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Produces nitrogen fertilizer (UAN and ammonia) for agricultural customers, primarily in the US Corn Belt.
Produces nitrogen fertilizer (UAN and ammonia) for agricultural customers, primarily in the US Corn Belt.
Sells nitrogen fertilizer, whose price follows crop prices and global supply, mostly into the spring and autumn application seasons. One plant in Kansas makes it from petroleum coke, a refinery by-product, and another in Illinois uses natural gas. As a partnership it distributes its available cash to unitholders; CVR Energy, controlled by Carl Icahn, holds the general partner.
Moat: narrow (scale, distribution). Regional production and distribution advantage serving Corn Belt farmers, but a commodity, cyclical fertilizer business.
Headquarters: Sugar Land, Texas, US · Founded: 2011 · Employees: 320
Size CVR Partners, LP (UAN) is a United States Materials company (Chemicals: Agricultural) with a market value of $1.16B, the 2156th largest of 3,117 United States companies the cockpit tracks. Shares closed at $109.48 on 6 Nov 2026.
Performance Over six months the shares fell 13.3%, against -23.5% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +8.0%); the operating margin is 21.0% (peer median 6.5%).
Valuation It trades at 7.4× forward earnings against a peer median of 9.8× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.7 points above its cost of capital (6.0% WACC).
Backlog Backlog (remaining performance obligations) was $2.90M at 30 Sep 2026, down 43% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit CVR Partners, LP has 1 bond outstanding ($550M), rated B+ by the agencies and trading like BB at a weighted spread of 156 bp.
Short interest Short interest is 1.9% 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 | $659M | $606M | $525M | $681M | $836M |
| Revenue growth | — | +15% | -23% | -18% | — |
| Gross profit | $175M | $163M | $119M | $232M | $352M |
| EBITDA | $227M | $212M | $179M | $283M | $403M |
| Net income | $106M | $98.7M | $60.9M | $172M | $287M |
| Free cash flow | $149M | $98.8M | $113M | $219M | $256M |
| Capital expenditure | $88.1M | $50.8M | $37.1M | $24.2M | $44.7M |
| Total debt | $580M | $584M | $585M | $550M | $558M |
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 Partners, LP UAN | $1.16B | -13% | +7% | 21% | 7.4× | -10.5% |
| CF Industries CF | $18.1B | +4% | +20% | 41% | 9.8× | -11.8% |
| Nutrien NTR.TO | $34.3B | +8% | +8% | 14% | 13.2× | 4.1% |
| Mosaic Company (The) MOS | $7.11B | +2% | 0% | 3% | 26.2× | n/a |
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 | UAN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.0% | -2.0% | 4th lowest of 21 |
| 6-month return | -13.3% | -23.5% | 8th highest of 21 |
| Distance from 52-week high | -21.5% | -34.5% | 5th highest of 21 |
| Revenue growth (TTM) | +7.3% | +8.0% | 11th highest of 21 |
| Operating margin | 21.0% | 6.5% | 2nd highest of 21 |
| Forward P/E | 7.4× | 9.8× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -10.5% | -2.2% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +11.6% | +4.4% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -22.1 pp | -8.1 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +9.7 pp | +0.1 pp | 4th highest of 21 |
| EV / EBITDA | 7.0× | 9.2× | 3rd cheapest of 9 |
| Net debt / EBITDA | 1.9× | 0.0× | 4th most indebted of 10 |
| Bond spread | 156 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CVR Partners, LP UAN | United States | $1.16B | -13% | +7% | 21% | 7.4× | -10.5% | +11.6% |
| CAC Nantong Chemical 301665.SZ | China | $1.17B | -26% | +27% | 13% | 15.8× | -1.7% | +11.9% |
| Taiwan Fertilizer 1722.TW | Taiwan | $1.18B | -15% | +4% | -16% | 13.7× | 0.0% | +3.5% |
| E.I.D.-Parry (India) EIDPARRY.NS | India | $1.21B | -24% | +16% | 7% | 11.4× | n/a | n/a |
| Migao 9879.HK | Hong Kong | $1.08B | +16% | +27% | 8% | 10.3× | -2.8% | +23.4% |
| China BlueChemical 3983.HK | Hong Kong | $1.08B | -32% | +4% | 5% | 6.0× | n/a | n/a |
| Sinofert 0297.HK | Hong Kong | $1.08B | -25% | +16% | 6% | 5.5× | -18.5% | +1.0% |
| Shenzhen Noposion Crop Science 002215.SZ | China | $1.25B | -23% | +12% | 13% | 9.3× | -3.9% | +6.9% |
| Stanley Agricultural 002588.SZ | China | $1.27B | -33% | +3% | 8% | 8.8× | n/a | n/a |
| Jiang Su Suyan Jingshen 603299.SS | China | $1.28B | -18% | -5% | 5% | 25.9× | n/a | n/a |
| Nantong Jiangshan Agrochemical & Chemicals 600389.SS | China | $1.04B | -44% | +13% | 6% | 10.4× | n/a | n/a |
| Nanjing Redsun 000525.SZ | China | $981M | -10% | +12% | -2% | n/a | 12.2% | -5.1% |
| Oci OCI.AS | Netherlands | $967M | +8% | -81% | -4% | n/a | n/a | n/a |
| Huapont Life Sciences 002004.SZ | China | $1.39B | -5% | -6% | 11% | n/a | -8.7% | +1.1% |
| Holitech Technology 002217.SZ | China | $1.41B | -58% | +17% | 2% | n/a | 45.7% | -37.1% |
| Oil-Dri Corporation of America ODC | United States | $948M | -9% | +2% | 14% | n/a | 3.8% | +10.1% |
| Madhya Bharat Agro Products MBAPL.NS | India | $944M | +68% | +48% | 10% | n/a | n/a | n/a |
| Shenzhen Batian Ecological Technique 002170.SZ | China | $1.44B | -29% | +3% | 23% | 7.1× | -8.1% | +18.8% |
| Nufarm NUF.AX | Australia | $897M | +40% | -2% | 3% | 62.4× | 9.9% | +5.2% |
| China XLX Fertiliser 1866.HK | Hong Kong | $1.51B | -27% | +24% | 8% | 6.7× | n/a | n/a |
| FMC FMC | United States | $876M | -58% | -22% | -21% | 6.2× | -2.8% | -5.7% |
CVR Partners, LP has 1 bond outstanding with $550M face value. The agencies rate it B+; its bonds trade like BB. Weighted yield 6.07%, a spread of 156 bp over government bonds.
CVR Partners, LP reported $2.90M of remaining performance obligations at 30 Sep 2026, down 43% from a year earlier and up 53% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.