Latest Ratios: P/E Ratio 3.6x · EV/EBITDA 3.0x · 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 | $3.4B | $1.8B | $931M | $2.2B | $1.4B | $961M | $745M | $1.3B | $649M | $879M | $616M |
| Enterprise Value | $4.5B | $2.9B | $2.3B | $3.0B | $1.8B | $1.8B | $1.8B | $2.2B | $972M | $1.1B | $940M |
| P/E Ratio → | 3.57 | 4.91 | — | 3.05 | 3.82 | — | — | 29.05 | 16.49 | 12.28 | — |
| P/S Ratio | 0.35 | 0.24 | 0.12 | 0.27 | 0.19 | 0.20 | 0.24 | 0.24 | 0.19 | 0.36 | 0.33 |
| P/B Ratio | 2.23 | 1.15 | 0.78 | 1.66 | 2.16 | 3.62 | 3.03 | 1.99 | 1.27 | 1.96 | 1.67 |
| P/FCF | 3.01 | 6.03 | — | 4.47 | 3.48 | — | — | 59.51 | 15.38 | 11.75 | — |
| P/OCF | 7.66 | 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 | 3.01 | 4.17 | 12.86 | 3.70 | 3.30 | 20.89 | — | 9.42 | 7.23 | 8.19 | 78.56 |
| EV / EBIT | 8.31 | 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 | 28.0% | 20.4% | — | 32.8% | 26.2% | — | — | 3.4% | 6.1% | 8.1% | — |
| FCF Yield | 33.2% | 16.6% | — | 22.4% | 28.7% | — | — | 1.7% | 6.5% | 8.5% | — |
| Buyback Yield | 3.7% | 7.0% | 15.3% | 3.1% | 0.6% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 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 3.6x. The historical average is 11.6x. This places it at the 17th percentile of its historical range.
Par Pacific Holdings, Inc.'s current EV/EBITDA is 3.0x. 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 3.6x. This is at the 17th 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
Volatile crack-spread earnings
Metrics are mathematically derived from official filings.
Low Multiples Reflect Peak Earnings Skepticism
Based on reported figures, PARR trades at 9.51x trailing P/E and 6.55x EV/EBITDA, with a forward P/E of 2.88x, suggesting the market is discounting the durability of the recent Q2 2026 earnings window rather than pricing in steady refining profits.
The gap between trailing P/E of 9.51x and forward P/E of 2.88x implies consensus expects a sharp earnings normalization, and the market appears to be capitalizing that expectation rather than the trailing run-rate. Peer comparison is weak because DK and CLMT show negative or undefined P/E figures and DKL trades near 15.7x, so PARR's multiple is not clearly expensive but is also not a clean read. Investors should monitor whether the forward multiple compresses further or whether margin capture proves durable enough to support the trailing figure.
Margins Swing Widely Around Crack-Spread Peaks
According to the reported quarterly figures, PARR's operating margin moved from -0.9% in Q1 2025 to 21.4% in Q2 2026, indicating that headline profitability is driven far more by refining spread timing than by any stable structural cost advantage.
The 7.2% operating margin on a trailing basis masks a bimodal distribution, with several quarters near breakeven and a few peak quarters carrying most of the earnings. Gross margin of 23.4% and net margin of 11.6% in the latest quarter should therefore be read as cyclical highs rather than a new baseline. A multi-year average operating margin is likely the more informative measure of earning power, and the ten-quarter window suggests it sits in the low-to-mid single digits.
ROIC Oscillates Around Cost of Capital
Based on PARR's reported ROIC series, returns ranged from -1.4% to 16.9% over ten quarters, with most periods clustering in low single digits and only one peak quarter clearly exceeding a plausible cost of capital.
The compounding case is weak because ROIC has not shown a sustained upward trend, and the 13.2% figure in Q3 2026 follows a 16.9% peak tied to a single favorable margin window. ROE of 18.0% in the latest quarter is inflated relative to ROIC because equity has been rebuilt from a low base, so ROE overstates the return on the full capital stack. Whether returns hold after the crack-spread window closes will depend on whether the rebuilt equity is redeployed productively.
Deleveraging Driven by Earnings, Not Structure
As reported in financial statements, PARR's debt-to-equity fell from 1.47 in Q1 2025 to 0.48 in Q3 2026, and interest coverage improved to 67.7x, but both shifts depend heavily on a single high-earnings window.
The reduction in leverage reflects retained earnings rebuilding equity rather than a meaningful change in the debt stack, so the improvement may not persist if margins normalize. Debt-to-EBITDA ratios exceeding 9x in several quarters underline how thin cash earnings were during trough periods. Investors should treat current coverage figures as conditional on sustained refining spreads rather than as evidence of a permanently stronger credit profile.
Liquidity Adequate Yet Working Capital Sensitive
Based on reported figures, PARR's current ratio held between 1.42 and 1.69 across ten quarters, while quick ratio ranged from 0.49 to 0.82, indicating near-term liquidity depends meaningfully on inventory conversion.
A quick ratio near 0.5 in most quarters means PARR relies on inventory and receivables to cover current liabilities, typical for a refiner but leaving limited cushion under a demand or pricing shock. The cash rebuild to roughly $731M in Q3 2026 improves the picture materially and suggests room to absorb a moderate working capital outflow. Under severe stress, however, reliance on inventory turnover would warrant close monitoring.
Peak Quarter Ratios May Overstate Durability
The most commonly misapplied ratio for this refiner is trailing ROE, which Based on PARR's reported 18.0% Q3 2026 figure appears inflated by a rebuilt equity base and a single crack-spread window rather than durable capital efficiency.
Trailing ROE and forward P/E look attractive in isolation, but for an independent refiner with volatile crack-spread earnings, these ratios capture one favorable window rather than through-cycle economics. A better substitute is a normalized return on capital using multi-year average operating income against average invested capital, which the ten-quarter ROIC series suggests sits in low single digits. Investors should treat the headline ROE as an upper bound rather than a base case.