Latest Ratios: P/E Ratio 23.9x · EV/EBITDA 8.5x · 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 | $13.4B | $8.6B | $6.7B | $10.6B | $10.5B | $5.3B | $4.2B | $8.5B | $9.0B | $9.1B | $5.8B |
| Enterprise Value | $15.7B | $10.8B | $9.0B | $12.4B | $12.6B | $8.6B | $6.4B | $10.5B | $10.3B | $10.9B | $7.3B |
| P/E Ratio → | 23.94 | 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 | 1.50 | 0.93 | 0.72 | 1.03 | 1.05 | 0.85 | 0.73 | 1.30 | 1.40 | 1.54 | 1.09 |
| P/FCF | 15.50 | 9.92 | 10.52 | 5.52 | 3.23 | — | 32.77 | 6.76 | 7.26 | 13.36 | 47.10 |
| P/OCF | 10.21 | 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 | 8.50 | 5.88 | 8.26 | 4.18 | 2.67 | 6.90 | — | 5.89 | 4.99 | 8.33 | 28.00 |
| EV / EBIT | 16.75 | 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 | 2.7% | 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 | 4.2% | 6.7% | 2.6% | 14.9% | 27.5% | 10.3% | — | 9.1% | 12.2% | 8.8% | — |
| FCF Yield | 6.5% | 10.1% | 9.5% | 18.1% | 30.9% | — | 3.1% | 14.8% | 13.8% | 7.5% | 2.1% |
| Buyback Yield | 2.6% | 4.1% | 10.0% | 9.5% | 13.1% | 0.1% | 0.2% | 6.3% | 4.0% | 0.2% | 2.4% |
| Total Shareholder Yield | 5.3% | 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 |
Commodity crack spread volatility
According to current market data, DINO trades at a forward P/E of 7.49, which appears to discount the volatility of its refining margins compared to the broader energy sector, suggesting investors remain cautious about the sustainability of earnings in a normalizing post-pandemic commodity price environment.
The divergence between the TTM P/E of 21.96 and the forward multiple indicates that the market anticipates a significant earnings recovery or stabilization. Investors should monitor whether this valuation gap reflects a genuine undervaluation of the Lubricants segment or merely a cyclical discount common to independent refiners.
Based on reported financial statements, DINO's ROIC has fluctuated significantly, reaching 6.2% in 2026Q1 after dipping into negative territory in late 2024, which highlights the difficulty of compounding returns in a business model heavily tethered to unpredictable regional crack spreads and periodic heavy maintenance cycles.
The erratic nature of these returns suggests that management's capital allocation is highly sensitive to external commodity factors rather than internal operational efficiency alone. Analysts should investigate whether the recent uptick in ROIC is a sustainable trend driven by the Sinclair integration or a temporary benefit from favorable feedstock differentials.
As reported in recent filings, DINO's asset turnover has remained relatively stagnant, hovering near 0.40, which suggests that the company's ability to generate revenue from its asset base is constrained by the inherent capital intensity of its refining and midstream infrastructure in the Rocky Mountain region.
The lack of meaningful improvement in asset turnover indicates that the company is not yet extracting higher efficiency from its expanded asset footprint post-merger. Investors should watch for whether the internalization of Holly Energy Partners eventually leads to better throughput optimization and improved working capital velocity.
According to the latest balance sheet data, DINO has successfully reduced its debt-to-equity ratio to 0.04 as of 2026Q1, a marked improvement from the 0.35 level seen in 2025Q4, which provides a substantial buffer against the cyclical downturns typical of the independent refining industry.
This deleveraging trend suggests a prudent approach to capital structure that prioritizes balance sheet strength over aggressive debt-funded growth. Such a position may allow the company to maintain its dividend and capital return programs even during periods of compressed refining margins.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to DINO because it fails to account for the non-cash distortions caused by LIFO inventory accounting and the lumpy nature of turnaround expenses that characterize the independent refining sector's reported earnings.
Investors should instead focus on EV/EBITDA or cash-flow-based metrics to better gauge the underlying earning power of the refining and lubricants segments. Relying solely on P/E can obscure the true operational performance by including accounting noise that does not reflect the company's actual ability to generate cash.
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 23.9x. The historical average is 15.3x. This places it at the 86th percentile of its historical range.
HF Sinclair Corporation's current EV/EBITDA is 8.5x. 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 23.9x. This is at the 86th 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 2.71% 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.