CVR Partners LP UAN

MaterialsChemicalsUnited States of America

Last close 124.76 USD on Nov 2, 2026, +32.4% year to date

Quant rating

Quant rating C Rank 89 of 151 in Materials

Growth D 126 of 151
Valuation A 21 of 151
Quality C 66 of 151
Revisions D 133 of 151
Momentum A 21 of 151

Wall Street consensus Hold (3.00)Average target 124.00 USD −0.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.3B
Enterprise value: 1.8B
52-week range: 93.47 – 139.50
3-year range: 61.98 – 139.50
Dividend yield: 11.42%
Beta (5 years): 0.18
Shares outstanding: 10.6M
Next earnings: Nov 3, 2026

About the company

CVR Partners, LP owns, operates and grows its nitrogen fertilizer business. The Company produces and distributes nitrogen fertilizer products, which are used by farmers to improve the yield and quality of their crops, primarily corn and wheat. It produces these products at two manufacturing facilities, one located in Coffeyville, Kansas, operated by its subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC, and one located in East Dubuque, Illinois operated by its subsidiary, East Dubuque Nitrogen Fertilizers, LLC. The facilities manufacture ammonia and can further upgrade such ammonia to other nitrogen fertilizer products, principally urea ammonium nitrate (UAN). Its products are sold on a wholesale basis in the United States of America. Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300-ton-per-day ammonia unit, a 3,100-ton-per-day UAN unit and a dual-train gasifier complex with a capacity of 89 million standard cubic feet per day of hydrogen.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2020	2019	2018	2017	2016	5Y avg
Revenue (mil)	606	525	681	836	533	–
Revenue growth	15.4%	−22.9%	−18.4%	56.9%	52.2%	11.6%
EPS (basic, normalized)	−8.77	−3.10	−4.40	−6.40	−1.50	–
EPS growth	–	–	–	–	–	–
Gross margin	40.5%	39.4%	45.8%	52.0%	44.2%	44.4%
Net margin	16.3%	11.6%	25.3%	34.3%	14.7%	20.4%
ROE	35.3%	20.4%	48.3%	76.1%	23.8%	40.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	137
Current ratio	3.01x
Long-term debt (mil)	569
Net debt (mil)	432
Total equity (mil)	347
Net debt / equity	1.25x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2020 actual	606	+15.4%	2.9x	–	–	–	−8.77	−182.9%	−14.2x
2021	728	+20.2%	2.4x	310	–	5.7x	18.64	+312.5%	6.7x
2022	714	−2.0%	2.5x	322	+3.8%	5.4x	20.08	+7.7%	6.2x
2023	672	−5.9%	2.6x	261	−19.0%	6.7x	14.36	−28.5%	8.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2021	728	–	–	–	18.64	–	–	–
2022	714	–	–	–	20.08	–	–	–
2023	672	–	–	–	14.36	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
Sales reported (mil)	79.9	98.1	91.9	138	88.6	86.1	75.1	105	79.5	90.3
Sales mean (mil)	91.4	105	95.9	114	95.8	89.3	76.6	107	68.4	–
Surprise	−12.6%	−6.4%	−4.2%	+20.5%	−7.5%	−3.6%	−1.9%	−2.1%	+16.1%	–
EPS reported	−1.20	−0.10	−0.50	1.70	−2.00	−2.20	−1.80	−3.70	−1.70	−1.53
EPS mean	−0.95	0.30	−0.30	0.50	−0.50	−1.40	−2.10	−0.10	−3.30	–
Surprise	−26.3%	−133.3%	−66.7%	+240.0%	−300.0%	−57.1%	+14.3%	−3,600.0%	+48.5%	–

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
UAN CVR Partners LP	1.3B	–	16.3%	3.80x	6.7x	6.2x	5.7x	5.4x
NTR Nutrien Ltd	33.5B	2.03x	8.4%	1.30x	14.3x	13.9x	7.2x	7.2x
CF CF Industries Holdings Inc	18.2B	1.35x	20.5%	3.17x	8.2x	10.8x	5.6x	6.9x
YARIY Yara International ASA	11.0B	–	–	–	8.4x	10.1x	3.5x	3.8x
CTVA Corteva, Inc.	8.0B	0.72x	6.9%	0.32x	7.3x	6.7x	5.9x	6.5x
MOS Mosaic Co	6.0B	2.37x	4.5%	0.53x	48.7x	12.9x	7.5x	5.7x
Mean		1.62x	11.3%	1.82x	15.6x	10.1x	5.9x	5.9x
Median		1.69x	8.4%	1.30x	8.3x	10.4x	5.8x	6.1x

Technical analysis

1M0.0%
3M+1.7%
1Y+49.2%
3Y+115.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CVR Partners LP, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Total revenue	606	525	681	836	533	350
Cost of revenue	361	318	369	401	297	249
Gross profit	245	207	312	435	236	101
Selling, general & administrative expenses	33.6	28.4	29.5	32.2	26.6	18.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	81.9	88.1	79.7	82.1	73.5	76.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.1	0.1	1.5	0.3	8.7	41.6
Other operating expenses	0	0	0	0	0	0
Operating income	129	90.4	201	320	127	−34.9
Net interest income (expense)	−30.3	−29.8	−28.7	−34.0	−53.2	−63.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.3	0.5	0	1.1	4.7	0.2
Net income before taxes	98.6	61.0	173	287	78.2	−98.2
Provision for taxes	0	0.1	0.3	0.2	0.1	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	98.7	60.9	172	287	78.2	−98.2
Extraordinary items	–	–	–	–	–	–
Net income	98.7	60.9	172	287	78.2	−98.2
EBIT, normalized	130	90.5	203	320	135	6.7
EBITDA, normalized	212	179	283	402	209	82.7
Basic EPS, normalized	−8.77	−3.10	−4.40	−6.40	−1.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CVR Partners LP, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Assets
Cash & short-term investments	69.2	90.9	45.3	86.3	113	30.6
Receivables	59.0	65.2	41.9	90.4	88.4	36.9
Total inventory	82.7	75.6	69.2	77.5	52.3	42.3
Prepaid expenses	1.5	1.3	9.5	11.4	9.1	8.4
Other current assets	1.5	0.6	0	0	0	0
Total current assets	214	234	166	266	262	118
Property, plant & equipment	728	754	775	824	858	908
Goodwill	–	–	–	–	–	0
Intangibles	–	–	–	–	–	–
Long-term investments	12.7	19.3	24.5	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	14.8	12.1	9.9	10.9	7.0	6.4
Total assets	969	1,019	975	1,100	1,127	1,033
Liabilities
Accounts payable	48.4	36.6	38.8	50.8	50.4	24.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	19.1	19.1	16.3	14.9	14.3	15.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.8	0.9	–	–	0	2.2
Other current liabilities	28.4	54.8	20.4	60.3	97.2	33.5
Total current liabilities	96.8	111	75.5	126	162	76.3
Long-term debt	569	568	547	547	611	634
Minority interest	–	–	–	–	–	–
Other liabilities	37.9	46.3	49.7	15.7	12.4	8.3
Total liabilities	704	726	672	689	785	719
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	266	293	303	412	342	314
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	266	293	303	412	342	314
Total liabilities & shareholders' equity	969	1,019	975	1,100	1,127	1,033

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CVR Partners LP, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Operating activities
Net income	98.7	60.9	172	287	78.2	−98.2
Depreciation, depletion & amortization	81.9	88.1	79.7	82.1	73.5	76.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	11.6	5.8	10.7	26.9	35.4	47.6
Changes in working capital	−42.5	−4.2	−19.4	−94.3	1.7	−5.8
Cash from operations	150	151	244	301	189	19.7
Investing activities
Capital expenditures	−50.8	−37.1	−24.2	−44.7	−20.6	−18.6
Other investing cash flows	6.7	5.2	21.5	0	0.3	0
Cash from investing	−44.1	−31.9	−2.7	−44.6	−20.3	−18.6
Financing activities
Financing cash flow items	−1.2	−2.4	−0.5	−0.8	−4.0	−0.5
Cash dividends paid	−126	−70.7	−281	−205	−49.7	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0	0	0	−77.4	−32.8	−7.1
Cash from financing	−127	−73.1	−282	−283	−86.4	−7.6
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−21.6	45.6	−41.1	−26.2	82.0	−6.4
Free cash flow	98.8	113	219	257	168	1.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.