Latest Ratios: P/E Ratio 10.7x · EV/EBITDA 7.2x · ROE 26.9%. (1994–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $1.8B | $931M | $2.2B | $1.4B | $961M | $745M | $1.3B | $649M | $879M | $616M |
| Enterprise Value | $4.9B | $2.9B | $2.3B | $3.0B | $1.8B | $1.8B | $1.8B | $2.2B | $972M | $1.1B | $940M |
| P/E Ratio → | 10.72 | 4.91 | — | 3.05 | 3.82 | — | — | 29.05 | 16.49 | 12.28 | — |
| P/S Ratio | 0.52 | 0.24 | 0.12 | 0.27 | 0.19 | 0.20 | 0.24 | 0.24 | 0.19 | 0.36 | 0.33 |
| P/B Ratio | 2.52 | 1.15 | 0.78 | 1.66 | 2.16 | 3.62 | 3.03 | 1.99 | 1.27 | 1.96 | 1.67 |
| P/FCF | 12.98 | 6.03 | — | 4.47 | 3.48 | — | — | 59.51 | 15.38 | 11.75 | — |
| P/OCF | 8.64 | 4.02 | 11.11 | 3.83 | 3.08 | — | — | 12.23 | 7.16 | 8.25 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.38 | 0.29 | 0.36 | 0.24 | 0.38 | 0.56 | 0.41 | 0.29 | 0.47 | 0.50 |
| EV / EBITDA | 7.19 | 4.17 | 12.86 | 3.70 | 3.30 | 20.89 | — | 9.42 | 7.23 | 8.19 | 78.56 |
| EV / EBIT | 9.12 | 5.09 | 52.67 | 4.31 | 4.09 | — | — | 47.98 | 12.23 | 11.14 | — |
| EV / FCF | — | 9.62 | — | 5.95 | 4.43 | — | — | 101.57 | 23.06 | 15.33 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.1% | 18.1% | 9.3% | 15.5% | 11.6% | 5.9% | 2.8% | 9.5% | 10.4% | 14.0% | 10.6% |
| Operating Margin | 7.2% | 7.2% | 0.6% | 8.3% | 6.0% | -0.2% | -10.2% | 2.7% | 2.4% | 3.8% | -1.1% |
| Net Profit Margin | 4.9% | 4.9% | -0.4% | 8.9% | 5.0% | -1.7% | -13.1% | 0.8% | 1.2% | 3.0% | -2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.9% | 26.9% | -2.6% | 73.6% | 80.0% | -31.8% | -91.5% | 7.0% | 8.2% | 17.8% | -12.9% |
| ROA | 9.4% | 9.4% | -0.9% | 20.4% | 12.4% | -3.5% | -16.9% | 2.0% | 2.8% | 5.8% | -4.5% |
| ROIC | 15.6% | 15.6% | 1.5% | 32.9% | 30.7% | -0.5% | -16.9% | 9.3% | 7.9% | 8.6% | -2.3% |
| ROCE | 18.9% | 18.9% | 1.9% | 35.5% | 32.4% | -0.6% | -21.8% | 11.3% | 9.0% | 11.5% | -3.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.79 | 0.79 | 1.32 | 0.76 | 1.35 | 3.62 | 4.38 | 1.60 | 0.78 | 0.86 | 1.62 |
| Debt / EBITDA | 1.80 | 1.80 | 8.74 | 1.27 | 1.62 | 11.09 | — | 4.44 | 2.96 | 2.76 | 49.91 |
| Net Debt / Equity | — | 0.68 | 1.15 | 0.55 | 0.59 | 3.19 | 4.10 | 1.41 | 0.63 | 0.60 | 0.88 |
| Net Debt / EBITDA | 1.56 | 1.56 | 7.67 | 0.92 | 0.71 | 9.80 | — | 3.90 | 2.41 | 1.91 | 27.11 |
| Debt / FCF | — | 3.58 | — | 1.49 | 0.95 | — | — | 42.06 | 7.67 | 3.58 | — |
| Interest Coverage | 6.80 | 6.80 | 0.53 | 9.47 | 6.34 | -0.21 | -5.12 | 0.61 | 2.00 | 3.25 | -0.89 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.60 | 1.60 | 1.62 | 1.30 | 1.05 | 0.83 | 0.72 | 1.00 | 1.16 | 1.28 | 1.05 |
| Quick Ratio | 0.49 | 0.49 | 0.62 | 0.50 | 0.47 | 0.25 | 0.24 | 0.40 | 0.52 | 0.55 | 0.54 |
| Cash Ratio | 0.15 | 0.15 | 0.18 | 0.18 | 0.27 | 0.08 | 0.08 | 0.12 | 0.15 | 0.25 | 0.12 |
| Asset Turnover | — | 1.83 | 2.08 | 2.13 | 2.23 | 1.83 | 1.46 | 2.00 | 2.33 | 1.81 | 1.63 |
| Inventory Turnover | 4.97 | 4.97 | 6.64 | 5.68 | 6.21 | 5.61 | 7.07 | 7.94 | 9.49 | 6.08 | 8.41 |
| Days Sales Outstanding | — | 15.29 | 18.22 | 16.28 | 12.61 | 15.12 | 13.04 | 15.46 | 17.16 | 18.20 | 20.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 1.4% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 20.4% | — | 32.8% | 26.2% | — | — | 3.4% | 6.1% | 8.1% | — |
| FCF Yield | 7.7% | 16.6% | — | 22.4% | 28.7% | — | — | 1.7% | 6.5% | 8.5% | — |
| Buyback Yield | 3.2% | 7.0% | 15.3% | 3.1% | 0.6% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 7.0% | 16.7% | 3.1% | 0.6% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $51M | $57M | $61M | $60M | $58M | $53M | $56M | $46M | $46M | $42M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PARR stock.
Par Pacific Holdings, Inc.'s current P/E ratio is 10.7x. The historical average is 11.6x. This places it at the 50th percentile of its historical range.
Par Pacific Holdings, Inc.'s current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
Par Pacific Holdings, Inc.'s return on equity (ROE) is 26.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -18.4%.
Based on historical data, Par Pacific Holdings, Inc. is trading at a P/E of 10.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Par Pacific Holdings, Inc. has 18.1% gross margin and 7.2% operating margin.
Par Pacific Holdings, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Crack spread volatility
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Strength
Gross margin swung from 6.5% in 2024Q4 to 28.7% in 2026Q2, per reported figures, while operating margin hit 21.4% in 2026Q2, indicating strong crack spread capture but extreme cyclicality.
The 2026Q2 gross margin of 28.7% represents a step-change from the 10-14% range seen in most of 2024 and early 2025, suggesting that the completion of turnaround maintenance and favorable Singapore crack spreads have unlocked significant pricing power. However, the historical range of 6.5% to 28.7% over ten quarters underscores that these margins are not sustainable at peak levels; investors should model mean reversion. The operating margin of 21.4% in 2026Q2, versus a negative print in 2025Q1, highlights the high operating leverage inherent in refining, where fixed costs are spread over volatile throughput.
ROIC Inflection Signals Compounding Potential
ROIC surged to 16.9% in 2026Q2 from negative levels in early 2025, per financial statements, while ROE reached 29.8%, indicating that the asset base is now generating returns well above its cost of capital.
The dramatic improvement in ROIC from -0.5% in 2025Q1 to 16.9% in 2026Q2 is driven primarily by margin expansion rather than asset turnover, which remained relatively stable around 0.5x. This suggests that the company's competitive position in Hawaii and the Rockies is translating into superior profitability when crack spreads are favorable. The 29.8% ROE in 2026Q2, compared to a peer average of around 13-15%, indicates that PARR is compounding equity at an exceptional rate, though the sustainability of this level is questionable given the cyclicality of refining margins.
Working Capital Efficiency Improves with Scale
Cash conversion cycle improved to 48 days in 2026Q2 from 56 days in 2024Q1, per reported data, driven by faster receivables collection (DSO down to 12 days) and stable inventory days.
The reduction in DSO from 21 days in 2024Q1 to 12 days in 2026Q2 suggests that PARR is collecting receivables more quickly, possibly due to a shift in sales mix or improved credit management. Inventory days remained elevated at 56 days in 2026Q2, reflecting the need to hold strategic crude and product inventories in isolated markets like Hawaii. The CCC of 48 days is reasonable for a refiner, but the volatility in working capital components—evidenced by DIO swinging from 55 to 83 days—indicates that inventory valuation and procurement timing are significant sources of quarterly cash flow variability.
Deleveraging Enhances Financial Flexibility
Debt-to-equity fell to 0.78 in 2026Q2 from 1.47 in 2025Q1, per balance sheet data, while interest coverage improved to 17.2x in 2025Q3, indicating reduced refinancing risk and greater capacity to weather margin downturns.
The consistent reduction in leverage, with D/E dropping from 1.47 to 0.78 over five quarters, reflects strong free cash flow generation and a deliberate focus on balance sheet repair. Interest coverage of 17.2x in 2025Q3, though volatile, suggests that debt service is currently comfortable, but the negative coverage in 2024Q4 and 2025Q1 highlights the risk of margin compression. The low D/E relative to peers like Delek (6.13) and Calumet (not reported) positions PARR to potentially fund growth or return capital without straining its balance sheet.
Liquidity Buffer Stable but Inventory-Heavy
Current ratio improved to 1.61 in 2026Q2 from 1.28 in 2024Q1, per reported figures, but quick ratio of 0.49 indicates heavy reliance on inventory to meet short-term obligations.
The current ratio of 1.61 suggests adequate short-term coverage, but the quick ratio of 0.49 reveals that a significant portion of current assets is tied up in inventory, which may be difficult to liquidate quickly in a downturn. This inventory dependence is typical for refiners, as they must maintain strategic crude and product stocks, but it exposes PARR to price declines that could erode the value of those inventories. The stable cash position of $164.1M in 2026Q2 provides a modest buffer, but the company's ability to withstand a severe margin squeeze would depend on its access to credit lines, which is not disclosed in the provided data.
Misapplied P/E Obscures Cyclical Earnings
The trailing P/E of 10.01 and forward P/E of 4.20, based on reported multiples, may mislead investors because refining earnings are highly cyclical and current margins are near peak, suggesting the forward multiple is unsustainable.
The most commonly misapplied ratio for PARR is the P/E, as it fails to account for the cyclicality of refining margins. The forward P/E of 4.20 implies that the market expects current peak earnings to persist, which is unlikely given the historical volatility in crack spreads. A more appropriate metric is EV/EBITDA, which at 6.82 (trailing) and 3.99 (forward) better captures the company's cash-generating ability while normalizing for capital structure. Investors should also adjust for LIFO inventory impacts and RINs, which can distort net income, and instead focus on cash flow metrics like P/FCF of 12.12, which provides a more stable view of valuation.