Latest Ratios: P/E Ratio 2.7x · EV/EBITDA 2.6x · ROE 36.6%. (2012–2025 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 | $799M | $669M | $815M | $763M | $828M | $946M | $839M | $911M | $789M | $708M | $591M |
| Enterprise Value | $1.2B | $1.0B | $1.2B | $1.1B | $1.2B | $1.3B | $1.2B | $1.3B | $1.2B | $1.2B | $1.1B |
| P/E Ratio → | 2.68 | 2.24 | 13.07 | 14.06 | 12.91 | 11.48 | 12.68 | 14.93 | 15.98 | 14.51 | 27.41 |
| P/S Ratio | 0.68 | 0.57 | 0.72 | 0.64 | 0.52 | 0.78 | 0.87 | 0.83 | 0.61 | 0.60 | 0.60 |
| P/B Ratio | 0.99 | 0.83 | 0.98 | 0.89 | 0.92 | 0.97 | 0.92 | 0.96 | 0.48 | 0.40 | 0.34 |
| P/FCF | 3.96 | 3.32 | 1.87 | 1.88 | 2.02 | 2.89 | 2.49 | 2.24 | 1.99 | 1.51 | — |
| P/OCF | 2.85 | 2.39 | 1.68 | 1.69 | 1.78 | 2.32 | 2.25 | 2.02 | 1.81 | 1.32 | 2.05 |
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 | — | 0.88 | 1.02 | 0.93 | 0.73 | 1.09 | 1.26 | 1.18 | 0.97 | 0.98 | 1.11 |
| EV / EBITDA | 2.58 | 2.29 | 2.30 | 2.36 | 2.48 | 2.56 | 2.68 | 2.82 | 2.72 | 2.37 | 2.36 |
| EV / EBIT | 3.61 | 3.18 | 2.92 | 3.05 | 3.33 | 3.23 | 3.45 | 3.65 | 3.54 | 3.07 | 2.99 |
| EV / FCF | — | 5.08 | 2.65 | 2.72 | 2.84 | 4.06 | 3.63 | 3.17 | 3.15 | 2.47 | — |
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 | 29.8% | 29.8% | 36.9% | 32.5% | 23.7% | 36.4% | 39.2% | 34.8% | 29.3% | 34.4% | 39.7% |
| Operating Margin | 27.4% | 27.4% | 34.4% | 30.0% | 21.8% | 33.8% | 36.5% | 32.1% | 27.2% | 31.9% | 37.1% |
| Net Profit Margin | 25.6% | 25.6% | 5.5% | 4.6% | 4.0% | 6.8% | 6.8% | 5.6% | 3.8% | 4.1% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.6% | 36.6% | 7.4% | 6.2% | 6.8% | 8.7% | 7.1% | 4.7% | 2.9% | 2.8% | 2.5% |
| ROA | 23.5% | 23.5% | 4.8% | 4.0% | 4.5% | 5.8% | 4.8% | 4.3% | 3.3% | 3.2% | 2.9% |
| ROIC | 20.6% | 20.6% | 24.7% | 22.0% | 20.1% | 23.2% | 20.1% | 15.3% | 12.1% | 12.6% | 13.5% |
| ROCE | 26.2% | 26.2% | 31.3% | 27.9% | 26.0% | 30.5% | 26.4% | 25.3% | 24.2% | 25.0% | 26.6% |
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 | 0.50 | 0.50 | 0.48 | 0.47 | 0.44 | 0.41 | 0.44 | 0.42 | 0.29 | 0.27 | 0.34 |
| Debt / EBITDA | 0.89 | 0.89 | 0.80 | 0.85 | 0.85 | 0.77 | 0.88 | 0.87 | 1.04 | 0.97 | 1.28 |
| Net Debt / Equity | — | 0.44 | 0.41 | 0.40 | 0.37 | 0.39 | 0.42 | 0.40 | 0.28 | 0.25 | 0.29 |
| Net Debt / EBITDA | 0.79 | 0.79 | 0.68 | 0.73 | 0.71 | 0.74 | 0.84 | 0.83 | 1.00 | 0.92 | 1.09 |
| Debt / FCF | — | 1.76 | 0.78 | 0.84 | 0.82 | 1.17 | 1.14 | 0.93 | 1.16 | 0.95 | — |
| Interest Coverage | 14.06 | 14.06 | 15.40 | 13.66 | 26.05 | 46.59 | 29.38 | 18.00 | 16.42 | 17.21 | 29.11 |
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 | 2.80 | 2.80 | 4.35 | 4.02 | 3.67 | 2.63 | 6.62 | 6.14 | 5.07 | 5.75 | 6.15 |
| Quick Ratio | 2.74 | 2.74 | 4.28 | 3.94 | 3.60 | 2.55 | 6.54 | 6.07 | 4.98 | 5.61 | 6.04 |
| Cash Ratio | 0.86 | 0.86 | 1.05 | 1.04 | 0.97 | 0.16 | 0.43 | 0.51 | 0.40 | 0.67 | 2.35 |
| Asset Turnover | — | 0.93 | 0.88 | 0.90 | 1.16 | 0.82 | 0.71 | 0.78 | 0.88 | 0.77 | 0.63 |
| Inventory Turnover | 295.72 | 295.72 | 176.68 | 181.26 | 257.85 | 86.89 | 169.20 | 286.81 | 207.03 | 137.62 | 151.35 |
| Days Sales Outstanding | — | 19.89 | 57.23 | 49.87 | 25.09 | 76.57 | 91.48 | 71.85 | 63.21 | 61.76 | 51.44 |
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 | 8.3% | 9.9% | 8.1% | 8.7% | 8.0% | 7.0% | 7.9% | 6.8% | 6.8% | 5.9% | 5.9% |
| Payout Ratio | 22.3% | 22.3% | 106.5% | 122.4% | 103.5% | 80.4% | 100.3% | 101.8% | 108.1% | 86.5% | 85.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 37.4% | 44.6% | 7.6% | 7.1% | 7.7% | 8.7% | 7.9% | 6.7% | 6.3% | 6.9% | 3.6% |
| FCF Yield | 25.2% | 30.1% | 53.5% | 53.1% | 49.5% | 34.6% | 40.1% | 44.7% | 50.3% | 66.1% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.3% | 9.9% | 8.1% | 8.7% | 8.0% | 7.0% | 7.9% | 6.8% | 6.8% | 5.9% | 5.9% |
| Shares Outstanding | — | $35M | $35M | $35M | $35M | $35M | $35M | $34M | $33M | $28M | $27M |
Parent contract dependency risk
Based on current market data, WLKP trades at a TTM P/E of 2.68, which appears to significantly undervalue the partnership's fee-based cash flow stability when compared to the broader chemical sector's cyclical valuation multiples and the partnership's own historical trading range.
The low P/E ratio suggests that investors are likely applying a cyclical discount to the partnership, failing to account for the insulation provided by the fixed-margin ethylene sales agreement. This valuation gap warrants further investigation into whether the market is pricing in a terminal risk regarding the eventual expiration of these long-term contracts.
As reported in financial statements, WLKP's ROIC has hovered around 5.6% to 7.0% over the last ten quarters, reflecting a stable return profile that is structurally constrained by the fixed-margin nature of its primary revenue-generating assets rather than operational efficiency gains.
The consistency in ROIC indicates that the partnership is effectively a utility-like entity where returns are capped by contract terms rather than expanded through operational leverage. Investors should monitor whether future asset drop-downs from the parent can improve these returns or if they will simply dilute the existing capital base.
According to recent quarterly filings, the partnership maintains a highly efficient cash conversion cycle, often fluctuating near zero or negative levels, which underscores the minimal working capital requirements inherent in its pass-through cost structure and captive customer relationship with the parent company.
The low DSO and DIO figures suggest that the partnership faces negligible credit risk from its primary customer, as the parent company effectively absorbs the inventory and collection risks. This efficiency is a structural advantage that allows the partnership to prioritize cash distributions over working capital management.
Based on reported figures, WLKP maintains a debt-to-equity ratio of 0.50, a level that remains exceptionally low compared to midstream peers and provides a significant buffer against potential interest rate volatility or operational disruptions at the Lake Charles and Calvert City facilities.
This minimal leverage profile suggests that the partnership is not utilizing debt to fund growth, which may limit its ability to pursue inorganic expansion but ensures that the current distribution yield is well-protected. The interest coverage ratio, consistently above 14x, further confirms that debt service is not a material risk to the partnership's financial health.
As indicated by the partnership's unique MLP structure, the P/E ratio is the most commonly misapplied metric, as it fails to account for significant non-cash depreciation charges and the minority interest dynamics that distort net income relative to actual distributable cash flow.
Analysts should instead focus on the Cash Distribution Coverage ratio to assess the partnership's ability to sustain its 8.3% dividend yield. Relying on P/E multiples risks misinterpreting the partnership's financial health by ignoring the cash-generating power of its fee-based contracts in favor of accounting-driven earnings volatility.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying WLKP stock.
Westlake Chemical Partners LP's current P/E ratio is 2.7x. The historical average is 21.8x. This places it at the 8th percentile of its historical range.
Westlake Chemical Partners LP's current EV/EBITDA is 2.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.3x.
Westlake Chemical Partners LP's return on equity (ROE) is 36.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.6%.
Based on historical data, Westlake Chemical Partners LP is trading at a P/E of 2.7x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Westlake Chemical Partners LP's current dividend yield is 8.32% with a payout ratio of 22.3%.
Westlake Chemical Partners LP has 29.8% gross margin and 27.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Westlake Chemical Partners LP's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.