CVR Partners, LP
- Open
- 126.25
- Day high
- 127.50
- Day low
- 125.39
- Prev close
- 125.28
- Volume
- 52K
- Mkt cap
- $1.3B
- P/E (TTM)
- 8.3
- EPS (TTM)
- $15.16
- P/B
- 3.9
- P/S
- 2.0
- Yield
- 8.27%
- Per share
- $10.45
CVR Partners, LP (UAN) is a Basic Materials company listed on NYSE. The stock is up 41% over the past year. Drillr has 1 published research article covering UAN.
CVR Partners, LP (UAN) 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.
UAN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | — | $7.33 | — | $202M | — |
| Apr 30, 2026 | — | $4.72 | — | $180M | — |
| Feb 18, 2026 | — | $-0.97 | — | $131M | — |
| Oct 29, 2025 | — | $4.08 | — | $164M | — |
| Jul 30, 2025 | — | $3.67 | — | $169M | — |
| Feb 18, 2025 | — | $1.73 | — | $140M | — |
| Feb 20, 2024 | — | $0.94 | — | $142M | +56.8% |
| May 1, 2023 | — | $9.64 | — | $226M | +150.6% |
| Feb 21, 2023 | — | $9.02 | — | $212M | — |
| Aug 1, 2022 | — | $11.12 | — | $244M | — |
| May 2, 2022 | — | $8.78 | — | $223M | +146.8% |
| Feb 22, 2022 | — | $5.76 | — | $189M | +109.2% |
UAN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Dec 12, 2025 | PYTOSH MARK Adirector, officer: President and CEO | Option | 3,689 | — |
| Dec 12, 2025 | PYTOSH MARK Adirector, officer: President and CEO | Option | 3,421 | — |
| Dec 12, 2025 | PYTOSH MARK Adirector, officer: President and CEO | Option | 2,000 | — |
| Dec 12, 2025 | PYTOSH MARK Adirector, officer: President and CEO | Grant | 8,482 | — |
| Apr 23, 2025 | ICAHN CARL C10 percent owner | Buy | 5,021 | $74.87 |
| Apr 23, 2025 | ICAHN CARL C10 percent owner | Buy | 5,308 | $73.87 |
| Apr 18, 2025 | ICAHN CARL C10 percent owner | Buy | 5,168 | $74.55 |
| Apr 15, 2025 | ICAHN CARL C10 percent owner | Buy | 5,168 | $73.24 |
| Apr 15, 2025 | ICAHN CARL C10 percent owner | Buy | 4,265 | $72.05 |
| Apr 15, 2025 | ICAHN CARL C10 percent owner | Buy | 4,343 | $70.41 |
| Apr 10, 2025 | ICAHN CARL C10 percent owner | Buy | 6,071 | $68.64 |
| Apr 7, 2025 | ICAHN CARL C10 percent owner | Buy | 6,071 | $66.65 |
| Apr 7, 2025 | ICAHN CARL C10 percent owner | Buy | 5,863 | $70.52 |
| Apr 7, 2025 | ICAHN CARL C10 percent owner | Buy | 500 | $74.98 |
| Apr 1, 2025 | ICAHN CARL C10 percent owner | Buy | 31 | $74.69 |
Source: UAN SEC Form 4 filings, latest Dec 12, 2025. For informational purposes only — not investment advice.
See the full UAN insider & 13F page →CVR Partners, LP company profile
Overview
CVR Partners, LP (NYSE:UAN) is a master limited partnership that produces and sells nitrogen fertilizer products in the United States. Founded in 2007 and publicly traded since 2011, the company operates two nitrogen fertilizer manufacturing facilities located in Coffeyville, Kansas and East Dubuque, Illinois. CVR Partners is controlled by CVR GP, LLC as its general partner and has established itself as a significant player in the domestic nitrogen fertilizer industry, serving both agricultural and industrial customers across the Midwest and Great Plains regions.
Business
CVR Partners operates in the nitrogen fertilizer manufacturing industry, which is a critical component of the global agricultural supply chain. The company produces three main nitrogen-based fertilizer products that provide essential nutrients for crop growth. The company's primary product is UAN (Urea Ammonium Nitrate), a liquid nitrogen fertilizer solution that typically contains 28-32% nitrogen content. UAN is widely used by farmers because it can be easily applied through irrigation systems or sprayed directly onto crops, making it particularly popular for corn and wheat production. This liquid fertilizer provides plants with readily available nitrogen, which is essential for protein synthesis and chlorophyll production. CVR Partners also produces ammonia, which serves dual purposes in their business model. Ammonia is both a final product sold to agricultural and industrial customers and an intermediate product used internally to manufacture UAN. When sold externally, ammonia is primarily used as a direct-application fertilizer, typically injected into soil before planting, and also serves industrial applications including the production of other chemicals and explosives. The third product line consists of ammonium nitrate, a solid nitrogen fertilizer that provides both nitrate and ammonium forms of nitrogen. This product is particularly valued for its quick-release nitrogen properties and is commonly used in specialty agricultural applications. Based on recent financial data, UAN sales represent approximately 60-65% of total revenues, while ammonia sales account for roughly 30-35% of revenues. The remaining 5-10% comes from ammonium nitrate and other specialty nitrogen products. The company's two manufacturing facilities have a combined annual production capacity of approximately 1.1 million tons of ammonia, with the ability to convert a significant portion into UAN based on market demand.
Revenue model
CVR Partners generates revenue primarily through direct product sales to agricultural retailers, distributors, and end-use farmers. The company operates on a traditional manufacturing business model where it purchases raw materials, processes them into finished nitrogen fertilizer products, and sells these products at market prices that fluctuate based on supply and demand dynamics. The company's primary customers include agricultural cooperatives, independent fertilizer retailers, and large farming operations. For ammonia, approximately 60-70% of sales go to agricultural customers for crop nutrition, while 30-40% serves industrial customers who use ammonia in manufacturing processes or as a feedstock for other chemical products. UAN sales are almost exclusively directed toward agricultural markets, with customers typically purchasing during two main seasons: spring planting and fall application periods. Several key factors significantly impact CVR Partners' profit margins. Natural gas prices represent the most critical input cost, as natural gas serves as both a feedstock and fuel source in the ammonia production process. The company's Coffeyville facility uses petroleum coke as its primary feedstock, which provides some insulation from natural gas price volatility, while the East Dubuque facility relies entirely on natural gas. When natural gas prices decline, the company benefits from lower production costs and improved competitiveness against international producers. Global nitrogen fertilizer supply and demand dynamics heavily influence selling prices. Production disruptions in major fertilizer-producing regions, particularly Europe and Russia, can create supply shortages that boost domestic prices. Conversely, increased global production capacity or reduced agricultural demand can pressure margins downward. Agricultural commodity prices indirectly affect demand for nitrogen fertilizers. When corn, wheat, and soybean prices are strong, farmers have greater economic incentive to maximize yields through fertilizer application, supporting both volume and pricing. Weather patterns and crop planting decisions also influence seasonal demand patterns. The company faces competitive pressure from both domestic producers and imports, particularly from regions with lower-cost natural gas. However, transportation costs and supply chain reliability often favor domestic production, especially during periods of high global fertilizer demand or geopolitical uncertainty.
Competitive moat
CVR Partners operates in a commodity chemical industry with limited sustainable competitive advantages, though the company does possess some defensive characteristics that provide modest protection against competition. The company's primary moat stems from geographic positioning and logistics advantages. Both manufacturing facilities are strategically located in the heart of U.S. agricultural regions, providing proximity to end customers and reducing transportation costs compared to coastal or international competitors. The Coffeyville facility benefits from access to petroleum coke feedstock, which can provide cost advantages when natural gas prices are elevated relative to petroleum coke pricing. Operational expertise and plant reliability represent another modest competitive advantage. CVR Partners has demonstrated consistently high plant utilization rates, often exceeding 95-100%, which is critical in a business where fixed costs are substantial. The company's safety record and operational improvements have reduced downtime and enhanced productivity, though these advantages are not insurmountable by well-managed competitors. The capital-intensive nature of nitrogen fertilizer production creates some barriers to entry, as new facilities require hundreds of millions of dollars in investment and several years to construct. However, this protection is limited because existing global capacity can serve U.S. markets through imports when economically attractive. The company's moat is significantly constrained by the commodity nature of nitrogen fertilizers. Products are largely undifferentiated, with customers primarily making purchasing decisions based on price, delivery terms, and availability. This dynamic limits pricing power and makes the business highly sensitive to input cost fluctuations and global supply-demand imbalances. Competitive threats include large integrated chemical companies with greater scale and diversification, international producers with access to lower-cost feedstocks, and potential new capacity additions. The company also faces long-term risks from precision agriculture technologies that could reduce overall fertilizer demand and alternative nitrogen sources or enhanced efficiency products that could disrupt traditional fertilizer markets. Overall, CVR Partners operates with a narrow and fragile moat that provides some protection during favorable market conditions but offers limited defense during commodity downturns or periods of oversupply.
Risks & safety
CVR Partners demonstrates solid financial stability with manageable debt levels and strong cash generation capabilities, though the cyclical nature of the fertilizer business creates inherent volatility risks. **Liquidity and Solvency:** - Strong cash position of $122 million and total liquidity of $172 million as of Q1 2025 - Current ratio of 2.5x indicates comfortable short-term liquidity - Debt-to-equity ratio of 0.0 (Q1 2025) shows minimal leverage, though this fluctuates with working capital financing - No immediate solvency concerns given strong balance sheet position **Cash Flow and Operations:** - Positive operating cash flow of $55 million in Q1 2025 - Historical free cash flow generation averaging $100-250 million annually during favorable cycles - Capital expenditure requirements of $50-60 million annually for maintenance and improvements - Strong cash conversion from operations supports distribution payments **Valuation Metrics:** - Trading at P/E ratio of 7.3x based on recent earnings - EV/EBITDA of 3.2x appears reasonable for cyclical business - Price-to-book ratio of 2.6x suggests modest premium to asset value - Graham number of $40.57 indicates potential undervaluation at current levels **Other Considerations:** - Commodity price volatility creates earnings unpredictability - High fixed cost structure amplifies margin sensitivity to volume and pricing changes - Master limited partnership structure provides tax advantages but limits financial flexibility - Geographic concentration in U.S. agricultural markets reduces diversification
Recent development
Over the past several years, CVR Partners has focused on operational excellence and strategic flexibility improvements rather than major capacity expansions or acquisitions. The company has prioritized enhancing plant reliability, safety performance, and production efficiency while maintaining financial discipline. A key strategic initiative involves feedstock diversification at the Coffeyville facility. The company is progressing with engineering studies to enable dual-fuel capability, allowing the plant to switch between petroleum coke and natural gas as feedstock depending on relative pricing and availability. This approximately $10 million project, expected to be completed in 2025, would provide greater operational flexibility and potentially reduce input costs during periods when natural gas prices are favorable relative to petroleum coke. The company has implemented numerous debottlenecking and reliability improvement projects across both facilities. These initiatives have helped achieve consistently high plant utilization rates, often exceeding 100% of nameplate capacity. Notable achievements include record production levels at the East Dubuque facility and improved safety metrics, with a 40% reduction in total recordable incident rates in 2024. Environmental and sustainability initiatives represent another strategic focus area. CVR Partners is planning to install a nitrous oxide abatement unit at the Coffeyville facility to reduce greenhouse gas emissions and potentially qualify for additional tax credits. The company is also exploring carbon dioxide sequestration opportunities at the East Dubuque facility as part of broader decarbonization efforts. The company has maintained a disciplined capital allocation approach, prioritizing cash returns to unitholders through distributions while reserving capital for high-return operational improvements. Total distributions have ranged from $6.76 per unit in 2024 to over $24 per unit during the exceptional market conditions of 2022. Recent market positioning efforts include optimizing sales and logistics capabilities to better serve customers during tight supply conditions and exploring opportunities to expand nameplate capacity by several percentage points over the next 2-3 years through targeted investments in existing facilities.
UAN company profile · for informational purposes only — not investment advice.
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