Westlake Chemical Partners LP
WLKP NYSE Industrial Organic Chemicals Financials FY2016–FY2025
Last close · Oct 23, 2026
$21.15
0.9%
Revenue
Total sales reported in the income statement.
$1.2B
2.7%
vs prior year
Operating margin
Operating income as a share of revenue.
27.4%
7.0 pts
Net income
Profit after all expenses, interest and tax.
$48.7M
21.9%
Free cash flow
Cash from operations minus capital spending.
$202M
53.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap
Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What Westlake Chemical Partners LP does
No business description yet.
- Legal name
- Westlake Chemical Partners LP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 4, 2026
- Accession · CIK
- 0001604665-26-000010
0001604665
Revenue and margins
Westlake Chemical Partners LP had $1.2B of revenue in fiscal 2025, up 2.7% on the year before.
FY16
Revenue $987M
FY17
Revenue $1.2B
FY18
Revenue $1.3B
FY19
Revenue $1.1B
FY20
Revenue $967M
FY21
Revenue $1.2B
FY22
Revenue $1.6B
FY23
Revenue $1.2B
FY24
Revenue $1.1B
FY25
Revenue $1.2B
Q3 '23
Revenue $322M
Q4 '23
Revenue $297M
Q1 '24
Revenue $285M
Q2 '24
Revenue $284M
Q3 '24
Revenue $277M
Q4 '24
Revenue $290M
Q1 '25
Revenue $238M
Q2 '25
Revenue $297M
Q3 '25
Revenue $309M
Q4 '25
Revenue $323M
Q1 '26
Revenue $306M
Q2 '26
Revenue $297M
FY16
Gross 39.7%
Operating 37.1%
Net 4.1%
FCF −1.2%
FY17
Gross 34.4%
Operating 31.9%
Net 4.1%
FCF 39.9%
FY18
Gross 29.3%
Operating 27.2%
Net 3.8%
FCF 30.8%
FY19
Gross 34.8%
Operating 32.1%
Net 5.6%
FCF 37.3%
FY20
Gross 39.2%
Operating 36.5%
Net 6.8%
FCF 34.8%
FY21
Gross 36.4%
Operating 33.8%
Net 6.8%
FCF 26.9%
FY22
Gross 23.7%
Operating 21.8%
Net 4.0%
FCF 25.7%
FY23
Gross 32.5%
Operating 30.0%
Net 4.6%
FCF 34.0%
FY24
Gross 36.9%
Operating 34.4%
Net 5.5%
FCF 38.4%
FY25
Gross 29.8%
Operating 27.4%
Net 4.2%
FCF 17.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 28.9%
Operating 26.8%
Net 4.1%
FCF 26.2%
Q4 '23
Gross 33.9%
Operating 31.2%
Net 4.8%
FCF 31.9%
Q1 '24
Gross 35.9%
Operating 33.4%
Net 5.2%
FCF 33.3%
Q2 '24
Gross 35.6%
Operating 32.9%
Net 5.1%
FCF 39.3%
Q3 '24
Gross 42.2%
Operating 39.6%
Net 6.5%
FCF 39.9%
Q4 '24
Gross 34.0%
Operating 31.7%
Net 5.2%
FCF 41.0%
Q1 '25
Gross 22.8%
Operating 19.6%
Net 2.1%
FCF 12.6%
Q2 '25
Gross 32.8%
Operating 30.7%
Net 4.9%
FCF −5.2%
Q3 '25
Gross 32.2%
Operating 29.8%
Net 4.7%
FCF 24.5%
Q4 '25
Gross 30.0%
Operating 27.8%
Net 4.5%
FCF 34.5%
Q1 '26
Gross 30.7%
Operating 28.3%
Net 4.6%
FCF 34.2%
Q2 '26
Gross 31.9%
Operating 29.4%
Net 4.8%
FCF 39.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $40.9M
FY17
Net income $48.7M
FY18
Net income $49.3M
FY19
Net income $61.0M
FY20
Net income $66.2M
FY21
Net income $82.5M
FY22
Net income $64.2M
FY23
Net income $54.3M
FY24
Net income $62.4M
FY25
Net income $48.7M
Q3 '23
Net income $13.2M
Q4 '23
Net income $14.3M
Q1 '24
Net income $14.8M
Q2 '24
Net income $14.4M
Q3 '24
Net income $18.1M
Q4 '24
Net income $15.0M
Q1 '25
Net income $4.9M
Q2 '25
Net income $14.6M
Q3 '25
Net income $14.7M
Q4 '25
Net income $14.5M
Q1 '26
Net income $14.2M
Q2 '26
Net income $14.2M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 2.6%
FY17
Return on capital —
Return on equity —
Return on assets 3.2%
FY18
Return on capital —
Return on equity —
Return on assets 3.3%
FY19
Return on capital —
Return on equity —
Return on assets 4.3%
FY20
Return on capital —
Return on equity —
Return on assets 4.8%
FY21
Return on capital —
Return on equity —
Return on assets 5.8%
FY22
Return on capital —
Return on equity —
Return on assets 4.5%
FY23
Return on capital —
Return on equity —
Return on assets 4.0%
FY24
Return on capital —
Return on equity —
Return on assets 4.8%
FY25
Return on capital —
Return on equity —
Return on assets 3.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $202M in fiscal 2025, 17.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$11.9M
FY17
Free cash flow $468M
FY18
Free cash flow $396M
FY19
Free cash flow $407M
FY20
Free cash flow $336M
FY21
Free cash flow $327M
FY22
Free cash flow $410M
FY23
Free cash flow $405M
FY24
Free cash flow $436M
FY25
Free cash flow $202M
Q3 '23
Free cash flow $84.1M
Q4 '23
Free cash flow $94.8M
Q1 '24
Free cash flow $94.8M
Q2 '24
Free cash flow $112M
Q3 '24
Free cash flow $111M
Q4 '24
Free cash flow $119M
Q1 '25
Free cash flow $29.8M
Q2 '25
Free cash flow −$15.3M
Q3 '25
Free cash flow $75.6M
Q4 '25
Free cash flow $112M
Q1 '26
Free cash flow $105M
Q2 '26
Free cash flow $117M
FY16
Cash from operations $288M
Capital spending $300M
FY17
Cash from operations $537M
Capital spending $68.9M
FY18
Cash from operations $436M
Capital spending $39.9M
FY19
Cash from operations $451M
Capital spending $43.7M
FY20
Cash from operations $373M
Capital spending $37.0M
FY21
Cash from operations $408M
Capital spending $81.2M
FY22
Cash from operations $464M
Capital spending $54.1M
FY23
Cash from operations $452M
Capital spending $46.8M
FY24
Cash from operations $485M
Capital spending $49.0M
FY25
Cash from operations $280M
Capital spending $78.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $101M
Capital spending $16.8M
Q4 '23
Cash from operations $108M
Capital spending $12.8M
Q1 '24
Cash from operations $105M
Capital spending $9.8M
Q2 '24
Cash from operations $122M
Capital spending $10.2M
Q3 '24
Cash from operations $126M
Capital spending $15.5M
Q4 '24
Cash from operations $132M
Capital spending $13.5M
Q1 '25
Cash from operations $45.8M
Capital spending $16.0M
Q2 '25
Cash from operations $9.1M
Capital spending $24.4M
Q3 '25
Cash from operations $105M
Capital spending $29.7M
Q4 '25
Cash from operations $120M
Capital spending $8.8M
Q1 '26
Cash from operations $110M
Capital spending $5.6M
Q2 '26
Cash from operations $130M
Capital spending $12.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Westlake Chemical Partners LP returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.04B
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Westlake Chemical Partners LP can carry it.
FY16
Cash $88.9M
Debt —
FY17
Cash $27.0M
Debt —
FY18
Cash $19.7M
Debt —
FY19
Cash $19.9M
Debt —
FY20
Cash $17.2M
Debt —
FY21
Cash $17.1M
Debt —
FY22
Cash $64.8M
Debt —
FY23
Cash $58.6M
Debt —
FY24
Cash $58.3M
Debt —
FY25
Cash $44.3M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $17.1M | $64.8M | $58.6M | $58.3M | $44.3M |
| Interest coverage | — | 25.9x | 13.5x | 15.2x | 14.0x |
| Current ratio | 2.6x | 3.7x | 4.0x | 4.4x | 2.8x |
| Quick ratio | 2.5x | 3.6x | 3.9x | 4.3x | 2.7x |
| Total assets | $1.5B | $1.4B | $1.3B | $1.3B | $1.3B |
| Total liabilities | $508M | $468M | $461M | $459M | $454M |
| Net debt (− = net cash) | — | — | — | — | — |
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
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | — / 3 | 5 / 8 | 5 / 8 | 6 / 8 | 6 / 8 | 5 / 8 | 5 / 7 | 5 / 7 | 6 / 7 | 4 / 7 |
| Accruals ratio | −15.9% | −31.8% | −26.0% | −27.3% | −22.3% | −23.0% | −28.0% | −29.6% | −32.4% | −18.2% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $987M | $1.2B | $1.3B | $1.1B | $967M | $1.2B | $1.6B | $1.2B | $1.1B | $1.2B |
| Gross profit | $391M | $404M | $377M | $379M | $379M | $442M | $377M | $387M | $419M | $348M |
| Operating income | $366M | $374M | $350M | $350M | $353M | $411M | $348M | $358M | $390M | $320M |
| Interest expense | — | — | — | — | — | — | $13.4M | $26.5M | $25.7M | $22.9M |
| Pretax income | $354M | $354M | $331M | $334M | $342M | $402M | $336M | $335M | $370M | $299M |
| Income tax | $1.0M | $1.3M | $0.0M | $0.7M | $0.6M | $0.5M | $1.0M | $0.8M | $0.8M | $0.5M |
| Net income | $40.9M | $48.7M | $49.3M | $61.0M | $66.2M | $82.5M | $64.2M | $54.3M | $62.4M | $48.7M |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.04B | 0.04B | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | $288M | $537M | $436M | $451M | $373M | $408M | $464M | $452M | $485M | $280M |
| Capital expenditure | $300M | $68.9M | $39.9M | $43.7M | $37.0M | $81.2M | $54.1M | $46.8M | $49.0M | $78.8M |
| Free cash flow | −$11.9M | $468M | $396M | $407M | $336M | $327M | $410M | $405M | $436M | $202M |
| Depreciation and amortization | $98.2M | $114M | $109M | $107M | $103M | $109M | $121M | $110M | $112M | $128M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $88.9M | $27.0M | $19.7M | $19.9M | $17.2M | $17.1M | $64.8M | $58.6M | $58.3M | $44.3M |
| Current assets | $232M | $231M | $247M | $238M | $263M | $281M | $246M | $226M | $241M | $144M |
| Current liabilities | $37.8M | $40.2M | $48.8M | $38.8M | $39.8M | $107M | $66.9M | $56.3M | $55.4M | $51.3M |
| Inventory | $3.9M | $5.6M | $4.4M | $2.5M | $3.5M | $8.9M | $4.7M | $4.4M | $4.1M | $2.8M |
| Property and equipment, net | $1.2B | $1.2B | $1.1B | $1.1B | $1.1B | $1.0B | $990M | $944M | $904M | $886M |
| Goodwill | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M | $5.8M |
| Total assets | $1.6B | $1.5B | $1.5B | $1.4B | $1.4B | $1.5B | $1.4B | $1.3B | $1.3B | $1.3B |
| Total liabilities | $634M | $517M | $528M | $441M | $441M | $508M | $468M | $461M | $459M | $454M |
| Margins | ||||||||||
| Gross margin | 39.7% | 34.4% | 29.3% | 34.8% | 39.2% | 36.4% | 23.7% | 32.5% | 36.9% | 29.8% |
| Operating margin | 37.1% | 31.9% | 27.2% | 32.1% | 36.5% | 33.8% | 21.8% | 30.0% | 34.4% | 27.4% |
| EBITDA margin | 47.1% | 41.6% | 35.7% | 41.9% | 47.2% | 42.8% | 29.4% | 39.3% | 44.2% | 38.4% |
| Net margin | 4.1% | 4.1% | 3.8% | 5.6% | 6.8% | 6.8% | 4.0% | 4.6% | 5.5% | 4.2% |
| FCF margin | −1.2% | 39.9% | 30.8% | 37.3% | 34.8% | 26.9% | 25.7% | 34.0% | 38.4% | 17.3% |
| Returns | ||||||||||
| Return on capital employed | 24.1% | 25.4% | 24.7% | 25.8% | 26.8% | 29.9% | 26.6% | 28.4% | 31.7% | 26.5% |
| Return on assets | 2.6% | 3.2% | 3.3% | 4.3% | 4.8% | 5.8% | 4.5% | 4.0% | 4.8% | 3.8% |
| Growth | ||||||||||
| Revenue growth | — | 18.9% | 9.6% | −15.1% | −11.5% | 25.7% | 31.1% | −25.3% | −4.6% | 2.7% |
| Net income growth | — | 18.9% | 1.4% | 23.6% | 8.5% | 24.8% | −22.3% | −15.4% | 14.9% | −21.9% |
| FCF growth | — | — | −15.4% | 2.7% | −17.4% | −2.7% | 25.2% | −1.1% | 7.6% | −53.8% |
| Share count change | — | 4.9% | 13.6% | 7.0% | 2.1% | 0.0% | — | — | — | — |
| Financial health | ||||||||||
| Interest coverage | — | — | — | — | — | — | 25.9x | 13.5x | 15.2x | 14.0x |
| Current ratio | 6.1x | 5.8x | 5.1x | 6.1x | 6.6x | 2.6x | 3.7x | 4.0x | 4.4x | 2.8x |
| Quick ratio | 6.0x | 5.6x | 5.0x | 6.1x | 6.5x | 2.5x | 3.6x | 3.9x | 4.3x | 2.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 30.4% | 5.9% | 3.1% | 4.0% | 3.8% | 6.7% | 3.4% | 3.9% | 4.3% | 6.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 5.0 | 6.0 | 6.0 | 5.0 | 5.0 | 5.0 | 6.0 | 4.0 |
| Accruals ratio | −15.9% | −31.8% | −26.0% | −27.3% | −22.3% | −23.0% | −28.0% | −29.6% | −32.4% | −18.2% |
Source: SEC EDGAR XBRL filings (CIK 0001604665). Data updated October 24, 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.