DINOHF Sinclair Corp
Pipe Lines (no Natural Gas)
- Revenue
- $26.9B
- 6.0% YoY
- Operating margin
- 3.5%
- 278% YoY
- EBITDA
- $1.8B
- 68% YoY
- Market cap
- $25.7B
- Employees
- 5,165
- $5M revenue each
- Net debt / EBITDA
- 0.0×
- $1M net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo227% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo56% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$5M per employeeBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 34th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$25.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes4 filingsActive-intent 13D in 18 months
- Net insider sellingNo$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $18.4B | $38.2B | $32.0B | $28.6B | $26.9B | 6.0% |
| Operating income | $749M | $4.1B | $2.2B | $261M | $927M | 255% |
| Net income | $558M | $2.9B | $1.6B | $177M | $579M | 227% |
| Operating cash flow | $407M | $3.8B | $2.3B | $1.1B | $1.3B | 18% |
| Capex | $725M | $524M | $385M | $470M | $449M | 4.5% |
| Stock-based comp | $39M | $31M | $41M | $23M | $33M | 43% |
| Buybacks | $7M | $1.4B | $999M | $672M | $354M | 47% |
| Dividends | $58M | $256M | $341M | $386M | $376M | 2.6% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 4, 2026 | REH Advisors Inc. | SCHEDULE 13D/A | 5.1% | Passive |
| May 20, 2026 | REH Advisors Inc. | SCHEDULE 13D/A | 6.3% | Active |
| Nov 20, 2025 | REH Advisors Inc. | SCHEDULE 13D/A | 7.0% | Active |
| Nov 5, 2025 | REH Advisors Inc. | SCHEDULE 13D/A | 7.2% | Active |
| Sep 18, 2025 | REH Advisors Inc. | SCHEDULE 13D/A | 7.6% | Active |
| Jun 14, 2024 | REH Co | SC 13D/A | 8.4% | Active |
| May 16, 2024 | REH Co | SC 13D/A | 8.4% | Active |
| Apr 3, 2024 | REH Co | SC 13D/A | 9.0% | Active |
| Feb 29, 2024 | REH Co | SC 13D/A | 11.3% | Active |
| Feb 28, 2024 | REH Co | SC 13D/A | 11.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $4M · 4
- Open-market sells, 12 mo
- $2M · 6
- Net
- $2M
Pay vs performance
No pay-versus-performance disclosure yet.