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Westlake Chemical Partners LP(WLKP)Earnings, Financials & Key Ratios
WLKP•NYSE
$22.29
2.6× P/E·Price updated Jul 7, 2026
AboutWestlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company's ethylene production facilities primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis. Westlake Chemical Partners GP LLC serves as the general partner of the company. The company was incorporated in 2014 and is headquartered in Houston, Texas.Show more
- Revenue$1.17B+2.7%
- EBITDA$448M-10.9%
- Net Income$299M+378.5%
- EPS (Diluted)8.47+378.5%
- Gross Margin29.81%-19.2%
- EBITDA Margin38.36%-13.3%
- Operating Margin27.39%-20.3%
- Net Margin25.59%+365.9%
- ROE36.6%+394.4%
WLKP Price & Volume
Westlake Chemical Partners LP (WLKP) stock price & volume — 10-year historical chart
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Contractual Fee Model Supports Stable Distribution Yield
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Healthy
Cash Flow:Stable
Primary Risk:Parent contract dependency risk
Key Thesis Takeaways
- Westlake Chemical Partners LP offers a defensive, fee-based investment profile anchored by long-term ethylene sales agreements with its parent, which effectively insulate the partnership from broader commodity price volatility.
- While the business model provides consistent cash flow, investors should monitor the binary risk associated with its singular reliance on parent-level contracts and the potential for future margin compression.
- The partnership's conservative capital structure, evidenced by a 0.50 debt-to-equity ratio, supports its current 8.3% dividend yield, though long-term growth remains constrained by the lack of asset diversification.
Verdict Logic
while the 8.3% dividend yield is attractive, the partnership's reliance on a single parent contract and a low 2.68 P/E ratio suggest that the market is pricing in significant long-term structural risks.
WLKP Growth Metrics
Westlake Chemical Partners LP (WLKP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years1.48%
5 Years3.83%
3 Years-9.86%
TTM13.4%
Profit CAGR
10 Years22.32%
5 Years35.17%
3 Years66.94%
TTM271.62%
EPS CAGR
10 Years19.14%
5 Years35.13%
3 Years66.96%
TTM142.95%
Return on Capital
10 Years26.95%
5 Years28.38%
3 Years28.48%
Last Year26.22%
WLKP Recent Earnings
Westlake Chemical Partners LP (WLKP) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$0.40-7.0%
$0.43
Rev
$306M-41.4%
$522M
Q1 2026
Feb 24, 2026Metric
Actual
Est
EPS
$0.41+8.2%
$0.38
Rev
$323M+3.2%
$313M
Q4 2025
Oct 30, 2025Metric
Actual
Est
EPS
$0.42-2.3%
$0.43
Rev
$309M+1.9%
$303M
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$0.41-7.7%
$0.44
Rev
$297M-1.3%
$301M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.40vs $0.43-7.0% | $306Mvs $522M-41.4% |
| Q1 2026 | Feb 24, 2026 | $0.41vs $0.38+8.2% | $323Mvs $313M+3.2% |
| Q4 2025 | Oct 30, 2025 | $0.42vs $0.43-2.3% | $309Mvs $303M+1.9% |
| Q3 2025 | Aug 5, 2025 | $0.41vs $0.44-7.7% | $297Mvs $301M-1.3% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Westlake Chemical Partners LP (WLKP)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $22.29 | $785.63M | 2.63 | 2.71% | 25.59% | 36.6% | 8.46% | |
| $57.51 | $58.38B | 11.93 | 8.37% | 37.54% | 32.81% | — | |
| $39.15 | $8.09B | 13.69 | 8.67% | 22.65% | 84.47% | — | |
| $22.57 | $860.71M | 20.71 | -10.63% | 2.03% | — | — | |
| $76.27 | $9.77B | -6.50 | -8.01% | -14.91% | -16.76% | — | |
| $20.74 | $2.36B | -56.05 | 3.68% | -1.89% | -6.64% | — |
Compare WLKP vs Peers
Westlake Chemical Partners LP (WLKP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WLKP SEC Filings & Documents
Westlake Chemical Partners LP (WLKP) SEC filings — annual & quarterly reports (10-K, 10-Q)
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WLKP Frequently Asked Questions
Westlake Chemical Partners LP (WLKP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Westlake Chemical Partners LP's revenue?
Westlake Chemical Partners LP (WLKP) reported $1.23B in revenue for fiscal year 2025. This represents a 45% decrease from $2.25B in 2012.
How fast is Westlake Chemical Partners LP growing?
Westlake Chemical Partners LP (WLKP) grew revenue by 2.7% over the past year. Growth has been modest.
Is WLKP profitable?
Yes, Westlake Chemical Partners LP (WLKP) is profitable, generating $195.1M in net income for fiscal year 2025 (25.6% net margin).
Dividend & Returns
Does WLKP pay dividends?
Yes, Westlake Chemical Partners LP (WLKP) pays a dividend with a yield of 8.46%. This makes it attractive for income-focused investors.
What is WLKP's return on equity?
Westlake Chemical Partners LP (WLKP) has a return on equity (ROE) of 36.6%. This is excellent, indicating efficient use of shareholder capital.
What is Westlake Chemical Partners LP's free cash flow?
Westlake Chemical Partners LP (WLKP) generated $276.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.