HF Sinclair Corp (DINO)

Price$105.41Cached quoteAs of 2026-09-05 10:35 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong recent profits are unusually high for this cyclical business.

On the supplied numbers, the last four quarters produced about $10.49 of earnings per share, so the shares trade near 8.8 times recent earnings. Free cash flow—cash left after operations and capital spending—was about $2.31 billion, roughly 14% of the current market value. But that cash rate is cycle-heavy: 2024-2025 averaged only about $753 million, a 4.6% yield, while 2021-2025 average earnings imply roughly 15.5 times. That mix argues against either a clear bargain or clear excess.

Big pictureEarnings rebounded sharply, but refining conditions still control how durable today’s cash generation will be.

The supplied history shows net income swinging from $2.92 billion in 2022 to $177 million in 2024, then $579 million in 2025. First-half 2026 net income jumped to $1.54 billion. In the second quarter, refinery margin adjusted for inventory effects rose to $25.95 per barrel from $16.50 a year earlier, and refining earnings before interest, taxes, depreciation and amortization more than doubled. That is powerful cash generation, but it also shows why one strong cycle should not be treated as permanent.

Business strengthA stronger balance sheet and steady company share purchases improve resilience while shrinking the share count.

By June 2026, cash had risen to $2.26 billion against $2.77 billion of debt, leaving only about $510 million of net debt, while current assets were almost twice current liabilities. HF Sinclair repurchased about 4.0 million shares for $251 million in the first half, and shares outstanding were roughly 5.5% below the prior-year quarterly average. Potential dilution—new shares reducing existing owners’ percentage—looks contained: 2025 stock compensation was $33 million versus $354 million of repurchases. The dividend also rose 5%.

What could change the storySustained high refining margins or a valuable separation would help; normalization would quickly weaken the case.

The bull case is that recent refinery strength lasts and the planned lubricants separation reveals a steadier business worth a higher valuation; that segment’s adjusted earnings before interest, taxes, depreciation and amortization reached $207 million in the second quarter, up from $55 million. The bear case is normalization: if earnings settle near the 2021-2025 average of about $6 per share, the current valuation is roughly 15.5 times. Western Gateway could add contracted cash after 2029, but its $750 million contribution and $405-$505 million of Mississauga retirement costs consume flexibility.

AI: News

Record profit reboundSecond-quarter profit surged as refining margins widened, showing how quickly favorable fuel markets can lift cash flow.

On July 28, HF Sinclair reported second-quarter net income of $892 million versus $208 million a year earlier. Adjusted earnings per share of $5.31 beat the analyst estimate Reuters cited, while adjusted refinery margin per barrel rose 57% to $25.95. Reuters reported the shares jumped about 7% before the open but were down about 1% by late morning. That mixed reaction suggests investors welcomed the earnings but questioned how long unusually strong refining conditions can last.

Lubricants separation planHF Sinclair plans to split off lubricants while retiring a Canadian refinery, reshaping earnings quality and future capital needs.

Also on July 28, the company said it intends to separate Lubricants & Specialties within 12 to 18 months and retire the Mississauga base-oil refinery during 2027. The lubricants segment produced $207 million of adjusted quarterly earnings before interest, taxes, depreciation and amortization, up from $55 million. The retirement is expected to cut about 250 jobs and create $405-$505 million of pre-tax costs, mostly non-cash write-offs. A successful separation could expose a steadier business, but closure costs reduce near-term reported earnings.

Western Gateway investmentA new pipeline partnership could add steadier contracted cash flow, but it also commits meaningful capital.

On August 11, HF Sinclair and partners approved the Western Gateway pipeline system. HF Sinclair will own 15% and is expected to contribute about $750 million to a project valued near $5 billion. The 1,300-mile system is designed for 230,000 barrels per day and is backed mainly by 10-year contracts that require payment for reserved capacity. Completion is targeted for 2029, subject to permits. The project can diversify cash flow away from refining cycles, but the commitment equals roughly one-third of June cash.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$26.87B	$28.58B	$31.96B	$38.20B	$18.39B	$11.18B
Gross profit	$2.30B	$1.56B	$6.18B	$7.52B	$2.82B	$2.02B
Gross margin	8.56%	5.45%	19.33%	19.70%	15.35%	18.11%
Operating expenses	$25.94B	$28.32B	$29.76B	$34.15B	$17.64B	$11.92B
Operating income	$927.0M	$261.0M	$2.20B	$4.05B	$749.2M	−$733.7M
Operating margin	3.45%	0.91%	6.89%	10.61%	4.07%	−6.56%
EBITDA	$1.84B	$1.09B	$2.97B	$4.71B	$1.25B	−$212.8M
EBITDA margin	6.83%	3.82%	9.30%	12.33%	6.81%	−1.90%
Net income	$579.0M	$177.0M	$1.59B	$2.92B	$558.3M	−$601.4M
Net profit margin	2.15%	0.62%	4.97%	7.65%	3.04%	−5.38%
Basic EPSper basic share	$3.08	$0.91	$8.29	$14.28	$3.39	-$3.72
Diluted EPSper diluted share	$3.08	$0.91	$8.29	$14.28	$3.39	-$3.72

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of DINO
Holder	Shares held
BlackRock, Inc.	18.54M
TCTC Holdings, LLC	12.33M
REH Advisors Inc.	11.26M
DIMENSIONAL FUND ADVISORS LP	9.53M
VANGUARD PORTFOLIO MANAGEMENT LLC	8.86M
VANGUARD CAPITAL MANAGEMENT LLC	6.91M
STATE STREET CORP	6.42M
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	5.57M
AQR CAPITAL MANAGEMENT LLC	4.64M
VICTORY CAPITAL MANAGEMENT INC	4.64M
CITADEL ADVISORS LLC	4.26M
LSV ASSET MANAGEMENT	3.63M
GEODE CAPITAL MANAGEMENT, LLC	3.12M
Invesco Ltd.	2.85M
FULLER & THALER ASSET MANAGEMENT, INC.	2.69M
MORGAN STANLEY	2.3M
FMR LLC	2.06M
Bank of New York Mellon Corp	2.02M
NORTHERN TRUST CORP	1.4M
NFJ INVESTMENT GROUP, LLC	1.4M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$2.32M disclosed value

Sells (SEC code S)6$1.44M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4	Hardy Rhoman JDirector	BuyCommon Stock	1.5K	$66.32	$100.0K	15.0K
Jun 2, 2026Form 4	Fernandez Manuel JDirector	SellCommon Stock	635	$73.09	$46.4K	16.5K
May 26, 2026Form 4	Joyce MatthewSVP, Lubricants & Specialties	SellCommon Stock	2.4K	$69.73	$166.2K	14.8K
May 19, 2026Form 4	Garg VivekActing CFO, VP, CAO & CONTR	SellCommon Stock	717	$71.89	$51.5K	11.5K
May 18, 2026Form 4	MYERS FRANKLINCEO and President	BuyCommon Stock	15.0K	$69.11	$1.04M	177.1K