Westlake Chemical Partners LP key statistics and ratios

In fiscal 2025, Westlake Chemical Partners LP had an operating margin of 27.4% and a current ratio of 2.80. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Westlake Chemical Partners LP: financial ratios, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	42.6%	38.0%	39.7%	34.4%	29.3%	34.8%	39.2%	36.4%	23.7%	32.5%	36.9%	29.8%	31.2%
Operating margin	41.0%	35.7%	37.1%	31.9%	27.2%	32.1%	36.5%	33.8%	21.8%	30.0%	34.4%	27.4%	28.8%
Net margin	0.8%	4.0%	4.1%	4.1%	3.8%	5.6%	6.8%	6.8%	4.0%	4.6%	5.5%	4.2%	4.7%
Free-cash-flow margin	22.9%	22.0%	−1.2%	39.9%	30.8%	37.3%	34.8%	26.9%	25.7%	34.0%	38.4%	17.3%	33.1%
Return on assets	1.2%	3.3%	2.9%	3.2%	3.3%	4.3%	4.8%	5.8%	4.5%	4.0%	4.8%	3.8%	4.7%
Asset turnover	1.60	0.84	0.69	0.76	0.86	0.76	0.70	0.86	1.12	0.89	0.87	0.92	1.00
Current ratio	6.15	3.90	6.15	5.75	5.07	6.14	6.62	2.63	3.67	4.02	4.35	2.80	3.44
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	25.9x	13.5x	15.2x	14.0x	16.4x
Effective tax rate	—	0.2%	0.3%	0.4%	0.0%	0.2%	0.2%	0.1%	0.3%	0.2%	0.2%	0.2%	0.2%
SG&A as % of revenue	1.7%	2.3%	2.5%	2.5%	2.1%	2.7%	2.7%	2.6%	1.9%	2.5%	2.5%	2.4%	2.4%
Capital spending as % of revenue	11.6%	23.0%	30.4%	5.9%	3.1%	4.0%	3.8%	6.7%	3.4%	3.9%	4.3%	6.8%	4.6%
Free cash flow ÷ net income	>999%	555.7%	−29.1%	962.6%	803.1%	667.6%	508.5%	396.5%	638.3%	746.4%	698.9%	414.1%	710.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Westlake Chemical Partners LP: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	42.2%	34.0%	22.8%	32.8%	32.2%	30.0%	30.7%	31.9%
Operating margin	39.6%	31.7%	19.6%	30.7%	29.8%	27.8%	28.3%	29.4%
Net margin	6.5%	5.2%	2.1%	4.9%	4.7%	4.5%	4.6%	4.8%
Free-cash-flow margin	39.9%	41.0%	12.6%	−5.2%	24.5%	34.5%	34.2%	39.5%
Current ratio	4.53	4.35	1.37	2.15	2.37	2.80	3.65	3.44
SG&A as % of revenue	2.6%	2.3%	3.1%	2.1%	2.4%	2.2%	2.4%	2.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · June 30, 2026

What it owns · $1.2bn

Short-term assets $158mLonger-term assets $1.1bn

What it owes, and who funded it · $448m

Short-term liabilities $46mLonger-term liabilities $402m

Short-term assets cover short-term liabilities $158m of assets due within a year against $46m of liabilities due within a year.
Short-term assets cover long-term liabilities $158m short-term assets against $402m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $356m against $22m of interest.

From Westlake Chemical Partners LP'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.

Moat

69 /100

Moderate moat

How hard Westlake Chemical Partners'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 5 / 20

Net income has been a median 4.4% of total assets over 10 years.
Pricing power 11 / 20

Gross margin has been a median 33.3%, moving by 3.5 percentage points (standard deviation) across 10 years.
Durability 20 / 20

Operating margin has been a median 30.8%; its worst year was 26.3%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 32.6% 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.

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Figures from Westlake Chemical Partners LP's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Westlake Chemical Partners LP.