At a glance
Par Pacific Holdings Inc is worth $3.70B, about 10 times its fiscal 2025 earnings. Revenue fell 6.4% to $7.46B in fiscal 2025, with 4.9% kept as profit; over 5 years it has grown 19.0% a year. It pays no dividend; it spent $344.6M buying back its shares over FY2021–FY2025. The stock returned +86.2% over the past year with dividends reinvested and +36.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 70.3% in the 2020 crash (S&P 500: 33.7%) and 33.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 27 months and 3 months after the lows.
Price history
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PARR +86.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.97B, up 56.8% from a year earlier, and net income was $462.1M (+677.2%).
- For fiscal 2025, revenue was $7.46B (-6.4% year over year; +19.0% a year from FY2020 to FY2025) with a 4.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.0% good |
|---|---|
| Operating margin | 7.2% watch |
| Free cash flow margin | 4% watch |
| Return on equity (FY2025) | 24.4% good |
| Return on assets (FY2025) | 9.6% good |
| Net cash (cash minus debt) | $-554.2M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.12B | $-409.1M | $-100.7M |
| FY2021 | $4.71B | $-81.3M | $-57.2M |
| FY2022 | $7.32B | $364.2M | $399.6M |
| FY2023 | $8.23B | $728.6M | $496.9M |
| FY2024 | $7.97B | $-33.3M | $-51.8M |
| FY2025 | $7.46B | $369.4M | $296.5M |
Valuation snapshot
| Market value | $3.70B |
|---|---|
| P/E ratio | 10.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Par Pacific Holdings’s market value went from $661.7M at the end of 2016 to $3.70B on Oct 28, 2026, about 5.6 times as much; since the end of 2025 it is up 109%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.70B | +109.2% |
| 2025 | $1.77B | +92.7% |
| 2024 | $917.1M | -58.3% |
| 2023 | $2.20B | +56.9% |
| 2022 | $1.40B | +41.3% |
| 2021 | $992.6M | +31.5% |
| 2020 | $754.6M | -36.6% |
| 2019 | $1.19B | +82.8% |
| 2018 | $650.5M | -26.3% |
| 2017 | $882.8M | +33.4% |
| 2016 | $661.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PARR price data to Oct 28, 2026 | +110.0% | +86.2% | +32.0% | +36.2% | +18.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +110.0% |
| 2025 | +114.4% |
| 2024 | -54.9% |
| 2023 | +56.4% |
| 2022 | +41.0% |
| 2021 | +17.9% |
| 2020 | -39.9% |
| 2019 | +63.9% |
| 2018 | -26.4% |
| 2017 | +32.6% |
| 2016 | -38.2% |
| 2015 | +44.9% |
| 2014 | -27.1% |
| 2013 | +85.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.8% over that stretch · deepest drop along the way 70.3%, back to its old high 26.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9.5% over that stretch · deepest drop along the way 33.1%, back to its old high 2.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 13 sales ($16.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | William Pate Director | sell | $3.4M |
| Sep 2, 2026 | William Monteleone President and CEO, Director | sell | $3.3M |
| Sep 3, 2026 | William Monteleone President and CEO, Director | sell | $2.2M |
| Aug 18, 2026 | William Pate Director | sell | $1.7M |
| Aug 17, 2026 | William Pate Director | sell | $1.7M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.8% | Mar 31, 2025 |
| STATE STREET CORPORATION | 6.7% | Jun 30, 2026 |
| Invesco Ltd. | 5.5% | Jun 30, 2026 |
ETFs with the most weight in PARR
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.68% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.44% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.7% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.36% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 0.25% |
| SEIS SEI Select Small Cap ETF | 0.19% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.18% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.17% |
What could go wrong
- Four refineries in a few markets. Par's refineries and related assets sit in a few limited areas, led by Hawaii. A local economic slump, or a fire, spill or breakdown at one plant, could hit results hard.
- Hawaii renewable fuels plant could disappoint. Par's renewable fuels plant next to its Hawaii refinery may not start when expected, or at all. Even if finished, it may not deliver the expected benefits, and renewable margins can shrink.
- A gas stake it doesn't control. Par owned 46% of Laramie Energy, a Colorado natural gas producer, as of December 31, 2025. Par carries drilling and gas-price risk but cannot control Laramie's operations or easily get value out.
- Heavy debt and financed crude supply. Par calls its debt substantial, and some of it has variable rates. Total debt was $739 million against $185 million of cash as of June 30, 2026. Par also depends on financing deals to buy crude.
- Refining margins swing with oil prices. Profits depend on the gap between crude costs and fuel prices, which moves with global supply, wars, tariffs and weather. Par lost $33 million in fiscal 2024, then earned $369 million in fiscal 2025.
- No dividend and a volatile stock. Par has no near-term plans to pay cash dividends, so returns come only from the share price. That price has been volatile. At its worst it fell 78.5% from a peak over about 14 years.
Recent events
- Executive or board change; Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Par Pacific does not pay a dividend, and its annual report says it has no near-term plans to start one. Shareholders must rely on share-price gains alone, so the stock offers no regular income. Instead, the company has returned cash through buybacks: $344.6 million from fiscal 2021 to 2025, including $124.8 million in fiscal 2025. Shares outstanding fell 16.8%, from about 60.2 million in October 2021 to about 50.1 million as of July 30, 2026.
The shares have been rough in downturns. In the 2020 COVID crash they fell 70.3% and took about 27 months after the low to recover. In the 2022 bear market they dropped 33.1% but recovered within three months of their low. At the market's October 2022 low they were 9.5% higher than at its January peak. The stock lost about 55% in calendar 2024 and then more than doubled in 2025. A single stock like this carries more risk than a diversified fund.