HF Sinclair Corporation
DINO Energy Oil & Gas Refining & Marketing
HF Sinclair Corporation’s revenue for fiscal 2025 (year ended December 2025) was $26.9 billion, down 5.99% from fiscal 2024. In the quarter to June 2026, revenue grew 53.2%, EPS grew 348.2%, free cash flow grew 191.2% and total debt rose 3.55%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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HF Sinclair Corporation (DINO) Altman Z-score
HF Sinclair Corporation's Altman Z-score for fiscal 2025 is 3.15, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.15 | 0.25 |
| FY2024 | 2.90 | (0.82) |
| FY2023 | 3.72 | (0.46) |
| FY2022 | 4.17 | 1.44 |
| FY2021 | 2.73 | 0.86 |
| FY2020 | 1.87 | (1.51) |
| FY2019 | 3.38 | (0.66) |
| FY2018 | 4.05 | 0.69 |
| FY2017 | 3.36 | 0.81 |
| FY2016 | 2.55 | (1.89) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | 0.33 | — | 0.46 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 1.18 | — | 0.71 | |
| Sales / total assets | 1.63 | — | 1.63 | |
| Altman Z-score | Safe zone | 3.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.70 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UGP Ultrapar Participacoes S.A. compare | 4.0× |
| PSX Phillips 66 compare | 3.5× |
| PARR Par Pacific Holdings, Inc. compare | 3.3× |
| DINO HF Sinclair Corporation | 3.1× |
| PBF PBF Energy Inc. compare | 2.9× |
| CVI CVR Energy Inc. compare | 2.5× |
| DK Delek US Holdings, Inc. compare | 1.7× |
| SUN Sunoco LP compare | — |
| IEP Icahn Enterprises L.P. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets