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HF Sinclair vs Mplx LP: DINO and MPLX compared
HF Sinclair is the larger company: $10.9B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026). HF Sinclair is growing faster (+50% against -0.4% a year earlier). Mplx LP is more profitable, with an operating margin of 40.9% against 24.6%.
Where the money goes: DINO and MPLX
HF Sinclair (DINO) · Q3 2026
HF Sinclair, Q3 2026: revenue $10.9B (+50% year over year), operating margin 24.6%, net earnings $2.0B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
Mplx LP (MPLX) · Q3 2026
Mplx LP, Q3 2026: revenue $3.6B (-0.4% year over year), operating margin 40.9%, net earnings $1.2B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| HF Sinclair (DINO) | Mplx LP (MPLX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $10.9B | $3.6B |
| Revenue growth, Y/Y | +50% | -0.4% |
| Operating margin | 24.6% | 40.9% |
| Net earnings | $2.0B | $1.2B |
| Net margin | 18.6% | 32.3% |
| Operating cash flow | $1.8B | $1.5B |
| Free cash flow | $1.6B | $447M |
| Market value | $17.2B | $56.6B |
| P/E | 5.0× | 11.9× |
| Analysts’ mean target | $122.81 | $62.92 |
Where the revenue comes from
HF Sinclair
- Total refined product revenues: $10.1B (93%)
- Excess crude oil revenues: $413M (4%)
- Other revenues: $298M (3%)
- Transportation and logistics services: $34.0M (0%)
Mplx LP
- Natural Gas and NGL Services: $1.5B (42%)
- Crude Oil and Products Logistics: $1.3B (35%)
- Other revenues: $817M (23%)
Questions
Which is bigger, HF Sinclair or Mplx LP?
HF Sinclair is the larger company: $10.9B of revenue in its latest quarter (Q3 2026) against $3.6B for Mplx LP (Q3 2026).
Is HF Sinclair or Mplx LP growing faster?
HF Sinclair is growing faster (+50% against -0.4% a year earlier).
Which is more profitable, HF Sinclair or Mplx LP?
Mplx LP is more profitable, with an operating margin of 40.9% against 24.6%.
More: HF Sinclair earnings · how HF Sinclair makes money · Mplx LP earnings · how Mplx LP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.