Cvr Energy (CVI) stock price is $39.76, down 7.57% on the day, as of Nov 5, 2026. It has a market cap of $4.03Bn and a P/E ratio of 15.19, and is classified in the Oil Refining industry (Energy sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap4.03 Bn
P/E15.19
FCF (Yr)-41.00 Mn
ROA (Yr)2.26
EV to EBIT1.76
Net Income (Yr)90.00 Mn
Enterprise Value988.03 Mn
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About
CVR Energy, Inc. is a diversified holding company formed in September 2006 and headquartered in the United States. The company conducts its core operations through three reportable business segments: petroleum refining and marketing, renewable fuels processing, and nitrogen fertilizer manufacturing. Its petroleum activities involve refining crude oil into transportation fuels and managing associated gathering and logistics assets. The renewable fuels segment focuses on…
CVR Energy, Inc. is a diversified holding company formed in September 2006 and headquartered in the United States. The company conducts its core operations through three reportable business segments: petroleum refining and marketing, renewable fuels processing, and nitrogen fertilizer manufacturing. Its petroleum activities involve refining crude oil into transportation fuels and managing associated gathering and logistics assets. The renewable fuels segment focuses on converting vegetable oils into renewable diesel. The nitrogen fertilizer segment produces ammonia and urea ammonium nitrate for agricultural customers using pet coke and natural gas as feedstocks.
The company generates revenue primarily from the sale of refined petroleum products such as gasoline, diesel, jet fuel and distillates produced at its Coffeyville and Wynnewood refineries. Additional petroleum revenue comes from crude oil gathering and logistics services, as well as from the sale of hydrogen and by products such as pet coke to affiliated entities. Renewable fuels revenue is derived from the production and marketing of renewable diesel at the Wynnewood Renewable Facility, with a portion of the output consumed internally by the petroleum segment to meet renewable fuel standard obligations. Nitrogen fertilizer revenue stems from the sale of ammonia and urea ammonium nitrate manufactured at the Coffeyville Fertilizer Facility and the East Dubuque Fertilizer Facility, with pricing influenced by global nitrogen markets, feedstock costs and agricultural demand cycles.
The company operates through the following three segments:.
Petroleum Segment: This segment refines and markets high value transportation fuels, including gasoline, diesel, jet fuel and distillates, and also manages crude oil gathering and logistics assets that support refinery operations. The segment operates two refineries: the Coffeyville Refinery in Kansas with a nameplate capacity of 132,000 barrels per day and the Wynnewood Refinery in Oklahoma with a nameplate capacity of 74,500 barrels per day. It also maintains an extensive pipeline network and trucking fleet to gather crude oil from regional sources and to deliver refined products to customers in the midcontinent area.
Renewables Segment: This segment processes renewable feedstocks such as soybean oil, corn oil and other vegetable oils into renewable diesel and markets the resulting renewable fuel products. The segment’s primary facility is the Wynnewood Renewable Facility, which before its December 2025 reversion to hydrocarbon processing had a nameplate capacity of approximately 80 million gallons of renewable diesel per year. Renewable diesel production generates federal renewable identification numbers and low carbon fuel standard credits that can be sold to third parties or used internally for compliance.
Nitrogen Fertilizer Segment: This segment produces and distributes nitrogen fertilizer products, primarily ammonia and urea ammonium nitrate, for the farming industry using pet coke gasification at the Coffeyville facility and natural gas at the East Dubuque facility. The Coffeyville Fertilizer Facility includes a gasifier complex capable of producing 89 million standard cubic feet of hydrogen per day, a 1,300 ton per day ammonia unit and a 3,100 ton per day urea ammonium nitrate unit. The East Dubuque Fertilizer Facility features a 1,075 ton per day ammonia unit and a 950 ton per day urea ammonium nitrate unit, with flexibility to adjust product mix based on market conditions.
In the petroleum refining industry, CVR Energy competes on the basis of price, supply reliability, product grade variety and geographic positioning relative to crude oil sources. Its primary competitors in the midcontinent region include CHS Inc.’s McPherson Refinery, HF Sinclair Corporation’s El Dorado and Tulsa Refineries, Phillips 66 Company’s Ponca Refinery and Valero Energy Corporation’s Ardmore Refinery. The company also competes with trading companies and other refineries outside the region that access the market through pipeline systems linking to the Gulf Coast, Great Lakes and Texas panhandle. Competitive advantages stem from its proximate location to domestic crude supplies, which reduces transportation costs, and from refinery complexities that enable processing of a wide range of crude grades.
The company serves a diverse customer base that includes retailers, railroads, farm cooperatives and other refiners for its petroleum products, with its top petroleum customer accounting for approximately 12% of segment net sales in 2025. For nitrogen fertilizer, customers are principally agricultural and industrial users, with the top two customers together representing roughly 28% of net sales in 2025. Renewable diesel is sold mainly under third party offtake agreements, with any excess volume consumed by the petroleum segment to satisfy renewable fuel standard obligations. No specific customer names are disclosed in the filing.
Sectors:Energy·Basic MaterialsSector rationaleThe company's core operations are dominated by petroleum refining and marketing, producing gasoline, diesel, and jet fuel, which falls squarely within the Energy sector. It also operates a substantial nitrogen fertilizer business producing ammonia and urea ammonium nitrate for agricultural customers, which is explicitly listed under Basic Materials.Industries:Oil RefiningOil RefiningPrimaryThe company's core operations involve refining crude oil into transportation fuels such as gasoline, diesel, and jet fuel at its Coffeyville and Wynnewood refineries. It generates primary revenue from the sale of these refined petroleum products to retailers, railroads, and other refiners.FertilizersFertilizersSecondaryThe company operates a dedicated Nitrogen Fertilizer Segment that produces and distributes ammonia and urea ammonium nitrate for the farming industry via facilities in Coffeyville and East Dubuque.BiofuelsBiofuelsSecondaryThe company operates a Renewables Segment that converts vegetable oils, such as soybean and corn oil, into renewable diesel at the Wynnewood Renewable Facility for sale under third-party offtake agreements.Classified using BQ-MICSCIK: 0001376139
Bull & bear
Investment Thesis
▲ Bull case
CVR Energy demonstrated robust operational execution in the first quarter with crude utilization at 97% and ammonia utilization exceeding nameplate capacity at 103%. These high run rates reflect disciplined cost control and reliable asset performance, which together generated $64 million of cash from operations and $21 million of free cash flow. The fertilizer segment contributed the bulk of the free cash flow, underscoring its role as a steady cash generator that can support debt reduction and shareholder returns even when refining margins face pressure. This operational strength provides a solid foundation for the company to pursue its deleveraging target while maintaining the newly reinstated dividend.
Market fundamentals are shifting in a way that could improve refining margins beyond the current quarter. The tightening of global crude and refined product supplies due to geopolitical disruptions has reduced gasoline and diesel inventories in the mid continent by 17% and 20% respectively, bringing supply closer to the low end of historical ranges. This inventory drawdown is accompanied by improving demand trends for both gasoline and distillate in the same region, which together tighten the refined product basis. Management noted that the basis has already moved closer to normal levels between the mid continent and the Gulf Coast, suggesting further upside to crack spreads as the imbalance persists.
The company is actively expanding its access to higher value markets through logistics investments that are not yet fully reflected in current guidance. CVR has begun using the rail loading facility at Wynnewood after the renewable diesel unit was repurposed, allowing it to move product out of the mid continent to other regions. Additionally, a new product pipeline from Kansas and Denver is scheduled to come online later this year, and the Western Gateway Pipeline is under development for future years. These infrastructure projects should enable CVR to capture better basis and achieve higher netbacks on its refined output, creating a hidden catalyst for margin expansion.
The fertilizer business is benefitting from tight global nitrogen supply conditions that are likely to persist through the planting season. Roughly 30% of nitrogen fertilizer transits through the Strait of Hormuz, and ongoing disruptions in the Middle East have curtailed output at several regional facilities. With USDA projecting 95 million acres of corn to be planted in 2026—well above the five year average—demand for nitrogen remains strong while supply remains constrained. This environment supports elevated ammonia and UAN prices, as evidenced by quarter to date pricing of $950 per ton for ammonia and $525 per ton for UAN, providing a durable earnings stream that can offset volatility in the refining segment.
Capital allocation is aligned with a clear deleveraging path that does not sacrifice shareholder returns. Management reiterated a gross leverage target of $1 billion excluding CVR Partners debt, and the company ended the quarter with $512 million of cash and total liquidity of $923 million. The reinstated $0.10 per share dividend is described as a fixed payout rather than a variable one, signaling confidence in sustainable cash generation. With free cash flow heavily weighted toward the fertilizer segment, CVR can continue to reduce debt while returning capital, a balance that the market may be underestimating given the current focus on headline earnings volatility.
CVR Energy demonstrated robust operational execution in the first quarter with crude utilization at 97% and ammonia utilization exceeding nameplate capacity at 103%. These high run rates reflect disciplined cost control and reliable asset performance, which together generated $64 million of cash from operations and $21 million of free cash flow. The fertilizer segment contributed the bulk of the free cash flow, underscoring its role as a steady cash generator that can support debt reduction and shareholder returns even when refining margins face pressure. This operational strength provides a solid foundation for the company to pursue its deleveraging target while maintaining the newly reinstated dividend.
Market fundamentals are shifting in a way that could improve refining margins beyond the current quarter. The tightening of global crude and refined product supplies due to geopolitical disruptions has reduced gasoline and diesel inventories in the mid continent by 17% and 20% respectively, bringing supply closer to the low end of historical ranges. This inventory drawdown is accompanied by improving demand trends for both gasoline and distillate in the same region, which together tighten the refined product basis. Management noted that the basis has already moved closer to normal levels between the mid continent and the Gulf Coast, suggesting further upside to crack spreads as the imbalance persists.
The company is actively expanding its access to higher value markets through logistics investments that are not yet fully reflected in current guidance. CVR has begun using the rail loading facility at Wynnewood after the renewable diesel unit was repurposed, allowing it to move product out of the mid continent to other regions. Additionally, a new product pipeline from Kansas and Denver is scheduled to come online later this year, and the Western Gateway Pipeline is under development for future years. These infrastructure projects should enable CVR to capture better basis and achieve higher netbacks on its refined output, creating a hidden catalyst for margin expansion.
The fertilizer business is benefitting from tight global nitrogen supply conditions that are likely to persist through the planting season. Roughly 30% of nitrogen fertilizer transits through the Strait of Hormuz, and ongoing disruptions in the Middle East have curtailed output at several regional facilities. With USDA projecting 95 million acres of corn to be planted in 2026—well above the five year average—demand for nitrogen remains strong while supply remains constrained. This environment supports elevated ammonia and UAN prices, as evidenced by quarter to date pricing of $950 per ton for ammonia and $525 per ton for UAN, providing a durable earnings stream that can offset volatility in the refining segment.
Capital allocation is aligned with a clear deleveraging path that does not sacrifice shareholder returns. Management reiterated a gross leverage target of $1 billion excluding CVR Partners debt, and the company ended the quarter with $512 million of cash and total liquidity of $923 million. The reinstated $0.10 per share dividend is described as a fixed payout rather than a variable one, signaling confidence in sustainable cash generation. With free cash flow heavily weighted toward the fertilizer segment, CVR can continue to reduce debt while returning capital, a balance that the market may be underestimating given the current focus on headline earnings volatility.
The refining segment remains heavily exposed to volatile renewable fuel standard costs that continue to erode margins despite improvements in crack spreads. Net RINs expense for the quarter was $143 million, or $7.37 per barrel, which reduced the adjusted margin capture rate by approximately 34%. Management acknowledged that the EPA’s recent Set 2 rule raised the renewable volume obligation to historic highs, adding an estimated $0.25 to $0.30 per gallon to fuel costs. Until the agency provides relief or the company succeeds in securing a small refinery exemption for Wynnewood, this cost headwind will persist and could offset any gains from tighter product balances.
Derivative positions put in place at the onset of the Middle East conflict are creating a significant accounting drag that may not fully reverse as anticipated. The first quarter included $158 million of unrealized derivative losses on crack spread swaps, with additional realized losses bringing the total derivative impact to $182 million. Management noted that these losses are expected to be offset by gains on physical production as the contracts roll off through 2027, but the timing of that offset is uncertain and depends on future crack spread evolution. If crack spreads fail to remain elevated, the unrealized losses could translate into realized losses, weighing on earnings and cash flow.
The fertilizer segment’s strong performance is partially contingent on the continuation of geopolitical supply disruptions that are inherently unpredictable. While management highlighted tight nitrogen supplies due to reduced Middle East output and strong corn planting intentions, any easing of conflicts or restoration of natural gas flows to fertilizer plants could quickly reverse the current tightness. Moreover, the company’s outlook for ammonia utilization in the second quarter is guided to a range of 95% to 100%, indicating a potential decline from the current 103% level. A return to more typical utilization rates would reduce the fertilizer cash contribution that is currently propping up overall results.
Capital spending plans suggest a substantial increase in investment that could pressure free cash flow if returns do not materialize as expected. For the full year 2026 CVR forecasts total consolidated capital spending of $200 million to $240 million, with roughly half allocated to the petroleum segment for projects like the new Kansas Denver pipeline and Western Gateway Pipeline. While these investments aim to improve basis capture, they also increase near term cash outflows. If the anticipated margin improvements are delayed or fall short of projections, the elevated capex could impede deleveraging and limit the company’s ability to sustain its dividend.
Balance sheet leverage remains a concern despite the stated target of $1 billion gross debt. The company ended the quarter with total liquidity of $923 million but also carries significant debt obligations that include $40 million of cash interest paid in the quarter and $15 million related to debt refinancing costs. Management’s focus on volatility management and base business performance indicates that deleveraging may take longer than anticipated, especially if cash flow from the fertilizer segment weakens. Until leverage is demonstrably on a downward trajectory, the risk of a credit rating downgrade or increased borrowing costs persists, which could constrain strategic flexibility.
The refining segment remains heavily exposed to volatile renewable fuel standard costs that continue to erode margins despite improvements in crack spreads. Net RINs expense for the quarter was $143 million, or $7.37 per barrel, which reduced the adjusted margin capture rate by approximately 34%. Management acknowledged that the EPA’s recent Set 2 rule raised the renewable volume obligation to historic highs, adding an estimated $0.25 to $0.30 per gallon to fuel costs. Until the agency provides relief or the company succeeds in securing a small refinery exemption for Wynnewood, this cost headwind will persist and could offset any gains from tighter product balances.
Derivative positions put in place at the onset of the Middle East conflict are creating a significant accounting drag that may not fully reverse as anticipated. The first quarter included $158 million of unrealized derivative losses on crack spread swaps, with additional realized losses bringing the total derivative impact to $182 million. Management noted that these losses are expected to be offset by gains on physical production as the contracts roll off through 2027, but the timing of that offset is uncertain and depends on future crack spread evolution. If crack spreads fail to remain elevated, the unrealized losses could translate into realized losses, weighing on earnings and cash flow.
The fertilizer segment’s strong performance is partially contingent on the continuation of geopolitical supply disruptions that are inherently unpredictable. While management highlighted tight nitrogen supplies due to reduced Middle East output and strong corn planting intentions, any easing of conflicts or restoration of natural gas flows to fertilizer plants could quickly reverse the current tightness. Moreover, the company’s outlook for ammonia utilization in the second quarter is guided to a range of 95% to 100%, indicating a potential decline from the current 103% level. A return to more typical utilization rates would reduce the fertilizer cash contribution that is currently propping up overall results.
Capital spending plans suggest a substantial increase in investment that could pressure free cash flow if returns do not materialize as expected. For the full year 2026 CVR forecasts total consolidated capital spending of $200 million to $240 million, with roughly half allocated to the petroleum segment for projects like the new Kansas Denver pipeline and Western Gateway Pipeline. While these investments aim to improve basis capture, they also increase near term cash outflows. If the anticipated margin improvements are delayed or fall short of projections, the elevated capex could impede deleveraging and limit the company’s ability to sustain its dividend.
Balance sheet leverage remains a concern despite the stated target of $1 billion gross debt. The company ended the quarter with total liquidity of $923 million but also carries significant debt obligations that include $40 million of cash interest paid in the quarter and $15 million related to debt refinancing costs. Management’s focus on volatility management and base business performance indicates that deleveraging may take longer than anticipated, especially if cash flow from the fertilizer segment weakens. Until leverage is demonstrably on a downward trajectory, the risk of a credit rating downgrade or increased borrowing costs persists, which could constrain strategic flexibility.