Latest Ratios: P/E Ratio 8.6x · EV/EBITDA 6.2x · ROE 26.9%. (1994–2025 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 | $3.0B | $1.8B | $931M | $2.2B | $1.4B | $961M | $745M | $1.3B | $649M | $879M | $616M |
| Enterprise Value | $4.3B | $3.0B | $2.3B | $3.0B | $1.8B | $1.8B | $1.8B | $2.2B | $972M | $1.1B | $940M |
| P/E Ratio → | 8.58 | 4.91 | — | 3.05 | 3.82 | — | — | 29.05 | 16.49 | 12.28 | — |
| P/S Ratio | 0.41 | 0.24 | 0.12 | 0.27 | 0.19 | 0.20 | 0.24 | 0.24 | 0.19 | 0.36 | 0.33 |
| P/B Ratio | 2.01 | 1.15 | 0.78 | 1.66 | 2.16 | 3.62 | 3.03 | 1.99 | 1.27 | 1.96 | 1.67 |
| P/FCF | 10.26 | 6.03 | — | 4.47 | 3.48 | — | — | 59.51 | 15.38 | 11.75 | — |
| P/OCF | 6.83 | 4.02 | 11.11 | 3.83 | 3.08 | — | — | 12.23 | 7.16 | 8.25 | — |
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 | — | 0.40 | 0.29 | 0.36 | 0.24 | 0.38 | 0.56 | 0.41 | 0.29 | 0.47 | 0.50 |
| EV / EBITDA | 6.25 | 4.41 | 12.86 | 3.70 | 3.30 | 20.89 | — | 9.42 | 7.23 | 8.19 | 78.56 |
| EV / EBIT | 7.92 | 5.38 | 52.67 | 4.31 | 4.09 | — | — | 47.98 | 12.23 | 11.14 | — |
| EV / FCF | — | 10.17 | — | 5.95 | 4.43 | — | — | 101.57 | 23.06 | 15.33 | — |
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 | 18.1% | 18.1% | 9.3% | 15.5% | 11.6% | 5.9% | 2.8% | 9.5% | 10.4% | 14.0% | 10.6% |
| Operating Margin | 7.2% | 7.2% | 0.6% | 8.3% | 6.0% | -0.2% | -10.2% | 2.7% | 2.4% | 3.8% | -1.1% |
| Net Profit Margin | 4.9% | 4.9% | -0.4% | 8.9% | 5.0% | -1.7% | -13.1% | 0.8% | 1.2% | 3.0% | -2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.9% | 26.9% | -2.6% | 73.6% | 80.0% | -31.8% | -91.5% | 7.0% | 8.2% | 17.8% | -12.9% |
| ROA | 9.4% | 9.4% | -0.9% | 20.4% | 12.4% | -3.5% | -16.9% | 2.0% | 2.8% | 5.8% | -4.5% |
| ROIC | 15.1% | 15.1% | 1.5% | 32.9% | 30.7% | -0.5% | -16.9% | 9.3% | 7.9% | 8.6% | -2.3% |
| ROCE | 18.9% | 18.9% | 1.9% | 35.5% | 32.4% | -0.6% | -21.8% | 11.3% | 9.0% | 11.5% | -3.0% |
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 | 0.90 | 0.90 | 1.32 | 0.76 | 1.35 | 3.62 | 4.38 | 1.60 | 0.78 | 0.86 | 1.62 |
| Debt / EBITDA | 2.04 | 2.04 | 8.74 | 1.27 | 1.62 | 11.09 | — | 4.44 | 2.96 | 2.76 | 49.91 |
| Net Debt / Equity | — | 0.79 | 1.15 | 0.55 | 0.59 | 3.19 | 4.10 | 1.41 | 0.63 | 0.60 | 0.88 |
| Net Debt / EBITDA | 1.80 | 1.80 | 7.67 | 0.92 | 0.71 | 9.80 | — | 3.90 | 2.41 | 1.91 | 27.11 |
| Debt / FCF | — | 4.14 | — | 1.49 | 0.95 | — | — | 42.06 | 7.67 | 3.58 | — |
| Interest Coverage | 6.80 | 6.80 | 0.53 | 9.47 | 6.34 | -0.21 | -5.12 | 0.61 | 2.00 | 3.25 | -0.89 |
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 | 1.60 | 1.60 | 1.62 | 1.30 | 1.05 | 0.83 | 0.72 | 1.00 | 1.16 | 1.28 | 1.05 |
| Quick Ratio | 0.49 | 0.49 | 0.62 | 0.50 | 0.47 | 0.25 | 0.24 | 0.40 | 0.52 | 0.55 | 0.54 |
| Cash Ratio | 0.15 | 0.15 | 0.18 | 0.18 | 0.27 | 0.08 | 0.08 | 0.12 | 0.15 | 0.25 | 0.12 |
| Asset Turnover | — | 1.83 | 2.08 | 2.13 | 2.23 | 1.83 | 1.46 | 2.00 | 2.33 | 1.81 | 1.63 |
| Inventory Turnover | 4.97 | 4.97 | 6.64 | 5.68 | 6.21 | 5.61 | 7.07 | 7.94 | 9.49 | 6.08 | 8.41 |
| Days Sales Outstanding | — | 15.29 | 18.22 | 16.28 | 12.61 | 15.12 | 13.04 | 15.46 | 17.16 | 18.20 | 20.04 |
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 | — | — | 1.4% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.6% | 20.4% | — | 32.8% | 26.2% | — | — | 3.4% | 6.1% | 8.1% | — |
| FCF Yield | 9.8% | 16.6% | — | 22.4% | 28.7% | — | — | 1.7% | 6.5% | 8.5% | — |
| Buyback Yield | 4.1% | 7.0% | 15.3% | 3.1% | 0.6% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 7.0% | 16.7% | 3.1% | 0.6% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $51M | $57M | $61M | $60M | $58M | $53M | $56M | $46M | $46M | $42M |
Refining margin volatility
According to current market data, PARR trades at a forward P/E of 4.30, which suggests that investors are heavily discounting the company's earnings potential compared to broader energy sector multiples, likely due to the inherent volatility of its refining-heavy business model and regional geographic concentration.
The low forward P/E multiple relative to the TTM P/E of 7.63 indicates that the market anticipates a significant earnings contraction or is pricing in a high risk premium for the company's Hawaii-centric operations. This valuation gap warrants further investigation into whether the market is correctly assessing the long-term sustainability of the Kapolei refinery's competitive moat versus its exposure to regulatory and commodity price shocks.
Based on reported figures, PARR's ROIC has experienced extreme swings, ranging from a peak of 9.9% in 2025Q3 to a negative 0.5% in 2025Q1, illustrating that the company struggles to consistently compound capital in an environment defined by unpredictable refining spreads and high maintenance requirements.
The erratic nature of these returns suggests that the company's ability to generate value is highly dependent on external crack spreads rather than internal operational efficiency. Investors should monitor whether recent acquisitions, such as the Billings refinery, can provide a more stable baseline for returns on invested capital that is less sensitive to the Hawaii-specific market cycle.
As reported in financial statements, PARR's cash conversion cycle has fluctuated between 51 and 74 days over the last ten quarters, indicating that the company's working capital efficiency is frequently disrupted by inventory management challenges and the timing of crude oil feedstock procurement.
The variability in the CCC, particularly the spike to 74 days in 2025Q4, suggests that the company may be holding excess inventory to mitigate supply chain risks in isolated markets. This inefficiency appears to tie up significant liquidity, which may limit the company's flexibility during periods of rapid commodity price shifts.
According to recent SEC filings, PARR has maintained a disciplined debt-to-equity ratio of 0.90% as of 2025Q4, which appears to be a strategic effort to preserve balance sheet health despite the significant volatility in interest coverage ratios observed over the past ten quarters.
While the current leverage profile is relatively conservative for an industrial refiner, the extreme fluctuations in interest coverage—ranging from negative levels to over 17x—suggest that debt service capacity remains highly sensitive to operating income volatility. This indicates that the company's financial stability is more a function of management's conservative capital structure than the inherent stability of its cash flows.
Based on an analysis of the business model, the most commonly misapplied metric for PARR is the standard P/E ratio, which fails to account for the non-cash LIFO inventory impacts and regulatory credit volatility that frequently distort the company's reported net income figures.
Investors should instead focus on EV/EBITDA or cash-flow-based metrics to better understand the underlying operational performance of the refining and logistics assets. Relying on P/E ratios in this context obscures the true earning power of the company by including transient accounting adjustments that do not reflect the actual cash-generating capacity of the integrated infrastructure.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PARR stock.
Par Pacific Holdings, Inc.'s current P/E ratio is 8.6x. The historical average is 11.6x. This places it at the 50th percentile of its historical range.
Par Pacific Holdings, Inc.'s current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.0x.
Par Pacific Holdings, Inc.'s return on equity (ROE) is 26.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -18.4%.
Based on historical data, Par Pacific Holdings, Inc. is trading at a P/E of 8.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Par Pacific Holdings, Inc. has 18.1% gross margin and 7.2% operating margin.
Par Pacific Holdings, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.