Breakeven	43.8%	23.1%
Time to Breakeven	37 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-29.9%	-6.7%
% Gain to Breakeven	42.7%	7.1%
Time to Breakeven	92 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-13.4%	-24.5%
% Gain to Breakeven	15.4%	32.4%
Time to Breakeven	1 days	427 days
2020 COVID-19 Crash
% Loss	-56.1%	-33.7%
% Gain to Breakeven	127.6%	50.9%
Time to Breakeven	350 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-34.1%	-19.2%
% Gain to Breakeven	51.7%	23.7%
Time to Breakeven	1422 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-43.2%	-12.2%
% Gain to Breakeven	75.9%	13.9%
Time to Breakeven	676 days	62 days

Compare to VLO, MPC, PSX, PBF, CVI

In The Past

HF Sinclair's stock fell -30.4% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	DINO	S&P 500
2025 US Tariff Shock
% Loss	-30.4%	-18.8%
% Gain to Breakeven	43.8%	23.1%
Time to Breakeven	37 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-29.9%	-6.7%
% Gain to Breakeven	42.7%	7.1%
Time to Breakeven	92 days	31 days
2020 COVID-19 Crash
% Loss	-56.1%	-33.7%
% Gain to Breakeven	127.6%	50.9%
Time to Breakeven	350 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-34.1%	-19.2%
% Gain to Breakeven	51.7%	23.7%
Time to Breakeven	1422 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-43.2%	-12.2%
% Gain to Breakeven	75.9%	13.9%
Time to Breakeven	676 days	62 days
2014-2016 Oil Price Collapse
% Loss	-38.5%	-6.8%
% Gain to Breakeven	62.6%	7.3%
Time to Breakeven	202 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-29.4%	-17.9%
% Gain to Breakeven	41.7%	21.8%
Time to Breakeven	142 days	123 days
2008-2009 Global Financial Crisis
% Loss	-78.6%	-53.4%
% Gain to Breakeven	366.6%	114.4%
Time to Breakeven	802 days	1085 days
Summer 2007 Credit Crunch
% Loss	-29.0%	-8.6%
% Gain to Breakeven	40.9%	9.5%
Time to Breakeven	1426 days	47 days

Compare to VLO, MPC, PSX, PBF, CVI

In The Past

HF Sinclair's stock fell -30.4% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About HF Sinclair (DINO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

HF Sinclair Corporation operates as an independent energy company. It produces and markets gasoline, diesel fuel, jet fuel, renewable diesel, specialty lubricant products, specialty chemicals, specialty and modified asphalt, and others. The company also owns and operates refineries located in Kansas, Oklahoma, New Mexico, Utah, Washington, and Wyoming; and markets its refined products principally in the Southwest United States and Rocky Mountains, Pacific Northwest, and in other neighboring Plains states. In addition, it supplies fuels to approximately 1,300 independent Sinclair-branded stations and licenses the use of the Sinclair brand at approximately 300 additional locations, as well as engages in the growing renewables business. Further, the company produces base oils and other specialized lubricants; and provides petroleum product and crude oil transportation, terminalling, storage, and throughput services to the petroleum industry. HF Sinclair Corporation was incorporated in 2021 and is headquartered in Dallas, Texas.

AI Analysis | Feedback

Imagine it as the refining and branded gas station operations of a company like Shell or ExxonMobil, but without the oil drilling and production.
Think of it as a major independent oil refiner and fuel marketer, similar to Valero or Marathon Petroleum, that also supplies the Sinclair-branded gas stations.

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Gasoline, Diesel Fuel, and Jet Fuel: These are refined petroleum products produced and marketed for transportation and other uses.
Renewable Diesel: A biofuel alternative to traditional diesel fuel.
Specialty Lubricant Products: Includes base oils and other specialized lubricants for various industrial and automotive applications.
Specialty Chemicals: Specific chemical products developed for niche applications.
Specialty and Modified Asphalt: Asphalt products tailored for specific construction and road surfacing needs.
Refined Products Marketing: The marketing and distribution of its refined fuels to stations and other customers in specific regions.
Sinclair Brand Licensing: Licensing the use of the Sinclair brand to independent stations.
Petroleum Logistics Services: Services encompassing petroleum product and crude oil transportation, terminalling, storage, and throughput for the petroleum industry.

AI Analysis | Feedback

HF Sinclair (DINO) primarily sells its products and services to other companies, operating on a business-to-business (B2B) model. Based on the provided description, its major customer categories include:

Independent Fuel Station Operators: These are independent businesses that own and operate the approximately 1,600 Sinclair-branded stations. HF Sinclair supplies these stations with gasoline and diesel fuel and licenses the use of the Sinclair brand.
Wholesale Distributors and Industrial End-Users: This broad category encompasses various businesses that purchase bulk refined products. These include other fuel distributors, airlines (for jet fuel), construction companies (for asphalt), manufacturing firms (for specialty lubricants and chemicals), and large transportation fleets (for diesel fuel).
Other Petroleum Industry Companies: These are companies within the broader petroleum sector that utilize HF Sinclair's midstream services, including crude oil and petroleum product transportation, terminalling, storage, and throughput services.

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Franklin Myers Interim Chief Executive Officer and President, Chairman of the Board

Franklin Myers has been appointed as the Interim Chief Executive Officer and President of HF Sinclair Corporation since February 17, 2026, and also serves as the Independent Chairman of the Board. He previously held the role of Chairman of the Board.

Vivek Garg Acting Chief Financial Officer, Vice President, Chief Accounting Officer and Controller

Vivek Garg was named interim Chief Financial Officer by HF Sinclair on February 27, 2026. He also holds the titles of Vice President, Chief Accounting Officer, and Controller. He was appointed Chief Accounting Officer and Controller in July 2024.

Valerie Pompa Executive Vice President, Operations

Valerie Pompa has served as Executive Vice President, Operations of HF Sinclair Corporation since March 2023. Prior to this, she was the Senior Vice President, Refining Operations of HF Sinclair Refining & Marketing LLC from October 2020 to April 2023. Ms. Pompa also owned and was CEO of VAP Business Solutions Limited, providing leadership and business consulting services, and served as Chief Operating Officer of ATS Industrial, both from April 2018 to October 2020.

Steven C. Ledbetter Executive Vice President, Commercial

Steven C. Ledbetter has served as Executive Vice President, Commercial of HF Sinclair Corporation since March 2023. Previously, he was Director, President, and Chief Executive Officer of Shell Midstream Partners GP LLC from March 2021 to March 2023. Before that, he served as Vice President, Commercial of Shell Midstream from April 2018 to March 2021.

Eric L. Nitcher Executive Vice President and General Counsel

Eric L. Nitcher holds the position of Executive Vice President and General Counsel at HF Sinclair Corporation. He was appointed to this role in July 2024.

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Key Risks for HF Sinclair (DINO)

For HF Sinclair (DINO), an independent energy company primarily involved in refining and marketing petroleum products, the key risks to its business are:

Energy Transition and Declining Demand for Traditional Fuels: The global shift toward a low-carbon economy, driven by increased adoption of electric vehicles, improved fuel efficiency, and ambitious climate policies, poses a significant long-term risk to the demand for gasoline, diesel, and jet fuel, which constitute core products for HF Sinclair's refining operations. This transition is expected to lead to reduced refining margins, potential oversupply in the market, and could necessitate costly conversions or closures of traditional refining assets.
Commodity Price Volatility: The profitability of HF Sinclair, particularly its refining segment, is highly sensitive to fluctuations in the prices of crude oil (its primary input) and refined petroleum products (its outputs). The difference between these prices, known as crack spreads, can be extremely volatile due to geopolitical events, imbalances in global supply and demand, and market speculation. This inherent volatility can lead to unpredictable refining margins and significantly impact the company's financial performance.
Environmental Regulations and Compliance Costs: The petroleum refining industry operates under extensive and increasingly stringent environmental regulations, including those related to air emissions, clean air standards, and renewable fuel mandates. Compliance with these regulations can impose substantial operating costs, require significant capital investments for facility upgrades, and may limit operational flexibility. Regional regulations, such as those in California where HF Sinclair operates, can further increase compliance burdens and contribute to refinery capacity reductions.

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The widespread global adoption of electric vehicles and other alternative energy sources for transportation, leading to a decline in demand for gasoline and diesel fuel.

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HF Sinclair Corporation (DINO) operates in several key markets across the United States, encompassing refined petroleum products, renewable fuels, specialty lubricants, specialty chemicals, specialty asphalt, and midstream services. The addressable market sizes for their main products and services in the specified regions are as follows:

Refined Petroleum Products (Gasoline, Diesel Fuel, Jet Fuel): The overall U.S. petroleum refining market, which includes these products, was valued at approximately USD 793.3 billion in 2024 and is projected to reach about USD 1,168.3 billion by 2032.
- Gasoline: The North American gasoline market was valued at USD 850.0 billion in 2024 and is anticipated to rise to USD 1,100.0 billion by 2035.
- Diesel Fuel: The U.S. diesel fuel market is estimated to reach USD 60 billion by 2031, growing at a compound annual growth rate (CAGR) of 2.5% during the forecast period of 2025-2031. U.S. diesel consumption averaged approximately 3.8 million barrels per day in 2023.
- Jet Fuel: The United States aviation fuel market was valued at USD 87.48 billion in 2025 and is projected to reach USD 158.62 billion by 2034.
Renewable Diesel: The U.S. renewable diesel market is calculated at USD 12.33 billion in 2025 and is projected to reach around USD 22.28 billion by 2034. The U.S. dominated the North American renewable diesel market, holding approximately 90.3% share in 2025 and is expected to generate over USD 26.3 billion in revenue by 2035.
Specialty Lubricant Products: The U.S. lubricants market, which includes specialty lubricants, was valued at USD 41.71 billion in 2024 and is anticipated to grow to USD 51.03 billion by 2033. More specifically, the U.S. specialty lubricants market had a size of approximately USD 9.63 billion in 2024.
Specialty Chemicals: The U.S. specialty chemicals market is calculated at USD 201.48 billion in 2025 and is expected to be worth around USD 303.05 billion by 2034.
Specialty and Modified Asphalt: The U.S. asphalt market size was USD 32.6 million in 2024 and is expected to reach USD 52.9 million by 2032. Another estimate projects the U.S. market to reach USD 70.72 million by 2027. These figures likely represent the specialty segment of the broader asphalt market.
Petroleum Product and Crude Oil Transportation, Terminalling, Storage, and Throughput Services (Midstream Services): The United States Midstream Oil and Gas Market was valued at USD 17.10 billion in 2025 and is estimated to grow to USD 21.08 billion by 2031.

AI Analysis | Feedback

HF Sinclair (DINO) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market factors:

Enhanced Operational Reliability and Increased Throughput in Refining: The company's focus on optimizing refining operations and enhancing reliability is expected to boost revenue. This includes achieving record throughput volumes and specific projects like the El Dorado expansion, which is projected to add approximately 10,000 barrels per day (bpd) to its capacity.
Growth in the Renewables Business: Efforts within the renewables segment are aimed at boosting revenue. HF Sinclair expects to capture additional incremental value, particularly from producer tax credits, indicating a strategic focus on expanding this part of its business.
Expansion of Branded Marketing Network: The company is actively expanding its branded marketing presence. With 146 new branded sites added recently and contracts for over 130 additional sites expected to be operational in the next 6-12 months, HF Sinclair anticipates growth in its customer base and refined product sales volumes.
Midstream Expansion Initiatives: HF Sinclair has identified midstream expansion plans as a key growth initiative. This segment, which provides petroleum product and crude oil transportation, terminalling, storage, and throughput services, achieved record earnings in 2025 and is set for further development.
Favorable Crude Differentials: Analysts expect HF Sinclair to benefit from widening crude differentials, which should enhance performance in upcoming quarters. These improved crack spreads can lead to higher refining margins and, consequently, increased revenue.

AI Analysis | Feedback

Share Repurchases

HF Sinclair returned $724 million to stockholders through dividends and share repurchases in the full year 2025.
In May 2024, the Board of Directors authorized a $1 billion share repurchase program.
As of September 16, 2025, approximately $411 million had been repurchased under the $1 billion program, including a $100 million privately negotiated transaction.

Share Issuance

The formation of HF Sinclair in March 2022 resulted from an all-stock transaction where legacy HollyFrontier Corporation shareholders received 73% equity and Sinclair owners received 27% equity.
Holly Energy Partners (HEP), an HF Sinclair subsidiary, issued 21 million common units as part of the approximately $670 million acquisition of Sinclair Transportation Company.

Outbound Investments

In March 2022, HF Sinclair acquired Sinclair Oil's refining and branded marketing businesses.
Holly Energy Partners (HEP), a subsidiary, acquired Sinclair Transportation Company's logistics assets, including pipelines and terminals, in a transaction valued at approximately $670 million.
The company makes investments in renewable diesel through joint ventures.

Capital Expenditures

Capital expenditures for the fourth quarter of 2025 totaled $131 million.
For the full year 2025, HF Sinclair anticipated capital spending of $775 million for sustaining capital and an additional $100 million for growth projects.
The focus of capital expenditures includes strategic investments in renewables, value chain integration, efficiency improvements, and the completion of facilities such as the Cheyenne Renewable Diesel facility (Q1 2022) and the Artesia Renewable Diesel facility (Q2 2022).

Interactive Breakdown

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Better Bets vs. HF Sinclair (DINO)

INDUSTRY: Oil & Gas Refining & Marketing

Higher Rev Chg 3Y Avg | Lower P/S (Values for DINO: -10.1% | 0.5x)

PARR (-0.1% | 0.4x)

Par Pacific

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DINO: -10.1% | 7.7x)

PARR (-0.1% | 5.3x)

Par Pacific

Higher Rev Chg LTM (Value for DINO: -1.1%)

CLNE (5.5%)

Clean Energy Fuels

CVI (1.4%)

CVR Energy

REX (1.2%)

REX American Resources

Higher Rev Chg 3Y Avg (Value for DINO: -10.1%)

PARR (-0.1%)

Par Pacific

CLNE (-1.7%)

Clean Energy Fuels

PSX (-7.1%)

Phillips 66

MPC (-7.9%)

Marathon Petroleum

REX (-8.1%)

REX American Resources

Higher Op Mgn LTM (Value for DINO: 6.1%)

REX (9.4%)

REX American Resources

PARR (7.9%)

Par Pacific

Higher CFO/Rev LTM (Value for DINO: 6.7%)

REX (18.1%)

REX American Resources

CLNE (12.3%)

Clean Energy Fuels

DK (9.9%)

Delek US

MPC (7.0%)

Marathon Petroleum

Higher FCF/Rev LTM (Value for DINO: 4.8%)

REX (7.6%)

REX American Resources

Higher Total Yield (Value for DINO: 12.3%)

PARR (14.6%)

Par Pacific

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for DINO: -10.1% | 0.5x)

PAGP (-7.5% | 0.1x)

Plains GP

PARR (-0.1% | 0.4x)

Par Pacific

NBR (4.2% | 0.4x)

Nabors Industries

NOA (18.8% | 0.3x)

North American Construction

KLXE (-5.6% | 0.1x)

KLX Energy Services

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DINO: -10.1% | 7.7x)

EXE (34.4% | 5.0x)

Expand Energy

APA (-3.9% | 4.2x)

APA

RIG (16.3% | 7.7x)

Transocean

MTDR (5.6% | 6.1x)

Matador Resources

SM (10.1% | 6.3x)

SM Energy

Higher Rev Chg LTM (Value for DINO: -1.1%)

ENB (13.3%)

Enbridge

WMB (10.7%)

Williams Companies

CNQ (6.4%)

Canadian Natural Resources

COP (1.3%)

ConocoPhillips

SLB (-0.4%)

SLB

Higher Rev Chg 3Y Avg (Value for DINO: -10.1%)

ENB (13.7%)

Enbridge

CNQ (-3.2%)

Canadian Natural Resources

XOM (-5.8%)

Exxon Mobil

CVX (-6.9%)

Chevron

COP (-7.2%)

ConocoPhillips

Higher Op Mgn LTM (Value for DINO: 6.1%)

CNQ (18.6%)

Canadian Natural Resources

COP (18.1%)

ConocoPhillips

ENB (16.0%)

Enbridge

XOM (9.0%)

Exxon Mobil

CVX (8.4%)

Chevron

Higher CFO/Rev LTM (Value for DINO: 6.7%)

CNQ (34.2%)

Canadian Natural Resources

COP (30.9%)

ConocoPhillips

CVX (16.8%)

Chevron

ENB (16.7%)

Enbridge

XOM (14.6%)

Exxon Mobil

Higher FCF/Rev LTM (Value for DINO: 4.8%)

CNQ (19.0%)

Canadian Natural Resources

COP (10.1%)

ConocoPhillips

CVX (7.4%)

Chevron

WMB (6.1%)

Williams Companies

XOM (5.8%)

Exxon Mobil

Higher Total Yield (Value for DINO: 12.3%)

EXE (17.3%)

Expand Energy

CNQ (16.9%)

Canadian Natural Resources

APA (15.0%)

APA

ENB (13.0%)

Enbridge

PBA (12.6%)

Pembina Pipeline

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DINO: -10.1% | 0.5x)

CVS (7.2% | 0.3x)

CVS Health

MCK (13.4% | 0.2x)

McKesson

ELV (7.7% | 0.4x)

Elevance Health

CI (15.2% | 0.3x)

Cigna

GM (4.8% | 0.4x)

General Motors

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DINO: -10.1% | 7.7x)

VZ (0.7% | 6.7x)

Verizon Communications

T (1.3% | 7.1x)

AT&T

BN (-6.5% | 5.9x)

Brookfield

CMCSA (1.4% | 4.8x)

Comcast

PYPL (6.3% | 6.5x)

PayPal

Higher Rev Chg LTM (Value for DINO: -1.1%)

NVDA (65.5%)

NVIDIA

MSFT (17.9%)

Microsoft

GOOGL (17.5%)

Alphabet

AMZN (14.2%)

Amazon.com

AAPL (12.8%)

Apple

Higher Rev Chg 3Y Avg (Value for DINO: -10.1%)

NVDA (101.8%)

NVIDIA

MSFT (15.3%)

Microsoft

GOOGL (14.1%)

Alphabet

AMZN (12.3%)

Amazon.com

AAPL (5.6%)

Apple

Higher Op Mgn LTM (Value for DINO: 6.1%)

NVDA (60.4%)

NVIDIA

MSFT (46.8%)

Microsoft

GOOGL (32.7%)

Alphabet

AAPL (32.6%)

Apple

AMZN (11.5%)

Amazon.com

Higher CFO/Rev LTM (Value for DINO: 6.7%)

MSFT (53.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (41.3%)

Alphabet

AAPL (31.1%)

Apple

AMZN (20.0%)

Amazon.com

Higher FCF/Rev LTM (Value for DINO: 4.8%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

GOOGL (15.2%)

Alphabet

Higher Total Yield (Value for DINO: 12.3%)

CMCSA (26.0%)

Comcast

PGR (17.3%)

Progressive

VZ (14.5%)

Verizon Communications

MO (13.2%)

Altria

T (12.3%)

AT&T

Best Bets in Energy

What You Pay

P/EBIT (Value for DINO: 7.3x)

AM (13.1x)

Antero Midstream

MGY (11.9x)

Magnolia Oil & Gas

DTM (18.6x)

DT Midstream

TPL (42.1x)

Texas Pacific Land

EQT (7.0x)

EQT

WHD (15.3x)

Cactus

INSW (7.7x)

International Seaways

TDW (15.5x)

Tidewater

RRC (7.6x)

Range Resources

FTI (19.1x)

TechnipFMC

P/E (Value for DINO: 10.6x)

AM (24.1x)

Antero Midstream

MGY (15.8x)

Magnolia Oil & Gas

DTM (31.4x)

DT Midstream

TPL (54.0x)

Texas Pacific Land

EQT (10.7x)

EQT

WHD (24.2x)

Cactus

INSW (8.3x)

International Seaways

TDW (13.5x)

Tidewater

RRC (10.6x)

Range Resources

FTI (25.9x)

TechnipFMC

What You Get

Rev Chg 3Y Avg (Value for DINO: -10.1%)

AM (7.6%)

Antero Midstream

MGY (-5.7%)

Magnolia Oil & Gas

DTM (11.6%)

DT Midstream

TPL (8.2%)

Texas Pacific Land

EQT (10.0%)

EQT

WHD (17.4%)

Cactus

INSW (-1.1%)

International Seaways

TDW (24.4%)

Tidewater

RRC (-6.1%)

Range Resources

FTI (14.2%)

TechnipFMC

Rev Chg LTM (Value for DINO: -1.1%)

AM (8.1%)

Antero Midstream

MGY (-2.0%)

Magnolia Oil & Gas

DTM (22.2%)

DT Midstream

TPL (15.3%)

Texas Pacific Land

EQT (50.8%)

EQT

WHD (4.5%)

Cactus

INSW (14.5%)

International Seaways

TDW (-0.9%)

Tidewater

RRC (23.6%)

Range Resources

FTI (9.9%)

TechnipFMC

Rev Chg Q (Value for DINO: 11.8%)

AM (8.6%)

Antero Midstream

MGY (2.3%)

Magnolia Oil & Gas

DTM (10.9%)

DT Midstream

TPL (20.8%)

Texas Pacific Land

EQT (49.5%)

EQT

WHD (38.5%)

Cactus

INSW (77.5%)

International Seaways

TDW (-2.2%)

Tidewater

RRC (26.1%)

Range Resources

FTI (11.6%)

TechnipFMC

FCF/Rev 3Y Avg (Value for DINO: 4.1%)

AM (56.1%)

Antero Midstream

MGY (32.8%)

Magnolia Oil & Gas

DTM (31.9%)

DT Midstream

TPL (25.4%)

Texas Pacific Land

EQT (24.9%)

EQT

WHD (25.0%)

Cactus

INSW (23.1%)

International Seaways

TDW (17.3%)

Tidewater

RRC (15.5%)

Range Resources

FTI (11.8%)

TechnipFMC

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	HF Sinclair Earnings Notes	04/30/2026
2	HF Sinclair (DINO) +7.6%: Iran Conflict Fears Spark Oil Price and Refining Margin Surge	03/03/2026
3	Would You Still Hold HF Sinclair Stock If It Fell Another 30%?	10/17/2025
4	How Does HF Sinclair Stock Stack Up Against Its Peers?	08/13/2025
5	Why HF Sinclair Stock Moved: DINO Stock Has Gained 68% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
6	DINO Dip Buy Analysis	07/10/2025
7	HF Sinclair (DINO) Valuation Ratios Comparison	05/15/2025
8	ARTICLES
9	Mid Cap Stocks Trading At 52-Week High	05/05/2026
10	How Will HF Sinclair Stock React To Its Upcoming Earnings?	04/30/2026

	Title
0	DASHBOARDS
1	HF Sinclair Earnings Notes
2	HF Sinclair (DINO) +7.6%: Iran Conflict Fears Spark Oil Price and Refining Margin Surge
3	Would You Still Hold HF Sinclair Stock If It Fell Another 30%?
4	How Does HF Sinclair Stock Stack Up Against Its Peers?
5	Why HF Sinclair Stock Moved: DINO Stock Has Gained 68% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
6	DINO Dip Buy Analysis
7	HF Sinclair (DINO) Valuation Ratios Comparison
8	ARTICLES
9	Mid Cap Stocks Trading At 52-Week High
10	How Will HF Sinclair Stock React To Its Upcoming Earnings?

Trade Ideas

Select ideas related to DINO.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
VAL_4172026_Quality_Momentum_RoomToRun_10%	04172026	VAL	Valaris	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	15.2%	15.2%	-0.9%
KGS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KGS	Kodiak Gas Services	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	16.3%	16.3%	-0.7%
KOS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KOS	Kosmos Energy	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	10.8%	10.8%	-10.8%
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	54.5%	54.5%	-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	25.4%	25.4%	-6.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
INOD	Innodata	2.7	86.0%	66.6%
WEST	Westrock Coffee	0.8	39.8%	102.7%
RKLB	Rocket Lab	60.4	34.2%	51.2%
AMN	AMN Healthcare Services	1.1	29.0%	83.8%
FLNC	Fluence Energy	3.2	27.4%	22.1%
AKAM	Akamai Technologies	21.3	26.6%	69.3%
EOSE	Eos Energy Enterprises	2.5	25.9%	-30.1%
PGNY	Progyny	2.0	23.8%	-7.6%
FROG	JFrog	8.4	23.7%	13.0%
MRVI	Maravai LifeSciences	0.7	23.1%	49.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FWRD	Forward Air	0.3	-43.0%	-60.5%
AORT	Artivion	1.2	-28.3%	-44.3%
FIGS	FIGS	1.9	-24.3%	2.4%
NET	Cloudflare	68.9	-23.6%	-0.5%
DXC	DXC Technology	1.6	-21.5%	-35.6%
AMPH	Amphastar Pharmaceuticals	0.9	-20.9%	-29.1%
KDK	Kodiak AI	1.3	-20.4%	-33.7%
HRTG	Heritage Insurance	0.7	-20.0%	-23.4%
KODK	Eastman Kodak	1.1	-19.4%	34.9%
HUBS	HubSpot	10.4	-19.0%	-50.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FLNC	Fluence Energy	3.2	98.2%	22.1%
INOD	Innodata	2.7	92.8%	66.6%
DOCN	DigitalOcean	15.0	59.5%	240.7%
GBTG	Global Business Travel	4.9	59.4%	23.5%
STRL	Sterling Infrastructure	25.9	58.6%	175.9%
FLEX	Flex	52.5	55.0%	135.3%
POET	POET Technologies	1.4	49.8%	73.0%
AAON	AAON	11.4	49.2%	83.4%
SITM	SiTime	21.8	49.1%	135.9%
XMTR	Xometry	4.1	49.1%	34.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
EMBC	Embecta	0.2	-60.6%	-68.9%
FWRD	Forward Air	0.3	-53.7%	-60.5%
TRDA	Entrada Therapeutics	0.3	-52.8%	-33.5%
PRIM	Primoris Services	5.7	-41.9%	-15.5%
ULH	Universal Logistics	0.3	-41.8%	-13.6%
BRBR	BellRing Brands	1.2	-40.1%	-61.4%
WGS	GeneDx	1.2	-37.6%	-68.7%
VITL	Vital Farms	0.4	-37.0%	-72.0%
BETR	Better Home & Finance	0.5	-32.2%	-7.7%
TMDX	TransMedics	2.3	-32.2%	-44.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.7	403.2%	472.7%
BAND	Bandwidth	1.5	184.9%	222.9%
INOD	Innodata	2.7	135.2%	66.6%
FCEL	FuelCell Energy	0.7	109.2%	87.4%
SITM	SiTime	21.8	104.8%	135.9%
INTC	Intel	635.0	102.4%	238.5%
KOPN	Kopin	1.0	101.9%	131.2%
ABSI	Absci	0.9	100.0%	69.1%
XMTR	Xometry	4.1	97.0%	34.5%
LWLG	Lightwave Logic	2.2	94.7%	407.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EMBC	Embecta	0.2	-59.0%	-68.9%
TRDA	Entrada Therapeutics	0.3	-51.3%	-33.5%
CAR	Avis Budget	5.1	-50.9%	13.6%
FWRD	Forward Air	0.3	-47.7%	-60.5%
ERAS	Erasca	2.9	-41.7%	172.0%
ULH	Universal Logistics	0.3	-41.7%	-13.6%
TMDX	TransMedics	2.3	-37.9%	-44.2%
VISN	Vistance Networks	2.6	-37.4%	-36.4%
PLNT	Planet Fitness	3.8	-36.6%	-57.7%
INSM	Insmed	21.7	-36.5%	-41.8%

Peer Comparisons

Peers to compare with:

Financials

	DINO	VLO	MPC	PSX	PBF	CVI	Median
Name	HF Sincl.	Valero E.	Marathon.	Phillips.	PBF Ener.	CVR Ener.
Mkt Price	72.43	241.06	244.87	171.56	40.71	33.55	122.00
Mkt Cap	13.1	71.8	72.2	69.0	4.8	3.4	41.0
Rev LTM	27,622	124,810	135,382	134,486	30,170	7,495	77,490
Op Inc LTM	1,693	5,812	6,450	3,890	-238	168	2,792
FCF LTM	1,324	5,552	5,702	119	-684	68	722
FCF 3Y Avg	1,208	5,815	6,578	2,089	-441	148	1,649
CFO LTM	1,861	6,264	9,438	2,511	260	403	2,186
CFO 3Y Avg	1,667	6,653	9,366	4,240	181	438	2,953

Growth & Margins

	DINO	VLO	MPC	PSX	PBF	CVI	Median
Name	HF Sincl.	Valero E.	Marathon.	Phillips.	PBF Ener.	CVR Ener.
Rev Chg LTM	-1.1%	-2.8%	-1.7%	-2.4%	-4.3%	1.4%	-2.0%
Rev Chg 3Y Avg	-10.1%	-10.3%	-7.9%	-7.1%	-13.5%	-11.1%	-10.2%
Rev Chg Q	11.8%	7.0%	8.5%	6.9%	11.9%	20.3%	10.2%
QoQ Delta Rev Chg LTM	2.8%	1.7%	2.0%	1.6%	2.9%	4.7%	2.4%
Op Inc Chg LTM	2,553.6%	151.9%	49.2%	544.0%	81.5%	185.3%	168.6%
Op Inc Chg 3Y Avg	799.7%	9.3%	-20.3%	136.8%	-53.3%	16.1%	12.7%
Op Mgn LTM	6.1%	4.7%	4.8%	2.9%	-0.8%	2.2%	3.8%
Op Mgn 3Y Avg	4.2%	4.4%	4.9%	2.6%	-0.2%	3.3%	3.8%
QoQ Delta Op Mgn LTM	2.7%	1.1%	0.4%	0.3%	2.3%	-0.3%	0.8%
CFO/Rev LTM	6.7%	5.0%	7.0%	1.9%	0.9%	5.4%	5.2%
CFO/Rev 3Y Avg	5.7%	5.1%	6.7%	3.0%	0.4%	5.3%	5.2%
FCF/Rev LTM	4.8%	4.4%	4.2%	0.1%	-2.3%	0.9%	2.6%
FCF/Rev 3Y Avg	4.1%	4.4%	4.7%	1.5%	-1.5%	1.5%	2.8%

Valuation

	DINO	VLO	MPC	PSX	PBF	CVI	Median
Name	HF Sincl.	Valero E.	Marathon.	Phillips.	PBF Ener.	CVR Ener.
Mkt Cap	13.1	71.8	72.2	69.0	4.8	3.4	41.0
P/S	0.5	0.6	0.5	0.5	0.2	0.4	0.5
P/Op Inc	7.7	12.4	11.2	17.7	-20.0	20.1	11.8
P/EBIT	7.3	11.6	7.9	11.2	6.2	18.0	9.5
P/E	10.6	17.1	15.6	16.7	10.8	-80.3	13.2
P/CFO	7.0	11.5	7.7	27.5	18.4	8.4	9.9
Total Yield	12.3%	7.8%	8.0%	8.8%	11.9%	-1.2%	8.4%
Dividend Yield	2.8%	2.0%	1.6%	2.8%	2.7%	0.0%	2.3%
FCF Yield 3Y Avg	10.9%	10.6%	10.3%	3.5%	-17.6%	2.3%	6.9%
D/E	0.2	0.2	0.5	0.4	0.8	0.5	0.4
Net D/E	0.2	0.1	0.4	0.3	0.6	0.4	0.4

Returns

	DINO	VLO	MPC	PSX	PBF	CVI	Median
Name	HF Sincl.	Valero E.	Marathon.	Phillips.	PBF Ener.	CVR Ener.
1M Rtn	25.9%	0.9%	10.0%	7.7%	0.1%	9.5%	8.6%
3M Rtn	24.9%	18.9%	21.2%	9.6%	15.5%	36.7%	20.1%
6M Rtn	34.9%	39.0%	27.7%	26.5%	12.0%	-8.0%	27.1%
12M Rtn	121.7%	101.9%	65.8%	60.3%	110.3%	57.2%	83.8%
3Y Rtn	105.1%	138.6%	137.2%	104.4%	26.7%	61.6%	104.7%
1M Excs Rtn	19.9%	-5.9%	1.1%	-1.9%	-8.0%	1.5%	-0.4%
3M Excs Rtn	18.1%	12.2%	14.5%	2.9%	8.8%	30.0%	13.4%
6M Excs Rtn	30.4%	34.6%	24.0%	19.5%	8.2%	-16.2%	21.7%
12M Excs Rtn	99.9%	80.8%	41.5%	37.1%	99.5%	31.2%	61.1%
3Y Excs Rtn	15.4%	65.7%	56.4%	18.1%	-43.1%	-19.6%	16.7%

Comparison Analyses

	Title
0	How Does HF Sinclair Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/1/2026	2/27/2026	2/20/2025	2/21/2024	2/28/2023	2/23/2022	2/24/2021
Key Financials
Total Revenue	27,622	26,869	28,580	31,964	38,205	18,389	11,184
EBITDA	2,694	1,858	1,215	3,115	4,769	1,416	-100
Operating Income	1,693	927	261	2,203	4,054	749	-188
Net Income	1,231	579	177	1,590	2,923	558	-601
EPS	6.65	3.08	0.91	8.29	14.28	3.39	-3.72
Growth Rates
Total Revenue Growth	-1.1%	-6.0%	-10.6%	-16.3%	107.8%	64.4%	-36.0%
EBITDA Growth	218.1%	52.9%	-61.0%	-34.7%	236.8%	1521.5%	-105.5%
Operating Income Growth	2553.6%	255.2%	-88.2%	-45.7%	441.1%	497.6%	-113.2%
Net Income Growth	966.9%	227.1%	-88.9%	-45.6%	423.5%	192.8%	-177.9%
Margins
EBITDA Margin	9.8%	6.9%	4.3%	9.7%	12.5%	7.7%	-0.9%
Operating Income Margin	6.1%	3.5%	0.9%	6.9%	10.6%	4.1%	-1.7%
Net Income Margin	4.5%	2.2%	0.6%	5.0%	7.7%	3.0%	-5.4%
Cash & Debt
Total Cash	1,148	978	800	1,354	1,665	234	1,368
Total Debt	3,254	3,232	3,098	3,181	3,620	3,492	3,526
Net Debt / (Cash)	2,106	2,254	2,298	1,827	1,955	3,258	2,158
Cash Flows
Net Cash from Operations	1,861	1,315	1,110	2,297	3,777	407	458
Free Cash from Operations	1,324	794	640	1,912	3,253	-407	128
Returns to Shareholders
Dividends	372	376	386	341	256	58	229
Share Repurchases	430	354	672	999	1,372	7	8

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/1/2026	2/27/2026	10/30/2025	7/31/2025	5/1/2025	2/20/2025	10/31/2024	8/1/2024	5/8/2024	2/21/2024	11/2/2023	8/3/2023
Key Financials Quarterly
Total Revenue	7,123	6,464	7,251	6,784	6,370	6,500	7,207	7,846	7,027	7,660	8,905	7,834
Ebitda	1,109	251	809	525	273	27	119	428	641	189	1,304	917
Operating Income	847	7	564	275	81	-226	-121	197	411	-77	1,071	704
Net Income	648	-28	403	208	-4	-214	-76	152	315	-62	791	508
EPS	3.56	-0.16	2.15	1.10	-0.02	-1.14	-0.40	0.79	1.57	-0.34	4.23	2.62
Key Financials TTM
Total Revenue TTM	27,622	26,869	26,905	26,861	27,923	28,580	29,740	31,438	31,426	31,964	33,289	34,983
Ebitda TTM	2,694	1,858	1,634	944	847	1,215	1,377	2,563	3,051	3,115	3,972	4,165
Operating Income TTM	1,693	927	694	9	-69	261	410	1,602	2,110	2,203	3,107	3,363
Net Income TTM	1,231	579	393	-86	-142	177	329	1,196	1,552	1,590	2,239	2,403
Growth Rates Quarterly
Total Revenue Growth	11.8%	-0.6%	0.6%	-13.5%	-9.3%	-15.1%	-19.1%	0.2%	-7.1%	-14.8%	-16.0%	-29.8%
EBITDA Growth	306.2%	829.6%	579.8%	22.7%	-57.4%	-85.7%	-90.9%	-53.3%	-9.0%	-81.9%	-12.9%	-50.2%
Operating Income Growth	945.7%	103.1%	566.1%	39.6%	-80.3%	-193.8%	-111.3%	-72.0%	-18.5%	-109.3%	-19.3%	-57.7%
Net Income Growth	16300.0%	86.9%	630.3%	36.8%	-101.3%	-246.0%	-109.6%	-70.1%	-10.8%	-110.5%	-17.1%	-58.4%
Margins Quarterly
EBITDA Margin	15.6%	3.9%	11.2%	7.7%	4.3%	0.4%	1.7%	5.5%	9.1%	2.5%	14.6%	11.7%
Operating Income Margin	11.9%	0.1%	7.8%	4.1%	1.3%	-3.5%	-1.7%	2.5%	5.8%	-1.0%	12.0%	9.0%
Net Income Margin	9.1%	-0.4%	5.6%	3.1%	-0.1%	-3.3%	-1.1%	1.9%	4.5%	-0.8%	8.9%	6.5%
Cash & Debt
Total Cash	1,148	978	1,451	874	547	800	1,229	866	1,241	1,354	2,215	1,615
Total Debt	3,254	3,232	3,241	3,148	3,125	3,098	3,107	3,029	3,086	3,181	3,505	3,524
Net Debt / (Cash)	2,106	2,254	1,790	2,274	2,578	2,298	1,878	2,163	1,845	1,827	1,290	1,910
Cash Flows Quarterly
FCF from Operations	457	8	809	587	-89	-140	709	224	317	230	1,399	490
Cash Flows TTM
FCF from Operations TTM	1,861	1,315	1,167	1,067	704	1,110	1,480	2,170	2,436	2,297	2,981	2,455
Returns to Shareholders Quarterly
Dividends	91	92	94	95	95	95	96	96	99	82	84	87
Share Repurchases	76	138	166	50	-0	4	127	371	170	165	586	2
Return on Invested Capital (ROIC) Quarterly
ROIC	73.1%	0.5%	47.1%	21.0%	6.7%	-18.3%	-6.6%	14.6%	25.4%	-2.6%	97.4%	42.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	37.1%	19.1%	14.0%	0.1%	-1.0%	4.8%	9.5%	27.6%	32.8%	32.3%	70.8%	49.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Refining	25,340	28,673	34,413	16,359
Marketing	3,428	4,146	3,912
Lubricants & Specialties	2,712	2,775	3,159	2,561
Renewables	991	1,189	1,015	0
Midstream	644	584	547	494
Corporate, Other and Eliminations	-4,535	-5,403	-4,842	-1,025
Total	28,580	31,964	38,205	18,389

Operating Income by Segment

$ Mil	2025	2024	2023	2022
Midstream	337	286	223	224
Lubricants & Specialties	240	258	296	242
Marketing	48	37	46
Renewables	-91	-133	-179	-66
Corporate, Other and Eliminations	-106	-115	-106	-103
Refining	-167	1,870	3,775	451
Total	261	2,203	4,054	749

Price Behavior

Price Behavior

Market Price	$72.43
Market Cap ($ Bil)	13.2
First Trading Date	12/29/2006
Distance from 52W High	-2.8%
	50 Days	200 Days
DMA Price	$60.47	$52.49
DMA Trend	up	up
Distance from DMA	19.8%	38.0%
	3M	1YR
Volatility	49.1%	36.3%
Downside Capture	-0.93	-0.42
Upside Capture	-42.55	38.00
Correlation (SPY)	-17.2%	9.5%

DINO Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-1.72	-0.97	-0.67	-0.24	0.30	0.76
Up Beta	-1.43	-2.19	-1.28	-0.52	0.61	0.88
Down Beta	-1.48	0.25	0.48	0.78	0.80	1.14
Up Capture	-53%	4%	-22%	-20%	37%	23%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	13	27	38	65	136	391
Down Capture	-488%	-186%	-162%	-96%	-89%	71%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	9	16	26	59	114	360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DINO
DINO	132.1%	36.4%	2.37	-
Sector ETF (XLE)	42.9%	20.1%	1.67	57.9%
Equity (SPY)	29.0%	12.5%	1.83	10.0%
Gold (GLD)	39.8%	27.0%	1.22	-5.5%
Commodities (DBC)	50.6%	18.0%	2.21	38.1%
Real Estate (VNQ)	13.0%	13.5%	0.66	6.1%
Bitcoin (BTCUSD)	-17.4%	42.1%	-0.34	16.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DINO
DINO	18.1%	38.9%	0.53	-
Sector ETF (XLE)	21.5%	26.1%	0.74	67.3%
Equity (SPY)	12.8%	17.1%	0.59	33.3%
Gold (GLD)	20.9%	17.9%	0.95	6.1%
Commodities (DBC)	13.8%	19.1%	0.59	42.6%
Real Estate (VNQ)	3.4%	18.8%	0.08	24.4%
Bitcoin (BTCUSD)	7.0%	56.0%	0.34	12.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DINO
DINO	11.0%	44.4%	0.39	-
Sector ETF (XLE)	9.5%	29.5%	0.36	67.5%
Equity (SPY)	15.1%	17.9%	0.72	42.5%
Gold (GLD)	13.4%	15.9%	0.69	-1.2%
Commodities (DBC)	9.3%	17.8%	0.44	38.3%
Real Estate (VNQ)	5.8%	20.7%	0.24	33.6%
Bitcoin (BTCUSD)	67.8%	66.9%	1.07	9.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4152026
Short Interest: Shares Quantity	6.5 Mil
Short Interest: % Change Since 3312026	3.7%
Average Daily Volume	2.0 Mil
Days-to-Cover Short Interest	3.2 days
Basic Shares Quantity	180.7 Mil
Short % of Basic Shares	3.6%

Returns Analyses

	Title
0	Would You Still Hold HF Sinclair Stock If It Fell Another 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/1/2026	2.9%	4.9%
2/18/2026	-10.9%	-14.2%	4.6%
10/30/2025	-2.2%	-1.8%	-0.9%
7/31/2025	1.2%	-0.2%	17.6%
5/1/2025	4.0%	8.7%	21.8%
2/20/2025	-1.1%	-8.9%	-9.0%
10/31/2024	-5.4%	3.6%	1.5%
8/1/2024	-2.7%	-11.4%	-6.8%
...
SUMMARY STATS
# Positive	8	7	8
# Negative	8	9	7
Median Positive	2.8%	8.7%	11.5%
Median Negative	-2.5%	-2.4%	-6.8%
Max Positive	4.0%	13.7%	36.0%
Max Negative	-10.9%	-14.2%	-18.2%

	Forward Returns
5/1/2026	2.9%	4.9%
2/18/2026	-10.9%	-14.2%	4.6%
10/30/2025	-2.2%	-1.8%	-0.9%
7/31/2025	1.2%	-0.2%	17.6%
5/1/2025	4.0%	8.7%	21.8%
2/20/2025	-1.1%	-8.9%	-9.0%
10/31/2024	-5.4%	3.6%	1.5%
8/1/2024	-2.7%	-11.4%	-6.8%
5/8/2024	3.8%	3.7%	-0.7%
2/21/2024	-1.4%	-0.3%	4.5%
11/2/2023	3.6%	-4.5%	-1.8%
8/3/2023	2.8%	13.7%	7.6%
2/24/2023	-5.6%	-2.4%	-10.0%
11/7/2022	0.6%	-1.6%	-18.2%
8/8/2022	1.8%	11.5%	15.4%
5/9/2022	-0.9%	9.8%	36.0%
SUMMARY STATS
# Positive	8	7	8
# Negative	8	9	7
Median Positive	2.8%	8.7%	11.5%
Median Negative	-2.5%	-2.4%	-6.8%
Max Positive	4.0%	13.7%	36.0%
Max Negative	-10.9%	-14.2%	-18.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/01/2026	10-Q
12/31/2025	02/27/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	07/31/2025	10-Q
03/31/2025	05/01/2025	10-Q
12/31/2024	02/20/2025	10-K
09/30/2024	10/31/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/28/2023	10-K
09/30/2022	11/07/2022	10-Q
06/30/2022	08/08/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/1/2026

null

Prior: Q4 2025 Earnings Reported 2/18/2026

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Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Garg, Vivek	VP, CAO and Controller	Direct	Sell	11062025	53.28	314	16,730	192,288	Form
2	Pompa, Valerie	EVP, Operations	Direct	Sell	8042025	42.53	11,000	467,830	1,683,805	Form

DINO Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing DINO?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What DINO Makes & Who Pays

TTM figures based on

DINO Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

HF Sinclair (DINO)

Market Price (5/11/2026): $72.56 | Market Cap: $13.1 BilSector: Energy | Industry: Oil & Gas Refining & Marketing

HF Sinclair (DINO)

Market Price (5/11/2026): $72.56Market Cap: $13.1 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About HF Sinclair (DINO)

Interactive Breakdown

Better Bets vs. HF Sinclair (DINO)

INDUSTRY: Oil & Gas Refining & Marketing

Higher Rev Chg 3Y Avg | Lower P/S (Values for DINO: -10.1% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DINO: -10.1% | 7.7x)

Higher Rev Chg LTM (Value for DINO: -1.1%)

Higher Rev Chg 3Y Avg (Value for DINO: -10.1%)

Higher Op Mgn LTM (Value for DINO: 6.1%)

Higher CFO/Rev LTM (Value for DINO: 6.7%)

Higher FCF/Rev LTM (Value for DINO: 4.8%)

Higher Total Yield (Value for DINO: 12.3%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for DINO: -10.1% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DINO: -10.1% | 7.7x)

Higher Rev Chg LTM (Value for DINO: -1.1%)

Higher Rev Chg 3Y Avg (Value for DINO: -10.1%)

Higher Op Mgn LTM (Value for DINO: 6.1%)

Higher CFO/Rev LTM (Value for DINO: 6.7%)

Higher FCF/Rev LTM (Value for DINO: 4.8%)

Higher Total Yield (Value for DINO: 12.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DINO: -10.1% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DINO: -10.1% | 7.7x)

Higher Rev Chg LTM (Value for DINO: -1.1%)

Higher Rev Chg 3Y Avg (Value for DINO: -10.1%)

Higher Op Mgn LTM (Value for DINO: 6.1%)

Higher CFO/Rev LTM (Value for DINO: 6.7%)

Higher FCF/Rev LTM (Value for DINO: 4.8%)

Higher Total Yield (Value for DINO: 12.3%)

Best Bets in Energy

P/EBIT (Value for DINO: 7.3x)

P/E (Value for DINO: 10.6x)

Rev Chg 3Y Avg (Value for DINO: -10.1%)

Rev Chg LTM (Value for DINO: -1.1%)

Rev Chg Q (Value for DINO: 11.8%)

FCF/Rev 3Y Avg (Value for DINO: 4.1%)

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Market Price (5/11/2026): $72.56 | Market Cap: $13.1 Bil
Sector: Energy | Industry: Oil & Gas Refining & Marketing

Market Price (5/11/2026): $72.56
Market Cap: $13.1 Bil
Sector: Energy
Industry: Oil & Gas Refining & Marketing