Recent News
May 11, 2026: Par Pacific announced an intention for Par Petroleum, LLC to offer $500 million of senior unsecured notes due 2034 in a private placement. May 14, 2026: the company announced the closing of that $500 million private placement of 7.375% senior unsecured notes due 2034.
Technical Analysis
ADX / DI+/DI-: ADX at 46.87 indicates a very strong trend; DI+ at 40.26 shows prior upside strength but its labeled “peak & reversal,” which denotes bearishness emerging from a prior bullish phase; DI- at 9.19 with a “decreasing” trend reduces downside pressure. Together this signals a strong trend that recently shifted from accelerating upside to a plateauing/peaking state, increasing the importance of short-term momentum confirmation for continued gains.
MACD: MACD at 5.24 with the MACD signal at 3.77 and an increasing MACD trend — including MACD above its signal line — represents bullish momentum and recent positive convergence between short- and longer-term moving averages, supporting further upside if sustained.
MRO (Momentum/Regression Oscillator): MRO at 30.09 with an increasing trend indicates price sits above the model target and therefore carries mean-reversion risk; the positive MRO suggests elevated potential for short-term downward pressure toward the target value.
RSI: RSI at 63.79 with a “peak & reversal” trend denotes recently peaked relative-strength readings and implies diminished near-term upside momentum relative to the MACD signal; momentum divergence risk exists.
Price vs. Moving Averages and Bands: Last close $77.61 sits well above the 200-day average $49.91 and above short- and medium-term averages (20-day $71.78; 50-day $60.67), confirming bullish alignment across horizons. The 12-day EMA $73.34 trends higher. Price rests below the upper 1x Bollinger band $79.03 and above the super-trend support $73.08, suggesting current price action occupies a high but not extreme banded range and key near-term support near $73.
Volatility & Volume: 42-day volatility 3% and 52-week volatility 4% show relatively low realized volatility versus many peers; recent 10-day average volume (~930k) undercuts the 200-day average (~1.21M), implying moves rely on modest participation and may lack conviction without a volume pickup.
Fundamental Analysis
Profitability & Margins: EBIT $74,425,000 and EBITDA $108,885,000 with an EBIT margin of 4.08%. The EBIT margin sits below the industry peer mean of 16.93% and below the industry peer median of 15.50%, indicating lower operating profitability versus typical peers. EBIT margin declined QoQ by 33.12% and declined YoY by 561.13% per reported change figures, reflecting significant margin compression on the reported comparisons.
Earnings Per Share: Reported EPS $0.78 versus consensus $0.99 produced an EPS surprise ratio of -21.21%, showing a material shortfall versus estimates for the reported period.
Cash Flow & Capital Allocation: Operating cash flow reported negative at -$40,707,000 and free cash flow negative at -$83,777,000; free cash flow yield -3.04%. Cash on hand $172,168,000 versus total debt $1,354,449,000 yields net debt $775,450,000. Capital expenditures -$43,070,000 exceeded depreciation trends (capEx-to-depreciation -1.24985), and cash conversion cycle sits at 69.37 days, above the industry peer mean which centers near zero days, indicating slower working-capital conversion.
Leverage & Coverage: Debt-to-EBITDA 12.44x signals elevated leverage relative to earnings; interest coverage ratio 4.67 remains positive but weakened YoY. Debt-to-assets 32.18% and debt-to-equity 0.89 reflect significant leverage on the balance sheet that elevates sensitivity to earnings variability and cash-flow pressure.
Growth & Returns: Total revenue $1,823,750,000 with reported revenue growth 0.58%. Return on equity 3.59% and return on assets 1.35% register low absolute returns; several return metrics show marked QoQ weakness (ROE QoQ -30.12%, ROIC QoQ -38.17%). Forward EPS $2.836 and forward PE ~20.53 contrast with current PE ~71.79, reflecting stronger forward earnings expectations that compress forward valuation multiples relative to the current trailing ratio.
Valuation Summary: WMDST values the stock as over-valued. Key drivers: low reported EBIT margin relative to the industry peer mean and median, negative free cash flow and elevated debt-to-EBITDA, plus a trailing PE that materially exceeds forward PE — all consistent with stretched current valuation versus near-term fundamentals.
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 | $ 1.2 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 | $ 2.84 | |
| 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 % |
|