Latest Ratios: P/E Ratio 34.0x · EV/EBITDA 11.6x · 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 | $19.1B | $8.6B | $6.7B | $10.6B | $10.5B | $5.3B | $4.2B | $8.5B | $9.0B | $9.1B | $5.8B |
| Enterprise Value | $21.3B | $10.8B | $9.0B | $12.4B | $12.6B | $8.6B | $6.4B | $10.5B | $10.3B | $10.9B | $7.3B |
| P/E Ratio → | 34.02 | 14.82 | 38.52 | 6.70 | 3.63 | 9.67 | — | 11.00 | 8.22 | 11.33 | — |
| P/S Ratio | 0.71 | 0.32 | 0.24 | 0.33 | 0.28 | 0.29 | 0.37 | 0.49 | 0.51 | 0.64 | 0.55 |
| P/B Ratio | 2.13 | 0.93 | 0.72 | 1.03 | 1.05 | 0.85 | 0.73 | 1.30 | 1.40 | 1.54 | 1.09 |
| P/FCF | 22.02 | 9.92 | 10.52 | 5.52 | 3.23 | — | 32.77 | 6.76 | 7.26 | 13.36 | 47.10 |
| P/OCF | 14.50 | 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 | 11.56 | 5.88 | 8.26 | 4.18 | 2.67 | 6.90 | — | 5.89 | 4.99 | 8.33 | 28.00 |
| EV / EBIT | 22.78 | 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 | 1.9% | 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 | 2.9% | 6.7% | 2.6% | 14.9% | 27.5% | 10.3% | — | 9.1% | 12.2% | 8.8% | — |
| FCF Yield | 4.5% | 10.1% | 9.5% | 18.1% | 30.9% | — | 3.1% | 14.8% | 13.8% | 7.5% | 2.1% |
| Buyback Yield | 1.9% | 4.1% | 10.0% | 9.5% | 13.1% | 0.1% | 0.2% | 6.3% | 4.0% | 0.2% | 2.4% |
| Total Shareholder Yield | 3.8% | 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 34.0x. The historical average is 15.3x. This places it at the 89th percentile of its historical range.
HF Sinclair Corporation's current EV/EBITDA is 11.6x. 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 34.0x. This is at the 89th 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 1.91% 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
Governance and crack spread volatility
Metrics are mathematically derived from official filings.
Margin Cyclicality Exposes Operating Leverage
Gross margin swung from 2.0% in 2025Q4 to 12.9% in 2026Q2, while net margin recovered to 8.6%, reflecting extreme sensitivity to crack spreads, as per reported quarterly data.
The 2025Q4 trough, with gross margin at 2.0% and net margin at -0.4%, underscores the high operating leverage inherent in refining. The subsequent recovery to 12.9% gross and 8.6% net margins in 2026Q2 suggests a cyclical rebound, but the volatility indicates that reported margins are not a stable indicator of earning power. Investors should focus on mid-cycle margins, which appear to be around 8-10% gross, rather than peak or trough figures.
ROIC Recovery After Negative Spell
ROIC turned positive to 8.0% in 2026Q2 from -1.5% in 2024Q4, but remains below the 10% threshold, indicating that capital efficiency is still recovering, based on reported figures.
The negative ROIC in 2024Q4 and 2025Q1 reflects the cyclical trough, while the 8.0% in 2026Q2 shows a strong rebound. However, this is still below the cost of capital for a refining company, suggesting that value creation is not yet consistent. The improvement is driven by margin recovery rather than asset efficiency, as asset turnover has remained relatively stable around 0.4-0.5. Investors should monitor whether ROIC can sustain above 10% through the cycle.
Working Capital Efficiency Improves
Cash conversion cycle shortened to 19 days in 2026Q2 from 35 days in 2024Q1, driven by faster receivable collection and lower inventory days, according to quarterly data.
The reduction in DSO from 23 to 15 days and DIO from 47 to 29 days indicates improved working capital management, likely due to better inventory control and faster collections. DPO has also declined, but the net effect is a more efficient cash cycle. This improvement may be partly cyclical, as crude price movements affect inventory values, but it suggests that management is focusing on cash generation.
Moderate Leverage with Strong Coverage
Debt-to-equity improved to 0.28 in 2026Q2 from 0.33 in 2025Q1, while interest coverage surged to 60.75, indicating ample debt service capacity, per reported financials.
DINO's leverage is conservative relative to peers like MPC (D/E 1.43) and PSX (0.76), and interest coverage of 60.75 in 2026Q2 is exceptionally strong, though it was as low as 0.45 in 2025Q4. This volatility in coverage reflects earnings cyclicality, but the low absolute debt levels provide a cushion. The recent increase in cash to $2.3B further strengthens the balance sheet, suggesting refinancing risk is minimal.
Liquidity Buffer Strengthens
Current ratio improved to 1.97 in 2026Q2 from 1.65 in 2024Q4, with cash more than doubling to $2.3B, indicating a robust liquidity position, as per balance sheet data.
The quick ratio of 1.19 in 2026Q2, up from 0.73 in 2024Q4, shows that even excluding inventory, DINO can cover short-term obligations. This liquidity buffer is critical given the cyclicality of refining margins, and it provides flexibility to weather downturns or fund capital returns. The improvement is partly due to the $5.0B PPE surge, which may indicate asset revaluation, but the cash build is a positive sign.
P/E Misleads in Cyclical Downturn
The trailing P/E of 31.29 is distorted by trough earnings, while forward P/E of 6.81 better reflects normalized earnings, highlighting the misapplication of P/E for cyclical refiners.
For a highly cyclical refiner like DINO, trailing P/E is often misleading because it divides a depressed earnings base by the current market price. The forward P/E of 6.81, based on consensus estimates, suggests the market is pricing in a recovery, but this may be overly optimistic given crack spread normalization. A more appropriate metric is EV/EBITDA, which at 10.73 trailing and 6.95 forward, provides a clearer picture of valuation relative to cash generation. Investors should also consider P/B (1.96) as a sanity check, given the asset-heavy nature of the business.