Westlake Chemical Partners LP
WLKP · Industrial Organic Chemicals · 35.2M shares · +6%/yr ↑ shares · EDGAR filings ↗
Reference price $21.25 · est. market cap ~$749M — last insider purchase, 2025-08-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B71Westlake Chemical Partners posts top-tier margins and cash flow but is structurally dependent on its parent under a fixed-margin contract.
Strengths
- Sector-leading margins: operating margin 100th, OCF margin 95th, FCF margin 87.5th, net margin 82.4th
- Stable cost-plus Ethylene Sales Agreement (renewed through 2027) and strong liquidity (current ratio 2.80)
Risks
- Substantially all cash flow depends on Westlake credit and three facilities at two sites — severe customer/asset concentration
- Net income fell 22%; MLP structure with limited unitholder rights and IDRs to the parent
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~11% of revenue from one customer/distributor — During 2025, all third-party ethylene and associated co-products sales generated 11
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
29.8%
Operating margin
27.4%
Net margin
4.2%
Return on assets
3.9%
Revenue growth (QoQ)
-5.4%
Net-income growth
-21.9%
Current ratio
2.8×
Free cash flow
$202M
EBITDA
$448M
Cash & investments
$44M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-08-27 | Gilson Jean-Marc | Buy | 95 | $21.25 |
| 2025-08-21 | Gilson Jean-Marc | Buy | 1.2K | $22.02 |
| 2025-08-20 | Gilson Jean-Marc | Buy | 1.2K | $21.86 |
| 2025-08-15 | Gilson Jean-Marc | Buy | 4.7K | $21.84 |
| 2025-08-07 | Friel Lisa A. | Disposition | 2.4K | $21.96 |
| 2025-08-07 | Friel Lisa A. | Option exercise | 4.9K | — |
| 2025-08-07 | WOELFEL RANDY | Option exercise | 4.9K | — |
| 2025-08-07 | WOELFEL RANDY | Disposition | 4.9K | $21.96 |
| 2025-08-07 | FINLEY G STEPHEN | Option exercise | 4.9K | — |
| 2025-05-29 | Gilson Jean-Marc | Buy | 94 | $22.20 |
| 2025-05-29 | Chao James | Sell | 3.7K | $22.10 |
| 2025-05-28 | Chao James | Sell | 4.6K | $22.10 |
| 2025-05-27 | Chao James | Sell | 5.6K | $22.17 |
| 2025-02-25 | Gilson Jean-Marc | Buy | 83 | $24.75 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-05 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-20 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-24 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-23 | Exec/director change | filing ↗ |
| 2025-10-30 | Material agreementResultsReg FDExhibits | filing ↗ |
| 2025-08-05 | ResultsReg FDExhibits | filing ↗ |
| 2025-05-02 | ResultsReg FDExhibits | filing ↗ |
| 2025-02-24 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-06 | 2026-03-31 | 0001604665-26-000017 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001604665-26-000013 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001193125-26-164239 ↗ |
| 10-K | 2026-03-04 | 2025-12-31 | 0001604665-26-000010 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001604665-26-000003 ↗ |
| 8-K | 2026-02-23 | 2026-02-18 | 0001193125-26-064229 ↗ |
| 10-Q | 2025-10-31 | 2025-09-30 | 0001604665-25-000042 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001604665-25-000038 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001604665-25-000034 ↗ |
| 8-K | 2025-08-05 | 2025-08-05 | 0001604665-25-000029 ↗ |
| 10-Q | 2025-05-02 | 2025-03-31 | 0001604665-25-000021 ↗ |
| 8-K | 2025-05-02 | 2025-05-02 | 0001604665-25-000019 ↗ |