Par Pacific Holdings, Inc. (PARR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+187.9%

$209.16

vs $72.65 price

Levered DCF

$130.88

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.63

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4.91×	-27.78×	3×	3.8×	-11.78×	-1.82×	29.05×	16.49×
P/B	1.18×	0.78×	1.64×	2.15×	3.62×	3.03×	1.81×	1.27×
P/S	0.24×	0.12×	0.27×	0.19×	0.2×	0.24×	0.22×	0.19×
EV / EBITDA	4.05×	13.15×	3.63×	3.31×	22.49×	-6.51×	15.77×	7.35×
Gross margin	18.1%	9.3%	15.5%	11.6%	5.9%	2.8%	9.5%	10.4%
Operating margin	7.2%	0.6%	8.3%	6.0%	-0.2%	-10.2%	2.7%	2.4%
Net margin	4.9%	-0.4%	8.9%	5.0%	-1.7%	-13.1%	0.8%	1.2%
Current ratio	1.6×	1.62×	1.3×	1.05×	0.83×	0.72×	1×	1.16×
Debt / equity	0.81×	1.32×	0.76×	1.35×	3.62×	4.38×	1.6×	0.78×
Interest coverage	6.54×	0.58×	9.39×	6.41×	-0.11×	-4.53×	1.98×	2.06×
Dividend yield	0.0%	1.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-39.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.4%	-2.8%	54.6%	56.5%	-30.6%	-166.1%	6.3%	7.7%
Return on invested capital	13.5%	1.4%	28.1%	28.0%	-0.6%	-22.1%	-11.9%	8.5%
Return on assets	9.1%	-0.9%	18.9%	11.1%	-3.2%	-19.2%	1.5%	2.7%
Free cash flow yield	16.6%	-5.6%	22.8%	28.9%	-5.9%	-13.5%	1.9%	6.5%
Earnings yield	20.7%	-3.6%	33.4%	26.3%	-8.5%	-54.9%	3.5%	6.1%
Enterprise value	$2.9B	$2.3B	$2.9B	$1.8B	$1.8B	$1.8B	$2.1B	$972.1M
Net debt / EBITDA	1.51×	7.84×	0.92×	0.71×	10.55×	-3.75×	6.91×	2.45×
Cash conversion cycle (days)	68	51	60	63	67	52	49	49