Latest Ratios: P/E Ratio 4.8x · EV/EBITDA 3.4x · ROE 6.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.5B | $8.6B | $6.7B | $10.6B | $10.5B | $5.3B | $4.2B | $8.5B | $9.0B | $9.1B | $5.8B |
| Enterprise Value | $19.8B | $10.8B | $9.0B | $12.4B | $12.6B | $8.6B | $6.4B | $10.5B | $10.3B | $10.9B | $7.3B |
| P/E Ratio → | 4.85 | 14.82 | 38.52 | 6.70 | 3.63 | 9.67 | — | 11.00 | 8.22 | 11.33 | — |
| P/S Ratio | 0.50 | 0.32 | 0.24 | 0.33 | 0.28 | 0.29 | 0.37 | 0.49 | 0.51 | 0.64 | 0.55 |
| P/B Ratio | 1.96 | 0.93 | 0.72 | 1.03 | 1.05 | 0.85 | 0.73 | 1.30 | 1.40 | 1.54 | 1.09 |
| P/FCF | 4.94 | 9.92 | 10.52 | 5.52 | 3.23 | — | 32.77 | 6.76 | 7.26 | 13.36 | 47.10 |
| P/OCF | 13.32 | 6.53 | 6.07 | 4.60 | 2.78 | 13.10 | 9.14 | 5.48 | 5.81 | 9.54 | 9.58 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.40 | 0.32 | 0.39 | 0.33 | 0.47 | 0.57 | 0.60 | 0.58 | 0.77 | 0.69 |
| EV / EBITDA | 3.44 | 5.88 | 8.26 | 4.18 | 2.67 | 6.90 | — | 5.89 | 4.99 | 8.33 | 28.00 |
| EV / EBIT | 21.13 | 11.43 | 23.58 | 5.30 | 3.06 | 9.47 | — | 8.01 | 6.21 | 11.09 | — |
| EV / FCF | — | 12.52 | 14.11 | 6.50 | 3.86 | — | 49.70 | 8.39 | 8.27 | 16.12 | 59.55 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.2% | 5.2% | 11.2% | 16.1% | 17.8% | 14.3% | 5.8% | 13.1% | 18.1% | 17.4% | 16.1% |
| Operating Margin | 3.5% | 3.5% | 0.9% | 6.9% | 10.6% | 4.1% | -6.6% | 7.3% | 9.2% | 6.3% | -1.0% |
| Net Profit Margin | 2.2% | 2.2% | 0.6% | 5.0% | 7.6% | 3.0% | -5.4% | 4.4% | 6.2% | 5.7% | -2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.2% | 6.2% | 1.8% | 15.7% | 35.8% | 9.3% | -9.8% | 11.9% | 17.8% | 14.4% | -4.7% |
| ROA | 3.5% | 3.5% | 1.0% | 8.8% | 18.7% | 4.6% | -5.1% | 6.7% | 10.1% | 8.0% | -2.9% |
| ROIC | 6.1% | 6.1% | 1.6% | 13.7% | 28.0% | 6.4% | -6.7% | 11.8% | 15.7% | 9.3% | -1.1% |
| ROCE | 6.7% | 6.7% | 1.8% | 14.7% | 31.2% | 7.1% | -7.1% | 12.6% | 17.0% | 10.3% | -1.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.33 | 0.31 | 0.37 | 0.56 | 0.62 | 0.45 | 0.37 | 0.42 | 0.42 |
| Debt / EBITDA | 1.75 | 1.75 | 2.83 | 1.08 | 0.79 | 2.83 | — | 1.64 | 1.17 | 1.90 | 8.58 |
| Net Debt / Equity | — | 0.24 | 0.25 | 0.18 | 0.21 | 0.53 | 0.38 | 0.31 | 0.19 | 0.32 | 0.29 |
| Net Debt / EBITDA | 1.22 | 1.22 | 2.10 | 0.63 | 0.44 | 2.65 | — | 1.14 | 0.61 | 1.42 | 5.85 |
| Debt / FCF | — | 2.60 | 3.59 | 0.98 | 0.63 | — | 16.93 | 1.63 | 1.01 | 2.75 | 12.45 |
| Interest Coverage | 4.37 | 4.37 | 2.32 | 12.29 | 23.41 | 7.29 | -4.90 | 9.17 | 12.60 | 8.39 | -1.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.94 | 1.94 | 1.65 | 2.22 | 2.08 | 1.82 | 2.41 | 1.96 | 2.82 | 2.15 | 2.63 |
| Quick Ratio | 0.90 | 0.90 | 0.73 | 1.16 | 1.09 | 0.79 | 1.55 | 1.09 | 1.66 | 1.01 | 1.58 |
| Cash Ratio | 0.39 | 0.39 | 0.26 | 0.49 | 0.51 | 0.11 | 1.00 | 0.53 | 0.99 | 0.44 | 1.05 |
| Asset Turnover | — | 1.61 | 1.72 | 1.80 | 2.08 | 1.42 | 0.97 | 1.44 | 1.61 | 1.33 | 1.12 |
| Inventory Turnover | 9.90 | 9.90 | 9.07 | 9.18 | 9.76 | 7.43 | 8.98 | 10.31 | 10.72 | 7.22 | 7.78 |
| Days Sales Outstanding | — | 16.07 | 16.87 | 19.70 | 16.78 | 24.65 | 20.56 | 18.36 | 13.84 | 18.46 | 16.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 4.4% | 5.7% | 3.2% | 2.4% | 1.1% | 5.5% | 2.7% | 2.6% | 2.6% | 4.1% |
| Payout Ratio | 64.9% | 64.9% | 218.1% | 21.4% | 8.8% | 10.3% | — | 29.2% | 21.3% | 29.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 20.6% | 6.7% | 2.6% | 14.9% | 27.5% | 10.3% | — | 9.1% | 12.2% | 8.8% | — |
| FCF Yield | 20.2% | 10.1% | 9.5% | 18.1% | 30.9% | — | 3.1% | 14.8% | 13.8% | 7.5% | 2.1% |
| Buyback Yield | 2.0% | 4.1% | 10.0% | 9.5% | 13.1% | 0.1% | 0.2% | 6.3% | 4.0% | 0.2% | 2.4% |
| Total Shareholder Yield | 4.1% | 8.5% | 15.7% | 12.7% | 15.5% | 1.2% | 5.7% | 8.9% | 6.6% | 2.8% | 6.5% |
| Shares Outstanding | — | $186M | $192M | $190M | $203M | $163M | $162M | $167M | $177M | $177M | $176M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DINO stock.
HF Sinclair Corporation's current P/E ratio is 4.8x. The historical average is 15.3x. This places it at the 11th percentile of its historical range.
HF Sinclair Corporation's current EV/EBITDA is 3.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
HF Sinclair Corporation's return on equity (ROE) is 6.2%. The historical average is 17.4%.
Based on historical data, HF Sinclair Corporation is trading at a P/E of 4.8x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HF Sinclair Corporation's current dividend yield is 2.08% with a payout ratio of 64.9%.
HF Sinclair Corporation has 5.2% gross margin and 3.5% operating margin.
HF Sinclair Corporation's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Crack spread normalization and governance review
Metrics are mathematically derived from official filings.
Trailing Earnings Inflated by Cyclical Peak
Based on reported figures, DINO trades at a trailing P/E of 31.44 but a forward P/E of only 4.70, a gap that suggests the market expects current peak-cycle earnings to compress sharply rather than persist.
The wide divergence between trailing and forward P/E indicates that the market is pricing in normalization of refining margins rather than extrapolating the Q3 2026 earnings surge. The EV/EBITDA of 10.77 versus a forward 3.01 reinforces this reading, and investors should monitor whether forward estimates hold up once crack spreads revert. Relative to peers such as MPC at 28.43 and PSX at 22.90 on trailing P/E, DINO's discount on a forward basis appears to reflect skepticism about earnings durability and the unresolved governance review.
Gross Margin Swings Dominate Earnings Quality
As reported in quarterly statements, gross margin ranged from 2.0% in Q4 2025 to 29.0% in Q3 2026, with net margin moving from negative to 18.6%, underscoring how heavily earnings depend on crack spread timing.
A 27-point swing in gross margin within roughly a year points to earnings driven by commodity timing rather than structural pricing power. Net margin of 18.6% in Q3 2026 sits far above the 3.0% and 1.9% reported by MPC and VLO, which suggests the latest quarter reflects an exceptional spread environment rather than a repeatable baseline. Investors should treat trailing margins as cyclical and anchor earnings power on a multi-quarter average.
Returns Recovering From Near-Zero Base
Based on reported figures, ROIC climbed from negative territory in late 2024 to 17.6% in Q3 2026, though ROE of 18.2% and ROIC both reflect a single exceptional quarter rather than a sustained compounding trend.
The move from roughly -0.8% ROIC to 17.6% over the period indicates that returns are highly responsive to margin conditions, consistent with a capital base that is largely fixed. ROIC of 17.6% compares favorably against PSX at 5.3% and MPC at 8.3%, but investors should note that DK's 9.9% and VLO's 9.5% suggest that elevated returns are not unique to DINO in this environment. Whether returns can be sustained depends on margins holding, which remains uncertain.
Low Leverage With Rising Coverage
As reported in financial statements, debt-to-equity of 0.29 and interest coverage of 50.06 in Q3 2026 indicate leverage that is conservative relative to MPC at 1.43 and DK at 6.13.
Debt-to-equity has drifted from 0.34 to 0.29 over the last several quarters, while interest coverage recovered from negative readings in late 2024, suggesting debt service has become markedly more comfortable. Debt/EBITDA of 1.14 is low in absolute terms, though coverage ratios computed on trough-to-peak earnings can be misleading, and investors should verify whether lease obligations are fully captured in reported debt figures.
Liquidity Rebuilt From Thin Base
According to recent SEC filings, current ratio improved to 2.27 in Q3 2026 from roughly 1.65 in late 2024, while quick ratio of 1.40 suggests the position does not depend heavily on inventory.
The rebuild in liquidity coincides with cash rising to $3.3B, which provides meaningful stress capacity relative to a $3.4B debt load. The quick ratio sitting well above 1.0 indicates limited dependence on inventory liquidation, though the position reflects a point in a commodity cycle and may weaken quickly if working capital reverses as earlier quarters suggest it can.
P/B Overstates Value in Cyclical Refining
The price-to-book ratio of 1.97 is commonly used to signal asset value support, but for a refiner whose book value is repeatedly reset by volatile crack spreads, it may obscure how much equity value depends on temporary margins.
Book value for DINO has grown from $9.2B to $11.7B largely through retained earnings during a peak margin period, so P/B rises and falls with the cycle rather than anchoring downside. A more informative approach is to evaluate EV/EBITDA against through-cycle EBITDA or replacement cost of refining assets, which better captures what the business earns across the commodity cycle. Investors should treat P/B as a weak floor indicator for this business.