CVR Energy, Inc.
- Open
- 42.94
- Day high
- 43.05
- Day low
- 41.15
- Prev close
- 41.86
- Volume
- 162K
- Mkt cap
- $4.1B
- P/E (TTM)
- 59.6
- EPS (TTM)
- $0.69
- P/B
- 7.9
- P/S
- 0.5
- Yield
- 1.39%
- Per share
- $0.57
CVR Energy, Inc. (CVI) is a Energy company listed on NYSE. The stock is up 29% over the past year. Drillr has 1 published research article covering CVI.
CVR Energy, Inc. (CVI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CVI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.26 | $0.34 | +31.7% | $2.7B | +23.1% |
| Apr 30, 2026 | $-0.54 | $-1.24 | -129.6% | $2.0B | +14.3% |
| Feb 18, 2026 | $-0.84 | $-0.80 | +4.8% | $1.8B | +6.7% |
| Oct 29, 2025 | $0.20 | $0.40 | +100.0% | $1.9B | +12.8% |
| Jul 30, 2025 | $-0.08 | $-0.23 | -187.5% | $1.8B | +4.3% |
| Feb 18, 2025 | $-0.01 | $-0.13 | -1200.0% | $1.9B | +24.6% |
| Feb 20, 2024 | $0.34 | $0.65 | +91.2% | $2.2B | -2.4% |
| May 1, 2023 | $1.04 | $1.44 | +38.5% | $2.3B | -1.9% |
| Feb 21, 2023 | $1.49 | $1.68 | +12.8% | $2.7B | +12.3% |
| Oct 31, 2022 | $1.78 | $1.90 | +6.7% | $2.7B | +12.4% |
| May 2, 2022 | $-0.10 | $0.02 | +120.0% | $2.4B | +28.5% |
| Feb 22, 2022 | $0.05 | $-0.20 | -500.0% | $2.1B | +15.3% |
CVI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Feb 24, 2026 | ICAHN CARL C10 percent owner | Buy | 244,940 | $20.75 |
| Feb 24, 2026 | ICAHN CARL C10 percent owner | Buy | 263,452 | $20.78 |
| Feb 24, 2026 | ICAHN CARL C10 percent owner | Buy | 275,012 | $21.41 |
| Feb 20, 2026 | Capps J. Travis Jr.officer: EVP & Chief Commercial Officer | Grant | 27,824 | — |
| Dec 12, 2025 | LAMP DAVID Ldirector, officer: President and CEO | Option | 17,388 | — |
| Dec 12, 2025 | Johnson Charles Douglasofficer: EVP & Chief Commercial Officer | Option | 5,701 | — |
| Dec 12, 2025 | Conaway Jeffrey D.officer: VP, CAO & Corp. Controller | Option | 2,044 | — |
| Dec 12, 2025 | Neumann Dane J.officer: EVP & Chief Financial Officer | Option | 11,491 | — |
| Dec 12, 2025 | Johnson Charles Douglasofficer: EVP & Chief Commercial Officer | Option | 9,825 | — |
| Dec 12, 2025 | Neumann Dane J.officer: EVP & Chief Financial Officer | Option | 5,077 | — |
| Dec 12, 2025 | Conaway Jeffrey D.officer: VP, CAO & Corp. Controller | Option | 3,526 | — |
| Dec 12, 2025 | PYTOSH MARK Aofficer: EVP - Corporate Services | Grant | 15,797 | — |
| Dec 12, 2025 | LAMP DAVID Ldirector, officer: President and CEO | Grant | 52,972 | — |
| Dec 12, 2025 | Wright Michael H. Jr.officer: EVP & Chief Operating Officer | Grant | 19,482 | — |
| Dec 12, 2025 | Buhrig Melissa Mofficer: EVP, General Counsel & Sec. | Option | 7,988 | — |
Source: CVI SEC Form 4 filings, latest Feb 24, 2026. For informational purposes only — not investment advice.
See the full CVI insider & 13F page →CVR Energy, Inc. company profile
Overview
CVR Energy, Inc. (NYSE:CVI) is an independent energy company founded in 1906 and headquartered in Sugar Land, Texas. The company operates as a subsidiary of Icahn Enterprises L.P., having been taken public in 2007. CVR Energy has evolved from its origins into a diversified energy company that operates petroleum refineries and nitrogen fertilizer manufacturing facilities across the central United States. The company has expanded its operations in recent years to include renewable diesel production as part of the broader energy transition, while maintaining its core refining and fertilizer businesses that serve agricultural and transportation fuel markets.
Business
CVR Energy operates in two primary business segments that leverage different aspects of the energy and agricultural value chains. The Petroleum segment represents the company's core refining operations, accounting for approximately 70-75% of total revenues based on recent financial performance. This segment operates two crude oil refineries with a combined capacity of approximately 185,000 barrels per day. The Coffeyville refinery in southeast Kansas is a coking medium-sour crude oil facility, while the Wynnewood refinery in Oklahoma processes lighter crude oils. These refineries convert crude oil into refined products including gasoline, diesel fuel, jet fuel, and other petroleum products. The refining process involves heating crude oil and separating it into different components based on their boiling points, then further processing these components through various units like crackers and hydrotreaters to produce finished fuels that meet market specifications. The Nitrogen Fertilizer segment contributes approximately 20-25% of revenues and operates two fertilizer manufacturing facilities. The Coffeyville facility utilizes a unique pet coke gasification process, while the East Dubuque, Illinois plant produces nitrogen-based fertilizers including ammonia and urea ammonium nitrate (UAN). These fertilizers are essential for agricultural production, providing nitrogen nutrients that crops require for growth. The gasification process converts petroleum coke (a refinery byproduct) into synthesis gas, which is then converted into ammonia through the Haber-Bosch process. The Renewables segment is the company's newest division, contributing roughly 5% of revenues. This segment operates a renewable diesel unit at the Wynnewood refinery that processes vegetable oils and other bio-based feedstocks into renewable diesel fuel. Renewable diesel is chemically identical to petroleum diesel but is produced from renewable feedstocks, making it a lower-carbon alternative that can be used in existing diesel engines without modification.
Revenue model
CVR Energy generates revenue through multiple business models across its operating segments. The petroleum segment operates on a refining margin model, where the company purchases crude oil as feedstock and sells refined products at market prices. Profitability depends on the "crack spread" - the difference between crude oil costs and refined product prices. The company sells gasoline, diesel, and other products to retailers, railroads, farm cooperatives, and other refiners through both spot market transactions and longer-term supply agreements. The fertilizer segment operates on a manufacturing and direct sales model, producing ammonia and UAN fertilizers that are sold primarily to agricultural customers and industrial users. Revenue is generated through product sales with pricing tied to agricultural commodity cycles and global fertilizer supply-demand dynamics. The company benefits from seasonal demand patterns, with strong sales during spring planting and fall application seasons. The renewables segment generates revenue through product sales of renewable diesel, with margins enhanced by federal and state incentive programs including the Renewable Fuel Standard (RFS) credits and state Low Carbon Fuel Standards (LCFS) programs. Several factors significantly impact the company's margins. Favorable conditions include wide crack spreads (high refined product prices relative to crude oil costs), strong agricultural commodity prices that drive fertilizer demand, favorable seasonal weather patterns for farming, and stable government renewable fuel incentives. Margin pressures come from narrow crack spreads, high RIN (Renewable Identification Number) costs under federal renewable fuel mandates, competitive pressure from larger integrated oil companies, volatile natural gas prices that affect fertilizer production costs, and uncertainty around renewable fuel policy support. The company's Mid-Continent location can also create logistics challenges and basis differentials compared to Gulf Coast refiners.
Competitive moat
CVR Energy operates in commodity-intensive industries with limited sustainable competitive advantages. The company's primary defensive characteristics include its strategic location in the Mid-Continent region, which provides access to discounted crude oil supplies from Canadian and domestic shale production, and its integrated logistics infrastructure including pipeline connections and storage facilities. The nitrogen fertilizer operations benefit from using pet coke gasification technology, which can provide cost advantages when pet coke prices are favorable relative to natural gas. However, the company's moat is relatively narrow. The refining industry is highly competitive with significant overcapacity globally, and CVR's smaller scale puts it at a disadvantage compared to integrated oil majors with larger, more complex refineries. The company faces ongoing regulatory challenges, particularly related to Renewable Fuel Standard compliance costs that disproportionately impact independent refiners. Competitive threats include potential demand destruction from electric vehicle adoption, continued consolidation in the refining industry that could disadvantage smaller players, and policy changes that could eliminate small refinery exemptions from renewable fuel mandates. The fertilizer business faces competition from larger global producers and is subject to volatile input costs and agricultural demand cycles. The renewable diesel segment, while strategically important, remains dependent on government subsidies and faces increasing competition as more capacity comes online industry-wide.
Risks & safety
CVR Energy presents a mixed margin of safety profile with both strengths and concerns. **Liquidity and Solvency:** - Strong cash position of $695 million as of Q1 2025 - Current ratio of 1.31, indicating adequate short-term liquidity - Debt-free balance sheet at the corporate level - Recent negative free cash flow of -$246 million in Q1 2025 raises concerns about cash burn **Valuation Metrics:** - Trading at negative P/E ratios due to recent losses - EV/EBITDA of -5.14 (negative due to negative EBITDA) - Price-to-book ratio of 3.36, suggesting premium valuation relative to book value - Graham Net-Net of -27.7, indicating stock trades above liquidation value **Other Considerations:** - Cyclical earnings make traditional valuation metrics less reliable - Suspended dividend in Q3 2024 to preserve cash - Significant exposure to volatile commodity markets and regulatory changes - Recent operational challenges including unplanned downtime and turnaround costs
Recent development
Over the past few years, CVR Energy has pursued several strategic initiatives to adapt to changing energy markets and regulatory requirements. The company has made significant investments in renewable diesel capabilities, converting the Wynnewood refinery's hydrocracker unit to process vegetable oils and other bio-based feedstocks. This $200+ million investment represents the company's primary response to decarbonization trends, though operations have been challenged by catalyst limitations and policy uncertainty around government incentives. The company has also focused on operational optimization projects, including plans for jet fuel production capabilities at the Coffeyville refinery and alkylation unit improvements at Wynnewood. These projects aim to improve product mix and capture higher-value markets. In the fertilizer segment, CVR has explored potential capacity expansions and alternative feedstock options, including evaluating natural gas as an alternative to pet coke at the Coffeyville facility. Financial strategy has shifted significantly, with management suspending the quarterly dividend in Q3 2024 to preserve cash during challenging market conditions. The company has prioritized balance sheet strength and debt reduction while exploring potential asset sales and strategic transactions to diversify beyond its current Mid-Continent geographic concentration. Recent earnings calls indicate management is actively evaluating acquisition opportunities that could provide scale and geographic diversification, particularly in refining assets outside their current operating region.
CVI company profile · for informational purposes only — not investment advice.
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