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Par Pacific

PARR NYSE Oil & Gas Refining & Marketing Financials FY2016–FY2025

Par Pacific's revenue fell 6.4% to $7.5 billion in fiscal 2025. Its operating margin was 7.2%, up from 0.6% a year earlier. Free cash flow was $296 million. It paid out $125 million in dividends and buybacks, 42% of free cash flow. The diluted share count fell 9.1%.

Last close · Oct 23, 2026

$77.15

3.8%
Value it Compare
Revenue Total sales reported in the income statement.
$7.5B
6.4% vs prior year
Operating margin Operating income as a share of revenue.
7.2%
6.6 pts
Net income Profit after all expenses, interest and tax.
$369M
Free cash flow Cash from operations minus capital spending.
$296M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
19.3%
17.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
4.5x
On $17.15 EPS (TTM)

What Par Pacific does

No business description yet.

Legal name
Par Pacific Holdings, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000821483-26-000005
0000821483

Revenue and margins

Par Pacific had $7.5B of revenue in fiscal 2025, down 6.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $296M in fiscal 2025, 4.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Par Pacific returned $125M to shareholders in fiscal 2025, 42% of free cash flow. The diluted share count fell 9.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Par Pacific yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$653M and divides by 51.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 4.5x · peers 11.6x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Par Pacific can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $112M$491M$279M$192M$164M
Debt incl. finance leases $574M$514M$665M$1.1B$817M
Net debt / EBITDA 5.3x0.0x0.5x5.2x1.0x
Debt / equity 2.2x0.8x0.5x1.0x0.5x
Interest coverage −0.1x6.4x9.4x0.6x6.5x
Current ratio 0.8x1.1x1.3x1.6x1.6x
Quick ratio 0.3x0.5x0.5x0.6x0.5x
Total assets $2.6B$3.3B$3.9B$3.8B$3.8B
Total liabilities $2.3B$2.6B$2.5B$2.6B$2.3B
Shareholders' equity $266M$645M$1.3B$1.2B$1.5B
Net debt (− = net cash) $462M$22.7M$386M$935M$653M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$22.3M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Terrill PitkinSVP, Planning & Commercial Sold 3,815 $84.50 $0.3M Form 4
Sep 10, 2026 Timothy ClosseyDirector Sold 10,970 $84.00 $0.9M Form 4
Sep 3, 2026 William MonteleonePresident and CEO, Director Sold 26,801 $83.00 $2.2M Form 4
Sep 2, 2026 William MonteleonePresident and CEO, Director Sold 40,000 $81.30 $3.3M Form 4
Aug 18, 2026 William PateDirector Sold 68,852 $80.75 $5.6M Form 4
Aug 17, 2026 Ivan Daniel GuerraChief Accounting Officer Sold 2,133 $82.37 $0.2M Form 4
Aug 17, 2026 Timothy ClosseyDirector Sold 5,421 $83.02 $0.5M Form 4
Aug 17, 2026 William PateDirector Sold 20,648 $82.32 $1.7M Form 4
Aug 14, 2026 Timothy ClosseyDirector Sold 8,015 $81.50 $0.7M Form 4
Aug 7, 2026 Danielle MattiussiSee Remarks Sold 3,278 $67.29 $0.2M Form 4
Aug 6, 2026 Richard CreamerEVP - Refining and Logistics Sold 14,139 $67.67 $1.0M Form 4
Mar 16, 2026 William MonteleonePresident and CEO, Director Sold 108,948 $54.06 $5.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 4 / 84 / 86 / 8
Accruals ratio 4.2%−3.0%−2.0%
Altman Z'' 2.921.973.25

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Par Pacific PARR $3.8B −6.4% 7.2% 4.0% 19.3% 4.5x 6
CVR Energy CVI $5.8B −5.9% 2.5% −0.6% 9.1% 85.5x 8 Compare →
HF Sinclair DINO $21.8B −6.0% 3.5% 3.2% 6.6% 11.6x 8 Compare →
PBF Energy PBF $9.2B −11.4% −0.2% −2.7% −0.6% 6.7x 4 Compare →
World Kinect WKC $1.9B −12.5% −1.5% 0.6% −20.9% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.9B $2.4B $3.4B $5.4B $3.1B $4.7B $7.3B $8.2B $8.0B $7.5B
Gross profit $229M — — — — — — — — —
Operating income −$19.6M $94.0M $81.9M $148M −$318M −$7.6M $438M $680M $47.6M $539M
Interest expense $28.5M $31.6M $39.8M $74.8M $70.2M $66.5M $68.3M $72.5M $82.8M $82.4M
Pretax income −$53.7M $71.3M $39.8M −$28.9M −$430M −$80.3M $365M $613M −$39.0M $478M
Income tax −$7.9M −$1.3M $0.3M −$69.7M −$20.7M $1.0M $0.7M −$115M −$5.7M $111M
Net income −$45.8M $72.6M $39.4M $40.8M −$409M −$81.3M $364M $729M −$33.3M $369M
Diluted EPS −$1.08 $1.57 $0.85 $0.80 −$7.68 −$1.40 $6.08 $11.94 −$0.59 $7.16
Diluted shares 0.04B 0.05B 0.05B 0.05B 0.05B 0.06B 0.06B 0.06B 0.06B 0.05B
Cash flow
Cash from operations −$23.4M $107M $90.6M $106M −$37.2M −$27.6M $453M $579M $83.8M $445M
Capital expenditure $24.8M $31.7M $48.4M $83.9M $63.5M $29.5M $53.0M $82.3M $136M $149M
Free cash flow −$48.2M $74.8M $42.2M $21.7M −$101M −$57.2M $400M $497M −$51.8M $296M
Depreciation and amortization $31.6M $46.0M $52.6M $86.1M $90.0M $94.2M $99.8M $120M $132M $144M
Stock-based compensation $6.6M $7.2M $6.2M $6.4M $7.3M $8.2M $9.4M $11.6M $25.7M $16.6M
Acquisitions $209M $0.0M $74.3M $273M $0.0M $0.0M $35.5M $595M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $1.2M $2.1M $7.8M $67.8M $142M $125M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $1.2M $2.2M $7.8M $67.8M $142M $125M
Balance sheet
Cash and short-term investments $47.8M $118M $75.1M $126M $68.3M $112M $491M $279M $192M $164M
Total debt $370M $385M $393M $612M $709M $565M $506M $651M $1.1B $803M
Finance lease liabilities $0.0M $0.0M $0.0M $8.0M $9.4M $9.2M $8.1M $14.3M $13.9M $14.1M
Current assets $403M $604M $587M $1.0B $637M $1.1B $1.9B $2.0B $1.8B $1.8B
Current liabilities $383M $471M $507M $1.0B $879M $1.4B $1.8B $1.5B $1.1B $1.1B
Inventory $198M $345M $322M $616M $430M $790M $1.0B $1.2B $1.1B $1.2B
Property and equipment, net $451M $450M $538M $962M $933M $857M $836M $1.1B $1.2B $1.2B
Total assets $1.1B $1.3B $1.5B $2.7B $2.1B $2.6B $3.3B $3.9B $3.8B $3.8B
Total liabilities $777M $900M $948M $2.1B $1.9B $2.3B $2.6B $2.5B $2.6B $2.3B
Shareholders' equity $369M $448M $512M $648M $246M $266M $645M $1.3B $1.2B $1.5B
Margins
Gross margin 12.3% — — — — — — — — —
Operating margin −1.1% 3.9% 2.4% 2.7% −10.2% −0.2% 6.0% 8.3% 0.6% 7.2%
EBITDA margin 0.6% 5.7% 4.0% 4.3% −7.3% 1.8% 7.3% 9.7% 2.3% 9.2%
Net margin −2.5% 3.0% 1.2% 0.8% −13.1% −1.7% 5.0% 8.9% −0.4% 5.0%
FCF margin −2.6% 3.1% 1.2% 0.4% −3.2% −1.2% 5.5% 6.0% −0.7% 4.0%
Returns
Return on capital −3.0% 13.4% 10.5% 11.9% −24.7% −0.7% 62.7% 56.9% 2.0% 19.3%
Return on capital employed −3.1% 11.5% 9.0% 11.3% −21.8% −0.6% 32.4% 35.6% 1.9% 19.7%
Return on equity −12.9% 17.8% 8.2% 7.0% −91.5% −31.8% 80.0% 73.6% −2.6% 27.3%
Return on assets −4.5% 5.8% 2.8% 2.0% −16.9% −3.5% 12.5% 20.4% −0.9% 9.6%
Growth
Revenue growth −9.7% 31.0% 39.6% 58.4% −42.2% 50.7% 55.5% 12.4% −3.1% −6.4%
Net income growth — — −45.7% 3.5% −1,102.4% — — 100.1% −104.6% —
EPS growth — — −45.9% −5.9% −1,060.0% — — 96.4% −104.9% —
FCF growth −143.8% — −43.6% −48.5% −564.0% — — 24.4% −110.4% —
Share count change 12.4% 7.6% 0.4% 10.3% 5.6% 9.3% 2.8% 1.9% −7.0% −9.1%
Financial health
Net debt / EBITDA 27.0x 1.9x 2.4x 2.1x — 5.3x 0.0x 0.5x 5.2x 1.0x
Debt / equity 1.0x 0.9x 0.8x 1.0x 2.9x 2.2x 0.8x 0.5x 1.0x 0.5x
Interest coverage −0.7x 3.0x 2.1x 2.0x −4.5x −0.1x 6.4x 9.4x 0.6x 6.5x
Current ratio 1.1x 1.3x 1.2x 1.0x 0.7x 0.8x 1.1x 1.3x 1.6x 1.6x
Quick ratio 0.5x 0.6x 0.5x 0.4x 0.2x 0.3x 0.5x 0.5x 0.6x 0.5x
Capital allocation
Capex / revenue 1.3% 1.3% 1.4% 1.6% 2.0% 0.6% 0.7% 1.0% 1.7% 2.0%
Stock comp / revenue 0.4% 0.3% 0.2% 0.1% 0.2% 0.2% 0.1% 0.1% 0.3% 0.2%
Payouts / FCF — 0.0% 0.0% 0.0% — — 2.0% 13.7% — 42.1%
Quality scores
Piotroski F-score 2.0 7.0 5.0 4.0 2.0 5.0 7.0 4.0 4.0 6.0
Altman Z'' −0.1 1.3 1.1 0.6 −2.3 −1.2 1.1 2.9 2.0 3.3
Accruals ratio −2.2% −2.7% −3.7% −3.1% −15.4% −2.3% −3.0% 4.2% −3.0% −2.0%

Source: SEC EDGAR XBRL filings (CIK 0000821483). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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