WLKP
Westlake Chemical Partners LP
Next earnings Aug 3, 2026 (before open) · consensus $0.43 EPS, $548M rev
Last earnings -0.4% on 2026-05-05
$22.66
▲ +0.58%$22.66▲ +12.65%
over 1Y
L $17.13EODHDH $23.33
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.6%
1W+0.4%
1M-0.4%
3M+6.5%
YTD+24.7%
1Y+12.6%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 7 analysts
Buy
Fee-based ethylene MLP with Westlake take-or-pay floor; stable cash flow but eroding margins and IDR drag cap upside.
Revenue $1.17B · FY2025
The read
Middling fundamentals and a rich price (~48% above fair value) leave little margin of safety — a wait-and-see.
WLKP is a structurally unusual security: its sole revenue-generating asset is a 22.8% LP interest in OpCo, with Westlake holding the remaining 77.2% plus the general partner and incentive distribution rights (IDRs). The MD&A makes clear that the Ethylene Sales Agreement is a long-term, fee-based contract under which Westlake is obligated to take 95% of OpCo's budgeted ethylene production at a fixed $0.10/lb margin, with a Buyer Deficiency Fee if it under-takes. That contractual floor is the entire investment case — it converts a commodity petrochemical business into something closer to a toll road, which is why FY2025 revenue of $1.17B (+2.7% YoY) and a 27.4% operating margin held up despite a brutal ethylene cycle.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.21B | $1.59B | $1.19B | $1.14B | $1.17B |
| Gross profit | $442M | $377M | $387M | $419M | $348M |
| Operating income | $411M | $348M | $358M | $390M | $320M |
| Net income | $82.5M | $64.2M | $54.3M | $62.4M | $48.7M |
| Diluted EPS | — | — | — | — | — |
| Net margin | 6.8% | 4.0% | 4.6% | 5.5% | 4.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$754M
EV / EBITDA1.7
EV / Sales0.6
EV / FCF3.7
P / FCF4.0
PEG (trailing)—
Earnings yield6.1%
FCF yield25.2%
Quality & risk
ROIC (est.)—
Free cash flow$202M
Total debt—
Net cash$44.3M
Piotroski F-Score4/8
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+0.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 10-Q Quarterly report2026-05-06
Q1 2026 10-Q filed; reflects continued margin pressure on the ethylene MLP
- 8-K Earnings results2026-05-05
Q1 2026 earnings released; reaffirms steady ethylene MLP distribution model
- 8-K Officer / director change2026-04-20
Executive officer change announced via 5.02; no operational impact disclosed
- S-3 Shelf registration (potential raise)2026-03-04
FY2025: revenue +2.7% to $1.17B but net income -22%, op income -18% YoY
- 10-K Annual report2026-03-04
FY2025: revenue +2.7% to $1.17B but net income -22%, op income -18% YoY
- 8-K Earnings results2026-02-24
Q4/FY2025 results: net income fell 22% YoY to $48.7M on weaker margins
- 8-K Officer / director change2026-02-23
Officer/director change reported with limited additional disclosure
- 10-Q Quarterly report2025-10-31
Q3 2025 10-Q: ethylene volumes/margins underpin minimum-commitment revenue
- 8-K Material agreement2025-10-30
Q3 2025 earnings plus a new material agreement (item 1.01) disclosed
Recent filings
all on EDGAR ↗3Period ending 2026-06-152026-06-15open ↗10-QPeriod ending 2026-03-312026-05-06open ↗8-KPeriod ending 2026-05-052026-05-05open ↗8-KPeriod ending 2026-04-202026-04-20open ↗EFFECTFiling2026-03-11open ↗CORRESPFiling2026-03-09open ↗UPLOADFiling2026-03-09open ↗S-3Filing2026-03-04open ↗10-KPeriod ending 2025-12-312026-03-04open ↗8-KPeriod ending 2026-02-242026-02-24open ↗8-KPeriod ending 2026-02-182026-02-23open ↗SCHEDULE 13GFiling2026-02-17open ↗
Frequently asked
- Is Westlake Chemical Partners LP (WLKP) a buy?
- WLKP currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Fee-based ethylene MLP with Westlake take-or-pay floor; stable cash flow but eroding margins and IDR drag cap upside.
- What is WLKP's fair value?
- A Modified-Graham model based on WLKP's SEC fundamentals estimates a fair value of about $11.87. It is an estimate from reported earnings, not a price target.
- Is WLKP overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, WLKP currently appears overvalued relative to its SEC-grounded earnings power.
- What is Westlake Chemical Partners LP's quality score?
- WLKP scores 70.49999999999999/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001604665, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/25/2026, 3:00:17 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.