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PAR Pacific Holdings, Inc. (PARR) stock

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NYSE: PARR NYSE Oil & Gas Refining & Marketing Next results ~November 3, 2026

B+ Fundamentals grade

PAR Pacific Holdings, Inc. is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$87–$160 across our lower- and higher-growth cases (4.4%–14.4% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 66% above it.

Price used: $72.20, November 3, 2026

PAR Pacific Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 27 sales by directors and officers, last 12 monthsInsider trades
  • Funds194 adding, 157 cuttingOf 53 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter PAR Pacific Holdings files

Where PAR Pacific stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.62bn, up 13.2% on a year earlier, against a decline of 2.5% a quarter earlier. Free-cash-flow margin rose to 4.8% from 0.4% a year earlier. Operating margin widened to 13.4% from 0.9%. The diluted share count is down 6.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $158 a share, against a share price of $83.36.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

PAR Pacific Holdings, Inc.'s trailing-twelve-month revenue grew 13.2% year on year, with a free-cash-flow margin of 4.8%. Where it stands out: net margin of 9.9% ranks 2 of 16 oil & gas refining & marketing companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$87–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin expanding: TTM operating margin reached 13.4%, up 12.5pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $72.16 is 98% below our value per share of $140.
  • Growth speeding up. The growth rate is 15.7 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 12.5 points on a year ago.
  • Shrinking share count. Diluted shares fell 6.4% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 46.6% over 90 days.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 59% and a beta of -0.6 against the S&P 500.
  • Insiders selling. 9 insiders sold $31M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 48% of net income over the last 12 months.
  • Heavily shorted. 11.5% of the shares available to trade are sold short (4.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$10.10 against an average estimate of $8.15: beat by 23.9%
Revenue
$2.97bn, up 56.8% on a year earlier
Share reaction
-16.9% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 3, 2026; average EPS estimate $6.66

PAR Pacific Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week-3.1%
  • 1 month-14.0%
  • This year+105.4%
  • 1 year+75.2%
  • 5 years+370.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.6B
Operating margin
13.4%
Net margin
9.9%
EPS (TTM, diluted)
$17.07

Growth

Revenue growth
+13.2%
Change in growth rate
+15.7 pts
Share count change
−6.4%

Cash

Free cash flow (TTM)
$412M
FCF margin
4.8%
Stock pay % of revenue
0.2%

Earnings

Last results
August 5, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Insider trade
  4. Announcement
  5. Insider trade
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PAR Pacific Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$140
Price used
$72.03close November 3, 2026
Implied change
▲ +98%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like PAR Pacific Holdings, Inc. (see the models table below and how they are combined) , with a 7.22% cost of equity. The models span ~$120–~$180; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of PAR Pacific Holdings, Inc.'s free cash flow after stock-based pay ( $259M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value PAR Pacific Holdings, Inc. as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.51 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. — Does not apply: latest tagged standardised measure is for 2019-12-31: out of date
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$87–$160 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$100–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$570 ~$380–$900 Left out: out of range vs price (7.93x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$150–$240 Included
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$120–$180 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PAR Pacific Holdings, Inc. with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $63$90$126$173$235$314
8.5% $46$65$91$125$169$225
10% $35$50$70$96$129$172

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$23.54$14.54$19.28$14.18$23.24$13.98$16.49$23.25$36.37$16.39$35.14$72.16
Market value$887m$616m$879m$649m$1.2bn$745m$961m$1.4bn$2.2bn$931m$1.8bn$3.6bn
+ Net debt (− = net cash)$2m$353m$297m$341m$509m$663m$468m$25m$387m$935m$651m$564m
Enterprise value$889m$968m$1.2bn$990m$1.7bn$1.4bn$1.4bn$1.4bn$2.6bn$1.9bn$2.5bn$4.2bn
Multiples
Price / sales 0.4x0.3x0.4x0.2x0.2x0.2x0.2x0.2x0.3x0.1x0.2x0.4x
Price / earnings ——12.1x16.5x28.7x——3.8x3.0x—4.9x4.2x
Price / free cash flow 8.1x—11.8x15.4x54.0x——3.5x4.5x—6.1x8.8x
EV / EBITDA 10.9x80.9x8.4x7.4x7.2x—16.5x2.6x3.3x10.4x3.6x3.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

38 /100

Weak moat

How hard PAR Pacific Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.1% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.6%; its worst year was -6.8%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 1.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.9% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $2.2bn and EPS of $6.66 (range $6.49 to $6.88) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $24.47 +224% $9.4bn +26%
Next $16.63 −32% $8.2bn −13%

Next year's EPS estimate has moved +46.6% in 90 days, across 7 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $8.15 $10.10 +23.9%
Mar 2026 $0.99 $0.78 −21.0%
Dec 2025 $1.28 $1.17 −8.5%
Sept 2025 $1.96 $5.95 +202.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Our model doesn't use the consensus here: consensus revenue is 0.74x the latest quarter's run rate while reported revenue grew 57% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

8 analysts, Oct 2026
Buy450%
Hold450%
Sell00%

Monthly trend

  1. Oct 20262248
  2. Sep 20262417
  3. Aug 20262417
  4. Jul 20262417

Counts of recommendations published by analysts covering PAR Pacific Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.5%
of tradable shares
Days to cover
4.23
at average volume
Short interest, 1 month
−12%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
2.6%
of shares
Employees
1,758
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +80.5%

$39.98 on October 31, 2025 to $72.16

ThenNowEffect
Revenue (last 12 months) $7.6bn $8.6bn +13.2%
P/S multiple 0.3x 0.4x +49.2%
Share count 54m 50m +6.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +122.1%

$32.49 on November 3, 2023 to $72.16

ThenNowEffect
Revenue (last 12 months) $7.3bn $8.6bn +17.5%
Net margin 8.5% 9.9% +17.6%
P/E multiple 3.2x 4.2x +33.1%
Share count 61m 50m +20.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PARR+18%+41%+56%−55%+114%+105%
Industry peers (median)+36%+50%+10%−12%+18%+62%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PARR42%50%75%33%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PARR−35%−33%−31%−63%−34%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 79% from November 20, 2015 to March 18, 2020. Getting back needed a 365% gain, reached on February 10, 2023, 1059 days after the low.

Price behaviour

52-week range
$34.83 – $89.88
From 52-week high
−19.7%
vs 50-day average
−11.1%
vs 200-day average
+12.1%
Volatility (1 year)
59%
Beta vs S&P 500
-0.62

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±8.1%
After a week
5 up, 7 down
typical move ±10.1%
After a month
6 up, 6 down
typical move ±15.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −16.9% −0.4% −6.3% −1.2%
May 5, 2026 −7.5% +2.2% −6.4% −17.5%
February 24, 2026 −5.4% +1.6% +12.4% +51.0%
November 4, 2025 −8.7% −0.8% +7.0% +7.0%
August 6, 2025 −11.0% +0.7% −5.4% +11.2%
May 7, 2025 +17.3% +1.1% +30.3% +43.9%
February 26, 2025 −8.6% −1.5% −19.6% −4.1%
November 5, 2024 +4.6% +3.7% +5.9% +2.8%
August 6, 2024 +2.2% +0.2% −1.8% −13.3%
May 7, 2024 −4.2% +0.1% −6.5% −17.6%
February 28, 2024 −9.9% +0.2% −13.0% −7.5%
November 7, 2023 −0.8% +0.4% +6.2% +2.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How PAR Pacific Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.11× the last 60 days’ realised volatility .
  • Calls are priced 6 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

PARR PAR Pacific Holdings, Inc. Grade B+ $72.63

Sell the $65.00 put expiring December 18, 2026 (45 days) for $2.65 a share — $265 per contract.

Bid $2.65, ask $3.50, quoted Tue 3 Nov, 14:43 New York time with PARR at $72.63. Option prices move with the shares: check the live chain at your broker before trading.

  • If PARR ends above $65.00: you keep the $265 — 4.1% on the $6,500 set aside, or 33.1% a year at that pace.
  • If it ends below $65.00: you buy 100 shares at an effective $62.35, 14% below today's price and 56% below our value of ~$140.
$265 $0 −$1.2k Break-even $62.35 Price $72.63 Our value ~$140 →
Profit or loss per contract at expiry, by share price.
Premium
$265
Annualised
33.1%
Break-even
$62.35
Max gain
$265
Chance of buying
~26%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PAR Pacific Holdings, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PAR Pacific Holdings, Inc.
$7B $7.5B $8B $8.5B $9B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $7.9B Revenue (TTM), FY23 Q4: $8.2B Revenue (TTM), FY24 Q1: $8.5B Revenue (TTM), FY24 Q2: $8.8B Revenue (TTM), FY24 Q3: $8.3B Revenue (TTM), FY24 Q4: $8B Revenue (TTM), FY25 Q1: $7.7B Revenue (TTM), FY25 Q2: $7.6B Revenue (TTM), FY25 Q3: $7.5B Revenue (TTM), FY25 Q4: $7.5B Revenue (TTM), FY26 Q1: $7.5B Revenue (TTM), FY26 Q2: $8.6B $8.6B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $7.9B
FY23 Q4 $8.2B
FY24 Q1 $8.5B
FY24 Q2 $8.8B
FY24 Q3 $8.3B
FY24 Q4 $8B
FY25 Q1 $7.7B
FY25 Q2 $7.6B
FY25 Q3 $7.5B
FY25 Q4 $7.5B
FY26 Q1 $7.5B
FY26 Q2 $8.6B
Revenue growth, TTM YoY PAR Pacific Holdings, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 15.4% Revenue growth, TTM YoY, FY23 Q4: 12.4% Revenue growth, TTM YoY, FY24 Q1: 11.4% Revenue growth, TTM YoY, FY24 Q2: 19.5% Revenue growth, TTM YoY, FY24 Q3: 6.0% Revenue growth, TTM YoY, FY24 Q4: -3.1% Revenue growth, TTM YoY, FY25 Q1: -9.3% Revenue growth, TTM YoY, FY25 Q2: -13.1% Revenue growth, TTM YoY, FY25 Q3: -10.1% Revenue growth, TTM YoY, FY25 Q4: -6.4% Revenue growth, TTM YoY, FY26 Q1: -2.5% Revenue growth, TTM YoY, FY26 Q2: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 15.4%
FY23 Q4 12.4%
FY24 Q1 11.4%
FY24 Q2 19.5%
FY24 Q3 6.0%
FY24 Q4 -3.1%
FY25 Q1 -9.3%
FY25 Q2 -13.1%
FY25 Q3 -10.1%
FY25 Q4 -6.4%
FY26 Q1 -2.5%
FY26 Q2 13.2%
Operating margin (TTM) PAR Pacific Holdings, Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 7.7% Operating margin (TTM), FY23 Q4: 8.3% Operating margin (TTM), FY24 Q1: 5.0% Operating margin (TTM), FY24 Q2: 4.9% Operating margin (TTM), FY24 Q3: 3.2% Operating margin (TTM), FY24 Q4: 0.6% Operating margin (TTM), FY25 Q1: 0.3% Operating margin (TTM), FY25 Q2: 0.9% Operating margin (TTM), FY25 Q3: 5.2% Operating margin (TTM), FY25 Q4: 7.2% Operating margin (TTM), FY26 Q1: 8.2% Operating margin (TTM), FY26 Q2: 13.4% 13.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 7.7%
FY23 Q4 8.3%
FY24 Q1 5.0%
FY24 Q2 4.9%
FY24 Q3 3.2%
FY24 Q4 0.6%
FY25 Q1 0.3%
FY25 Q2 0.9%
FY25 Q3 5.2%
FY25 Q4 7.2%
FY26 Q1 8.2%
FY26 Q2 13.4%
FCF margin (TTM) PAR Pacific Holdings, Inc.
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 7.6% FCF margin (TTM), FY23 Q4: 6.0% FCF margin (TTM), FY24 Q1: 4.4% FCF margin (TTM), FY24 Q2: 2.0% FCF margin (TTM), FY24 Q3: -0.2% FCF margin (TTM), FY24 Q4: -0.6% FCF margin (TTM), FY25 Q1: -1.3% FCF margin (TTM), FY25 Q2: 0.4% FCF margin (TTM), FY25 Q3: 2.2% FCF margin (TTM), FY25 Q4: 4.0% FCF margin (TTM), FY26 Q1: 3.4% FCF margin (TTM), FY26 Q2: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 7.6%
FY23 Q4 6.0%
FY24 Q1 4.4%
FY24 Q2 2.0%
FY24 Q3 -0.2%
FY24 Q4 -0.6%
FY25 Q1 -1.3%
FY25 Q2 0.4%
FY25 Q3 2.2%
FY25 Q4 4.0%
FY26 Q1 3.4%
FY26 Q2 4.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar PAR Pacific Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.5B
  2. Selling, general and admin $98.5M · 1.3%
  3. Other operating costs $6.8B · 91.5%
  4. Operating income $539M · 7.2%
  5. Income tax $111M · 1.5%
  6. Interest and other $58.6M · 0.8%
  7. Net income $369M · 4.9%

Shares of revenue. Source: PAR Pacific Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 116 61 64 886 3,108 2,066 1,865 2,443 3,411 5,402 3,125 4,710 7,322 8,232 7,974 7,465 8,619
Gross profit — — — 29 171 279 229 — — — — — — — — — —
EBITDA 27 −47 −414 −41 −23 81 12 140 135 234 −228 87 538 800 179 683 1,302
Operating income −30 −94 −453 −47 −38 62 −20 94 82 148 −318 −8 438 680 48 539 1,158
Net income −329 −182 −470 −79 −47 −40 −46 73 39 41 −409 −81 364 729 −33 369 857
Diluted EPS −$15.58 −$6.63 −$16.30 −$4.01 −$1.44 −$1.06 −$1.08 $1.57 $0.85 $0.80 −$7.68 −$1.40 $6.08 $11.94 −$0.59 $7.16 $17.07
Growth (year on year)
Revenue — −47.6% +4.7% +>999% +250.8% −33.5% −9.7% +31.0% +39.6% +58.4% −42.1% +50.7% +55.4% +12.4% −3.1% −6.4% +13.2%
EBITDA — −271.7% — — — — −85.3% — −3.8% +73.9% −197.4% — — +48.8% −77.6% +281.1% +524.1%
Operating income — — — — — — −131.9% — −12.8% +80.6% −314.9% — — +55.3% −93.0% — —
Net income — — — — — — — — −45.7% — — — — +100.1% −104.6% — —
Diluted EPS — — — — — — — — −45.9% — — — — +96.4% −104.9% — —
Margins
Gross margin — — — 3.3% 5.5% 13.5% 12.3% — — — — — — — — — —
EBITDA margin 23.6% −77.3% −648.3% −4.7% −0.7% 3.9% 0.6% 5.7% 3.9% 4.3% −7.3% 1.8% 7.3% 9.7% 2.2% 9.2% 15.1%
Operating margin −25.5% −154.1% −709.5% −5.4% −1.2% 3.0% −1.1% 3.8% 2.4% 2.7% −10.2% −0.2% 6.0% 8.3% 0.6% 7.2% 13.4%
Net margin −282.7% −298.9% −735.9% −8.9% −1.5% −1.9% −2.5% 3.0% 1.2% 0.8% −13.1% −1.7% 5.0% 8.9% −0.4% 4.9% 9.9%
Free-cash-flow margin 68.2% −58.3% −0.8% −4.9% −2.2% 5.3% −2.6% 3.1% 1.2% 0.4% −3.2% −1.2% 5.5% 6.0% −0.6% 4.0% 4.8%
Cash flow
Cash from operations 81 −33 1 −36 −55 132 −23 106 91 106 −37 −28 453 579 84 445 555
Capital spending 2 3 2 8 14 22 25 32 48 84 64 30 53 82 136 149 143
Free cash flow 79 −36 −1 −43 −69 110 −48 75 42 22 −101 −57 400 497 −52 296 412
Stock-based pay 10 11 8 1 4 5 7 7 6 6 7 8 9 12 26 17 17
Free cash flow after stock pay 69 −47 −9 −45 −73 105 −55 68 36 15 −108 −65 390 485 −77 280 396
Balance sheet
Cash 62 14 13 38 89 168 48 118 75 126 68 112 491 279 192 164 185
Total debt 0 109 0 97 139 170 400 415 416 635 732 580 515 666 1,127 815 749
Net debt (negative = net cash) −62 94 −13 59 50 2 353 297 341 509 663 468 25 387 935 651 564
Diluted shares — — — 20m 33m 38m 42m 46m 46m 50m 53m 58m 60m 61m 57m 52m 50m
Returned to shareholders
Buybacks 0 1 1 0 0 1 — — — — 1 2 8 68 142 125 81
Total returned 0 1 1 0 0 1 — — — — 1 2 8 68 142 125 81

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $4.5bn
Short-term assets $2.5bnLonger-term assets $2.1bn
What it owes, and who funded it · $4.5bn
Short-term liabilities $1.3bnLonger-term liabilities $1.2bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.5bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $185m of cash against $739m of debt.
  • Debt below 40% of shareholders' equity Debt is 37% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 208% to 37% over five years.
  • A year's operating cash flow covers at least 20% of debt $555m of operating cash flow against $739m of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $69m of interest.

From PAR Pacific Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$81.1M
Returned to shareholders
20%
of free cash flow
Buybacks, last 3 fiscal years
$335M
Diluted share count
−6.4%
year over year
Total shareholder yield
2.3%
dividends 0.0% + buybacks 2.3% of market value
Days sales outstanding
22 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas refining & marketing
Last 12 months unless stated PARR DK CLMT CAPL UGP DINO Median
Revenue, last 12 months $8.6bn $12.1bn $4.6bn $3.9bn $25.5bn $34.8bn $10.3bn
Revenue growth, last 12 months 13.2% 11.4% 12.8% 0.3% 2.5% 29.5% 13.0%
Revenue growth, 3-year average 5.5% −12.0% — −5.4% — 1.5% −0.8%
Revenue growth, latest quarter 56.8% 47.8% 40.8% 22.6% — 49.7% 46.4%
Gross margin 14.2% 7.1% 6.6% 10.9% 6.6% 18.5% 8.0%
Operating margin 13.4% 4.8% 1.0% 2.9% 0.1% 13.5% 2.9%
Operating margin, 3-year average 6.4% −0.3% 0.7% 2.3% — 5.8% 2.3%
Net margin 9.9% 1.9% −3.0% 1.4% 1.7% 10.1% 1.8%
Cash from operations / revenue 6.4% 10.5% 3.2% 3.0% 3.8% 10.8% 5.1%
Free-cash-flow margin 4.8% 5.5% 1.3% 2.3% 3.0% 9.4% 4.8%
Free-cash-flow margin, 3-year average 2.4% 0.2% — 1.8% 1.7% 5.2% 2.4%
Stock pay / revenue 0.2% 0.3% — 0.0% 0.0% 0.1% 0.1%
Change in share count −6.4% −2.8% 1.0% −1.4% −2.0% −4.3% −1.4%

Median of all 16 companies we cover in oil & gas refining & marketing. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 oil & gas refining & marketing companies
Measure Company Peer median Rank
Revenue growth Growth 13.2% 13.2% 8 of 16
Change in growth rate Growth +15.7pp +12.9pp 4 of 16
Operating margin Profitability 13.4% 4.8% 2 of 14
Net margin Profitability 9.9% 1.9% 2 of 16
Free-cash-flow margin Cash generation 4.8% 4.8% 8 of 15
Stock pay as % of revenue Cash generation 0.2% 0.1% 8 of 11
Long-term debt as % of assets Balance sheet 16.3% 23.4% 5 of 12
Change in share count Balance sheet -6.4% -1.4% 2 of 15
Days sales outstanding Balance sheet 22 days 26 days 3 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Fuel Revenue $7.2B 95.8% ▼ 6.2%
Other Revenue $311M 4.2% ▼ 10.0%

From PAR Pacific Holdings, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.8B
Institutions reporting
366
Shares held vs prior quarter
▼ 4.4%
Positions opened / closed
57 / 39

Top buyers and sellers, Q2 2026: 194 institutions bought and 157 sold ; the biggest buyer was Invesco Ltd (+744K shares) and the biggest seller Forest Avenue Capital Management LP (−530K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $402M 7.2M 14.4% ▼ 3.2%
State Street Corp $188M 3.3M 6.7% ▲ 8.3%
Invesco Ltd. $154M 2.7M 5.5% ▲ 37.2%
Vanguard Capital Management LLC $119M 2.1M 4.3% ▲ 2.0%
American Century Companies Inc $118M 2.1M 4.2% ▲ 16.8%
Arrowstreet Capital, Limited Partnership $99.4M 1.8M 3.6% ▲ 0.1%
Dimensional Fund Advisors LP $98.8M 1.8M 3.5% ▼ 0.1%
Vanguard Portfolio Management LLC $90.3M 1.6M 3.2% ▼ 21.9%
Geode Capital Management, LLC $82M 1.5M 2.9% ▲ 4.3%
Charles Schwab Investment Management Inc $57.6M 1.0M 2.1% ▼ 15.0%
Goldman Sachs Group Inc $57.5M 1.0M 2.1% ▲ 8.2%
Westwood Holdings Group Inc $57.1M 1.0M 2.0% ▲ 63.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PAR Pacific Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $30.6M 27 trades by 9 insiders · 0% under pre-set plans
Net ▼ $30.6M net selling
Insider Date Trade Shares Price Value
Pitkin Terrill SVP, Planning & Commercial September 11, 2026 Sell 3,815 $84.50 $322,368
Clossey Timothy Director September 10, 2026 Sell 10,970 $84.00 $921,480
Monteleone William President and CEO September 3, 2026 Sell 26,801 $83.00 $2.2M
Monteleone William President and CEO September 2, 2026 Sell 40,000 $81.30 $3.3M
Pate William Director August 18, 2026 Sell 6,035 $82.17 $495,896
Pate William Director August 18, 2026 Sell 21,006 $80.97 $1.7M
Pate William Director August 18, 2026 Sell 41,811 $80.44 $3.4M
Guerra Ivan Daniel Chief Accounting Officer August 17, 2026 Sell 2,133 $82.37 $175,695
Clossey Timothy Director August 17, 2026 Sell 5,421 $83.02 $450,051
Pate William Director August 17, 2026 Sell 20,648 $82.32 $1.7M
Clossey Timothy Director August 14, 2026 Sell 8,015 $81.50 $653,222
Mattiussi Danielle See Remarks August 7, 2026 Sell 3,278 $67.29 $220,577

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 5, 2026
  • February 24, 2026
  • November 4, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on PAR Pacific Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PAR Pacific Holdings, Inc. in brief

What does PAR Pacific Holdings, Inc. do?
PAR Pacific Holdings, Inc. is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.
What is PAR Pacific Holdings, Inc.'s stock ticker?
PAR Pacific Holdings, Inc. trades under the ticker PARR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PAR Pacific Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, PAR Pacific Holdings, Inc. reported revenue of $8.6B, 13.2% higher than a year earlier, according to its SEC filings.
What is PAR Pacific Holdings, Inc.'s free cash flow?
PAR Pacific Holdings, Inc.'s free-cash-flow margin is 4.8% of revenue over the trailing twelve months, ranking 8 of the 15 oil & gas refining & marketing companies we cover.
What is PAR Pacific Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of PAR Pacific Holdings, Inc.'s free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$87–$160 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are PAR Pacific Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Invesco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is PAR Pacific Holdings, Inc. buying back stock, and does it pay a dividend?
PAR Pacific Holdings, Inc. spent $81.1M on share repurchases over the trailing twelve months, and its diluted share count fell 6.4% over the year.
What is PAR Pacific Holdings, Inc.'s market cap?
On November 2, 2026, PAR Pacific Holdings, Inc.'s market capitalisation was about $3.6B, with a price-to-earnings ratio of 4.2 and net debt of $564M. Market figures come from third-party market data and may be delayed.
How much debt does PAR Pacific Holdings, Inc. have?
PAR Pacific Holdings, Inc.'s debt-to-equity ratio is 37.3%, from its latest balance sheet (208.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are PAR Pacific Holdings, Inc.'s competitors?
In our Oil & Gas Refining & Marketing peer group, the companies closest to PAR Pacific Holdings, Inc. are Delek US Holdings, Inc., Calumet, Inc., Crossamerica Partners LP, Ultrapar Holdings Inc and HF Sinclair Corp. The side-by-side comparison below sets their revenue, margins and growth against PAR Pacific Holdings, Inc.'s.
Are insiders buying or selling PAR Pacific Holdings, Inc. stock?
Over the last 12 months, PAR Pacific Holdings, Inc.'s directors and officers reported 0 open-market purchases and 27 sales on Form 4. The insider trading page charts every trade.
When is PAR Pacific Holdings, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PAR Pacific Holdings, Inc. announces its own schedule.