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HF Sinclair Corp key statistics and ratios

In fiscal 2025, HF Sinclair Corp had return on equity of 6.3%, an operating margin of 3.5%, debt equal to 30.5% of equity and a current ratio of 1.94. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin18.1%15.3%19.7%19.3%———
Operating margin−6.6%4.1%10.6%6.9%0.9%3.5%13.5%
Net margin−5.4%3.0%7.7%5.0%0.6%2.2%10.1%
Free-cash-flow margin1.7%−1.7%8.5%6.0%2.2%3.2%9.4%
Return on equity−10.5%9.8%39.2%16.4%1.8%6.3%33.7%
Return on assets—4.3%18.8%8.9%1.0%3.5%19.0%
Asset turnover—1.422.461.781.661.621.87
Current ratio—1.822.082.211.651.942.27
Debt to equity0.0%54.0%35.4%27.1%28.6%30.5%23.9%
Interest cover (operating income ÷ interest)n/m6.0x23.1x11.5x1.6x4.3x26.2x
Effective tax rate—15.7%22.7%20.5%15.6%19.9%23.5%
SG&A as % of revenue2.8%2.0%1.1%1.6%1.6%1.7%1.5%
Capital spending as % of revenue2.4%3.9%1.4%1.2%1.6%1.7%1.4%
Free cash flow ÷ net income—−57.0%111.3%120.3%361.6%149.6%92.7%
Dividends ÷ net income—10.3%8.8%21.4%218.1%64.9%10.3%
Dividends and buybacks ÷ free cash flow126.8%—50.0%70.1%165.3%84.3%37.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $20.7bn
Short-term assets $9.0bnLonger-term assets $11.7bn
What it owes, and who funded it · $20.6bn
Short-term liabilities $4.0bnLonger-term liabilities $4.9bnShareholders' equity $11.7bn
  • Short-term assets cover short-term liabilities $9.0bn of assets due within a year against $4.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.0bn short-term assets against $4.9bn of longer-dated liabilities.
  • More cash than debt $3.3bn of cash against $2.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 24% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 24% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.8bn of operating cash flow against $2.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.7bn against $179m of interest.

From HF Sinclair Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

Moderate moat

How hard HF Sinclair's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 11.8% of total assets over 5 years.

  • Durability 4 / 20

    Operating margin has been a median 9.2%; its worst year was 1.4%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 5 of 5 years, at a median 5.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from HF Sinclair Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to HF Sinclair Corp.