Recent News
April 8, 2026: A major brokerage raised its price target on Par Pacific to $77. March 2026: the company issued 2026 capital-expenditure guidance of $190–$220 million. Late February–March 2026: management completed share repurchases under the existing buyback program and analysts revised 2026 revenue forecasts upward in the weeks following the company’s fourth-quarter release.
Technical Analysis
Directional indicators and ADX: ADX at 37.29 signals a strong trend strength; DI+ has peaked and reversed while DI– sits at 17.07 and shows an increasing trajectory — together these readings indicate dominant bearish directional pressure driving near-term price risk despite the established trend strength.
MACD: MACD sits at 3.76 below the signal line at 4.27 with a peak-and-reverse MACD trend, reflecting declining bullish momentum and a momentum-based bearish bias for the coming sessions.
MRO (Momentum/Regression Oscillator): MRO at 42.1 with a peak-and-reverse trend indicates price currently sits above the model target and carries material downside potential from a momentum exhaustion perspective.
RSI: RSI reads 62.08 and shows a peak-and-reverse, implying momentum is cooling from higher levels and diminishing the likelihood of an immediate continuation to new highs without renewed buying intensity.
Price vs moving averages and bands: the $62.77 close trades above the 20-day ($62.46), 50-day ($50.20) and 200-day ($39.51) averages, giving a longer-term bullish profile; however the 12-day EMA shows a peak-and-reversal and price sits below the upper Bollinger 1σ band ($65.07), suggesting near-term consolidation or pullback around current levels rather than a sustained breakout.
Secondary overlays: Ichimoku Tenkan at 61.81 above Kijun at 56.06 provides residual support for the trend, but the collection of peak-and-reverse signals across short-term indicators favors a period of mean reversion before higher targets regain traction.
Fundamental Analysis
Profitability and margins: EBIT of $110,638,000 and EBITDA of $147,381,000 yield an EBIT margin of 6.10%. That margin sits below the industry peer mean of 11.35% and the industry peer median of 10.82%, indicating lower operating profitability relative to peers. Quarter-over-quarter, EBIT margin fell roughly 66.5%; year-over-year the margin value declined approximately 320.1% (both QoQ and YoY figures as reported).
Earnings and valuation multiples: Reported EPS of $1.17 missed the $1.29 estimate, an EPS surprise of -9.30%. Trailing PE stands at 33.58 and forward PE at 38.06. Price-to-book at 1.29 falls below the industry peer mean of 1.85 and median of 1.89, while WMDST’s current valuation model marks the stock as under-valued.
Cash flow and capital allocation: Free cash flow totaled $66,265,000 with a free cash flow yield of 3.39%, above the industry peer mean of about 1.39%. Operating cash flow of $93,800,000 and a cash conversion ratio around 2.71x confirm meaningful cash generation relative to reported net income; capital expenditures of $27,535,000 and 2026 guidance for $190–$220 million indicate ongoing investment activity.
Leverage and coverage: Total debt of $1,226,880,000 produces a debt-to-EBITDA near 8.32x and debt-to-assets at 32.00%, both reflecting elevated leverage compared with the industry peer mean debt-to-assets of ~20.99%. Interest coverage at 6.45x sits modestly above the industry peer mean of ~6.02x, offering some cushion but limited flexibility if margins compress further.
Growth and efficiency: Total revenue reported at $1,813,240,000; trailing revenue growth shows declines (year-over-year revenue contraction ~31.76% as reported and a reported revenue-growth figure of -9.92% on the other measure). Asset turnover stands near 0.46x, above the industry peer mean of 0.1510x but below the peer high, indicating relatively efficient use of assets versus some peers. Return on equity registers at 5.14% and return on assets at 1.97%.
Valuation summary: WMDST values the stock as under-valued based on a combination of P/B below peer mean and a free cash flow yield above the industry peer mean. That valuation advantage sits against lower-than-peer operating margins and elevated leverage, which constrain upside until margins or leverage metrics show sustainable improvement.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-24 |
| NEXT REPORT DATE: | 2026-05-26 |
| CASH FLOW | Begin Period Cash Flow | $ 159.4 M |
| Operating Cash Flow | $ 93.8 M | |
| Capital Expenditures | $ -27.54 M | |
| Change In Working Capital | $ -39.98 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 5.1 M | |
| End Period Cash Flow | $ 164.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ 372.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.5 B | |
| Depreciation | $ 36.7 M | |
| Depreciation and Amortization | $ 36.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 273.2 M | |
| EBITDA | $ 147.4 M | |
| EBIT | $ 110.6 M | |
| Operating Income | $ 90.5 M | |
| Interest Income | — | |
| Interest Expense | $ 17.2 M | |
| Net Interest Income | $ -17.16 M | |
| Income Before Tax | $ 93.5 M | |
| Tax Provision | $ 18.1 M | |
| Tax Rate | 19.345 % | |
| Net Income | $ 77.7 M | |
| Net Income From Continuing Operations | $ 75.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.29 | |
| EPS Actual | $ 1.17 | |
| EPS Difference | $ -0.12 | |
| EPS Surprise | -9.302 % | |
| Forward EPS | $ 1.28 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.8 B | |
| Intangible Assets | $ 136.8 M | |
| Net Tangible Assets | $ 1.4 B | |
| Total Current Assets | $ 1.8 B | |
| Cash and Short-Term Investments | $ 164.1 M | |
| Cash | $ 164.1 M | |
| Net Receivables | $ 312.7 M | |
| Inventory | $ 1.2 B | |
| Long-Term Investments | $ 197.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 341.6 M | |
| Short-Term Debt | $ 4.9 M | |
| Total Current Liabilities | $ 1.1 B | |
| Net Debt | $ 638.8 M | |
| Total Debt | $ 1.2 B | |
| Total Liabilities | $ 2.3 B | |
| EQUITY | ||
| Total Equity | $ 1.5 B | |
| Retained Earnings | $ 541.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 30.42 | |
| Shares Outstanding | 49.685 M | |
| Revenue Per-Share | $ 36.49 | |
| VALUATION | Market Capitalization | $ 2.0 B |
| Enterprise Value | $ 3.0 B | |
| Enterprise Multiple | 20.457 | |
| Enterprise Multiple QoQ | 174.182 % | |
| Enterprise Multiple YoY | -142.648 % | |
| Enterprise Multiple IPRWA | high: 50.173 median: 33.466 mean: 27.643 PARR: 20.457 low: -72.641 |
|
| EV/R | 1.663 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.536 | |
| Asset To Liability | 1.681 | |
| Debt To Capital | 0.448 | |
| Debt To Assets | 0.32 | |
| Debt To Assets QoQ | -7.693 % | |
| Debt To Assets YoY | 24902.344 % | |
| Debt To Assets IPRWA | high: 0.65 PARR: 0.32 mean: 0.21 median: 0.204 low: 0.006 |
|
| Debt To Equity | 0.812 | |
| Debt To Equity QoQ | -19.825 % | |
| Debt To Equity YoY | 19697.073 % | |
| Debt To Equity IPRWA | high: 2.421 PARR: 0.812 mean: 0.659 median: 0.434 low: 0.008 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.291 | |
| Price To Book QoQ | 2.93 % | |
| Price To Book YoY | 61.981 % | |
| Price To Book IPRWA | high: 4.744 median: 1.895 mean: 1.849 PARR: 1.291 low: -1.67 |
|
| Price To Earnings (P/E) | 33.581 | |
| Price To Earnings QoQ | 473.226 % | |
| Price To Earnings YoY | -256.277 % | |
| Price To Earnings IPRWA | high: 140.369 mean: 66.136 median: 62.75 PARR: 33.581 low: -120.105 |
|
| PE/G Ratio | -0.418 | |
| Price To Sales (P/S) | 1.077 | |
| Price To Sales QoQ | 23.718 % | |
| Price To Sales YoY | 107.675 % | |
| Price To Sales IPRWA | high: 39.166 mean: 7.642 median: 6.546 PARR: 1.077 low: -2.28 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 38.063 | |
| Forward PE/G | -0.474 | |
| Forward P/S | 6.572 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7.038 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.458 | |
| Asset Turnover Ratio QoQ | -9.216 % | |
| Asset Turnover Ratio YoY | -3.885 % | |
| Asset Turnover Ratio IPRWA | PARR: 0.458 high: 0.383 median: 0.17 mean: 0.151 low: 0.001 |
|
| Receivables Turnover | 5.48 | |
| Receivables Turnover Ratio QoQ | 0.135 % | |
| Receivables Turnover Ratio YoY | 23.8 % | |
| Receivables Turnover Ratio IPRWA | high: 5.614 PARR: 5.48 mean: 2.132 median: 1.976 low: 0.195 |
|
| Inventory Turnover | 1.194 | |
| Inventory Turnover Ratio QoQ | -4.144 % | |
| Inventory Turnover Ratio YoY | -24.703 % | |
| Inventory Turnover Ratio IPRWA | high: 18.206 mean: 2.994 median: 2.518 PARR: 1.194 low: 0.238 |
|
| Days Sales Outstanding (DSO) | 16.652 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 71.494 | |
| Cash Conversion Cycle Days QoQ | 21.403 % | |
| Cash Conversion Cycle Days YoY | 42.178 % | |
| Cash Conversion Cycle Days IPRWA | high: 120.172 PARR: 71.494 median: 10.799 mean: 2.391 low: -122.473 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.707 | |
| CapEx To Revenue | -0.015 | |
| CapEx To Depreciation | -0.749 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ 1.4 B | |
| Net Working Capital | $ 670.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.148 | |
| Current Ratio | 1.606 | |
| Current Ratio QoQ | 6.003 % | |
| Current Ratio YoY | -0.677 % | |
| Current Ratio IPRWA | high: 8.027 PARR: 1.606 median: 1.263 mean: 1.219 low: 0.33 |
|
| Quick Ratio | 0.495 | |
| Quick Ratio QoQ | 2.649 % | |
| Quick Ratio YoY | -20.573 % | |
| Quick Ratio IPRWA | high: 3.705 median: 0.914 mean: 0.907 PARR: 0.495 low: 0.398 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.325 | |
| Cost Of Debt | 1.048 % | |
| Interest Coverage Ratio | 6.449 | |
| Interest Coverage Ratio QoQ | -62.583 % | |
| Interest Coverage Ratio YoY | -367.428 % | |
| Interest Coverage Ratio IPRWA | high: 28.951 median: 6.462 PARR: 6.449 mean: 6.02 low: -29.945 |
|
| Operating Cash Flow Ratio | 0.151 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 24.166 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.958 % | |
| Revenue Growth | -9.921 % | |
| Revenue Growth QoQ | -257.202 % | |
| Revenue Growth YoY | -31.763 % | |
| Revenue Growth IPRWA | high: 53.032 % mean: -1.712 % median: -3.951 % PARR: -9.921 % low: -63.186 % |
|
| Earnings Growth | -80.336 % | |
| Earnings Growth QoQ | -128.054 % | |
| Earnings Growth YoY | -111.643 % | |
| Earnings Growth IPRWA | high: 462.5 % mean: 1.701 % median: -19.048 % PARR: -80.336 % low: -194.231 % |
|
| MARGINS | ||
| Gross Margin | 15.068 % | |
| Gross Margin QoQ | -42.002 % | |
| Gross Margin YoY | 131.922 % | |
| Gross Margin IPRWA | high: 69.391 % mean: 21.541 % median: 19.958 % PARR: 15.068 % low: -22.31 % |
|
| EBIT Margin | 6.102 % | |
| EBIT Margin QoQ | -66.496 % | |
| EBIT Margin YoY | -320.05 % | |
| EBIT Margin IPRWA | high: 95.267 % mean: 11.353 % median: 10.815 % PARR: 6.102 % low: -130.344 % |
|
| Return On Sales (ROS) | 4.991 % | |
| Return On Sales QoQ | -71.632 % | |
| Return On Sales YoY | -279.986 % | |
| Return On Sales IPRWA | high: 95.267 % mean: 9.993 % median: 7.5 % PARR: 4.991 % low: -56.401 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 66.3 M | |
| Free Cash Flow Yield | 3.394 % | |
| Free Cash Flow Yield QoQ | -68.221 % | |
| Free Cash Flow Yield YoY | -151.053 % | |
| Free Cash Flow Yield IPRWA | high: 9.376 % PARR: 3.394 % mean: 1.391 % median: 1.02 % low: -9.877 % |
|
| Free Cash Growth | -64.579 % | |
| Free Cash Growth QoQ | -154.3 % | |
| Free Cash Growth YoY | -71.412 % | |
| Free Cash Growth IPRWA | high: 323.65 % mean: -8.547 % median: -10.314 % PARR: -64.579 % low: -255.102 % |
|
| Free Cash To Net Income | 0.853 | |
| Cash Flow Margin | 9.233 % | |
| Cash Flow To Earnings | 2.155 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.965 % | |
| Return On Assets QoQ | -70.178 % | |
| Return On Assets YoY | -235.517 % | |
| Return On Assets IPRWA | high: 9.669 % PARR: 1.965 % median: 0.997 % mean: 0.788 % low: -7.748 % |
|
| Return On Capital Employed (ROCE) | 4.056 % | |
| Return On Equity (ROE) | 0.051 | |
| Return On Equity QoQ | -72.677 % | |
| Return On Equity YoY | -209.947 % | |
| Return On Equity IPRWA | high: 0.14 PARR: 0.051 median: 0.024 mean: 0.01 low: -0.197 |
|
| DuPont ROE | 5.344 % | |
| Return On Invested Capital (ROIC) | 3.856 % | |
| Return On Invested Capital QoQ | -67.316 % | |
| Return On Invested Capital YoY | -81.681 % | |
| Return On Invested Capital IPRWA | high: 14.758 % PARR: 3.856 % median: 1.981 % mean: 1.855 % low: -11.925 % |
|