Recent News
Oct. 21, 2025 — Par Pacific announced the successful closing of Hawaii Renewables, LLC, a joint venture to build a renewable fuels facility at the Kapolei refinery; Mitsubishi Corporation and ENEOS Corporation, via Alohi Renewable Energy LLC, acquired a 36.5% equity interest for $100 million while Par Pacific retains controlling interest and will complete and operate the facility. Oct. 21–22, 2025 — The company disclosed the closing of an acquisition of Wyoming Refining Company and related logistics assets in Newcastle, Wyoming, adding 18,000 bpd processing capacity and regional logistics infrastructure.
Technical Analysis
ADX at 20.64 indicates an emerging trend strength that supports continued directional movement without extreme overextension.
DI+ at 28.71 is increasing, a bullish directional signal that aligns with the developing uptrend; DI- at 16.87 is decreasing, which reinforces the same bullish directional picture.
MACD at 1.45 is increasing and stands above its signal line at 1.10, a bullish momentum condition that suggests recent upside momentum may persist in the near term.
MRO at 34.85 sits positive and increasing, indicating the current price trades above the oscillator’s target and that mean-reversion pressure may develop if momentum weakens.
RSI at 58.72 and increasing shows momentum strength without overbought extremes, leaving room for additional appreciation before overbought thresholds near 70.
Short-term EMAs and averages confirm upward price posture: 12-day EMA $39.19 (increasing) remains above the 26-day EMA $37.62, and price $41.21 sits above the 20-day average $38.28, 50-day average $35.91 and 200-day average $24.60, reinforcing trend-based upside bias.
Price trades at the upper Bollinger band region (upper 1x SD $41.24), putting recent action close to short-term resistance; the SuperTrend lower band at $36.54 offers a reference support level for intrarange pullbacks.
Volatility and volume context: 42-day beta 2.11 signals elevated short-term volatility versus the broader market, while current volume (~909,577) trails the 10-day and 50/200-day averages, indicating rallies may require renewed participation to sustain gains.
Fundamental Analysis
Profitability and margins: EBIT $98,453,000 and EBITDA $133,165,000 translate to an EBIT margin of 5.20%. That EBIT margin sits below the industry peer mean of 17.21% and below the industry peer median of 13.65%, but remains above the peer low. Operating margin runs 4.66% and gross margin 14.01%.
Growth rates: Total revenue $1,893,438,000 with revenue growth year-over-year of 3.60% and quarter-over-quarter change of -2.79%. Earnings growth shows a YoY increase of 11.77% while QoQ earnings growth declined by 20.50%.
Earnings and cash flow: Reported EPS actual $1.54 versus estimate $0.90 produced an EPS surprise of +71.11%. Operating cash flow totaled $133,578,000 and free cash flow $85,452,000, producing a free cash flow yield of 6.19%, which sits above the industry peer mean of 1.26% and above the industry peer median.
Leverage and coverage: Total debt $1,576,631,000 with net debt $943,278,000. Debt-to-equity stands at 1.37, above the industry peer mean of 0.73 and above the peer median of 0.44 but below the peer high. Debt-to-EBITDA measures about 11.84x. Interest coverage ratio equals 4.45, below the industry peer mean of 6.96, signaling tighter interest service headroom relative to peers.
Capital allocation and balance sheet: Capital expenditures totaled $48,126,000 with capex-to-revenue of -2.54% and a cash balance of $169,195,000. Asset-to-equity sits at 3.39, reflecting a capital structure with material leverage and invested capital of $2,260,888,000.
Return metrics: Return on equity at 5.18% exceeds the industry peer mean of 2.85% and return on assets at 1.56% sits slightly above the industry peer mean, indicating modest efficiency given current asset base and leverage.
Valuation summary: WMDST values the stock as under-valued. Market capitalization stands near $1.38 billion and enterprise value near $2.79 billion, producing an enterprise multiple of 20.94, below the industry peer mean of 30.36. Price-to-earnings at 17.38 and price-to-book near 1.20 both sit below industry peer means and medians, while free cash flow yield at 6.19% and a forward P/E around 33.18 provide mixed signals but overall support WMDST’s under-valued determination.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-05 |
| NEXT REPORT DATE: | 2025-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 134.1 M |
| Operating Cash Flow | $ 133.6 M | |
| Capital Expenditures | $ -48.13 M | |
| Change In Working Capital | $ 122.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 35.5 M | |
| End Period Cash Flow | $ 169.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.9 B | |
| Forward Revenue | $ 250.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.6 B | |
| Depreciation | $ 34.7 M | |
| Depreciation and Amortization | $ 34.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.8 B | |
| PROFITABILITY | ||
| Gross Profit | $ 265.2 M | |
| EBITDA | $ 133.2 M | |
| EBIT | $ 98.5 M | |
| Operating Income | $ 88.2 M | |
| Interest Income | — | |
| Interest Expense | $ 22.1 M | |
| Net Interest Income | $ -22.11 M | |
| Income Before Tax | $ 76.3 M | |
| Tax Provision | $ 16.9 M | |
| Tax Rate | 22.119 % | |
| Net Income | $ 59.5 M | |
| Net Income From Continuing Operations | $ 59.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.90 | |
| EPS Actual | $ 1.54 | |
| EPS Difference | $ 0.64 | |
| EPS Surprise | 71.111 % | |
| Forward EPS | $ 0.62 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.9 B | |
| Intangible Assets | $ 138.3 M | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 1.7 B | |
| Cash and Short-Term Investments | $ 169.2 M | |
| Cash | $ 169.2 M | |
| Net Receivables | $ 386.5 M | |
| Inventory | $ 1.0 B | |
| Long-Term Investments | $ 315.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 438.7 M | |
| Short-Term Debt | $ 4.7 M | |
| Total Current Liabilities | $ 1.2 B | |
| Net Debt | $ 943.3 M | |
| Total Debt | $ 1.6 B | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ 245.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.27 | |
| Shares Outstanding | 50.759 M | |
| Revenue Per-Share | $ 36.71 | |
| VALUATION | Market Capitalization | $ 1.4 B |
| Enterprise Value | $ 2.8 B | |
| Enterprise Multiple | 20.936 | |
| Enterprise Multiple QoQ | -80.411 % | |
| Enterprise Multiple YoY | 22.78 % | |
| Enterprise Multiple IPRWA | high: 75.659 mean: 30.364 median: 28.835 PARR: 20.936 low: -7.608 |
|
| EV/R | 1.472 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.392 | |
| Asset To Liability | 1.418 | |
| Debt To Capital | 0.579 | |
| Debt To Assets | 0.405 | |
| Debt To Assets QoQ | -6.903 % | |
| Debt To Assets YoY | 38082.075 % | |
| Debt To Assets IPRWA | high: 0.609 PARR: 0.405 mean: 0.236 median: 0.212 low: 0.002 |
|
| Debt To Equity | 1.373 | |
| Debt To Equity QoQ | -6.455 % | |
| Debt To Equity YoY | 41628.875 % | |
| Debt To Equity IPRWA | high: 1.807 PARR: 1.373 mean: 0.725 median: 0.442 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.202 | |
| Price To Book QoQ | 75.522 % | |
| Price To Book YoY | 1.204 % | |
| Price To Book IPRWA | high: 3.756 median: 1.768 mean: 1.552 PARR: 1.202 low: 0.005 |
|
| Price To Earnings (P/E) | 17.381 | |
| Price To Earnings QoQ | -212.233 % | |
| Price To Earnings YoY | -67.766 % | |
| Price To Earnings IPRWA | high: 185.623 mean: 52.011 median: 48.382 PARR: 17.381 low: -96.671 |
|
| PE/G Ratio | -0.047 | |
| Price To Sales (P/S) | 0.729 | |
| Price To Sales QoQ | 67.092 % | |
| Price To Sales YoY | -2.164 % | |
| Price To Sales IPRWA | high: 30.921 mean: 6.059 median: 5.84 PARR: 0.729 low: 0.012 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 33.178 | |
| Forward PE/G | -0.09 | |
| Forward P/S | 5.423 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -86.71 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.495 | |
| Asset Turnover Ratio QoQ | 7.565 % | |
| Asset Turnover Ratio YoY | -5.414 % | |
| Asset Turnover Ratio IPRWA | PARR: 0.495 high: 0.396 median: 0.165 mean: 0.148 low: 0.002 |
|
| Receivables Turnover | 4.913 | |
| Receivables Turnover Ratio QoQ | 10.135 % | |
| Receivables Turnover Ratio YoY | 13.811 % | |
| Receivables Turnover Ratio IPRWA | high: 5.091 PARR: 4.913 mean: 1.934 median: 1.804 low: 0.322 |
|
| Inventory Turnover | 1.55 | |
| Inventory Turnover Ratio QoQ | 4.344 % | |
| Inventory Turnover Ratio YoY | 2.821 % | |
| Inventory Turnover Ratio IPRWA | high: 23.002 mean: 3.301 median: 2.469 PARR: 1.55 low: 0.051 |
|
| Days Sales Outstanding (DSO) | 18.575 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 54.358 | |
| Cash Conversion Cycle Days QoQ | -1.377 % | |
| Cash Conversion Cycle Days YoY | -4.936 % | |
| Cash Conversion Cycle Days IPRWA | high: 82.233 PARR: 54.358 median: 6.538 mean: 2.31 low: -110.2 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.695 | |
| CapEx To Revenue | -0.025 | |
| CapEx To Depreciation | -1.386 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ 1.0 B | |
| Net Working Capital | $ 512.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.14 | |
| Current Ratio | 1.424 | |
| Current Ratio QoQ | -8.576 % | |
| Current Ratio YoY | -12.722 % | |
| Current Ratio IPRWA | high: 5.453 PARR: 1.424 median: 1.249 mean: 1.198 low: 0.329 |
|
| Quick Ratio | 0.562 | |
| Quick Ratio QoQ | 3.779 % | |
| Quick Ratio YoY | -5.224 % | |
| Quick Ratio IPRWA | high: 3.791 mean: 0.938 median: 0.919 PARR: 0.562 low: 0.247 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 11.84 | |
| Cost Of Debt | 1.073 % | |
| Interest Coverage Ratio | 4.454 | |
| Interest Coverage Ratio QoQ | -729.958 % | |
| Interest Coverage Ratio YoY | 98.969 % | |
| Interest Coverage Ratio IPRWA | high: 22.447 mean: 6.96 median: 6.558 PARR: 4.454 low: -20.714 |
|
| Operating Cash Flow Ratio | 0.114 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 24.282 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.791 % | |
| Revenue Growth | 8.504 % | |
| Revenue Growth QoQ | -278.731 % | |
| Revenue Growth YoY | 359.924 % | |
| Revenue Growth IPRWA | high: 39.248 % PARR: 8.504 % median: -3.774 % mean: -5.024 % low: -35.032 % |
|
| Earnings Growth | -370.175 % | |
| Earnings Growth QoQ | -2049.623 % | |
| Earnings Growth YoY | 1177.082 % | |
| Earnings Growth IPRWA | high: 122.222 % median: -21.739 % mean: -23.683 % low: -180.0 % PARR: -370.175 % |
|
| MARGINS | ||
| Gross Margin | 14.009 % | |
| Gross Margin QoQ | 63.963 % | |
| Gross Margin YoY | 31.38 % | |
| Gross Margin IPRWA | high: 82.166 % mean: 24.887 % median: 22.581 % PARR: 14.009 % low: -39.892 % |
|
| EBIT Margin | 5.2 % | |
| EBIT Margin QoQ | -687.571 % | |
| EBIT Margin YoY | 129.378 % | |
| EBIT Margin IPRWA | high: 95.08 % mean: 17.209 % median: 13.652 % PARR: 5.2 % low: -39.515 % |
|
| Return On Sales (ROS) | 4.66 % | |
| Return On Sales QoQ | -626.554 % | |
| Return On Sales YoY | 105.558 % | |
| Return On Sales IPRWA | high: 90.781 % mean: 13.924 % median: 11.212 % PARR: 4.66 % low: -39.515 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 85.5 M | |
| Free Cash Flow Yield | 6.19 % | |
| Free Cash Flow Yield QoQ | -211.351 % | |
| Free Cash Flow Yield YoY | -323.87 % | |
| Free Cash Flow Yield IPRWA | high: 8.634 % PARR: 6.19 % median: 1.276 % mean: 1.26 % low: -11.931 % |
|
| Free Cash Growth | -301.861 % | |
| Free Cash Growth QoQ | 815.924 % | |
| Free Cash Growth YoY | -81.019 % | |
| Free Cash Growth IPRWA | high: 300.833 % mean: -3.056 % median: -24.008 % PARR: -301.861 % low: -448.718 % |
|
| Free Cash To Net Income | 1.437 | |
| Cash Flow Margin | 7.293 % | |
| Cash Flow To Earnings | 2.322 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 1.555 % | |
| Return On Assets QoQ | -293.89 % | |
| Return On Assets YoY | 221.281 % | |
| Return On Assets IPRWA | high: 4.797 % PARR: 1.555 % mean: 1.197 % median: 0.982 % low: -3.385 % |
|
| Return On Capital Employed (ROCE) | 3.663 % | |
| Return On Equity (ROE) | 0.052 | |
| Return On Equity QoQ | -289.393 % | |
| Return On Equity YoY | 251.766 % | |
| Return On Equity IPRWA | high: 0.111 PARR: 0.052 mean: 0.029 median: 0.027 low: -0.087 |
|
| DuPont ROE | 5.261 % | |
| Return On Invested Capital (ROIC) | 3.391 % | |
| Return On Invested Capital QoQ | -709.892 % | |
| Return On Invested Capital YoY | -117.665 % | |
| Return On Invested Capital IPRWA | high: 6.932 % PARR: 3.391 % mean: 2.634 % median: 2.373 % low: -4.078 % |
|