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CVR Partners
(NYSE:UAN)
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Rating:71Outperform
Price Target:
$123.00
▲(29.12% Upside)
Action:Upgraded
Date:04/30/26
UAN scores well overall due to constructive technical momentum and attractive valuation (low P/E and high yield), supported by a strong recent quarter and operational execution. The score is held back mainly by balance-sheet leverage and the business’s cyclical volatility, plus some cost/capex and distribution variability risks discussed on the call.
Positive Factors
Cash generation
Consistent positive operating cash flow and sizable free cash flow provide durable internal funding for maintenance, brownfield growth and distributions. Strong cash generation reduces reliance on external financing and supports funding multi-year reliability and capacity projects.
Negative Factors
High leverage
Elevated leverage increases financial vulnerability during weaker fertilizer pricing and amplifies downside risk. High debt burdens reduce flexibility for opportunistic investments, raise interest exposure and can force conservative capital policies or distribution variability in adverse cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent positive operating cash flow and sizable free cash flow provide durable internal funding for maintenance, brownfield growth and distributions. Strong cash generation reduces reliance on external financing and supports funding multi-year reliability and capacity projects.
Read all positive factors
CVR Partners (UAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.21B
Dividend Yield12.33%
Average Volume (3M)46.48K
Price to Earnings (P/E)10.0
Beta (1Y)0.14
Revenue Growth19.00%
EPS Growth61.11%
CountryUS
Employees316
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)11.50
Shares Outstanding10,569,637
10 Day Avg. Volume39,374
30 Day Avg. Volume46,482
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)4.08
Price to Sales (P/S)1.79
P/FCF Ratio10.96
Enterprise Value/Market Cap1.35
Enterprise Value/Revenue2.53
Enterprise Value/Gross Profit9.98
Enterprise Value/Ebitda6.91
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CVR Partners Business Overview & Revenue Model
Company Description
Operating alongside its subsidiaries, CVR Partners, LP focuses on the production and distribution of nitrogen fertilizers across the United States. The company supplies ammonia to both agricultural and industrial clients. Furthermore, it provides ...
How the Company Makes Money
CVR Partners makes money primarily by producing and selling nitrogen fertilizers—mainly UAN solution and ammonia—into agricultural and industrial end markets. Revenue is generated from product sales volumes multiplied by realized selling prices, w...
CVR Partners Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call highlights a strong quarter driven by higher realized prices (UAN +34%, ammonia +24%), robust profitability (net income $50M, EBITDA $78M), very high ammonia utilization (103%), a $4.00/unit distribution, healthy liquidity ($178M) and clear execution on brownfield and feedstock diversification projects to support future capacity and reliability. Offsetting these positives are modest declines in total sales volumes due to East Dubuque outages, higher direct operating costs (≈$9M increase YoY excluding inventory), geopolitical-driven global supply tightness and energy-price divergence that introduce market uncertainty and potential cost pressures. Management is conservatively reserving capital while funding growth from cash reserves, which may temper near-term distributable cash but supports long-term reliability and capacity gains.Positive Updates
Strong Financial Performance
Net sales of $180.0 million, net income of $50.0 million (or $4.72 per common unit), and EBITDA of $78.0 million for Q1 2026.
Negative Updates
Slight Sales Volume Decline
Total sales volumes were down slightly versus 2025, primarily due to lower UAN production and sales following minor planned and unplanned outages at East Dubuque during the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Financial Performance
Net sales of $180.0 million, net income of $50.0 million (or $4.72 per common unit), and EBITDA of $78.0 million for Q1 2026.
Read all positive updates
Company Guidance
Management's guidance for 2026 included an ammonia utilization target of 95%–100% (Q1 ran at 103%), direct operating expenses (ex‑inventory and turnarounds) of $57–$62 million, and total capital spending of $28–$32 million (earlier in the quarter they also referenced $60–$75 million of total capex with $35–$45 million of maintenance capex; Q1 capex was $14 million, $8 million maintenance), a goal to operate plants above 95% of nameplate capacity excluding turnarounds, expected brownfield projects to increase consolidated ammonia capacity by ~7% (Coffeyville up to ~8%), planned funding for growth from cash reserves, and continued reserving of capital; they closed Q1 with $178 million liquidity (cash $128M, $50M ABL availability, including ~$17M customer prepayments), reported Q1 EBITDA of ~$78M, net cash needs of ~$36M, cash available for distribution of ~$42M, and declared a $4.00 per unit distribution.CVR Partners Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
52
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 643.22M | 606.04M | 525.32M | 681.48M | 835.58M | 532.58M |
| Gross Profit | 163.00M | 163.37M | 118.86M | 232.46M | 352.37M | 162.04M |
| EBITDA | 235.69M | 210.85M | 178.90M | 281.10M | 403.16M | 212.67M |
| Net Income | 121.49M | 98.66M | 60.90M | 172.43M | 286.80M | 78.16M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 969.46M | 1.02B | 975.33M | 1.10B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 128.09M | 69.24M | 90.86M | 45.28M | 86.34M | 112.52M |
| Total Debt | 579.40M | 593.42M | 597.15M | 550.48M | 557.71M | 615.88M |
| Total Liabilities | 706.44M | 703.71M | 725.65M | 672.45M | 688.59M | 784.86M |
| Stockholders Equity | 311.74M | 265.74M | 293.07M | 302.88M | 411.81M | 342.20M |
Cash Flow | ||||||
| Free Cash Flow | 112.05M | 98.84M | 113.47M | 219.33M | 256.80M | 168.13M |
| Operating Cash Flow | 170.02M | 149.64M | 150.54M | 243.53M | 301.46M | 188.72M |
| Investing Cash Flow | -51.12M | -44.09M | -31.89M | -2.72M | -44.62M | -20.34M |
| Financing Cash Flow | -112.60M | -127.17M | -73.07M | -281.86M | -283.02M | -86.43M |
CVR Partners Technical Analysis
Positive
95.26
Price Trends
120.19
Negative
118.62
Negative
106.11
Positive
Market Momentum
-1.79
Negative
50.60
Neutral
69.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UAN, the sentiment is Positive. The current price of 95.26 is below the 20-day moving average (MA) of 112.32, below the 50-day MA of 120.19, and below the 200-day MA of 106.11, indicating a neutral trend. The MACD of -1.79 indicates Negative momentum. The RSI at 50.60 is Neutral, neither overbought nor oversold. The STOCH value of 69.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for UAN.
CVR Partners Risk Analysis
CVR Partners disclosed 49 risk factors in its most recent earnings report. CVR Partners reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CVR Partners Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.21B | 9.99 | 40.08% | 12.33% | 19.00% | 61.11% | |
69 Neutral | $459.01M | 32.86 | 2.85% | ― | 9.55% | ― | |
66 Neutral | $3.90B | 35.15 | -33.72% | 4.52% | -1.89% | 216.52% | |
62 Neutral | $6.52B | 24.46 | 4.32% | 3.36% | 7.80% | -32.94% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | $6.73B | 9.06 | 5.92% | 3.70% | 12.34% | -87.77% | |
46 Neutral | $1.42B | -0.58 | -83.04% | 16.68% | -16.63% | -865.93% |
* Basic Materials Sector Average
UAN
CVR Partners
114.93
35.35
44.42%
FMC
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11.59
-30.22
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IPI
Intrepid Potash
35.07
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21.12
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-41.41%
SMG
Scotts Miracle-Gro Company
66.79
0.58
0.87%
ICL
Icl
4.95
-1.87
-27.45%
CVR Partners Corporate Events
Business Operations and StrategyExecutive/Board Changes
CVR Partners Announces New CEO and Leadership Changes
Neutral
Jun 23, 2026
On June 18, 2026, CVR Energy and the general partner of CVR Partners implemented a leadership transition in which President and CEO Mark A. Pytosh resigned for personal reasons and entered into a separation agreement that provides a $3 million sev...
Business Operations and StrategyDividendsFinancial Disclosures
CVR Partners Delivers Strong First-Quarter 2026 Financial Results
Positive
Apr 29, 2026
CVR Partners reported strong first-quarter 2026 results on April 29, 2026, posting net income of $50 million, or $4.72 per common unit, and EBITDA of $78 million on net sales of $180 million, up from $27 million in net income and $53 million in EB...
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.