| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 1.89 |
—
—
—
|
| 2025 | 1.89 |
—
—
—
—
|
| 2024 | 1.89 |
—
—
—
—
|
| 2023 | 1.89 |
—
—
—
—
|
| 2022 | 1.89 |
—
—
—
—
|
| 2021 | 1.89 |
—
—
—
—
|
| 2020 | 1.89 |
—
—
—
—
|
| 2019 | 1.80 |
—
—
—
—
|
| 2018 | 1.61 |
—
—
—
—
|
| 2017 | 1.44 |
—
—
—
—
|
| 2016 | 1.62 |
—
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 58.62 | 58.32 | 44.27 | 49.32 |
| Receivables | 162.71 | 178.11 | 96.06 | 104.64 |
| Inventory | 4.43 | 4.06 | 2.77 | 3.56 |
| Other | — | — | — | — |
| 226.20 | 240.93 | 143.51 | 157.54 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 31.36 | 38.45 | 29.10 | 26.63 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 56.34 | 55.37 | 51.30 | 45.77 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 305.68 | 297.10 | — | — |
—
|
| ’25 | 237.63 | 297.12 | 308.90 | 323.05 |
1,166.70
|
| ’24 | 284.67 | 284.17 | 277.00 | 290.06 |
1,135.90
|
| ’23 | 307.68 | 264.18 | 321.66 | 297.27 |
1,190.79
|
| ’22 | 362.40 | 448.79 | 415.12 | 366.84 |
1,593.15
|
| ’21 | 268.21 | 322.23 | 293.97 | 330.46 |
1,214.86
|
| ’20 | 250.55 | 238.50 | 231.97 | 245.65 |
966.67
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 110.20 | 129.85 | — | — |
—
|
| ’25 | 45.78 | 9.07 | 105.24 | 120.38 |
280.47
|
| ’24 | 104.57 | 121.90 | 126.07 | 132.47 |
485.00
|
| ’23 | 144.86 | 98.54 | 100.93 | 107.67 |
452.00
|
| ’22 | 104.81 | 120.86 | 115.50 | 122.57 |
463.74
|
| ’21 | 155.41 | 131.71 | 99.46 | 21.86 |
408.44
|
| ’20 | 110.96 | 112.76 | 117.16 | 32.52 |
373.40
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 104.64 | 117.37 | — | — |
—
|
| ’25 | 29.83 | (15.31) | 75.59 | 111.55 |
201.65
|
| ’24 | 94.79 | 111.72 | 110.53 | 119.00 |
436.03
|
| ’23 | 132.20 | 94.03 | 84.12 | 94.83 |
405.18
|
| ’22 | 84.47 | 108.87 | 102.37 | 113.91 |
409.62
|
| ’21 | 142.66 | 117.17 | 88.26 | (20.82) |
327.27
|
| ’20 | 98.97 | 104.15 | 108.58 | 24.72 |
336.43
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.40 | 0.40 | — | — |
—
|
| ’25 | 0.14 | 0.41 | 0.42 | 0.41 |
1.38
|
| ’24 | 0.42 | 0.41 | 0.51 | 0.43 |
1.77
|
| ’23 | 0.42 | 0.34 | 0.37 | 0.41 |
1.54
|
| ’22 | 0.46 | 0.47 | 0.42 | 0.48 |
1.82
|
| ’21 | 0.43 | 0.71 | 0.36 | 0.84 |
2.34
|
| ’20 | 0.50 | 0.43 | 0.53 | 0.43 |
1.88
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.71 | 18.58 | 21.19 | 17.75 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.40 | 26.00 | 24.34 | 25.04 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 148 | 152 | 153 | 155 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.76 | 7.83 | 7.42 | 7.53 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,593.15 | 1,190.79 | 1,135.90 | 1,166.70 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.69% | 32.54% | 36.88% | 29.81% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 335.85 | 335.44 | 369.99 | 299.12 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.08% | 28.17% | 32.57% | 25.64% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 334.83 | 334.63 | 369.16 | 298.58 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 121.07 | 110.20 | 111.90 | 127.98 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 45.24 | 33.81 | 32.24 | 33.11 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 1.82 | 1.54 | 1.77 | 1.38 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.17 | 12.83 | 13.77 | 7.96 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.54) | (1.33) | (1.39) | (2.24) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.63 | 11.50 | 12.38 | 5.72 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.66 | 24.31 | 23.54 | 22.77 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 35.22 | 35.22 | 35.23 | 35.24 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.39 | 14.08 | 13.07 | 13.77 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.50 | 0.64 | 0.72 | 0.57 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.88 | 0.89 | 0.98 | 0.83 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.95 | 1.24 | 1.35 | 1.20 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.69 | 3.66 | 3.52 | 6.95 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 463.74 | 452.00 | 485.00 | 280.47 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (54.12) | (46.82) | (48.97) | (78.82) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 409.62 | 405.18 | 436.03 | 201.65 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 178.85 | 169.87 | 185.55 | 92.21 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 399.67 | 399.67 | 399.67 | 399.67 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 334.89 | 341.06 | 341.36 | 355.41 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 903.71 | 856.25 | 829.31 | 802.35 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.50% | 4.04% | 4.79% | 3.83% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 17.54% | 18.67% | 20.85% | 17.25% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.84% | 6.17% | 7.40% | 5.97% | — | — | — |
ROE
|
Westlake Chemical Partners LP (WLKP), a midstream MLP specializing in ethylene processing, stands out for its resilient operational cash flows and consistent pre-tax earnings of $350-370 million annually since 2016, even amid petrochemical price cycles. Revenue peaked at $1.59 billion in 2022 before dropping 28% to $1.14 billion in 2024, yet margins rebounded sharply to near-historical highs of 36.9%, underscoring efficient cost control. A rock-solid balance sheet—with fixed $400 million debt, robust working capital, and free cash flow per share rising to $12.38—supports reliable distributions, making it a defensive play for yield hunters in volatile commodities.
The stock has mirrored fundamentals closely, trading in a resilient range with attractive valuations: trailing PE at 13.1x, PS at 0.72x, and EV/FCF at 3.5x, trading at a discount to historical norms. Analysts forecast modest revenue recovery to $1.34 billion by 2027 alongside explosive EPS growth to $22+, implying 31% upside, though such ramps demand scrutiny absent clear catalysts like sustained ethane demand. Net insider selling adds caution, outpacing minimal buys amid stable operations.
While ROE and ROIC signal efficient capital use, risks loom from ethane price leverage, potential oversupply, share dilution, and boom-bust cycles—as seen in 2020’s plunge. This steady cash cow offers buy-and-hold appeal with downside protection, but warrants vigilant sizing for 20-30% drawdowns in troughs.
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