Westlake Chemical Partners LP
WLKP Basic Materials Chemicals
Westlake Chemical Partners LP’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 2.71% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 2.44%, free cash flow grew 866.7% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Westlake Chemical Partners LP (WLKP) Beneish M-score
Westlake Chemical Partners LP's Beneish M-score for fiscal 2025 is −2.46; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.46 | 0.42 |
| FY2024 | −2.88 | 0.18 |
| FY2023 | −3.06 | (0.27) |
| FY2022 | −2.79 | (1.34) |
| FY2021 | −1.44 | 1.14 |
| FY2020 | −2.58 | 0.46 |
| FY2019 | −3.04 | (0.34) |
| FY2018 | −2.70 | (0.08) |
| FY2017 | −2.62 | (2.19) |
| FY2016 | −0.43 | 2.51 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.53 | — | 0.48 | |
| Gross margin index | 1.24 | — | 0.65 | |
| Asset quality index | 1.62 | — | 0.66 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | 0.01 | — | 0.07 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.46 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RYAM Rayonier Advanced Materials Inc. compare | −3.9× |
| GPRE Green Plains, Inc. compare | −3.5× |
| HUN Huntsman Corporation compare | −2.9× |
| ASIX AdvanSix compare | −2.6× |
| WLKP Westlake Chemical Partners LP | −2.5× |
| TROX Tronox Holdings PLC compare | −2.4× |
| VHI Valhi, Inc. compare | −2.4× |
| LXU Lsb Industries Inc. compare | −2.3× |
| ASPI ASP Isotopes Inc. compare | 11.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI