At a glance
HF Sinclair Corp is worth $19.19B, about 36 times its fiscal 2025 earnings. Revenue fell 6.0% to $26.87B in fiscal 2025, with 2.2% kept as profit; over 5 years it has grown 19.2% a year. It pays a 1.81% dividend yield, and returned $4.82B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +118.3% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
HF Sinclair is a Dallas-based independent refiner. It turns crude oil into gasoline, diesel, jet fuel and other products at seven refineries in Kansas, Oklahoma, New Mexico, Utah, Wyoming and Washington state. Together they can process 678,000 barrels of crude per operating day. The company profits from the gap between what it pays for crude and what its fuels fetch, often called the crack spread. Its refineries can handle discounted heavy or sour (high-sulfur) crudes, which can lower its costs.
Customers include other refiners, branded fuel stations, convenience store and truck stop chains, wholesalers, railroads and airlines. Asphalt goes to government agencies and paving contractors. No single customer made up 10% or more of revenue in 2025. In 2024, Shell and its affiliates accounted for about 11%.
Of $26.9 billion in 2025 revenue, Refining brought in 76% and Marketing, its branded fuel business, 12%. Lubricants & Specialties added 9%. It includes Petro-Canada Lubricants, based at a plant in Mississauga, Ontario; Sonneborn, which makes white oils, petrolatums (petroleum jelly) and waxes in Pennsylvania and the Netherlands; and Red Giant Oil, which supplies locomotive engine oil. Renewables, with three renewable diesel units in New Mexico and Wyoming, added 2%. Midstream pipelines and terminals mostly serve its own refineries and brought in under 1%.
Price history
The interactive chart needs JavaScript.
DINO +118.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Transportation fuels | $20.93B | 77.9% |
| Lubricants and specialty products | $2.31B | 8.6% |
| Asphalt, fuel oil and other products | $1.43B | 5.3% |
| Excess crude oil revenues | $1.33B | 5% |
| Other revenues | $746.0M | 2.8% |
| Transportation and logistic services | $121.0M | 0.5% |
By business segment
| Refining | $20.54B | 76.4% |
| Marketing | $3.14B | 11.7% |
| Lubricants & Specialties | $2.52B | 9.4% |
| Renewables | $551.0M | 2.1% |
| Midstream | $121.0M | 0.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $10.86B, up 49.7% from a year earlier, and net income was $2.02B (+400.0%).
- For fiscal 2025, revenue was $26.87B (-6.0% year over year; +19.2% a year from FY2020 to FY2025) with a 2.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.2% good |
|---|---|
| Operating margin | 3.5% weak |
| Free cash flow margin | 3.2% watch |
| Return on equity (FY2025) | 6.3% weak |
| Return on assets (FY2025) | 3.5% watch |
| Net cash (cash minus debt) | $559.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.18B | $-601.4M | $187.1M |
| FY2021 | $18.39B | $558.3M | $-318.4M |
| FY2022 | $38.20B | $2.92B | $3.25B |
| FY2023 | $31.96B | $1.59B | $1.91B |
| FY2024 | $28.58B | $177.0M | $640.0M |
| FY2025 | $26.87B | $579.0M | $866.0M |
Valuation snapshot
| Market value | $19.19B |
|---|---|
| P/E ratio | 36.4 |
| Dividend yield | 1.81% |
Rank among 1514 US companies
Market value at each year end
HF Sinclair’s market value went from $10.42B at the end of 2022 to $19.19B on Oct 28, 2026, up 84%; since the end of 2025 it is up 126%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $19.19B | +126.4% |
| 2025 | $8.48B | +28.5% |
| 2024 | $6.59B | -33.9% |
| 2023 | $9.98B | -4.1% |
| 2022 | $10.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DINO price data to Oct 28, 2026 | +148.4% | +118.3% | +33.2% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +148.4% |
| 2025 | +38.1% |
| 2024 | -34.4% |
| 2023 | +11.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 4 open-market purchases ($3.5M) and 5 sales ($1.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Franklin Myers CEO, Director | buy | $1.3M |
| Oct 29, 2026 | Franklin Myers CEO, Director | buy | $1.1M |
| May 18, 2026 | Franklin Myers CEO and President, Director | buy | $1.0M |
| Aug 5, 2026 | Dale Kunneman SVP and CHRO | sell | $756K |
| May 15, 2026 | Valerie Pompa EVP, Operations | sell | $691K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Mar 31, 2025 |
| Vanguard Portfolio Management | 4.94% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 4.1% | Sep 30, 2026 |
ETFs with the most weight in DINO
| CRAK VanEck Oil Refiners ETF | 4.41% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.01% |
| XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.82% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 2.62% |
| WBIY WBI Power Factor High Dividend ETF | 2.19% |
| NDIV Amplify Natural Resources Dividend Income ETF | 1.69% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 1.14% |
| VRAI Virtus Real Asset Income ETF | 1.04% |
What could go wrong
- Profits swing with fuel price spreads. HF Sinclair profits from the gap between crude costs and fuel prices. Demand, weather and government policy all move that gap. Net income fell from $1.59 billion in 2023 to $177 million in 2024.
- Reliance on pipelines run by others. Much of its fuel reaches market through pipelines run by others, such as ONEOK and NuStar. If a pipeline or terminal is shut or rationed, the company may struggle to move products, hurting profits.
- A review of its disclosure processes. In its annual report for 2025, the company said it had reviewed problems in its disclosure processes that could have hurt timely, accurate reporting. Any reporting failure could shake investor confidence.
- Changing renewable and low-carbon fuel rules. Government programs require fuel makers to blend in renewable and low-carbon fuels, and they also drive demand for its renewable diesel. Changes to these rules could raise compliance costs or hurt its Renewables segment.
- Refinery accidents and unplanned shutdowns. Refineries handle flammable materials under high heat and pressure. A fire, explosion, spill or outage at one of its seven refineries could halt output, and insurance may not cover all the losses.
- Rules that could shrink fuel demand. Stricter fuel-economy standards, limits on vehicle greenhouse-gas emissions and wider climate policy could reduce demand for gasoline and diesel. Transportation fuels made up 78% of 2025 revenue.
Recent events
- Major agreement signed
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Other company announcement
- Major agreement signed
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed
- Executive or board change
- Shareholder vote results
For income and retirement investors
HF Sinclair's dividend record is uneven. Dividends per share fell to $0.35 in 2021, rose to $2.00 by 2024 and stayed there in 2025, so the company has no streak of increases. In 2025 the dividend used about 65% of earnings and 43% of free cash flow (cash left after capital spending). In 2024, earnings of $0.91 a share fell short of the $2.00 dividend. Share buybacks have been larger: about $3.4 billion from 2021 to 2025, against $1.4 billion in dividends. The share count fell 23% between May 2022 and October 2026. The yield was 1.81% as of October 28, 2026.
The stock's price history covers only about 4.6 years. That means it does not show how the stock held up in 2008, the 2020 COVID crash or the full 2022 bear market. Within that span it fell as much as 57% from a peak and lost 34% in 2024. As a single stock, it carries more risk than a diversified fund.
Questions investors ask
How does HF Sinclair make money?
Mostly by refining crude oil into fuel. Its seven refineries in the Mid-Continent, Southwest, Rocky Mountains and Pacific Northwest turn crude into gasoline, diesel and jet fuel. The company earns the difference between crude costs and fuel prices. Refining produced 76% of its $26.9 billion revenue in 2025. Branded fuel marketing added 12%. Lubricants and specialty products, such as Petro-Canada Lubricants, added 9%, and renewable diesel added 2%.
Does HF Sinclair raise its dividend every year?
No. The dividend held at $2.00 per share in both 2024 and 2025. Before that it fell to $0.35 in 2021, then climbed to $1.20 in 2022 and $1.80 in 2023. In 2025 the dividend took about 65% of earnings and 43% of free cash flow (cash left after capital spending). The company's annual report lists being unable to pay future dividends as a risk. The yield was 1.81% as of October 28, 2026.
Is HF Sinclair a pipeline company?
Not mainly. The SEC lists HF Sinclair under the industry code for pipelines other than natural gas. It also took over Holly Energy Partners, L.P. in a merger completed December 1, 2023. But its Midstream segment of pipelines, terminals and storage tanks mainly supports its own refineries and produced just 0.5% of revenue in 2025. Refining, at 76% of revenue, is the core business, so results depend far more on fuel margins than on pipeline fees.
How much debt does HF Sinclair have?
It had less debt than cash as of September 30, 2026. Total debt was $2.8 billion and cash and investments were $3.3 billion. That left net cash (cash minus debt) of about $559 million. Shareholders' equity was $11.7 billion. Still, the company warns that a weaker credit profile or a sharp rise in crude prices could strain supplier relationships. Its credit facilities also contain covenants (loan conditions) that may limit its business and financing activities.
How has HF Sinclair stock performed?
It has swung widely. As of October 28, 2026, the share price was up 118% over one year and 148% in 2026 to date. That came after a 34% fall in 2024. Over three years it rose about 136% in total, but it dropped as much as 57% from a peak along the way. Profits jumped too: net income for the quarter ended September 30, 2026 was $2.0 billion, up 400% from a year earlier. The price was 36.4 times 2025 earnings per share.