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US independent petroleum refiner and nitrogen fertilizer producer, majority-owned by Icahn Enterprises.
US independent petroleum refiner and nitrogen fertilizer producer, majority-owned by Icahn Enterprises.
Refining income is the gap between what it pays for crude oil and what it gets for gasoline and diesel, called the crack spread, at two plants in Kansas and Oklahoma. CVR Partners, a listed fertilizer arm, makes nitrogen fertilizer from petroleum coke and natural gas. Icahn Enterprises controls the group.
Moat: narrow (scale, cost advantage). Inland refining and integrated fertilizer production give a niche, geographically advantaged cost position.
Headquarters: Sugar Land, Texas, US · Founded: 2007 · Employees: 1,532
Size CVR Energy (CVI) is a United States Energy company (Oil Refining/Marketing) with a market value of $3.83B, the 1375th largest of 3,117 United States companies the cockpit tracks. Shares closed at $38.13 on 6 Nov 2026.
Performance Over six months the shares gained 13.7%, against +3.6% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 34.4% over the last twelve months (peer median +16.4%); the operating margin is 10.6% (peer median 6.3%).
Valuation It trades at 5.2× forward earnings against a peer median of 7.4× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -18% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 34.4 points above its cost of capital (7.9% WACC).
Credit CVR Energy has 2 bonds outstanding ($783M), rated B+ by the agencies and trading like B+ at a weighted spread of 254 bp.
Short interest Short interest is 5.9% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.81B | $7.16B | $7.61B | $9.25B | $10.9B |
| Revenue growth | — | -6% | -18% | -15% | — |
| Gross profit | $1.21B | $315M | $184M | $1.26B | $1.18B |
| EBITDA | $1.43B | $570M | $343M | $1.42B | $1.32B |
| Net income | $265M | $27.0M | $7.00M | $769M | $463M |
| Free cash flow | $819M | -$41.0M | $225M | $743M | $776M |
| Capital expenditure | $207M | $185M | $179M | $205M | $191M |
| Total debt | $1.80B | $1.81B | $2.01B | $2.25B | $1.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CVR Energy CVI | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% |
| HF Sinclair DINO | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% |
| PBF Energy PBF | $8.16B | +65% | +32% | 8% | 2.6× | n/a |
| Valero Energy VLO | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% |
| CF Industries CF | $18.1B | +4% | +20% | 41% | 9.8× | -11.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CVI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.0% | -16.7% | 2nd lowest of 21 |
| 6-month return | +13.7% | +3.6% | 7th highest of 21 |
| Distance from 52-week high | -40.0% | -24.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | +34.4% | +16.4% | 2nd highest of 21 |
| Operating margin | 10.6% | 6.3% | 4th highest of 21 |
| Forward P/E | 5.2× | 7.4× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -17.9% | -8.0% | 2nd least demanding of 14 |
| Growth delivered (Del g) | +12.8% | +13.8% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | -30.7 pp | -22.2 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +34.4 pp | +9.2 pp | 3rd highest of 21 |
| EV / EBITDA | 3.2× | 5.0× | 4th cheapest of 13 |
| Net debt / EBITDA | 0.4× | 1.7× | 6th least indebted of 17 |
| Bond spread | 254 bp | 359 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| Sinopec Shanghai Petrochemical 600688.SS | China | $3.75B | -5% | -4% | 0% | 59.0× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| North Huajin Chemical Industries 000059.SZ | China | $1.10B | -20% | +3% | 1% | 14.1× | -8.0% | +4.6% |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
| North Atlantic Energies NAE.PA | France | $1.09B | +30% | -23% | 3% | n/a | n/a | n/a |
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
CVR Energy has 2 bonds outstanding with $783M face value. The agencies rate it B+; its bonds trade like B+. Weighted yield 7.19%, a spread of 254 bp over government bonds.