Feed / PARR

Par Pacific Holdings, Inc.

PARR

Energy · 84.53 +1.1% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

Market read

Par Pacific Holdings, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 13 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.

What changed
  • Revenue increased 56.8% versus the comparable filing period.
Company+1.1% todayVolume comparison unavailable
Market group0 of 13 activeRenewable Fuels & Feedstocks · unavailable
Disclosed network0 of 1 confirmingNo filing-linked name is confirming now
What would change this read
  • Higher refined-product prices drove a larger inventory balance and increased receivables in the latest reported period.
  • Interest expense and financing costs declined as Term Loan rates and ABL balances fell, partly offset by the new 2034 Notes.

Invalidation: The isolated read changes if PARR's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Energy · Oil & Gas Refining & Marketing

The latest filing evidence is available. 0 of 13 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 56.8% versus the comparable filing period.
  • Operating margin improved 16.3 percentage points.
  • Net income increased 677.2% versus the comparable filing period.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Higher refined-product prices drove a larger inventory balance and increased receivables in the latest reported period.
  • Interest expense and financing costs declined as Term Loan rates and ABL balances fell, partly offset by the new 2034 Notes.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements241
Verified relationships0
Evidence supporting the case
  • Operating margin changed +6.6 percentage points in the latest annual period.
  • Net margin changed +5.4 percentage points in the latest annual period.
  • Operating cash flow covered net income at 1.21x in the latest annual period.
Evidence challenging the case
  • Latest annual revenue changed -6.4% year over year.
  • Credit and interest rates has repeated adverse evidence across 5 filings.
  • Energy and commodity prices has repeated adverse evidence across 5 filings.
Questions before a position
  • P/E is 66% below the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 18% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

84.53
6m+59.1%12m+154.1%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$4.7B+50.7%$-1.40+9.3%
2022-12-31$7.3B+55.4%$6.08+2.8%
2023-12-31$8.2B+12.4%$11.94+1.9%
2024-12-31$8.0B-3.1%$-0.59-6.9%
2025-12-31$7.5B-6.4%$7.16-9.1%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesnegative · 5 filings
Net cash used in financing activities was approximately $68.1 million for the six months ended June 30, 2025, and consisted primarily of repurchases of common stock of $80.8 million and net repayments of debt of $13.6 million driven by ABL Credit Facility act…
10-Q · Aug 5, 2026
Energy and commodity pricesmixed · 5 filings
Revenues at our retail segment increased $31.5 million, primarily due to a 17% increase in fuel prices, partially offset by a 2% decline in fuel sales volumes.
10-Q · Aug 5, 2026
Demand and volumepositive · 3 filings
Wyoming Refinery Our Wyoming refinery is subject to a number of consent decrees, orders, and settlement agreements involving the EPA and/or the Wyoming Department of Environmental Quality, some of which date back to the late 1970s and several of which remain…
10-K · Feb 25, 2026
Input and raw-material costsnegative · 2 filings
The increase was primarily due to a decrease in cost of revenues of $5.3 million driven by lower repair and maintenance costs, lower variable expenses, lower environmental costs, and a $1.2 million gain on sale of assets, net, related to the sale of property…
10-Q · Aug 6, 2025

Valuation discipline

Descriptive valuation snapshot

Price/sales 0.6× · EV/sales 0.7×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

84.53+1.1% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for PARR. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment

Fundamentals strengthened in the latest filing

10-Q filed 2026-08-05 against the comparable filing from 2025-08-06.

constructive
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed

Capital and cash conversion

Cash conversion improved

supportive

Capital-spending intensity declined while free-cash-flow margin improved.

Capital spending YoY
-7.0%
Capital spending / revenue
+1.7%
Free-cash-flow margin
+3.3%
FCF margin change
+2.1 pts

Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.

What improved

  • Revenue increased 56.8% versus the comparable filing period.
  • Operating margin improved 16.3 percentage points.
  • Net income increased 677.2% versus the comparable filing period.

What weakened

No thresholded deterioration was identified.

Filing receipts

For the three months ended June 30, 2026, our interest expense and financing costs were $14.3 million, a decrease of $7.8 million compared to $22.1 million for the three months ended June 30, 2025, primarily due to a decrease in interest expense related to lower Term Loan Credit Agreement interest rates, lower outstanding balances under our ABL Credit Facility and a decrease in costs associated with our interest rate derivatives, partially offset by an increase in interest expense related to our new 7.375% unsecured senior notes due June 1, 2034 (“2034 Notes”).

For the six months ended June 30, 2026, our interest expense and financing costs were $30.2 million, a decrease of $13.8 million compared to $44.0 million for the six months ended June 30, 2025, primarily due to a decrease in interest expense related to lower Term Loan Credit Agreement interest rates as discussed above, lower outstanding balances under our ABL Credit Facility, and a decrease in costs associated with our interest rate derivatives, partially offset by an increase in interest expense related to our new 2034 Notes.

54 Net cash used for changes in operating assets and liabilities resulted primarily from: • a $255.5 million increase in prepaid and other expenses primarily driven by increases in derivative assets, • a $222.5 million increase in Inventories driven by an increase in refined product inventory due to higher prices, • a $206.6 million increase in Accounts receivable primarily driven by timing of collections and increased pricing, and • deferred turnaround expenditures of $37.4 million driven by expenditures related to Hawaii refinery turnaround activities, partially offset by: • an increase in Accounts payable and Other accrued liabilities of $186.7 million primarily driven by increased crude...

Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.

Business ecosystem

The relationships behind PARR

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

PARR is currently a Follower in the organic co-movement group Renewable Fuels & Feedstocks. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.