HF Sinclair
DINO on NYSE. Pipe lines (no natural gas). Market value $20.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $11.35 of spare cash in the past 12 months. A savings account pays about $4.
You pay 8.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 11 cents a year. Above 10 is good.
Quality score: 61 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$114.60 a share, 151% above its 1-year low
Over the past year the price has ranged from $45.71 to $118.39.
Dividend: 1.8% a year
Paid every year for 4 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $2.3 billion in the past 12 months, $866 million in the year to December 2025.
| Revenue | ||||
| Revenue | $38.2bn | $32.0bn | $28.6bn | $26.9bn |
| Operating margin | ||||
| Operating margin | 10.6% | 6.9% | 0.9% | 3.5% |
| Debt to equity | ||||
| Debt to equity | 0.36 | 0.28 | 0.29 | 0.31 |
| Shares outstanding | ||||
| Shares outstanding | 0.18bn | 0.19bn | 0.18bn | 0.18bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.31× equity
- Revenue growth, five yearsShrinking, 11.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $10.4 billion last quarter, up 53% on a year ago.
- Profit: $892 million, up 329% on a year ago.
- It keeps 8 cents of each $1 of sales as operating profit, up from 0 cents a year earlier.
- Spare cash over the past 12 months: $2.3 billion, up from $573 million.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $595 million more than cash, down from $1.9 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $7.2bn |
| December 2024 | $6.5bn |
| March 2025 | $6.4bn |
| June 2025 | $6.8bn |
| September 2025 | $7.3bn |
| December 2025 | $6.5bn |
| March 2026 | $7.1bn |
| June 2026 | $10.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$76m |
| December 2024 | -$214m |
| March 2025 | -$4m |
| June 2025 | $208m |
| September 2025 | $403m |
| December 2025 | -$28m |
| March 2026 | $648m |
| June 2026 | $892m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 685 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $253m
- Share of fund
- 0.5%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $253m | 0.5% | |
| Gotham Asset ManagementJoel Greenblatt | $51m | 0.1% | Added |
| Semper AugustusChristopher Bloomstran | $18m | 2.0% | Cut |
| Cambiar InvestorsBrian Barish | $3m | 0.1% | Cut |
| Tweedy, BrowneTweedy Browne partners | $3m | 0.2% | Added |
| First Eagle Investment ManagementMatthew McLennan | $2m | <0.1% | Added |
Largest holders overall
- BlackRock$1.3bn
- TCTC Holdings$859m
- Dimensional Fund Advisors LP$664mAdded
- Vanguard Portfolio Management$617mCut
- Vanguard Capital Management$481m
- State Street$447mCut
- Charles Schwab Investment Management$388mAdded
- AQR Capital Management$324mCut
- Victory Capital Management$323mAdded
- Citadel Advisors$297mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor10.1%Since 31 March 2025
- REH Advisors Inc.Passive investor5.1%−1.2 ptsSince 2 August 2026
What they said
The information contained in the explanatory note and Items 3 and 6 of the Schedule 13D is incorporated herein by reference. On August 2, 2026, the Issuer entered into a Stock Purchase Agreement (the "Twenty-Second Purchase Agreement") with the Reporting Person to repurchase…
Read the filing - Dimensional Fund Advisors LPPassive investor5.1%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.1% | 31 March 2025 | |
REH Advisors Inc. Passive investor | 5.1%−1.2 pts | 2 August 2026 | What they saidThe information contained in the explanatory note and Items 3 and 6 of the Schedule 13D is incorporated herein by reference. On August 2, 2026, the Issuer entered into a Stock Purchase Agreement (the "Twenty-Second Purchase Agreement") with the Reporting Person to repurchase… Read the filing |
Dimensional Fund Advisors LP Passive investor | 5.1% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $2m of shares on the open market. 5 sold $2m.
- MYERS FRANKLINCEO, DirectorBought
- Date
- 11 August 2026
- Shares
- 15,000
- Price
- $85.30
- Value
- $1m
- Kunneman DaleSVP and CHROSold
- Date
- 5 August 2026
- Shares
- 8,936
- Price
- $84.58
- Value
- $755,852
- Hardy Rhoman JDirectorBought
- Date
- 16 June 2026
- Shares
- 1,508
- Price
- $66.32
- Value
- $100,011
- Fernandez Manuel JDirectorSold
- Date
- 2 June 2026
- Shares
- 635
- Price
- $73.09
- Value
- $46,412
- Joyce MatthewSVP, Lubricants & SpecialtiesSold
- Date
- 26 May 2026
- Shares
- 2,384
- Price
- $69.73
- Value
- $166,236
- Garg VivekActing CFO, VP, CAO & CONTRSold
- Date
- 19 May 2026
- Shares
- 717
- Price
- $71.89
- Value
- $51,545
- MYERS FRANKLINCEO and President, DirectorBought
- Date
- 18 May 2026
- Shares
- 15,000
- Price
- $69.11
- Value
- $1m
- Pompa ValerieEVP, OperationsSold
- Date
- 15 May 2026
- Shares
- 10,000
- Price
- $69.05
- Value
- $690,500
- Garg VivekVP, CAO and ControllerSold
- Date
- 5 November 2025
- Shares
- 314
- Price
- $53.28
- Value
- $16,730
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 August 2026 | MYERS FRANKLIN CEO, Director | Bought | 15,000 | $85.30 | $1m |
| 5 August 2026 | Kunneman Dale SVP and CHRO | Sold | 8,936 | $84.58 | $755,852 |
| 16 June 2026 | Hardy Rhoman J Director | Bought | 1,508 | $66.32 | $100,011 |
| 2 June 2026 | Fernandez Manuel J Director | Sold | 635 | $73.09 | $46,412 |
| 26 May 2026 | Joyce Matthew SVP, Lubricants & Specialties | Sold | 2,384 | $69.73 | $166,236 |
| 19 May 2026 | Garg Vivek Acting CFO, VP, CAO & CONTR | Sold | 717 | $71.89 | $51,545 |
| 18 May 2026 | MYERS FRANKLIN CEO and President, Director | Bought | 15,000 | $69.11 | $1m |
| 15 May 2026 | Pompa Valerie EVP, Operations | Sold | 10,000 | $69.05 | $690,500 |
| 5 November 2025 | Garg Vivek VP, CAO and Controller | Sold | 314 | $53.28 | $16,730 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 12 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 11.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.