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Par Pacific (PARR) USD

Par Pacific Holdings operates oil refineries, retail fuel and convenience stores, and logistics infrastructure such as pipelines and terminals for moving crude oil and refined products in the United States.

At a glance: strengths & risks
✓Revenue growing (+57% y/y, Q2 2026)✓Profit growing (+677% y/y, Q2 2026)✓Margins improving (7%→19%, Q2 2026)

Sector: Oil refining

Geography: United States

COMM_PARR

Price chart

83.17 USDDay 7.80%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
83.17 USD · 7.80%
Market cap
4.2 bn USD

Growth

Δ revenue y/y
56.8%
Δ EBITDA y/y
410.4%

Multiples

P/E (LTM)
4.9x
3y avg: 3.7x
P/B (FY)
2.8x
P/E (ann.)
2.3x
EV/EBITDA (LTM)
4.0x
3y avg: 3.7x
EV/EBITDA (ann.)
1.9x

Cash return

Dividend yield
—
FCF yield (LTM)
9.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+72.1%
↓ details

Liquidity

Daily turnover (listing)
53.8 mln USD

Shares: yahoo_fundamentals_timeseries/PARR

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2968.9
y/y 56.8%
634.6
y/y 555.8%
36.5
y/y 5.2%
671.1
y/y 410.4%
462.1
y/y 677.2%
282.6-39.74534.0
y/y 16.4%
1982.4
y/y 72.6%
105.7%949.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK1823.8
y/y 4.5%
65.3
y/y —
34.5
y/y -5.8%
99.8
y/y 379.5%
54.5
y/y —
-40.7-43.14209.5
y/y 12.2%
1515.8
y/y 36.3%
14.4%1184.5Link
2025-12-31Q4 2025 (3M)OK1813.2
y/y -1.0%
99.3
y/y 311.4%
36.7
y/y 5.2%
136.0
y/y 1228.8%
77.7
y/y 239.5%
93.8-27.53833.7
y/y 0.1%
1511.5
y/y 26.9%
25.4%1065.1Link
2025-09-30Q3 2025 (3M)OK2012.9
y/y -6.1%
358.5
y/y 884.1%
36.3
y/y 13.8%
394.8
y/y 478.0%
262.6
y/y 3408.3%
219.4-32.34076.6
y/y 5.8%
1396.1
y/y 11.3%
27.5%1256.6Link
2025-06-30Q2 2025 (3M)OK1893.4
y/y -6.1%
96.8
y/y 98.9%
34.7
y/y 8.0%
131.5
y/y 62.7%
59.5
y/y 219.0%
133.6-48.13895.5
y/y -1.1%
1148.4
y/y -9.3%
21.0%1409.7Link
2025-03-31Q1 2025 (3M)OK1745.0
y/y -11.9%
-15.8
y/y -265.8%
36.6
y/y 12.0%
20.8
y/y -50.7%
-30.4
y/y —
-1.4-40.93753.3
y/y -0.5%
1111.8
y/y -15.2%
-10.6%1500.3Link
2024-12-31Q4 2024 (3M)OK1832.2
y/y -16.1%
-47.0
y/y -126.8%
34.9
y/y 9.3%
-12.0
y/y -105.8%
-55.7
y/y -119.3%
-15.5-47.73829.4
y/y -0.9%
1191.3
y/y -10.8%
-2.7%1377.3Link
2024-09-30Q3 2024 (3M)OK2143.9
y/y -16.9%
36.4
y/y -81.5%
31.9
y/y -9.7%
68.3
y/y -70.6%
7.5
y/y -95.6%
78.5-28.33853.3
y/y -0.9%
1254.0
y/y 17.1%
0.8%1321.0Link
2024-06-30Q2 2024 (3M)OK2017.5
y/y 13.1%
48.6
y/y 4.8%
32.1
y/y 13.9%
80.8
y/y 8.2%
18.6
y/y -37.9%
-4.7-36.93936.9
y/y 9.1%
1265.8
y/y 37.7%
5.8%1252.6Link
2024-03-31Q1 2024 (3M)OK1980.8
y/y 17.5%
9.5
y/y -96.4%
32.7
y/y 34.1%
42.2
y/y -85.2%
-3.8
y/y -101.6%
25.4-22.63771.7
y/y 13.4%
1311.3
y/y 47.7%
-1.1%778.5Link
2023-12-31Q4 2023 (3M)OK2183.5
y/y —
175.3
y/y —
31.9
y/y —
207.2
y/y —
289.3
y/y —
-2.3-28.63863.9
y/y —
1335.4
y/y —
60.6%741.4Link
2023-09-30Q3 2023 (3M)OK2579.3
y/y —
196.9
y/y —
35.3
y/y —
232.2
y/y —
171.4
y/y —
269.2-23.03888.8
y/y —
1071.3
y/y —
23.0%538.3Link
2023-06-30Q2 2023 (3M)OK1783.9
y/y —
46.4
y/y —
28.2
y/y —
74.6
y/y —
30.0
y/y —
173.1-17.53610.0
y/y —
919.3
y/y —
13.3%736.3Link
2023-03-31Q1 2023 (3M)OK1685.2
y/y —
261.4
y/y —
24.4
y/y —
285.8
y/y —
237.9
y/y —
139.1-13.23327.4
y/y —
888.0
y/y —
—229.4Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)113
Long-term debt (incl. LT leases)1 021
− Cash & equivalents185
Net debt949

Net debt / LTM EBITDA: 0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 00001 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%600%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-200-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.21x of reported net profit; after capex, 0.80x. Loss years (2021, 2024) are left out of the ratio.
year20212022202320242025
cash flow / profit—1.24x0.80x—1.21x
accruals, % of assets-2.1%-2.7%3.9%-3.1%-2.0%
Last twelve months (to 2026-06-30): 0.65x of profit came back as operating cash flow.
net debt / EBITDA 1.6x · EBIT covers interest 6.5x · capex 0.8x of depreciation · share count -3.0% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — US Crack Spread (refining margin, scaled to Par capture)

Current 57spot vs LTM +12%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +72.1% ▲ +1.3 pp 1d

Main driver: US Crack Spread (refining margin, scaled to Par capture) +72% vs LTM; revenue ×1.12 vs costs ×1.04; EBITDA 1 202→1 407; at 5.7× EV/EBITDA → +72%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (refining margin, scaled to Par capture) (rev)+17%57.3533.3432.14+72%-4%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue8 619
LTM EBITDA1 202
LTM cash costs (revenue − EBITDA)7 417
2 · Revenue projection
Revenue multiplier — spot×1.122 (+12%)
= Spot revenue9 674
Revenue multiplier — 3y price×0.994 (-1%)
= 3-year-price revenue8 566
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs7 714
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs7 714
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 961
= 3-year-price EBITDA853
Conservative EBITDA = min(spot, avg)1 407
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)5.7x
Target EV = EV/EBITDA × conservative EBITDA7 962
Net debt789
Target market cap = EV − net debt7 172
Current market cap4 167

Upside = target market cap ÷ current − 1 = +72.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q32 5791 836+40.5%232161+44.4%
2023 Q42 1841 849+18.1%20719—
2024 Q11 9812 012-1.5%42107-60.6%
2024 Q22 0172 094-3.6%8151+58.5%
2024 Q32 1442 093+2.5%68-9—
2024 Q41 8321 973-7.1%-12-59—
2025 Q11 7451 967-11.3%21-31—
2025 Q21 8931 997-5.2%13154+142.2%
2025 Q32 0131 977+1.8%39579+396.7%
2025 Q41 8131 912-5.2%136131+3.5%
2026 Q11 8241 954-6.6%100216-53.8%
2026 Q22 9692 166+37.1%571429+33.3%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -6% vs -3% the year before — a -3.3 pp move. 3-year CAGR +1%.
revenue growth by year: 2023 +12% · 2024 -3% · 2025 -6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.3x · target 75th pct (3y) 3.8x · LTM avg 11.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
PBF Energyglobal8.83.9x3.9x
REX American Resourcesglobal1.35.3x5.3x
Valero Energyglobal129.66.7x6.7x
S-OilKorea11.46.2x7.0x
Delek USglobal4.57.0x7.0x
Sunoco LPglobal10.18.2x8.2x
CVR Energyglobal5.88.4x8.4x
CrossAmerica Partnersglobal0.88.9x8.9x
Marathon Petroleumglobal139.99.5x9.5x
Valvolineglobal4.014.1x14.1x
Phillips 66global113.617.5x17.5x
Calumetglobal4.330.1x30.1x
Group median8.3x8.3x
Group average10.5x10.5x
This companyglobal3.94.0x4.0x

Group median 8.3x as traded, 8.3x adjusted; this company 4.0x — a 52% discount.

Group average 10.5x as traded, 10.5x adjusted; against the average this company is at a 62% discount. The average sits 27% above the median: Calumet (30.1x) skews the group.

At the adjusted group median the market cap would be +137% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-26; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Par Pacific (PARR) — from primary filings.

Frequently asked questions

What is Par Pacific (PARR)'s P/E ratio?
Par Pacific (PARR) trades at a P/E of 4.9x (price to trailing 12-month earnings).
What is Par Pacific (PARR)'s EV/EBITDA?
Par Pacific (PARR) trades at 4.0x EV/EBITDA.
What is Par Pacific (PARR)'s P/B ratio?
Par Pacific (PARR) trades at a P/B of 2.8x.
What is Par Pacific (PARR)'s return on equity (ROE)?
Par Pacific (PARR)'s ROE is 105.7%.
What is Par Pacific (PARR)'s market capitalization?
Par Pacific (PARR)'s market cap is 4.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map