CVR Partners LP (UAN)
NYSE:UAN
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CVR Partners
(NYSE:UAN)
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Rating:67Neutral
Price Target:
$151.00
▲(58.51% Upside)
Action:ReiteratedDate:03/13/26
UAN scores in the upper-mid range driven by strong technical momentum and supportive valuation (moderate P/E with a high yield). The score is held back by weakening financial trends (declining revenue and compressed margins), elevated leverage for a cyclical business, and near-term operational execution risk highlighted in the latest earnings update.
Positive Factors
Consistent cash generation
CVR Partners has generated positive free cash flow annually since 2021, providing recurring internal funding for maintenance, growth capex, and distributions. Persistent cash conversion cushions the partnership through cyclical fertilizer pricing, supporting capital allocation and distribution policies over the next several quarters.
Negative Factors
Revenue decline and margin compression
Three straight years of revenue decline and a sharp gross margin contraction indicate weakened pricing power or volume erosion versus prior cyclical highs. Persistently lower top‑line and compressed margins reduce recurring earnings power, free cash flow and the cushion for distributions across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
CVR Partners has generated positive free cash flow annually since 2021, providing recurring internal funding for maintenance, growth capex, and distributions. Persistent cash conversion cushions the partnership through cyclical fertilizer pricing, supporting capital allocation and distribution policies over the next several quarters.
Read all positive factors
CVR Partners (UAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend Yield12.33%
Average Volume (3M)107.11K
Price to Earnings (P/E)11.0
Beta (1Y)0.17
Revenue Growth16.52%
EPS Growth141.96%
CountryUS
Employees316
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)-0.97
Shares Outstanding10,569,637
10 Day Avg. Volume75,115
30 Day Avg. Volume107,113
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 Cap1.41
Enterprise Value/Revenue2.91
Enterprise Value/Gross Profit12.78
Enterprise Value/Ebitda7.30
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
CVR Partners, LP, together with its subsidiaries, engages in the production and sale of nitrogen fertilizer products in the United States. The company offers ammonia products for agricultural and industrial customers; and urea and ammonium nitrate...
How the Company Makes Money
CVR Partners makes money by producing and selling nitrogen fertilizer products, primarily UAN solution and ammonia. Revenue is generated when these products are sold to customers (generally via wholesalers, distributors, and/or other marketing cha...
CVR Partners Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Neutral
Mixed but stable: the company delivered solid full-year financial results (EBITDA $211M, net income $99M) and maintained liquidity and a Q4 distribution, supported by strong fertilizer pricing (UAN +55% YoY, ammonia +32% YoY). However, the quarter was materially impacted by operational disruption at Coffeyville (extended downtime and start-up issues), resulting in a Q4 net loss, lower sales volumes, and higher direct operating costs including $14M of turnaround expenses. Management provided constructive 2026 guidance (higher utilization, capex plan, and projects to improve reliability and feedstock flexibility) and highlighted favorable market demand and export opportunities, but operational execution and third-party service provider risks remain near-term concerns.Positive Updates
Full-Year Profitability and EBITDA
Reported full-year 2025 net income of $99 million (or $9.33 per common unit) and EBITDA of $211 million, demonstrating solid annual financial performance despite Q4 challenges.
Negative Updates
Q4 Net Loss and Operating Loss
Reported Q4 2025 net loss of $10 million (or $0.97 per common unit) and an operating loss of $3 million, a material deterioration relative to full-year performance.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Profitability and EBITDA
Reported full-year 2025 net income of $99 million (or $9.33 per common unit) and EBITDA of $211 million, demonstrating solid annual financial performance despite Q4 challenges.
Read all positive updates
Company Guidance
The company guided to first-quarter 2026 ammonia plant utilization of 95%–100%, direct operating expenses of $57M–$62M (excluding inventory impacts), and total capital spending of $25M–$30M; for full-year 2026 it estimates maintenance capital of $35M–$45M and growth capital of $25M–$30M (with a significant portion of growth capex to be funded from cash reserves), reiterated its target of operating plants above 95% of nameplate capacity (ex‑turnarounds), and noted quarter‑end liquidity of $117M (cash $69M, ABL availability $48M, including ~$3M customer prepayments); additionally, Q4 EBITDA was $20M with net cash needs of ~$16M leaving $4M cash available for distribution and a declared Q4 distribution of $0.37 per common unit.CVR Partners Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 606.04M | 525.32M | 681.48M | 835.58M | 532.58M |
| Gross Profit | 163.37M | 118.86M | 232.46M | 352.37M | 162.04M |
| EBITDA | 211.64M | 178.90M | 281.10M | 403.16M | 212.67M |
| Net Income | 98.66M | 60.90M | 172.43M | 286.80M | 78.16M |
Balance Sheet | |||||
| Total Assets | 969.46M | 1.02B | 975.33M | 1.10B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 69.24M | 90.86M | 45.28M | 86.34M | 112.52M |
| Total Debt | 593.42M | 597.15M | 550.48M | 557.71M | 615.88M |
| Total Liabilities | 703.71M | 725.65M | 672.45M | 688.59M | 784.86M |
| Stockholders Equity | 265.74M | 293.07M | 302.88M | 411.81M | 342.20M |
Cash Flow | |||||
| Free Cash Flow | 98.84M | 113.47M | 219.33M | 256.80M | 168.13M |
| Operating Cash Flow | 149.64M | 150.54M | 243.53M | 301.46M | 188.72M |
| Investing Cash Flow | -44.09M | -31.89M | -2.72M | -44.62M | -20.34M |
| Financing Cash Flow | -127.17M | -73.07M | -281.86M | -283.02M | -86.43M |
CVR Partners Technical Analysis
Neutral
95.26
Price Trends
117.09
Positive
109.07
Positive
97.75
Positive
Market Momentum
1.37
Positive
43.23
Neutral
14.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UAN, the sentiment is Neutral. The current price of 95.26 is below the 20-day moving average (MA) of 129.89, below the 50-day MA of 117.09, and below the 200-day MA of 97.75, indicating a neutral trend. The MACD of 1.37 indicates Positive momentum. The RSI at 43.23 is Neutral, neither overbought nor oversold. The STOCH value of 14.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for UAN.
CVR Partners Risk Analysis
CVR Partners disclosed 48 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $500.75M | 32.26 | 2.30% | ― | 8.88% | -349.99% | |
67 Neutral | $1.25B | 10.98 | 32.82% | 12.33% | 16.52% | 141.96% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $8.02B | 14.14 | 9.96% | 3.70% | 3.82% | 239.39% | |
59 Neutral | $6.69B | 32.61 | 3.77% | 3.36% | 1.77% | -8.72% | |
59 Neutral | $3.63B | -6.71 | -27.23% | 4.52% | -3.93% | ― | |
49 Neutral | $2.15B | -0.78 | -61.24% | 16.68% | -13.42% | -136.59% |
* Basic Materials Sector Average
UAN
CVR Partners
118.43
54.17
84.29%
FMC
FMC
17.45
-18.14
-50.97%
IPI
Intrepid Potash
37.35
9.66
34.89%
MOS
Mosaic Co
24.76
-0.28
-1.11%
SMG
Scotts Miracle-Gro Company
60.74
11.75
23.97%
ICL
Icl
5.18
-0.91
-14.91%
CVR Partners Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
CVR Partners Faces NYSE Non‑Compliance After Director’s Death
Negative
Mar 4, 2026
CVR Partners, LP announced that independent director Brian A. Goebel, who joined the board in October 2025 and chaired the Audit Committee while serving on the Compensation and Environmental, Health Safety committees, passed away on February 20, ...
DividendsFinancial Disclosures
CVR Partners Posts Q4 Loss But Maintains 2025 Payouts
Neutral
Feb 18, 2026
CVR Partners, a nitrogen fertilizer producer specializing in ammonia and urea ammonium nitrate solutions for agricultural markets, operates major facilities in Coffeyville, Kansas, and East Dubuque, Illinois. Its infrastructure includes large-scal...
Business Operations and StrategyFinancial Disclosures
CVR Partners Issues Preliminary 2025 Results Amid Turnaround
Positive
Jan 26, 2026
On January 26, 2026, CVR Partners reported preliminary estimates for its fourth-quarter and full-year 2025 results, indicating a quarterly net loss of $7 million to $14 million but full-year net income between $95 million and $102 million, with EB...
Business Operations and StrategyExecutive/Board Changes
CVR Partners Appoints Michael Wright as New COO
Positive
Jan 22, 2026
On January 16, 2026, CVR Partners’ board appointed Michael H. Wright, Jr., a seasoned refining and capital projects executive currently serving as Executive Vice President and Chief Operating Officer at affiliate CVR Energy, as Executive Vic...
Business Operations and Strategy
CVR Partners Outlines 2026 Capital Spending and Growth Plans
Positive
Jan 5, 2026
On January 5, 2026, CVR Partners, LP announced preliminary 2026 capital spending estimates totaling $60 million to $75 million, including $35 million to $45 million for maintenance capital and $25 million to $30 million for growth projects. The co...
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.