Cvr Energy Inc. (CVI)
NYSE:CVI
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CVR Energy
(NYSE:CVI)
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Rating:47Neutral
Price Target:
$33.00
â–²(8.09% Upside)
Action:ReiteratedDate:03/12/26
The score is held down primarily by deteriorated financial performance (compressed profitability, weaker cash generation, negative 2025 free cash flow) and elevated leverage. Technical indicators are supportive in the near term, and the earnings call suggests improving liquidity and a potential operational rebound, but the very high P/E and ongoing RIN-related uncertainty limit upside confidence.
Positive Factors
Diversified Downstream Platform
CVR’s combination of petroleum refining and nitrogen fertilizer operations produced meaningful full‑year EBITDA and net income despite a weak quarter. This multi‑segment cash generation profile provides structural revenue diversification and resilience across commodity cycles, supporting durability in earnings generation over the medium term.
Negative Factors
Elevated Leverage
Sustained debt levels meaningfully above equity constrain financial flexibility in a cyclical refining and fertilizer business. High leverage amplifies earnings volatility into balance sheet stress during downturns, limits free capital for reinvestment or distributions, and raises refinancing and covenant risks over the next several quarters.
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Positive Factors
Negative Factors
Diversified Downstream Platform
CVR’s combination of petroleum refining and nitrogen fertilizer operations produced meaningful full‑year EBITDA and net income despite a weak quarter. This multi‑segment cash generation profile provides structural revenue diversification and resilience across commodity cycles, supporting durability in earnings generation over the medium term.
Read all positive factors
CVR Energy (CVI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.07B
Dividend Yield10.5%
Average Volume (3M)1.49M
Price to Earnings (P/E)94.7
Beta (1Y)1.03
Revenue Growth-7.21%
EPS Growth135.72%
CountryUS
Employees1,595
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)-0.80
Shares Outstanding100,530,600
10 Day Avg. Volume1,148,705
30 Day Avg. Volume1,492,413
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)3.50
Price to Sales (P/S)0.36
P/FCF Ratio-62.36
Enterprise Value/Market Cap1.43
Enterprise Value/Revenue0.61
Enterprise Value/Gross Profit14.72
Enterprise Value/Ebitda8.00
Forecast
1Y Price Target
$28.75Price Target Upside-5.83% Downside
Rating ConsensusStrong Sell
Number of Analyst Covering5
EPS Forecast (FY)1.17
Revenue Forecast (FY)$7.15B
CVR Energy Business Overview & Revenue Model
Company Description
CVR Energy, Inc., together with its subsidiaries, engages in the petroleum refining and nitrogen fertilizer manufacturing activities in the United States. It operates in two segments, Petroleum and Nitrogen Fertilizer. The Petroleum segment refine...
How the Company Makes Money
CVR Energy makes money mainly through two operating segments: (1) petroleum refining and marketing, and (2) nitrogen fertilizers. In refining, the company purchases crude oil and other feedstocks, processes them in its refineries, and sells refine...
CVR Energy Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call presents a mix of meaningful multi-quarter positives—full-year profitability (net income $90M), strong annual EBITDA ($591M), a marked recovery in petroleum segment adjusted EBITDA, improved liquidity and deleveraging actions, and clear strategic plans to optimize commercial capture and pursue disciplined M&A. However, the fourth quarter was negatively impacted by several significant, partly one-time items (accelerated depreciation from the RDU reversion, inventory valuation hit, elevated RIN purchases and expense, and operational downtime at Coffeyville) that produced a sizeable GAAP loss and depressed free cash flow in the quarter. Management provided forward-looking guidance that implies operational recovery in early 2026 (fertilizer utilization 95–100% and Petroleum throughput guidance) and stronger balance sheet flexibility from recent financings, which supports a constructive outlook despite the near-term headwinds.Positive Updates
Full Year Profitability and Strong Annual EBITDA
For full year 2025 CVR Energy reported consolidated net income of $90 million and EBITDA of $591 million, demonstrating overall annual profitability despite a weak fourth quarter.
Negative Updates
Fourth Quarter GAAP Loss and Weak Q4 EBITDA
Q4 2025 consolidated net loss was $116 million (net loss attributable to CVR shareholders $110 million; loss per share $1.10) and consolidated EBITDA for the quarter was $51 million, reflecting a materially negative GAAP quarter.
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Q4-2025 Updates
Positive
Negative
Full Year Profitability and Strong Annual EBITDA
For full year 2025 CVR Energy reported consolidated net income of $90 million and EBITDA of $591 million, demonstrating overall annual profitability despite a weak fourth quarter.
Read all positive updates
Company Guidance
Management's guidance for 2026 included consolidated capital spending of $200–240 million (with petroleum turnaround spend of $15–20 million and growth capex of $75–90 million), Q1 2026 Petroleum throughput of ~200,000–215,000 bpd with direct operating expenses of $110–120 million and Petroleum Q1 capex of $30–35 million, and a Fertilizer segment Q1 ammonia utilization rate of 95–100% with direct operating expenses of $57–62 million (excluding inventory impacts) and Fertilizer Q1 capex of $25–30 million; they also cited year‑end cash of $511 million, total liquidity excl. CVR Partners of ~$690 million (cash $442M + ABL $248M), an upsized ABL commitment to $550 million (maturity 2031), a target cash balance of $400–500 million excl. CVR Partners, and a goal to return to ~ $1 billion gross leverage as they continue deleveraging.CVR Energy Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
45
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.16B | 7.61B | 9.25B | 10.90B | 7.24B |
| Gross Profit | 299.00M | 197.00M | 1.27B | 1.12B | 209.00M |
| EBITDA | 550.00M | 394.00M | 1.44B | 1.17B | 462.00M |
| Net Income | 27.00M | 7.00M | 769.00M | 463.00M | 25.00M |
Balance Sheet | |||||
| Total Assets | 3.79B | 4.26B | 4.71B | 4.12B | 3.91B |
| Cash, Cash Equivalents and Short-Term Investments | 511.00M | 987.00M | 581.00M | 510.00M | 510.00M |
| Total Debt | 1.83B | 1.94B | 2.20B | 1.61B | 1.67B |
| Total Liabilities | 2.90B | 3.38B | 3.67B | 3.33B | 3.14B |
| Stockholders Equity | 730.00M | 703.00M | 847.00M | 531.00M | 553.00M |
Cash Flow | |||||
| Free Cash Flow | -41.00M | 172.00M | 686.00M | 693.00M | 147.00M |
| Operating Cash Flow | 144.00M | 404.00M | 948.00M | 967.00M | 396.00M |
| Investing Cash Flow | -362.00M | -121.00M | -239.00M | -271.00M | -238.00M |
| Financing Cash Flow | -258.00M | -482.00M | -40.00M | -696.00M | -315.00M |
CVR Energy Technical Analysis
Neutral
30.53
Price Trends
27.14
Positive
28.08
Positive
29.95
Positive
Market Momentum
1.43
Positive
49.59
Neutral
34.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVI, the sentiment is Neutral. The current price of 30.53 is below the 20-day moving average (MA) of 32.11, above the 50-day MA of 27.14, and above the 200-day MA of 29.95, indicating a neutral trend. The MACD of 1.43 indicates Positive momentum. The RSI at 49.59 is Neutral, neither overbought nor oversold. The STOCH value of 34.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CVI.
CVR Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.91B | 4.84 | 28.59% | ― | -10.11% | -7.00% | |
68 Neutral | $13.47B | 13.57 | 7.27% | 6.88% | -5.18% | -33.14% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $10.17B | 14.84 | 6.25% | 4.26% | -9.55% | 27.65% | |
60 Neutral | $2.46B | 5.68 | -14.06% | 3.42% | -22.37% | -27.22% | |
57 Neutral | $4.74B | -19.51 | -3.05% | 4.14% | -15.35% | -81.94% | |
47 Neutral | $3.07B | 94.69 | 4.13% | 10.50% | -7.21% | 135.72% |
* Energy Sector Average
CVI
CVR Energy
30.53
12.87
72.88%
DK
Delek US Holdings
41.11
29.14
243.56%
DINO
HF Sinclair Corporation
56.43
29.84
112.21%
PBF
PBF Energy
40.55
25.74
173.71%
SUN
Sunoco
65.75
15.37
30.52%
PARR
Par Pacific Holdings
59.46
45.81
335.60%
CVR Energy Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
CVR Energy Updates Investors With New Strategic Presentation
Neutral
Feb 24, 2026
Beginning February 24, 2026, CVR Energy plans to use a new investor presentation in meetings with current and potential investors and analysts, positioning it as supplementary information rather than a formal securities filing. The company stresse...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
CVR Energy Posts Q4 Loss But Strong 2025 EBITDA
Neutral
Feb 18, 2026
CVR Energy reported a net loss attributable to stockholders of $110 million for the fourth quarter of 2025 and net income of $27 million for the full year, with quarterly results hit by $62 million of accelerated depreciation tied to reverting the...
Business Operations and StrategyPrivate Placements and Financing
CVR Energy Boosts Liquidity with New Note Issuances
Positive
Feb 12, 2026
On February 12, 2026, CVR Energy, Inc. issued $600 million of 7.500% Senior Notes due 2031 and $400 million of 7.875% Senior Notes due 2034 in a private offering, with the notes guaranteed on a senior unsecured basis by most of its domestic subsid...
Business Operations and StrategyPrivate Placements and Financing
CVR Energy Plans $1 Billion Senior Notes Offering
Positive
Jan 29, 2026
On January 29, 2026, CVR Energy, Inc. announced plans, subject to market conditions, to issue $1 billion of senior unsecured notes in a private placement, with tranches maturing in 2031 and 2034, which are expected to be guaranteed on a senior uns...
Business Operations and StrategyFinancial Disclosures
CVR Energy Projects Q4 Loss Amid Operational Shift
Negative
Jan 26, 2026
On January 26, 2026, CVR Energy reported preliminary estimates showing a consolidated net loss attributable to stockholders for the fourth quarter of 2025, driven mainly by accelerated depreciation tied to reverting the Wynnewood renewable diesel ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.