Recent News
May 11, 2026 — Par Pacific priced a private placement of $500 million of 7.375% senior unsecured notes due 2034; May 14, 2026 — the company announced closing of that private placement and an increase and extension of its asset-based lending facility.
Technical Analysis
ADX at 19.48 indicates no sustained trend, which aligns with the current price chop and heightens sensitivity to headline-driven moves; that weak trend lowers conviction in sustained directional moves against the present valuation.
DI+ at 16.76 is decreasing while DI− at 25.95 has shown a dip & reversal; those directional indicators favor sellers for now, increasing the short-term bias toward lower prices versus current valuation.
MACD sits negative at −1.79 with a peak-and-reversal pattern and the MACD line below the signal (MACD signal −1.37), a bearish momentum configuration that supports near-term downside pressure on price relative to WMDST’s valuation.
MRO reads −8.01 (negative), which signals price below the model target and therefore a technical potential for price to move higher toward fair value; that mean-reversion potential conflicts with other momentum measures and creates asymmetric near-term risk.
RSI at 43.97 with a peak-and-reversal profile indicates weakening internal momentum without oversold breadth, implying limited immediate bounce potential absent new catalysts.
Price at $50.85 trades above the 200‑day average ($46.39) but below the 20‑day ($55.45), 50‑day ($60.18), 12‑day EMA ($54.85), and 26‑day EMA ($56.82), placing the stock beneath most short-term moving averages and reinforcing short-term seller control despite a constructive longer-term baseline.
Ichimoku components sit above price (Senkou A $62.72, Senkou B $53.49), and the SuperTrend upper band at $58.53 remains above current price; Bollinger lower bands (1x: $53.23; 2x: $51.00) lie above or near the current level, highlighting proximity to multi-method short-term support zones but not confirming a reversal.
Fundamental Analysis
Revenue totaled $1,823,750,000 with YoY revenue growth near 0.58%; top-line stability contrasts with compressed margins. Gross profit reached $230,786,000 and EBITDA equaled $108,885,000, while EBIT measured $74,425,000.
EBIT margin stands at 4.08%, below the industry peer mean 16.93% and median 15.50%; QoQ EBIT margin changed −33.12% and the reported YoY change registers −561.13%, reflecting material margin pressure relative to recent periods and reducing short-term valuation support.
EPS came in at $0.78 versus an estimate of $0.99, an EPS surprise of −21.21%, which trimmed market confidence in near-term earnings quality and contributed to weaker operating metrics for the quarter ending March 31, 2026 (report dated May 5, 2026).
Free cash flow registered −$83,777,000 and free cash flow yield equals −3.04%, while operating cash flow was negative at −$40,707,000; negative free cash generation raises focus on the financing actions taken in May and the need to service higher interest costs from the recent note placement.
Leverage and coverage show strain: total debt $1,354,449,000 and net debt $775,450,000 produce a debt-to-EBITDA ratio near 12.44x and an interest coverage ratio of 4.67, below the industry peer mean of 11.61; elevated leverage relative to current earnings reduces margin for error on cash flow shortfalls and supports a valuation premium adjustment.
Valuation multiples show a PE of 71.79 and a price/book of 1.82; forward PE stands near 20.53 based on the provided forward EPS. The current valuation as determined by WMDST: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-05 |
| NEXT REPORT DATE: | 2026-08-04 |
| CASH FLOW | Begin Period Cash Flow | $ 164.5 M |
| Operating Cash Flow | $ -40.71 M | |
| Capital Expenditures | $ -43.07 M | |
| Change In Working Capital | $ -184.82 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 8.1 M | |
| End Period Cash Flow | $ 172.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ 1.0 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.6 B | |
| Depreciation | $ 34.5 M | |
| Depreciation and Amortization | $ 34.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.8 B | |
| PROFITABILITY | ||
| Gross Profit | $ 230.8 M | |
| EBITDA | $ 108.9 M | |
| EBIT | $ 74.4 M | |
| Operating Income | $ 59.6 M | |
| Interest Income | — | |
| Interest Expense | $ 15.9 M | |
| Net Interest Income | $ -15.93 M | |
| Income Before Tax | $ 58.5 M | |
| Tax Provision | $ 12.3 M | |
| Tax Rate | 21.097 % | |
| Net Income | $ 54.5 M | |
| Net Income From Continuing Operations | $ 46.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.99 | |
| EPS Actual | $ 0.78 | |
| EPS Difference | $ -0.21 | |
| EPS Surprise | -21.212 % | |
| Forward EPS | $ 2.50 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.2 B | |
| Intangible Assets | $ 137.0 M | |
| Net Tangible Assets | $ 1.4 B | |
| Total Current Assets | $ 2.2 B | |
| Cash and Short-Term Investments | $ 172.2 M | |
| Cash | $ 172.2 M | |
| Net Receivables | $ 481.5 M | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | $ 192.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 578.2 M | |
| Short-Term Debt | $ 4.9 M | |
| Total Current Liabilities | $ 1.3 B | |
| Net Debt | $ 775.5 M | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 1.5 B | |
| Retained Earnings | $ 567.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 30.77 | |
| Shares Outstanding | 49.267 M | |
| Revenue Per-Share | $ 37.02 | |
| VALUATION | Market Capitalization | $ 2.8 B |
| Enterprise Value | $ 3.9 B | |
| Enterprise Multiple | 36.194 | |
| Enterprise Multiple QoQ | 76.932 % | |
| Enterprise Multiple YoY | -66.135 % | |
| Enterprise Multiple IPRWA | high: 104.904 median: 40.509 PARR: 36.194 mean: 36.023 low: -85.14 |
|
| EV/R | 2.161 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.777 | |
| Asset To Liability | 1.584 | |
| Debt To Capital | 0.472 | |
| Debt To Assets | 0.322 | |
| Debt To Assets QoQ | 0.541 % | |
| Debt To Assets YoY | -25.988 % | |
| Debt To Assets IPRWA | high: 0.622 PARR: 0.322 mean: 0.204 median: 0.199 low: 0.006 |
|
| Debt To Equity | 0.894 | |
| Debt To Equity QoQ | 10.085 % | |
| Debt To Equity YoY | -39.116 % | |
| Debt To Equity IPRWA | high: 2.445 PARR: 0.894 mean: 0.636 median: 0.436 low: 0.008 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.82 | |
| Price To Book QoQ | 40.918 % | |
| Price To Book YoY | 165.723 % | |
| Price To Book IPRWA | high: 5.391 median: 2.267 mean: 2.114 PARR: 1.82 low: -2.11 |
|
| Price To Earnings (P/E) | 71.789 | |
| Price To Earnings QoQ | 113.777 % | |
| Price To Earnings YoY | -563.57 % | |
| Price To Earnings IPRWA | high: 132.615 PARR: 71.789 mean: 64.05 median: 35.519 low: -49.343 |
|
| PE/G Ratio | -2.154 | |
| Price To Sales (P/S) | 1.513 | |
| Price To Sales QoQ | 40.503 % | |
| Price To Sales YoY | 246.648 % | |
| Price To Sales IPRWA | high: 54.484 mean: 7.755 median: 7.465 PARR: 1.513 low: 0.049 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 20.525 | |
| Forward PE/G | -0.616 | |
| Forward P/S | 2.895 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -56.469 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.453 | |
| Asset Turnover Ratio QoQ | -1.082 % | |
| Asset Turnover Ratio YoY | -1.473 % | |
| Asset Turnover Ratio IPRWA | PARR: 0.453 high: 0.413 median: 0.18 mean: 0.164 low: 0.001 |
|
| Receivables Turnover | 4.593 | |
| Receivables Turnover Ratio QoQ | -16.187 % | |
| Receivables Turnover Ratio YoY | 2.965 % | |
| Receivables Turnover Ratio IPRWA | high: 5.198 PARR: 4.593 mean: 2.216 median: 1.729 low: 0.065 |
|
| Inventory Turnover | 1.23 | |
| Inventory Turnover Ratio QoQ | 3.015 % | |
| Inventory Turnover Ratio YoY | -17.209 % | |
| Inventory Turnover Ratio IPRWA | high: 17.806 mean: 2.729 median: 2.237 PARR: 1.23 low: 0.115 |
|
| Days Sales Outstanding (DSO) | 19.868 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 69.374 | |
| Cash Conversion Cycle Days QoQ | -2.966 % | |
| Cash Conversion Cycle Days YoY | 25.867 % | |
| Cash Conversion Cycle Days IPRWA | high: 141.82 PARR: 69.374 median: 9.147 mean: -0.737 low: -191.36 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.208 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -1.25 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.5 B | |
| Net Invested Capital | $ 2.5 B | |
| Invested Capital | $ 2.5 B | |
| Net Tangible Assets | $ 1.4 B | |
| Net Working Capital | $ 826.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.13 | |
| Current Ratio | 1.624 | |
| Current Ratio QoQ | 1.119 % | |
| Current Ratio YoY | 4.218 % | |
| Current Ratio IPRWA | high: 11.078 PARR: 1.624 median: 1.21 mean: 1.185 low: 0.401 |
|
| Quick Ratio | 0.596 | |
| Quick Ratio QoQ | 20.362 % | |
| Quick Ratio YoY | 9.988 % | |
| Quick Ratio IPRWA | high: 5.084 mean: 0.904 median: 0.87 PARR: 0.596 low: 0.358 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.439 | |
| Cost Of Debt | 0.974 % | |
| Interest Coverage Ratio | 4.671 | |
| Interest Coverage Ratio QoQ | -27.568 % | |
| Interest Coverage Ratio YoY | -760.674 % | |
| Interest Coverage Ratio IPRWA | high: 31.331 mean: 11.607 median: 7.268 PARR: 4.671 low: -51.648 |
|
| Operating Cash Flow Ratio | 0.018 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 27.248 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.803 % | |
| Revenue Growth | 0.58 % | |
| Revenue Growth QoQ | -105.846 % | |
| Revenue Growth YoY | -112.19 % | |
| Revenue Growth IPRWA | high: 74.257 % median: 6.615 % mean: 6.243 % PARR: 0.58 % low: -53.835 % |
|
| Earnings Growth | -33.333 % | |
| Earnings Growth QoQ | -58.508 % | |
| Earnings Growth YoY | -275.557 % | |
| Earnings Growth IPRWA | high: 300.0 % median: 79.104 % mean: 54.271 % PARR: -33.333 % low: -279.592 % |
|
| MARGINS | ||
| Gross Margin | 12.654 % | |
| Gross Margin QoQ | -16.021 % | |
| Gross Margin YoY | 48.104 % | |
| Gross Margin IPRWA | high: 80.204 % mean: 26.606 % median: 24.168 % PARR: 12.654 % low: -31.917 % |
|
| EBIT Margin | 4.081 % | |
| EBIT Margin QoQ | -33.12 % | |
| EBIT Margin YoY | -561.13 % | |
| EBIT Margin IPRWA | high: 91.389 % mean: 16.931 % median: 15.498 % PARR: 4.081 % low: -194.638 % |
|
| Return On Sales (ROS) | 3.266 % | |
| Return On Sales QoQ | -34.562 % | |
| Return On Sales YoY | -469.04 % | |
| Return On Sales IPRWA | high: 91.389 % mean: 15.8 % median: 14.874 % PARR: 3.266 % low: -40.585 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -83.78 M | |
| Free Cash Flow Yield | -3.037 % | |
| Free Cash Flow Yield QoQ | -189.481 % | |
| Free Cash Flow Yield YoY | -45.368 % | |
| Free Cash Flow Yield IPRWA | high: 11.076 % mean: 0.858 % median: 0.36 % PARR: -3.037 % low: -14.101 % |
|
| Free Cash Growth | -226.427 % | |
| Free Cash Growth QoQ | 250.62 % | |
| Free Cash Growth YoY | 587.038 % | |
| Free Cash Growth IPRWA | high: 379.182 % median: -57.258 % mean: -70.892 % PARR: -226.427 % low: -590.685 % |
|
| Free Cash To Net Income | -1.539 | |
| Cash Flow Margin | 1.289 % | |
| Cash Flow To Earnings | 0.432 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.354 % | |
| Return On Assets QoQ | -31.094 % | |
| Return On Assets YoY | -268.828 % | |
| Return On Assets IPRWA | high: 10.33 % PARR: 1.354 % mean: 1.342 % median: 1.324 % low: -16.545 % |
|
| Return On Capital Employed (ROCE) | 2.58 % | |
| Return On Equity (ROE) | 0.036 | |
| Return On Equity QoQ | -30.117 % | |
| Return On Equity YoY | -231.383 % | |
| Return On Equity IPRWA | high: 0.13 mean: 0.038 PARR: 0.036 median: 0.033 low: -0.293 |
|
| DuPont ROE | 3.598 % | |
| Return On Invested Capital (ROIC) | 2.384 % | |
| Return On Invested Capital QoQ | -38.174 % | |
| Return On Invested Capital YoY | -528.777 % | |
| Return On Invested Capital IPRWA | high: 8.567 % median: 3.05 % mean: 2.901 % PARR: 2.384 % low: -20.351 % |
|