WLKP maintains a conservative financial position with a stable $399.7 million debt load and a healthy 3.65 current ratio, providing a sufficient buffer against operational volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 148.9M | 143.51M | 240.93M | 226.2M | 245.79M | 281.21M | 263.31M | 238.41M | 247.14M | 231.39M | 232.16M | 225.29M | 196.65M | 192.89M | 200.62M |
| Cash & Short-Term Investments | 44.29M | 44.27M | 58.32M | 58.62M | 64.78M | 17.06M | 17.15M | 19.92M | 19.74M | 27.01M | 88.9M | 169.56M | 133.75M | 0 | 0 |
| Cash Only | 44.29M | 44.27M | 58.32M | 58.62M | 64.78M | 17.06M | 17.15M | 19.92M | 19.74M | 27.01M | 88.9M | 169.56M | 133.75M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 45.08M | 63.57M | 178.11M | 162.71M | 109.5M | 254.86M | 242.28M | 214.94M | 222.64M | 198.48M | 139.06M | 51.58M | 56.05M | 71.81M | 84.92M |
| Days Sales Outstanding | 23.24 | 19.89 | 57.23 | 49.87 | 25.09 | 76.57 | 91.48 | 71.85 | 63.21 | 61.76 | 51.44 | 18.69 | 11.69 | 12.32 | 13.78 |
| Inventory | 3.09M | 2.77M | 4.06M | 4.43M | 4.71M | 8.9M | 3.47M | 2.48M | 4.39M | 5.59M | 3.93M | 3.88M | 6.63M | 116.38M | 110.32M |
| Days Inventory Outstanding | 1.31 | 1.23 | 2.07 | 2.01 | 1.42 | 4.2 | 2.16 | 1.27 | 1.76 | 2.65 | 2.41 | 2.27 | 2.41 | 33.84 | 24.96 |
| Other Current Assets | 56.44M | 32.9M | 444K | 442K | 66.49M | 396K | 392K | 1.07M | 0 | 0 | 0 | 267K | 0 | 4.45M | 5.28M |
| Total Non-Current Assets | 1.09B | 1.11B | 1.05B | 1.09B | 1.13B | 1.2B | 1.09B | 1.16B | 1.21B | 1.28B | 1.32B | 1.07B | 899.79M | 848.58M | 634.22M |
| Property, Plant & Equipment | 871.61M | 886.01M | 903.59M | 943.84M | 990.21M | 1.04B | 1.05B | 1.1B | 1.15B | 1.2B | 1.22B | 1.02B | 842.06M | 762.97M | 591.11M |
| Fixed Asset Turnover | 1.39x | 1.32x | 1.26x | 1.26x | 1.61x | 1.16x | 0.92x | 0.99x | 1.12x | 0.98x | 0.81x | 0.99x | 2.08x | 2.79x | 3.80x |
| Goodwill | 5.81M | 0 | 5.81M | 5.81M | 5.81M | 5.81M | 5.81M | 5.81M | 5.81M | 5.81M | 5.81M | 5.81M | 5.81M | 5.82M | 5.82M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55K | 134K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.48M | -8.03M | -7.55M | -7.21M | -7.66M | 10.41M | 10.81M |
| Other Non-Current Assets | 209.38M | 227.01M | 137.63M | 140.98M | 130.16M | 150.13M | 36.69M | 46.24M | 66.72M | 87.64M | 100.83M | 44.59M | 57.73M | 7.18M | 7.75M |
| Total Assets | 1.24B | 1.26B | 1.29B | 1.32B | 1.37B | 1.48B | 1.36B | 1.39B | 1.46B | 1.52B | 1.56B | 1.29B | 1.1B | 1.04B | 834.84M |
| Asset Turnover | 0.97x | 0.93x | 0.88x | 0.90x | 1.16x | 0.82x | 0.71x | 0.78x | 0.88x | 0.77x | 0.63x | 0.78x | 1.60x | 2.04x | 2.69x |
| Asset Growth % | -12.65% | -2.44% | -2.19% | -4.02% | -7.34% | 9.16% | -2.65% | -4.7% | -3.51% | -2.57% | 20.53% | 17.69% | 5.28% | 24.75% | - |
| Total Current Liabilities | 40.79M | 51.3M | 55.37M | 56.34M | 66.94M | 106.8M | 39.75M | 38.85M | 48.77M | 40.24M | 37.78M | 57.69M | 31.98M | 149.25M | 160.28M |
| Accounts Payable | 40.79M | 51.3M | 20.74M | 31.36M | 49.4M | 45.9M | 20.99M | 21.34M | 32.52M | 24.54M | 22.06M | 34.29M | 20.08M | 122.56M | 108.27M |
| Days Payables Outstanding | 16.35 | 22.87 | 10.56 | 14.25 | 14.83 | 21.67 | 13.03 | 10.93 | 13.07 | 11.64 | 13.52 | 20.04 | 7.3 | 35.64 | 24.49 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 17.71M | 5.47M | 2.65M | 60.9M | 12.56M | 14.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 3.65x | 2.80x | 4.35x | 4.02x | 3.67x | 2.63x | 6.62x | 6.14x | 5.07x | 5.75x | 6.15x | 3.90x | 6.15x | 1.29x | 1.25x |
| Quick Ratio | 3.57x | 2.74x | 4.28x | 3.94x | 3.60x | 2.55x | 6.54x | 6.07x | 4.98x | 5.61x | 6.04x | 3.84x | 5.94x | 0.51x | 0.56x |
| Cash Conversion Cycle | 8.2 | -1.74 | 48.74 | 37.64 | 11.67 | 59.1 | 80.61 | 62.19 | 51.91 | 52.77 | 40.33 | 0.92 | 6.8 | 10.52 | 14.24 |
| Total Non-Current Liabilities | 402.52M | 402.88M | 403.27M | 404.26M | 401.33M | 401.2M | 401.6M | 402.47M | 479.27M | 476.29M | 596.49M | 385.49M | 229.5M | 436.79M | 400.75M |
| Long-Term Debt | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 477.61M | 473.96M | 594.63M | 384.01M | 227.64M | 252.97M | 253M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 4.62M | 0 | 1.55M | 1.63M | 0 | 1.53M | 1.54M | 1.65M | 1.66M | 2.22M | 1.74M | 1.39M | 1.85M | 182.85M | 146.63M |
| Other Non-Current Liabilities | 0 | 3.21M | 2.05M | 2.95M | 1.66M | 0 | 381K | 1.15M | 0 | 107K | 123K | 90K | 15K | 962K | 1.11M |
| Total Liabilities | 443.31M | 454.18M | 458.64M | 460.59M | 468.27M | 508M | 441.35M | 441.32M | 528.04M | 516.53M | 634.26M | 443.18M | 261.49M | 586.04M | 561.03M |
| Total Debt | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 399.67M | 477.61M | 473.96M | 594.63M | 384.01M | 227.64M | 252.97M | 253M |
| Net Debt | 355.38M | 355.4M | 341.36M | 341.06M | 334.89M | 382.62M | 382.52M | 379.75M | 457.86M | 446.95M | 505.73M | 214.45M | 93.89M | 252.97M | 253M |
| Debt / Equity | 0.50x | 0.50x | 0.48x | 0.47x | 0.44x | 0.41x | 0.44x | 0.42x | 0.29x | 0.27x | 0.34x | 0.24x | 0.14x | - | - |
| Debt / EBITDA | 0.86x | 0.89x | 0.80x | 0.85x | 0.85x | 0.77x | 0.88x | 0.87x | 1.04x | 0.97x | 1.28x | 0.87x | 0.29x | 0.27x | 0.37x |
| Net Debt / EBITDA | 0.76x | 0.79x | 0.68x | 0.73x | 0.71x | 0.74x | 0.84x | 0.83x | 1.00x | 0.92x | 1.09x | 0.49x | 0.12x | 0.27x | 0.37x |
| Interest Coverage | 10.26x | 14.06x | 15.40x | 13.66x | 26.05x | 46.59x | 29.38x | 18.00x | 16.42x | 17.21x | 29.11x | 72.38x | 68.55x | 106.43x | 68.90x |
| Total Equity | 792.39M | 802.35M | 829.31M | 856.25M | 903.71M | 972.7M | 915.14M | 952.13M | 1.65B | 1.78B | 1.74B | 1.6B | 1.58B | -561.3M | -530.81M |
| Equity Growth % | -7.95% | -3.25% | -3.15% | -5.25% | -7.09% | 6.29% | -3.89% | -42.38% | -7.05% | 2.2% | 8.87% | 0.97% | 381.91% | -5.74% | - |
| Book Value per Share | 22.37 | 22.77 | 23.54 | 24.31 | 25.66 | 27.63 | 26.00 | 27.61 | 50.56 | 62.61 | 63.73 | 58.97 | 58.48 | -22.12 | -20.92 |
| Total Shareholders' Equity | 498.66M | 501.11M | 518.7M | 522.51M | 534.5M | 536.55M | 519.97M | 520.09M | 934.08M | 998.75M | 920.96M | 847.17M | 834.95M | -561.3M | -530.81M |
| Common Stock | 498.66M | 501.11M | 518.7M | 522.51M | 534.5M | 536.55M | 519.97M | 520.09M | 458.38M | 461.49M | 344.71M | 338.85M | 330.1M | 455.43M | 273.81M |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 279K | 200K | 280K | 910.86M | -561.3M | -530.81M |
| Minority Interest | 293.72M | 301.24M | 310.61M | 333.74M | 369.21M | 436.15M | 395.17M | 432.05M | 718.27M | 778.93M | 818.48M | 750.61M | 747.43M | 0 | 0 |
Parent contract dependency risk
According to recent financial disclosures, WLKP maintains a remarkably consistent debt load of $399.7 million, resulting in a stable debt-to-equity ratio of 0.50 that underscores the partnership's conservative capital structure and its prioritization of distribution reliability over aggressive, debt-funded expansion strategies within the industrial chemicals sector.
The static nature of the partnership's debt suggests that management is not utilizing leverage to drive growth, which is consistent with its role as a stable, fee-based infrastructure vehicle. Investors should interpret this low leverage as a defensive buffer that mitigates refinancing risk, particularly given the reliance on a single parent-level contract for cash flow generation.
As reported in quarterly filings, the partnership's asset base is heavily concentrated in net property, plant, and equipment, which totaled $871.6 million in 2026Q1, signaling an asset-heavy business model that derives its value from the operational reliability of its ethylene production facilities rather than intangible assets.
The minimal presence of goodwill, which has remained negligible at $5.8 million, suggests that the partnership has avoided overpaying for acquisitions, focusing instead on organic asset utilization. This asset composition implies that the primary risk to the balance sheet is physical operational failure rather than impairment of intangible book values.
Based on the most recent balance sheet data, WLKP reported a current ratio of 3.65, which indicates a strong liquidity position that provides a significant cushion against short-term operational volatility or potential disruptions in the cash-plus contractual payments received from the parent company, Westlake Corporation.
While the current ratio has fluctuated from a high of 5.21 in 2024Q1, the current level remains well above the threshold typically required for a stable MLP. This liquidity profile appears to support the partnership's ability to meet its distribution obligations even during periods of temporary working capital pressure.
Analysis of the partnership's equity structure reveals that the reported $498.7 million in equity may be misleading, as it does not fully account for the minority interest dynamics inherent in the OpCo structure, which warrants further investigation into the true economic ownership of the underlying ethylene assets.
Because WLKP only holds a minority stake in the operating assets, the headline equity figure may overstate the partnership's direct control over the underlying infrastructure. Investors should monitor whether future drop-downs or changes in ownership percentages could lead to dilution or shifts in the partnership's net asset value.
Quick answers to the most common questions about buying WLKP stock.
As of 2025, Westlake Chemical Partners LP (WLKP) had total assets of $1.26B including $143.5M in current assets.
Westlake Chemical Partners LP (WLKP) carries total debt of $399.7M, offset by $44.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Westlake Chemical Partners LP (WLKP) has total shareholders' equity (book value) of $501.1M ($22.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Westlake Chemical Partners LP (WLKP) reported a current ratio of 2.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.