PARRNYSECrude Petroleum & Natural GasFiscal year ends December 31
PAR PACIFIC HOLDINGS, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$83.02−0.40 (-0.48%)
Close on Oct 19, 2026
- Market cap
- $4.10B
- P/E (TTM)
- 4.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
18.1%+12.5 pts over 5 years
Operating margin
7.2%+17.4 pts over 5 years
Net margin
4.9%+18.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -6.4% | +0.6% | +19.0% | +13.7% | |
| Gross profit | +55.1% | +12.7% | +50.2% | +17.1% | |
| Operating income | +1031.2% | +7.2% | – | +24.2% | |
| Net income | – | +0.5% | – | – | |
| EPS, diluted | – | +5.6% | – | – | |
| Free cash flow | – | -9.5% | – | +10.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -12.9% | -91.5% | 27.3% | |
| Return on assets | -4.5% | -16.9% | 9.6% | |
| Current ratio | 1.05 | 0.72 | 1.61 | |
| Debt to equity | 1.00 | 2.88 | 0.53 | |
| Net debt to EBITDA | 26.85× | -2.80× | 0.94× | |
| Interest coverage | -0.7× | -4.5× | 6.5× | |
| Inventory turnover | 7.8× | 5.6× | 5.3× | |
| Capex to revenue | 1.3% | 2.0% | 2.0% | |
| Diluted shares | 42M | 53M | 52M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Par Pacific generated $1.59B from operations and spent $793.87M on capital expenditure, dividends and share buybacks. 57% of that went back into the business.
Generated
$1.59B
Used
$793.87M
Capital expenditure$449.25M57%Dividends$00%Share buybacks$344.62M43%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.9%
×Asset turnover1.95×
×Equity multiplier2.84×
=Return on equity, FY202527.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.9% | 1.95× | 2.84× | 27.3% |
| FY2024 | -0.4% | 2.07× | 3.04× | -2.6% |
| FY2023 | 8.9% | 2.30× | 3.61× | 73.6% |
| FY2022 | 5.0% | 2.50× | 6.43× | 80.0% |
| FY2021 | -1.7% | 2.00× | 9.19× | -31.8% |
| FY2020 | -13.1% | 1.29× | 5.40× | -91.5% |
| FY2019 | 0.8% | 2.60× | 3.59× | 7.0% |
| FY2018 | 1.2% | 2.43× | 2.93× | 8.2% |
| FY2017 | 3.0% | 1.96× | 3.05× | 17.8% |
| FY2016 | -2.5% | 1.83× | 2.87× | -12.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$369.39M
- Cash generatingOperating cash flow above zero$445.34M
- Return on assets improvedROA up on the prior year-0.9% → 9.6%
- Earnings backed by cashOperating cash flow above net income$445.34M vs $369.39M
- Less leverageLong-term debt to assets fell28.9% → 20.8%
- Better liquidityCurrent ratio rose1.62 → 1.61
- No dilutionShare count did not rise57M → 52M
- Gross margin improvedGross margin up on the prior year10.95% → 18.15%
- More efficientAsset turnover rose2.06 → 1.95