Par Pacific Holdings, Inc. Comm — Earnings Quality Grade F
PARR · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 15 days, change -3 days YoY
AR growth -21.5% vs revenue growth -6.4%
Revenue -6.4%, CFFO 431.6%. Cash follows revenue
Expense Quality
Inventory growth 12.8% far exceeds COGS -13.5%, margin rising. Fraud signal
CapEx growth 9.8% vs revenue -6.4%. Normal
SG&A/Gross Profit = 8.1%, excellent (<30%)
Gross margin swung +6.9pp (9.3% → 16.2%)
Cash Flow Quality
CFFO/NI = 1.21. Profits backed by cash
FCF $0.3B, FCF/NI = 0.80
Accruals ratio = -2.0%. Low accruals
Cash $0.2B covers only 13% of debt $1.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 9% of equity. Manageable
Debt/EBITDA = 1.7x. Healthy
Other assets -16.2% vs revenue -6.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.97 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25