olivLaw · US equity research
CVR Energy, Inc. CVI
Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)
CVR Energy is a diversified holding company that refines and markets fuels in the US mid-continent and, through its stake in CVR Partners, produces nitrogen fertilizers. In the second quarter of 2026 the company reported adjusted EBITDA of 209 million USD, supported by refining margins and high capacity utilization amid volatile energy prices linked to Middle East conflicts.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CVR Energy, Inc. (CVI) stock was 43.01 USD (−11.50% on the day), with market capitalisation 4.3 bn USD, P/E 16.3 on diluted EPS of 2.64 USD over the last 12 months, dividend yield 0.93%, beta 0.47, 52-week range 20.72–63.12 USD. Latest reported quarter (Q3 2026): revenue of 3.3 bn USD (+68.8% YoY), net income of 570.0 m USD (+52.4% YoY), diluted EPS 5.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 48.86 – 67.46
- below the lower band · %B -0.31 · band width 32.0%
- SMA 50 / 200
- 52.95 / 36.09
- mixed trend
- MACD (12, 26, 9)
- -0.68 / 1.40
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.5% | −1.1% | −23.4 pp | — |
| 3 months | +37.9% | −0.5% | +38.3 pp | — |
| 6 months | +31.2% | +4.4% | +26.8 pp | — |
| Year to date | +69.1% | +12.3% | +56.7 pp | — |
| 1 year | +17.8% | +13.5% | +4.3 pp | +54.4% |
| 3 years | +31.8% | +76.4% | −44.6 pp | +83.1% |
| 5 years | +141.9% | +63.7% | +78.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 1.6 bn | 1.8 bn | 1.9 bn | 1.8 bn | 2.0 bn | 2.7 bn | 3.3 bn |
| Cost of revenue | 1.9 bn | 1.7 bn | 1.8 bn | 1.4 bn | 1.9 bn | 2.1 bn | 2.6 bn | 2.5 bn |
| SG&A | 36.0 m | 37.0 m | 36.0 m | 42.0 m | 33.0 m | 39.0 m | 34.0 m | 56.0 m |
| Operating income | 21.0 m | -131.0 m | -103.0 m | 512.0 m | -95.0 m | -145.0 m | 78.0 m | 724.0 m |
| Depreciation & amortisation | 74.0 m | 68.0 m | 78.0 m | 111.0 m | 145.0 m | 79.0 m | 3.0 m | 2.0 m |
| Interest expense | 29.0 m | 35.0 m | 37.0 m | 32.0 m | 36.0 m | 63.0 m | — | — |
| Pre-tax income | 28.0 m | -154.0 m | -132.0 m | 489.0 m | -123.0 m | -189.0 m | 56.0 m | 704.0 m |
| Income tax | -12.0 m | -49.0 m | -42.0 m | 88.0 m | -7.0 m | -29.0 m | 10.0 m | 141.0 m |
| Net income | 29.0 m | -123.0 m | -114.0 m | 374.0 m | -110.0 m | -192.0 m | -3.0 m | 570.0 m |
| Diluted EPS | 0.29 ≈ | -1.22 | -1.14 | 3.72 | -1.09 ≈ | -1.91 | -0.03 | 5.67 |
| Operating cash flow | 98.0 m | -195.0 m | 176.0 m ≈ | 163.0 m ≈ | 0 | 64.0 m | 307.0 m ≈ | 655.0 m ≈ |
| Capex | 55.0 m | 51.0 m | 41.0 m ≈ | 38.0 m ≈ | 55.0 m | 47.0 m | 43.0 m ≈ | 62.0 m ≈ |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | — | 10.0 m | 10.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 17-quarter history (min 4.0, median 10.3, max 273.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.1 bn | 6.4 bn | 3.9 bn | 7.2 bn | 10.9 bn | 9.2 bn | 7.6 bn | 7.2 bn |
| Revenue YoY | +19.0% | −10.7% | −38.2% | +84.3% | +50.5% | −15.1% | −17.7% | −5.9% |
| Net income | 259.0 m | 380.0 m | -256.0 m | 25.0 m | 463.0 m | 769.0 m | 7.0 m | 27.0 m |
| Net income YoY | −1.5% | +46.7% | −167.4% | unavailable | +1,752.0% | +66.1% | −99.1% | +285.7% |
| Diluted EPS | unavailable | 3.78 | -2.54 | 0.25 | 4.60 | 7.65 | 0.06 | 0.27 |
| Diluted EPS YoY | unavailable | unavailable | −167.2% | unavailable | +1,740.0% | +66.3% | −99.2% | +350.0% |
| net % | 3.6% | 6.0% | -6.5% | 0.3% | 4.2% | 8.3% | 0.1% | 0.4% |
| Free cash flow | 526.0 m | 626.0 m | -34.0 m | 172.0 m | 776.0 m | 743.0 m | 225.0 m | -41.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 511.0 m USD
- Financial debt
- 1.7 bn USD
- Net debt
- 1.2 bn USD
- Equity
- 898.0 m USD
- Total assets
- 3.7 bn USD
- Debt / equity
- 1.91x
- Current ratio
- 1.79x
- ROE
- 3.0%
- ROA
- 0.7%
- FCF margin
- -0.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.9 bn | 7.2 bn | 10.9 bn | 9.2 bn | 7.6 bn | 7.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 4.1 bn | 7.0 bn | 9.8 bn | 8.0 bn | 7.4 bn | 6.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | -189.0 m ≈ | 218.0 m ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 205.0 m ≈ | 346.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| SG&A | 86.0 m | 119.0 m | 149.0 m | 141.0 m | 139.0 m | 148.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | -333.0 m | 87.0 m | 963.0 m | 1.1 bn | 58.0 m | 182.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 278.0 m | 279.0 m | 288.0 m | 298.0 m | 298.0 m | 403.0 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | -55.0 m ≈ | 366.0 m ≈ | 1.3 bn ≈ | 1.4 bn ≈ | 356.0 m ≈ | 585.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | — | — | 93.0 m | 90.0 m | 115.0 m | 139.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -415.0 m | 66.0 m | 801.0 m | 1.1 bn | 19.0 m | 80.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -95.0 m | -8.0 m | 157.0 m | 207.0 m | -26.0 m | -10.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -256.0 m | 25.0 m | 463.0 m | 769.0 m | 7.0 m | 27.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -2.54 | 0.25 | 4.60 | 7.65 | 0.06 | 0.27 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 100.5 m | 100.5 m | 100.5 m | 100.5 m | 100.5 m | 100.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 1.20 | 4.89 | — | — | — | — | SEC (XBRL)· 23 Feb 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 667.0 m | 510.0 m | 510.0 m | 581.0 m | 987.0 m | 511.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 178.0 m | 299.0 m | 358.0 m | 286.0 m | 295.0 m | 235.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 298.0 m | 484.0 m | 624.0 m | 604.0 m | 502.0 m | 472.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 1.4 bn | 1.4 bn | 1.6 bn | 2.2 bn | 1.8 bn | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 2.2 bn | — | — | — | — | — | SEC (XBRL)· 04 May 2021verified |
| Goodwill | 0 | 0 | 0 | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
| Total assets | 4.0 bn | 3.9 bn | 4.1 bn | 4.7 bn | 4.3 bn | 3.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 282.0 m | 409.0 m | 497.0 m | 530.0 m | 538.0 m | 415.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 8.0 m | 6.0 m | 6.0 m | 606.0 m | 12.0 m | 14.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | — | — | 1.5 bn | 2.1 bn | 1.9 bn | 1.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 659.0 m | 1.2 bn | 1.4 bn | 1.7 bn | 1.1 bn | 706.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 1.2 bn | 770.0 m | 791.0 m | 1.0 bn | 888.0 m | 898.0 m | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 90.0 m | 396.0 m | 967.0 m | 948.0 m | 404.0 m | 144.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 124.0 m | 224.0 m | 191.0 m | 205.0 m | 179.0 m | 185.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | -34.0 m ≈ | 172.0 m ≈ | 776.0 m ≈ | 743.0 m ≈ | 225.0 m ≈ | -41.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -423.0 m | -238.0 m | -271.0 m | -239.0 m | -121.0 m | -362.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 355.0 m | -315.0 m | -696.0 m | -40.0 m | -482.0 m | -258.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 121.0 m | 241.0 m | 483.0 m | 453.0 m | 151.0 m | 0 | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 7.0 m | 1.0 m | 12.0 m | 0 | 0 | — | SEC (XBRL)· 19 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation64
- Balance sheet49
- Quality56
- Growth0
- Returns44
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.70 – 196.56 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)114.10 – 196.56 (Mid 144.00)WACC 7.9% · starting FCFF 943.9 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA24.93 – 39.69 (Mid 31.17)4 companies used · median multiple 4.5x · quartiles 3.7x – 5.6xDK, EQNR, MPC, VLO
- Peers: P/E21.70 – 57.32 (Mid 47.81)10 companies used · median multiple 18.1x · quartiles 8.2x – 21.7xCOP, CVX, DK, EQNR, MPC, PBF, PSX, SUNC, VLO, XOM
- Dividend discount (DDM)64.26 – 86.42 (Mid 73.71)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.6% | 43 (vs peers) | 10% |
| Net margin · Quality | 2.7% | 35 (vs peers) | 6% |
| FCF conversion · Quality | 309.1% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -13.1% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -61.1% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.5x | 50 (vs peers) | 10% |
| Interest coverage · Balance sheet | 3.3x | 28 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.7x | 78 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 16.3x | 60 (vs peers) | 10% |
| EV/EBITDA · Valuation | 6.0x | 40 (vs peers) | 10% |
| FCF yield · Valuation | 18.9% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 2.4% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet49/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns44/100 · 2/2 factors with a value
- Valuation64/100 · 3/3 factors with a value
Memo
CVR ENERGY, INC (CVI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 7.2 bn USD in 2025; YoY growth -5.9%; net margin 2.7%; ROE 27.5%; net debt/EBITDA 0.5x.
The estimated value range is 44.59–71.87 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 60.76 USD, the price of 43.01 USD leaves a potential of 41.3% (value / price − 1) and a margin of safety of 29.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 309.1%
- Current ratio: 1.7x
- FCF yield: 18.9%
- Payout ratio (FCF): 2.4%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -13.1%
- EPS CAGR 3Y: -61.1%
- Interest coverage: 3.3x
- Shareholder yield (distributions): 0.5%
Versus the vertical median
Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| XOMExxonMobil Holdings Corporation | 701.6 bn | 27.7 | 9.8% | 7.6% | −5.0% | +46% / +65% |
| CVXChevron Corp | 428.7 bn | 20.8 | 12.2% | 9.6% | −6.8% | +44% / +51% |
| COPConocoPhillips | 164.5 bn | 18.1 | 14.2% | 14.7% | +7.7% | +54% / +18% |
| EQNREquinor Asa | 107.0 bn | 22.1 | 12.2% | 4.7% | +2.6% | +87% / +34% |
| MPCMarathon Petroleum Corporation | 106.9 bn | 7.7 | 72.6% | 8.4% | −4.4% | +103% / +163% |
| VLOValero Energy Corp | 101.9 bn | 8.2 | 50.1% | 8.4% | −5.5% | +107% / +191% |
| PSXPhillips 66 | 101.3 bn | 8.3 | 41.1% | 7.5% | −7.5% | +90% / +101% |
| YPFYPF Sociedad Anonima | 16.4 bn | — | -7.4% | -4.5% | −4.4% | +13% / +151% |
| CVICvr Energy, Inc | 4.3 bn | 16.3 | 27.5% | 2.7% | −5.9% | +18% / +32% |
| IEPIcahn Enterprises L.P. | 4.0 bn | — | — | -9.4% | −3.6% | −34% / −68% |
| DKDelek Us Holdings, Inc. | 4.0 bn | 18.2 | 62.6% | 1.9% | −9.5% | +69% / +141% |
| CLMTCalumet, Inc. | 3.8 bn | — | — | -3.0% | −1.2% | +126% / +153% |
| SUNCSunococorp LLC | 3.4 bn | 23.8 | — | 0.4% | +11.1% | +26% / unavailable |
| IMOImperial Oil Limited | — | — | 25.2% | 10.9% | −8.6% | +29% / +126% |
| PBFPbf Energy Inc. | — | 3.2 | 41.1% | 7.0% | −11.4% | +111% / +64% |
| BPBp PLC | — | — | 0.1% | 0.0% | −1.1% | +26% / +26% |
| SUNSunoco LP | — | — | — | 2.9% | +11.1% | +15% / +18% |
| SUSuncor Energy Inc | — | — | 13.2% | 11.3% | −4.6% | +61% / +118% |
1- and 3-year price returns: for CVI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 23.00 Total return -47% · Per year -47% | 40.87 Total return -5% · Per year -5% | 61.84 Total return 44% · Per year 44% |
| 3 years | 18.26 Total return -58% · Per year -25% | 36.88 Total return -14% · Per year -5% | 61.84 Total return 44% · Per year 13% |
| 5 years | 14.50 Total return -66% · Per year -20% | 33.29 Total return -23% · Per year -5% | 61.84 Total return 44% · Per year 8% |
- Exit P/E± 9.22
- Net margin± 6.45
- Annual revenue growth± 5.83
- Annual dilution± 0.54
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
CVR Energy is a diversified holding company that refines and markets fuels in the US mid-continent and, through its stake in CVR Partners, produces nitrogen fertilizers. In the second quarter of 2026 the company reported adjusted EBITDA of 209 million USD, supported by refining margins and high capacity utilization amid volatile energy prices linked to Middle East conflicts.
SWOT
Strengths
- Refinery locations close to crude sources give a transportation cost advantage over competitors.
- Redundant refining units allow processing to continue even when part of the plant is down for maintenance.
- The stake in CVR Partners adds fertilizer cash flows separate from the refining cycle.
Weaknesses
- The lack of an owned retail network makes the company dependent on third parties for product outlets.
- Geographic concentration limits diversification compared with larger competitors.
- Ending renewable diesel production removed a revenue source that depended on government incentives.
Opportunities
- Planned projects such as the Wynnewood alkylation expansion could increase premium gasoline output.
- The option to feed natural gas at Coffeyville could give fertilizer cost flexibility.
- Current market conditions could support strategic transactions and debt reduction, according to management.
Threats
- Volatility in crude and product prices could quickly compress refining margins.
- Subsidized fertilizer imports from other countries could put pressure on US prices.
- Changes in trade and fuel regulation could alter the economics of the business.
Risks
- Refining margin volatilityhigh
Margins depend on the spread between product prices and crude prices, which are influenced by factors largely beyond the company's control 1. Sharp declines could affect results and cash flow.
- Regional market dependencemedium
Activity is concentrated in a limited geographic area, exposing the company to local economic conditions and seasonal swings 1.
- Renewable fuel regulationmedium
Changes to the RFS standard and tax credits could affect compliance costs and the economics of other lines of business 1.
- Environmental obligationsmedium
Agreements with environmental authorities require new installations, and delays or cost overruns could affect capital plans 2.
- Geopolitical uncertaintyhigh
Conflicts in the Middle East and Ukraine could disrupt supply and prices in unpredictable ways 2.
Investment thesis
What would need to be true (bull case)
- High capacity utilization and improved margins in the latest quarter could continue if tension in energy markets persists.
- The stake in CVR Partners provides fertilizer income that could offset the cyclicality of refining.
- Capacity and feedstock flexibility projects could improve asset economics over the medium term.
What would break the thesis
- Refining margins were very weak in the past, and a return of oversupply could quickly reduce results.
- The controlling shareholder structure could limit strategic freedom or the interest of outside investors.
- Consolidated debt and capital spending could restrict dividend capacity if results deteriorate.
What to watch
- Refining margins and throughput in the Petroleum SegmentQ3 2026
- Completion of the East Dubuque turnaround and ammonia expansionQ3 2026
- Timing of the Wynnewood alkylation project, expected late 20272027
- Any strategic transactions involving IEP and the evolution of debtnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
CVR Energy, Inc. is a diversified holding company formed in 2006, primarily engaged in petroleum refining and marketing, in renewable fuels until the end of 2025, and in nitrogen fertilizer manufacturing through its interest in CVR Partners, LP. The petroleum business runs two refineries, in Coffeyville (Kansas) with a nameplate capacity of 132,000 bpd 1, and in Wynnewood (Oklahoma) with 74,500 bpd 1. The company trades on the NYSE as CVI, and IEP owned approximately 70% of its stock at the end of 2025 1.
Segments
Nitrogen Fertilizer
The Nitrogen Fertilizer Segment, operated through CVR Partners, produces ammonia and UAN at the Coffeyville and East Dubuque facilities. Ammonia utilization reached 99 percent in the second quarter of 2026, and the announced distribution was 6.08 USD per common unit 3. CVR Energy holds approximately 37% of the common units of CVR Partners 2.
Market context
The refining market in the mid-continent is concentrated and competitive, and margins vary sharply with crude and product prices and with seasonal demand, gasoline demand being higher in summer 1. The nitrogen fertilizer market is also volatile and depends on agricultural demand and international trade. The company has limited geographic exposure, which makes it more sensitive to regional economic conditions than more diversified competitors 1.
Trends
- Middle East conflictmixed
The Iran War that began in February 2026 disrupted trade routes and raised oil and fertilizer prices, which supported refining and nitrogen margins 23. This effect could reverse if tensions ease quickly.
- RFS policy and renewable creditsmixed
Changes to the Renewable Fuel Standard and RIN obligation relief from the EPA reduced compliance costs, yet the renewable diesel business was ended by reverting the RDU in December 2025 1.
- Seasonal fuel demandtailwind
Gasoline demand rises in summer and diesel demand during planting and harvest, which typically makes the second and third calendar quarters stronger than the others 1.
- Environmental compliance costsheadwind
Investment in flare gas recovery and other upgrades required by EPA settlements adds capital spending that could limit cash flow in the coming period 2.
Competitive position
In the mid-continent region CVR Energy competes with the CHS, HF Sinclair, Phillips 66 and Valero refineries, as well as with traders and refineries on the Gulf Coast, in the Great Lakes area and in the Texas panhandle 1. The company has no retail business, so it depends on third parties for outlets and may be less able to absorb weak refining margins 1.
- CHS Inc. (McPherson Refinery)
Direct competitor in the mid-continent region through its McPherson refinery.
- HF Sinclair Corporation
Competes through its El Dorado and Tulsa refineries in the same area.
- Phillips 66 Company
Competes through its Ponca refinery in the mid-continent region.
- Valero Energy Corporation
Competes through its Ardmore refinery in the region.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- CVR Energy Nears $4 Billion Refinery Deal With MarathonOil Price · 03 Nov 2026 · EN
SEC filings
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Nov 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Nov 2026
- Current report08 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Current report12 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CVR Energy, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CVR Energy, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CVR Energy, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.