| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 96 | 5.0x | 17.8x | Top tier | |
Growth | 52 | 13.2% | 7.1% | Around median | |
Quality | 67 | 30.9% | 4.5% | Top tier | |
Safety | 82 | 0.5x | 2.6x | Top tier | |
Capital Return | 71 | — | 2.12% | Top tier | |
Momentum | 99 | 113.8% | 2.9% | Top tier | |
Sentiment | 34 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Par Pacific Holdings, Inc. is an energy company that combines oil refining, logistics, retail fuel sales, and renewable fuels. In Q2 of fiscal year 2026, the refining segment generated most of the adjusted earnings, recording adjusted EBITDA of $552 million, compared with $30 million for logistics and $17 million for retail; the company also began its first commercial sales of renewable diesel from its Hawaii project, although volumes remain limited at this early stage of the launch.
Revenue for Q2 of fiscal year 2026 reached approximately $3.0 billion according to EDGAR data, compared with $1.8 billion in Q1 of fiscal year 2026. Net income was $462.1 million and earnings per share according to EDGAR were approximately $9.35, while the company reported adjusted net income of $499 million, earnings per share of $10.10, and adjusted EBITDA of $571 million. The surge primarily reflects improved refining economics, as the combined refining index reached approximately $33 per barrel, compared with an average of $12.40 per barrel in fiscal year 2025, and the refining margin capture rate reached 125%, or 112% after normalizing the impact of the pricing lag in Hawaii and the FIFO impact in Wyoming.
Operationally, Washington recorded quarterly production of 41.2 thousand barrels per day and utilization of 98.1%, while conventional Hawaii production reached 73.2 thousand barrels per day, Montana approximately 53 thousand, and Wyoming approximately 14 thousand during Q2 of fiscal year 2026. In retail, same-store fuel volumes declined 0.8% year over year, but in-store sales increased 1%, and the segment's adjusted EBITDA improved to $17 million from $15 million in the previous quarter due to the partial recovery in fuel margins and growth in foodservice sales.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus rates PARR as a “Buy,” with an average price target of $79.8 and a wide range between $65 and $92; the average is approximately 8% below the 52-week range high of $87.03, while the highest target exceeds that high. The 52-week range extends from $32.24 to $87.03, and no published price-to-earnings ratio is available in the provided data, so the stock's valuation depends more on the sustainability of the surge in refining earnings than on a fixed multiple, particularly given the expected pressure from Hawaii maintenance and margin volatility following the exceptional Q2 fiscal year 2026 results.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
The combined refining index rose to approximately $33 per barrel, an increase of approximately $14 from Q1 of fiscal year 2026, amid disruptions to crude oil and refined product supplies. As a result, the refining segment's adjusted EBITDA surged to $552 million from $69 million in the previous quarter, and the group's adjusted EBITDA reached $571 million. The refining capture rate also reached 125%, or 112% after normalizing the pricing lag benefit in Hawaii and the FIFO impact in Wyoming, and the company recorded adjusted earnings per share of $10.10.
Management stated that global refined product inventories remained limited and that structural factors supporting margins persisted as of August 5, 2026, but the results benefited from an exceptional environment in which the refining index reached approximately $33 per barrel. In July 2026, the combined index declined to $31.34 per barrel, approximately $1.60 below the second-quarter average. The financial effects of the Hawaii turnaround will also be concentrated in Q3 of fiscal year 2026, meaning that the second-quarter earnings alone do not provide a stable basis for forecasts.
The turnaround began in late June 2026, and the main units had either safely restarted or were nearing completion of the restart as of August 5, 2026, with cost and timing close to target. Management expects conventional Hawaii production of approximately 59.1 thousand barrels per day and renewable production of between 1.5 and 2.0 thousand barrels per day during Q3 of fiscal year 2026. It also expects the cost of imported barrels and lower production to cause Hawaii margin capture to fall below the normal range of 100% to 110%.
Renewable diesel production increased gradually to approximately 3 thousand barrels per day in June 2026 before the plant's turnaround began. The company completed its first commercial sales of renewable diesel during Q2 of fiscal year 2026, but described the volumes as small and reflective of the early stage of the launch. After the units restart, management expects a gradual increase in third-party sales and earnings contribution, while Q3 fiscal year 2026 production guidance ranges between 1.5 and 2.0 thousand barrels per day.
Par Pacific ended the quarter with total liquidity of approximately $1.4 billion and cash of $185 million. During the period, it issued $500 million of senior unsecured notes, reduced total term debt by more than $130 million and ABL borrowings by $78 million, resulting in a net debt reduction of more than $220 million. It also limited share repurchases during the volatility in favor of debt reduction, with cumulative purchases reaching approximately $48 million from the beginning of fiscal year 2026 through the end of the second quarter.
Management estimated the fiscal year 2025 RVO obligation for its mainland refineries at approximately 140 million RIN units. At the RIN prices cited in the August 5, 2026 call, the benefit of full exemptions for the three refineries could reach approximately $300 million, while the benefit of partial exemptions could be half that amount. However, management emphasized that providing a timeline for the decision would be mere speculation, so neither amount should be treated as a realized benefit.
