Westlake Chemical Partners LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Westlake Chemical Partners LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	987	1,173	1,286	1,092	967	1,215	1,593	1,191	1,136	1,167
Cost of revenue	595	769	908	712	588	773	1,216	803	717	819
Gross profit	391	404	377	379	379	442	377	387	419	348
Selling, general and administrative	24.9	29.3	27.6	29.3	25.9	31	29.7	29.8	28.5	28.3
Operating income	366	374	350	350	353	411	348	358	390	320
Interest expense							13.4	26.5	25.7	22.9
Other non-operating income	0.6	1.79	2.46	3.1	0.73	0.06	1.57	4.23	5.25	2.45
Pre-tax income	354	354	331	334	342	402	336	335	370	299
Income tax	1.04	1.28	0.02	0.73	0.56	0.55	1.02	0.81	0.84	0.55
Net income to minority interests	312	304	281	272	275	319	271	280	307	250
Net income	40.9	48.7	49.3	61	66.2	82.5	64.2	54.3	62.4	48.7
EBITDA	465	488	458	457	456	520	469	468	502	448
Shares, basic (weighted)	27.1	28.4	32.2	34.5	35.2	35.2
Shares, diluted (weighted)	27.1	28.4	32.2	34.5	35.2	35.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	88.9	27	19.7	19.9	17.2	17.1	64.8	58.6	58.3	44.3
Receivables	12.1	18.1	16.4	9.91	11	5.83	20	18.7	11.6	9.11
Inventory	3.93	5.59	4.39	2.48	3.47	8.9	4.72	4.43	4.06	2.77
Other current assets	0.27	0.31	0.37	0.47	0.39	0.4	0.31	0.44	0.44	0.41
Total current assets	232	231	247	238	263	281	246	226	241	144
Property, plant and equipment	1,222	1,196	1,148	1,103	1,051	1,044	990	944	904	886
Lease right-of-use assets								5.08
Goodwill	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81
Other non-current assets	101
Total assets	1,555	1,515	1,462	1,393	1,356	1,481	1,372	1,317	1,288	1,257
Accounts payable	9.93	10.5	5.05	6.14	13.1	35.1	15.3
Accrued liabilities	15.7	15.7	16.3	17.5	18.8	60.9	17.5	25	16.9	22.2
Total current liabilities	37.8	40.2	48.8	38.8	39.8	107	66.9	56.3	55.4	51.3
Other non-current liabilities	0.12	0.11	0	1.15	0.38	0	0	2.95	2.05	1.66
Total liabilities	634	517	528	441	441	508	468	461	459	454
Other comprehensive income	0.2	0.28	0
Total liabilities and equity	1,555	1,515	1,462	1,393	1,356	1,481	1,372	1,317	1,288	1,257

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	353	353	331	333	341	401	335	335	369	299
Depreciation and amortization	98.2	114	109	107	103	109	121	110	112	128
Deferred income tax	0.34	0.48	-0.56
Change in inventory	-0.06	-1.66	1.2	1.13	-0.99	-5.42	4.18	0.28	0.37	1.29
Change in payables	-2.18	1.44	-4.48	0.42	4.25	19.8	-17	1.57	-2.69	-2.35
Cash from operations	288	537	436	451	373	408	464	452	485	280
Capital expenditures	-300	-68.9	-39.9	-43.7	-37	-81.2	-54.1	-46.8	-49	-78.8
Cash from investing	-299	-203	-51.8	-57.7	2.03	-64.3	-12	-75.9	-89	31.2
Cash from financing	-68.9	-396	-392	-393	-378	-344	-404	-382	-396	-326
Net change in cash	-80.7	-61.9	-7.26	0.18	-2.77	-0.1	47.7	-6.16	-0.3	-14
Free cash flow	-11.9	468	396	407	336	327	410	405	436	202
Interest paid	9.9	23.1	20.6	20.8	13.9	8.98	10.9	24.5	26.5	23.2
Income taxes paid	0.63	0.72	0.71	0.66	0.71	0.68	0.68	0.83	0.83	0.87

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.2%	Gross profit / revenue.
Operating margin	28.8%	Operating income / revenue.
EBITDA margin	38.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.1%	Pre-tax income / revenue.
Net margin	4.7%	Net income / revenue.
FCF margin	33.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.7%	Cash from operations / revenue.
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.7%	Net income / average total assets.
SG&A / revenue	2.4%	Selling, general and administrative expense / revenue.
Capex / revenue	4.6%	Capital expenditures / revenue.
D&A / revenue	9.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-17.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-18.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-10.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-21.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-5.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-42.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-15.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-53.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-21.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.44x	Current assets / current liabilities.
Quick ratio	1.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.08x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	36.8%	Total liabilities / total assets.
Interest coverage	16.4x	Operating income / interest expense.
Working capital	$111.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.01x	Revenue / average total assets.
Fixed asset turnover	1.44x	Revenue / average property, plant and equipment.
Inventory turnover	239x	Cost of revenue / average inventory.
Days inventory	2 days	365 x average inventory / cost of revenue.
Receivables turnover	57.2x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
FCF conversion	710.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.1%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$761.3M	Share price x shares outstanding.
Enterprise value	$712.0M	Market cap + total debt - cash - short-term investments.
P/E	13.2x	Market cap / net income. Only when net income is positive.
P/S	0.62x	Market cap / revenue.
P/FCF	1.86x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.63x	Market cap / cash from operations, when positive.
EV/Sales	0.58x	Enterprise value / revenue.
EV/EBIT	2.00x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.52x	Enterprise value / EBITDA, when both are positive.
EV/FCF	1.74x	Enterprise value / free cash flow, when both are positive.
FCF yield	53.7%	Free cash flow / market cap.
Earnings yield	7.6%	Net income / market cap (the inverse of P/E).

What was Westlake Chemical Partners LP's revenue in fiscal 2025?

Westlake Chemical Partners LP reported revenue of $1.17B for fiscal 2025, 2.7% higher than the year before.

Was Westlake Chemical Partners LP profitable in fiscal 2025?

Yes. Net income was $48.7M, a net margin of 4.2%.

How much free cash flow did Westlake Chemical Partners LP generate in fiscal 2025?

Cash from operations of $280.5M minus capital expenditures of $78.8M left free cash flow of $201.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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