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Par Pacific Holdings, Inc.

PARR Energy Oil & Gas Refining & Marketing

Par Pacific Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.5 billion, down 6.39% from fiscal 2024.

Revenue
+56.8%
EPS
+707.6%
Free cash flow
+176.9%
Total debt
−33.2%

Quarter to June 2026, against a year earlier

71.91 4.33 −5.68%
Market cap
$3.8B
P/E
4.1×
Fwd P/E
3.4×
Dividend yield
—
F-score
7/9
Altman Z
3.28
Beneish M
−2.98
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 25.64
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 4 5 — — — — 5 3 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 3,820.00
Revenue ttm 8,618.80
Net income ttm 847.12
Free cash flow ttm 416.24
Net debt Q 563.19
Valuation
P/E 4.10
Forward P/E 3.37
Price / sales 0.40
Forward P/S Powerpack
Price / FCF 8.38
Price / book 1.76
Financial health
Current ratio Q 1.84 (at or above 1.5: strong)
Debt / equity Q 0.38 (at or below 0.5: strong)
Interest coverage Q 44.47
Growth
Revenue growth Q +56.80% (above 0%: growing)
Operating income growth Q +555.80% (above 0%: growing)
EPS, this year +215.31% (at or above 15%: strong)
EPS, next year A −34.42% (below 0%: weak)
Revenue, next year A +26.01% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +0.95%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.3×; over the ten years it ranged from 0.2× in 2023 to 0.6× in 2017.
P/E against its own 10 years 29.15%
10-year low 10-year high
P/S against its own 10 years 93.87%
10-year low 10-year high
P/B against its own 10 years 47.87%
10-year low 10-year high
EV/Sales against its own 10 years 82.27%
10-year low 10-year high
EV/FCF against its own 10 years 30.84%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 279 192 164 187
Receivables 367 398 313 514
Inventory 1,160 1,089 1,229 1,441
Other — — — —
1,989 1,772 1,776 2,454
2023 2024 2025 Q'26
Payables 391 437 342 539
ST’ Debt 4 5 5 1
Other 594 194 161 162
1,525 1,096 1,106 1,334

Compound Annual Growth %

10y 5y 3y
Sales 13.71% 19.02% 0.65%
Cash Flow 12.90% 0.00% (0.54%)
Earnings 0.00% 0.00% 0.47%
Book Value 16.07% 43.75% 32.86%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 8.20 Actual 10.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.98 5.95 Beat by 3.97
Q4 FY25 1.21 1.17 Miss by 0.04
Q1 FY26 1.05 0.78 Miss by 0.27
Q2 FY26 8.20 10.10 Beat by 1.90
Q3 FY26 6.65 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.10 9.35 — — —
’25 (0.57) 1.17 5.16 1.53 7.16
’24 (0.06) 0.32 0.13 (1.01) (0.59)
’23 3.90 0.49 2.79 4.77 11.94
’22 (2.31) 2.50 4.47 1.40 6.08
’21 (1.15) (1.84) 1.37 0.14 (1.40)
’20 (4.18) (0.76) (0.27) (2.47) (7.68)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,824 2,969 — — —
’25 1,745 1,893 2,013 1,813 7,465
’24 1,981 2,017 2,144 1,832 7,974
’23 1,685 1,784 2,579 2,184 8,232
’22 1,350 2,106 2,056 1,809 7,322
’21 889 1,218 1,310 1,294 4,710
’20 1,204 515 690 716 3,125
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (41) 283 — — —
’25 (1) 134 219 94 445
’24 25 (5) 78 (15) 84
’23 139 173 269 (2) 579
’22 (8) 35 341 84 453
’21 (31) 33 53 (82) (28)
’20 14 19 (8) (63) (37)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (84) 243 — — —
’25 (42) 88 187 70 303
’24 3 (42) 50 (63) (52)
’23 126 156 246 (30) 498
’22 (24) 23 333 69 401
’21 64 27 46 (90) 47
’20 0 4 (20) (84) (101)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,865 2,443 3,411 5,402 3,125 4,710 7,322 8,232 7,974 7,465 8,619 +16.7% 9,406 8,214 7,423 (0.2%)
Gross margin, % 12.26 15.90 11.95 11.07 5.67 7.89 12.92 16.93 10.95 18.15 23.06 +5.9 pt
EBT (54) 71 40 (29) (430) (80) 365 613 (39) 478 1,104 n/m
EBT margin, % (2.88) 2.92 1.17 (0.53) (13.75) (1.70) 4.98 7.45 (0.49) 6.40 12.81 +9.3 pt
Net income (46) 73 39 41 (409) (81) 364 729 (33) 367 847 n/m
Per share, $
Per share, $ Revenue 44.04 53.64 74.59 107.28 58.63 80.83 122.96 137.12 140.46 147.11 177.67 +14.3%
Earnings (1.08) 1.58 0.85 0.80 (7.68) (1.40) 6.12 12.14 (0.59) 7.28 17.52 n/m
Cash flow (0.55) 2.34 1.98 2.10 (0.70) (0.47) 7.60 9.65 1.48 8.78 11.44 n/m
Capex (0.52) (0.70) (1.06) (1.65) (1.19) 1.28 (0.87) (1.35) (2.39) (2.81) (2.86) +20.6%
Free cash flow (1.07) 1.64 0.92 0.45 (1.89) 0.81 6.73 8.30 (0.91) 5.96 8.58 n/m
Book value 8.71 9.83 11.20 12.87 4.62 4.56 10.82 22.24 20.98 29.79 40.87 +14.6%
Shares, m 42 46 46 50 53 58 60 60 57 51 49 +2.0%
Valuation, ×
Valuation, × P/E 0.00 12.50 16.68 28.34 0.00 0.00 3.61 3.00 0.00 4.70 4.10 6.9
P/S 0.34 0.37 0.19 0.22 0.24 0.20 0.18 0.27 0.12 0.24 0.40 0.2
P/B 1.72 2.00 1.27 1.81 3.03 3.62 2.04 1.64 0.78 1.18 1.76 1.9
EV/Sales 0.51 0.49 0.28 0.31 0.45 0.30 0.18 0.31 0.23 0.33 0.47 0.3
EV/FCF (21.09) 15.88 22.88 73.53 (13.82) 30.14 3.32 5.18 (36.03) 8.04 9.73 8.8
Cash, $m
Cash, $m Operating cash flow (23) 106 91 106 (37) (28) 453 579 84 445 555 n/m
Capex (22) (32) (48) (83) (63) 75 (52) (81) (135) (143) (139) +23.1%
Free cash flow (45) 75 42 23 (101) 47 401 498 (52) 303 416 n/m
Balance, $m
Balance, $m Working capital 20 133 79 (2) (242) (226) 88 465 676 670 1,121 +47.4%
Net debt 323 631 317 490 646 456 17 384 932 650 563 +8.1%
Shareholders’ equity 369 448 512 648 246 266 645 1,335 1,191 1,512 1,982 +17.0%
Returns, %
Returns, % ROA (4.50) 5.83 2.81 1.96 (16.92) (3.46) 12.45 20.40 (0.87) 9.64 20.33 +14.1 pt
ROIC (1.77) 5.44 6.18 8.13 (22.27) (0.66) 41.38 24.72 1.40 15.58 28.42 +17.3 pt
ROE (12.92) 17.79 8.21 7.03 (91.47) (31.76) 80.02 73.60 (2.64) 27.33 54.74 +40.3 pt
People
People Employees 863 905 1,285 1,408 1,403 1,336 1,397 1,814 1,787 1,758 — +8.2%
Revenue/emp, $m 2.16 2.70 2.65 3.84 2.23 3.53 5.24 4.54 4.46 4.25 — +7.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Par Pacific Holdings, Inc. vs peers in Oil & Gas Refining & Marketing (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SUN Sunoco LP $14.5B 15.6× 7.3× +164.55% (above 0%: growing) +184.85% (above 0%: growing) +955.68% (above 0%: growing) 10.27% 4.09% Compare
PBF PBF Energy Inc. $9.3B 6.8× 2.7× +56.23% (above 0%: growing) +15,420.00% (above 0%: growing) +4,076.29% (above 0%: growing) 15.56% 10.89% Compare
UGP Ultrapar Participacoes S.A. $6.2B 9.2× — +36.71% (above 0%: growing) +61.11% (above 0%: growing) +873.56% (above 0%: growing) 11.12% 7.25% Compare
CVI CVR Energy Inc. $5.9B 85.8× 20.1× +55.48% (above 0%: growing) n/m +104.65% (above 0%: growing) 4.27% 2.85% Compare
DK Delek US Holdings, Inc. $4.5B 20.0× 5.8× +47.83% (above 0%: growing) n/m +173.86% (above 0%: growing) 8.93% 7.40% Compare
PARR Par Pacific Holdings, Inc. $3.8B 4.4× 3.4× +56.80% (above 0%: growing) +707.63% (above 0%: growing) +176.88% (above 0%: growing) 28.72% 21.37%
IEP Icahn Enterprises L.P. $3.7B — (loss-making) 18.5× +25.58% (above 0%: growing) n/m +12.90% (above 0%: growing) 3.09% (8.67%) Compare
DKL Delek Logistics Partners, L.P. $3.2B 19.5× 16.1× +56.18% (above 0%: growing) −34.94% (below 0%: shrinking) +193.34% (above 0%: growing) 17.18% 16.09% Compare
WKC World Kinect Corporation $1.9B — (loss-making) 12.2× +50.29% (above 0%: growing) n/m −363.91% (below 0%: shrinking) 2.69% 0.71% Compare
Median of peers $5.2B 17.6× 12.2× +52.89% +122.98% +183.60% 9.60% 5.67%

All 19 Oil & Gas Refining & Marketing stocks →

Pay and ownership Proxy statement filed 20 March 2026

Ownership

Directors and executive officers, together 3.60%
BlackRock, Inc. 15.20%
The Vanguard Group, Inc. 10.60%
State Street Corporation 6.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/PARR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com