HF Sinclair Corporation (DINO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-39.1%

$68.02

vs $111.76 price

Levered DCF

$42.56

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.62

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.82×	38.52×	6.7×	3.63×	9.67×	-6.95×	10.93×	8.15×
P/B	0.94×	0.73×	1.04×	1.14×	0.94×	0.81×	1.41×	1.51×
P/S	0.32×	0.24×	0.33×	0.28×	0.29×	0.37×	0.48×	0.51×
EV / EBITDA	5.84×	7.43×	3.99×	2.64×	6.1×	-63.76×	5.76×	4.88×
Gross margin	5.2%	11.2%	16.1%	17.8%	14.3%	5.8%	13.1%	18.1%
Operating margin	3.5%	0.9%	6.9%	10.6%	4.1%	-6.6%	7.3%	9.2%
Net margin	2.2%	0.6%	5.0%	7.6%	3.0%	-5.4%	4.4%	6.2%
Current ratio	1.94×	1.65×	2.22×	2.08×	1.82×	2.41×	1.96×	2.82×
Debt / equity	0.35×	0.33×	0.32×	0.4×	0.62×	0.68×	0.49×	0.41×
Interest coverage	4.31×	1.58×	11.55×	23.08×	5.99×	-5.8×	8.91×	12.36×
Dividend yield	4.4%	5.7%	3.2%	2.4%	1.1%	5.5%	2.7%	2.6%
Payout ratio	64.9%	218.1%	21.4%	8.8%	10.3%	-38.2%	29.2%	21.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	1.9%	15.6%	31.6%	9.8%	-11.6%	12.9%	18.6%
Return on invested capital	5.2%	1.6%	11.6%	20.1%	5.8%	-4.9%	9.0%	12.8%
Return on assets	3.5%	1.1%	9.0%	15.9%	4.3%	-5.2%	6.3%	10.0%
Free cash flow yield	10.1%	9.5%	18.1%	30.9%	-7.6%	3.1%	14.9%	13.9%
Earnings yield	6.7%	2.6%	15.1%	27.8%	10.5%	-14.4%	9.2%	12.3%
Enterprise value	$10.8B	$9B	$12.4B	$12.6B	$8.6B	$6.4B	$10.5B	$10.2B
Net debt / EBITDA	1.21×	1.89×	0.6×	0.43×	2.34×	-21.72×	1.12×	0.6×
Cash conversion cycle (days)	26	25	29	27	36	27	25	26