Recent News
On August 25, 2026 Par Pacific disclosed that Laramie Energy, in which it holds a 46% non‑controlling interest, entered into a definitive agreement to sell substantially all of its oil and gas assets for $485 million in cash (with $60 million payable on the fifth anniversary and up to $65 million in potential earn‑outs). Par Pacific expects to receive approximately $146 million of the transaction consideration (and may receive up to ~$30 million of earn‑outs) and will exit its investment in Laramie Energy.
Technical Analysis
ADX / DI+: ADX at 21.03 signals an emerging trend; DI+ at 25.63 with a dip‑and‑reversal indicates renewed bullish directional pressure while DI‑ at 19.95 trending lower reinforces that bullish bias. Together these directional indicators support a near‑term price drift upward that aligns with the view of valuation upside.
MACD: MACD reads 1.35 with a recent dip‑and‑reversal, indicating momentum recovery, but the MACD remains below its signal line at 1.71, so bullish momentum lacks confirmation until a crossover occurs; a confirmed MACD cross above the signal line would strengthen upside conviction relative to the current valuation.
MRO: MRO sits positive at 19.77 and trending down, which implies the market price currently sits above the model target and therefore carries an elevated risk of a price pullback; this potential retracement would act as a mean‑reversion event against the directional setup and could consolidate gains.
RSI: RSI at 59.4 and decreasing shows momentum cooling from higher readings without reaching overbought territory, supporting a scenario of constructive consolidation rather than an abrupt reversal.
Price Structure & Breadth: Last close $79.92 sits above the 20‑day average $77.94, the 50‑day average $71.92 and the 200‑day average $55.25, and price12‑day EMA shows a dip‑and‑reversal—this alignment of price above key moving averages and Ichimoku Tenkan (77.91) > Kijun (76.00) with price above the cloud favors continuation of the recent advance. Bollinger bands place the 1σ upper band at $81.33 and the 1σ lower at $74.55; price trading near the upper band coupled with volume (1,183,812) above the 10‑day average (846,151) indicates strength but also compression risk near resistance levels.
Volatility & Correlation: 42‑day beta −0.16 and 52‑week beta −0.46 point to low market correlation; measured volatility remains moderate, supporting idiosyncratic moves driven by company cash flow and refining margins rather than broad market swings.
Fundamental Analysis
Business Snapshot: Par Pacific operates refining, retail and logistics businesses across Hawaii, the U.S. West Coast and Mountain West, plus a 46% interest in Laramie Energy; assets include refineries, terminals, pipelines and retail outlets that generate integrated margin capture across the value chain.
Profitability: EBIT $621,255,000 and EBITDA $657,709,000 with an EBIT margin of 20.93%. EBIT margin improved +4.13% QoQ and +3.02% YoY. Compared to the industry peer mean EBIT margin of 23.78% and median of 17.82%, Par Pacific’s margin sits between peer median and mean, indicating above‑median operating efficiency within refining and marketing operations.
Earnings & Valuation Metrics: Reported EPS $10.10 versus an estimate of $8.15, a positive surprise of approximately 23.93%. Trailing PE equals 6.54 while forward PE stands near 20.40; enterprise multiple measures 6.39. Free cash flow $242,857,000 produces a free cash flow yield of 7.46%, materially above the industry peer mean free cash flow yield of 3.38%. Strong cash generation and a low enterprise multiple underpin the current under‑valued determination by WMDST.
Liquidity & Leverage: Cash and short‑term investments $184,997,000, current ratio 1.84 and quick ratio 0.76. Total debt $1,131,734,000 with net debt $554,201,000 yields debt/EBITDA ~1.72 and interest coverage ~43.54, indicating conservative leverage and ample coverage of interest expense.
Growth & Efficiency: Revenue growth shows a large QoQ increase (+107.26%) alongside a +6.38% YoY rise; asset turnover improved QoQ (+49.75%) and YoY (+37.17%), supporting higher throughput and utilization. Return on equity at 23.31% improved +5.49% QoQ and +3.50% YoY; return on invested capital demonstrates similar gains, reflecting operational leverage.
Cash Conversion: Operating cash flow $282,568,000 and cash conversion metrics show a cash flow to earnings ratio of 75.27% and free cash to net income roughly 52.55%, which indicate strong cash realization from reported earnings and provide flexibility for capital allocation given upcoming expected proceeds from the Laramie transaction.
Valuation Note: The current valuation as determined by WMDST classifies the stock as under‑valued, supported by a low enterprise multiple (~6.39), a trailing PE of ~6.5, robust margins and double‑digit returns on equity, combined with a free cash flow yield near 7.5% and conservative debt metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-04 |
| NEXT REPORT DATE: | 2026-11-03 |
| CASH FLOW | Begin Period Cash Flow | $ 172.5 M |
| Operating Cash Flow | $ 282.6 M | |
| Capital Expenditures | $ -39.71 M | |
| Change In Working Capital | $ -312.24 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 19.8 M | |
| End Period Cash Flow | $ 192.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.0 B | |
| Forward Revenue | $ 233.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.2 B | |
| Depreciation | $ 36.5 M | |
| Depreciation and Amortization | $ 36.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 816.2 M | |
| EBITDA | $ 657.7 M | |
| EBIT | $ 621.3 M | |
| Operating Income | $ 627.4 M | |
| Interest Income | — | |
| Interest Expense | $ 14.3 M | |
| Net Interest Income | $ -14.27 M | |
| Income Before Tax | $ 607.0 M | |
| Tax Provision | $ 144.0 M | |
| Tax Rate | 23.731 % | |
| Net Income | $ 462.1 M | |
| Net Income From Continuing Operations | $ 462.9 M | |
| EARNINGS | ||
| EPS Estimate | $ 8.15 | |
| EPS Actual | $ 10.10 | |
| EPS Difference | $ 1.95 | |
| EPS Surprise | 23.926 % | |
| Forward EPS | $ 2.95 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.5 B | |
| Intangible Assets | $ 137.2 M | |
| Net Tangible Assets | $ 1.8 B | |
| Total Current Assets | $ 2.5 B | |
| Cash and Short-Term Investments | $ 185.0 M | |
| Cash | $ 185.0 M | |
| Net Receivables | $ 514.4 M | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | $ 201.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 539.5 M | |
| Short-Term Debt | $ 1.0 M | |
| Total Current Liabilities | $ 1.3 B | |
| Net Debt | $ 554.2 M | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 2.5 B | |
| EQUITY | ||
| Total Equity | $ 2.0 B | |
| Retained Earnings | $ 1.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 40.23 | |
| Shares Outstanding | 49.274 M | |
| Revenue Per-Share | $ 60.25 | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 4.2 B | |
| Enterprise Multiple | 6.388 | |
| Enterprise Multiple QoQ | -82.35 % | |
| Enterprise Multiple YoY | -69.487 % | |
| Enterprise Multiple IPRWA | high: 49.871 mean: 24.591 median: 22.506 PARR: 6.388 low: 5.198 |
|
| EV/R | 1.415 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.287 | |
| Asset To Liability | 1.803 | |
| Debt To Capital | 0.363 | |
| Debt To Assets | 0.25 | |
| Debt To Assets QoQ | -22.424 % | |
| Debt To Assets YoY | -38.327 % | |
| Debt To Assets IPRWA | high: 0.637 PARR: 0.25 median: 0.192 mean: 0.192 low: 0.011 |
|
| Debt To Equity | 0.571 | |
| Debt To Equity QoQ | -36.11 % | |
| Debt To Equity YoY | -58.417 % | |
| Debt To Equity IPRWA | high: 1.74 PARR: 0.571 mean: 0.541 median: 0.404 low: 0.012 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.642 | |
| Price To Book QoQ | -9.783 % | |
| Price To Book YoY | 36.58 % | |
| Price To Book IPRWA | high: 4.654 median: 2.337 mean: 2.198 PARR: 1.642 low: 0.434 |
|
| Price To Earnings (P/E) | 6.54 | |
| Price To Earnings QoQ | -90.889 % | |
| Price To Earnings YoY | -62.37 % | |
| Price To Earnings IPRWA | high: 87.244 mean: 29.045 median: 24.813 PARR: 6.54 low: 1.626 |
|
| PE/G Ratio | 0.005 | |
| Price To Sales (P/S) | 1.096 | |
| Price To Sales QoQ | -27.521 % | |
| Price To Sales YoY | 50.365 % | |
| Price To Sales IPRWA | high: 23.352 mean: 6.393 median: 5.359 PARR: 1.096 low: 0.502 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 20.397 | |
| Forward PE/G | 0.017 | |
| Forward P/S | 14.959 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.702 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.679 | |
| Asset Turnover Ratio QoQ | 49.75 % | |
| Asset Turnover Ratio YoY | 37.167 % | |
| Asset Turnover Ratio IPRWA | PARR: 0.679 high: 0.581 median: 0.232 mean: 0.206 low: 0.017 |
|
| Receivables Turnover | 5.962 | |
| Receivables Turnover Ratio QoQ | 29.817 % | |
| Receivables Turnover Ratio YoY | 21.366 % | |
| Receivables Turnover Ratio IPRWA | high: 6.185 PARR: 5.962 mean: 2.275 median: 1.99 low: 0.366 |
|
| Inventory Turnover | 1.536 | |
| Inventory Turnover Ratio QoQ | 24.897 % | |
| Inventory Turnover Ratio YoY | -0.902 % | |
| Inventory Turnover Ratio IPRWA | high: 13.876 mean: 3.264 median: 3.11 PARR: 1.536 low: 0.148 |
|
| Days Sales Outstanding (DSO) | 15.305 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 63.579 | |
| Cash Conversion Cycle Days QoQ | -8.353 % | |
| Cash Conversion Cycle Days YoY | 16.964 % | |
| Cash Conversion Cycle Days IPRWA | PARR: 63.579 high: 60.201 mean: -11.251 median: -11.56 low: -188.724 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.649 | |
| CapEx To Revenue | -0.013 | |
| CapEx To Depreciation | -1.089 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.7 B | |
| Net Invested Capital | $ 2.7 B | |
| Invested Capital | $ 2.7 B | |
| Net Tangible Assets | $ 1.8 B | |
| Net Working Capital | $ 1.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.139 | |
| Current Ratio | 1.84 | |
| Current Ratio QoQ | 13.344 % | |
| Current Ratio YoY | 29.205 % | |
| Current Ratio IPRWA | high: 2.816 PARR: 1.84 median: 1.252 mean: 1.21 low: 0.467 |
|
| Quick Ratio | 0.76 | |
| Quick Ratio QoQ | 27.562 % | |
| Quick Ratio YoY | 35.194 % | |
| Quick Ratio IPRWA | high: 1.391 mean: 0.951 median: 0.947 PARR: 0.76 low: 0.381 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.721 | |
| Cost Of Debt | 0.875 % | |
| Interest Coverage Ratio | 43.542 | |
| Interest Coverage Ratio QoQ | 832.208 % | |
| Interest Coverage Ratio YoY | 877.66 % | |
| Interest Coverage Ratio IPRWA | high: 86.568 PARR: 43.542 mean: 30.551 median: 15.887 low: -13.39 |
|
| Operating Cash Flow Ratio | 0.261 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 32.011 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.709 % | |
| Revenue Growth | 62.789 % | |
| Revenue Growth QoQ | 10725.69 % | |
| Revenue Growth YoY | 638.347 % | |
| Revenue Growth IPRWA | high: 94.825 % PARR: 62.789 % median: 35.834 % mean: 33.093 % low: -51.194 % |
|
| Earnings Growth | 1194.872 % | |
| Earnings Growth QoQ | -3684.652 % | |
| Earnings Growth YoY | -422.786 % | |
| Earnings Growth IPRWA | PARR: 1194.872 % high: 384.375 % mean: 117.824 % median: 79.032 % low: -355.556 % |
|
| MARGINS | ||
| Gross Margin | 27.493 % | |
| Gross Margin QoQ | 117.267 % | |
| Gross Margin YoY | 96.252 % | |
| Gross Margin IPRWA | high: 85.152 % mean: 29.141 % PARR: 27.493 % median: 22.517 % low: 3.205 % |
|
| EBIT Margin | 20.926 % | |
| EBIT Margin QoQ | 412.766 % | |
| EBIT Margin YoY | 302.423 % | |
| EBIT Margin IPRWA | high: 95.642 % mean: 23.778 % PARR: 20.926 % median: 17.819 % low: 2.99 % |
|
| Return On Sales (ROS) | 21.132 % | |
| Return On Sales QoQ | 547.03 % | |
| Return On Sales YoY | 353.476 % | |
| Return On Sales IPRWA | high: 95.642 % mean: 21.319 % PARR: 21.132 % median: 16.032 % low: 2.583 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 242.9 M | |
| Free Cash Flow Yield | 7.461 % | |
| Free Cash Flow Yield QoQ | -345.67 % | |
| Free Cash Flow Yield YoY | 20.533 % | |
| Free Cash Flow Yield IPRWA | high: 17.176 % PARR: 7.461 % mean: 3.384 % median: 3.3 % low: -3.681 % |
|
| Free Cash Growth | -389.885 % | |
| Free Cash Growth QoQ | 72.19 % | |
| Free Cash Growth YoY | 29.16 % | |
| Free Cash Growth IPRWA | high: 1077.9 % median: 227.394 % mean: 66.874 % PARR: -389.885 % low: -1268.173 % |
|
| Free Cash To Net Income | 0.526 | |
| Cash Flow Margin | 11.716 % | |
| Cash Flow To Earnings | 0.753 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 10.571 % | |
| Return On Assets QoQ | 680.724 % | |
| Return On Assets YoY | 579.807 % | |
| Return On Assets IPRWA | PARR: 10.571 % high: 9.068 % median: 3.127 % mean: 2.921 % low: -2.231 % |
|
| Return On Capital Employed (ROCE) | 19.412 % | |
| Return On Equity (ROE) | 0.233 | |
| Return On Equity QoQ | 548.97 % | |
| Return On Equity YoY | 350.193 % | |
| Return On Equity IPRWA | PARR: 0.233 high: 0.165 mean: 0.069 median: 0.064 low: -0.064 |
|
| DuPont ROE | 26.421 % | |
| Return On Invested Capital (ROIC) | 17.409 % | |
| Return On Invested Capital QoQ | 630.243 % | |
| Return On Invested Capital YoY | 413.388 % | |
| Return On Invested Capital IPRWA | PARR: 17.409 % high: 11.602 % mean: 5.679 % median: 4.949 % low: -1.274 % |
|