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CVR Energy (CVI) USD

CVR Energy operates petroleum refining, renewable fuels production, and nitrogen fertilizer manufacturing in the United States. Its segments include refining transportation fuels, processing renewable feedstocks into diesel, and producing nitrogen fertilizers.

At a glance: strengths & risks
✓Revenue growing (+55% y/y, Q2 2026)✓Margins improving (-1%→8%, Q2 2026)

Sector: Oil refining

Geography: United States

COMM_CVI

Price chart

44.5 USDDay 2.11%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
44.5 USD · 2.11%
Market cap
4.5 bn USD

Growth

Δ revenue y/y
55.5%
Δ EBITDA y/y
64.3%

Multiples

P/E (LTM)
64.8x
3y avg: 122.6x
P/B (FY)
6.1x
P/E (ann.)
<0
EV/EBITDA (LTM)
6.8x
3y avg: 5.8x
EV/EBITDA (ann.)
6.6x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
4.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+21.7%
↓ details

Liquidity

Daily turnover (listing)
45.9 mln USD

Shares: yahoo_fundamentals_timeseries/CVI

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2738.0
y/y 55.5%
78.0
y/y —
131.0
y/y 67.9%
209.0
y/y —
-3.0
y/y —
307.0-44.04079.0
y/y 2.4%
525.0
y/y 12.7%
-2.3%1050.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK1980.0
y/y 20.3%
-145.0
y/y —
79.0
y/y 16.2%
-66.0
y/y —
-192.0
y/y —
64.0-47.03861.0
y/y -9.2%
538.0
y/y -7.2%
-121.1%1278.0Link
2025-12-31Q4 2025 (3M)OK1811.0
y/y -7.0%
-96.0
y/y -557.1%
146.0
y/y 94.7%
50.0
y/y -47.9%
-110.0
y/y -492.9%
0.0-55.03706.0
y/y -13.1%
730.0
y/y 3.8%
3.4%1256.0Link
2025-09-30Q3 2025 (3M)OK1944.0
y/y 6.1%
512.0
y/y —
111.0
y/y 48.0%
623.0
y/y —
374.0
y/y —
163.0-38.03992.0
y/y 2.9%
840.0
y/y 24.4%
76.4%1173.0Link
2025-06-30Q2 2025 (3M)OK1761.0
y/y -10.5%
-103.0
y/y -481.5%
78.0
y/y 8.3%
-25.0
y/y -125.3%
-114.0
y/y -642.9%
176.0-41.03984.0
y/y -0.5%
466.0
y/y -45.1%
-87.2%1269.0Link
2025-03-31Q1 2025 (3M)OK1646.0
y/y -11.6%
-131.0
y/y -206.5%
68.0
y/y -10.5%
-63.0
y/y -131.7%
-123.0
y/y -250.0%
-195.0-51.04251.0
y/y 3.9%
580.0
y/y -34.0%
-76.7%1227.0Link
2024-12-31Q4 2024 (3M)OK1947.0
y/y -11.6%
21.0
y/y -83.1%
75.0
y/y -2.6%
96.0
y/y -52.2%
28.0
y/y -69.2%
98.0-55.04263.0
y/y -9.4%
703.0
y/y -17.0%
1.0%936.0Link
2024-09-30Q3 2024 (3M)OK1833.0
y/y -27.3%
-113.0
y/y -125.4%
75.0
y/y -7.4%
-38.0
y/y -107.2%
-124.0
y/y -135.1%
48.0-34.03878.0
y/y -12.3%
675.0
y/y -29.5%
-21.7%1054.0Link
2024-06-30Q2 2024 (3M)OK1967.0
y/y -12.0%
27.0
y/y -87.9%
72.0
y/y 0.0%
99.0
y/y -66.6%
21.0
y/y -83.8%
81.0-43.04003.0
y/y -5.1%
849.0
y/y 12.5%
9.7%1005.0Link
2024-03-31Q1 2024 (3M)OK1863.0
y/y -18.5%
123.0
y/y -62.7%
76.0
y/y 11.8%
199.0
y/y -50.0%
82.0
y/y -57.9%
177.0-47.04093.0
y/y -2.7%
879.0
y/y 30.2%
38.0%948.0Link
2023-12-31Q4 2023 (3M)OK2203.0
y/y —
124.0
y/y —
77.0
y/y —
201.0
y/y —
91.0
y/y —
-36.0-55.04707.0
y/y —
847.0
y/y —
85.3%1012.0Link
2023-09-30Q3 2023 (3M)OK2522.0
y/y —
445.0
y/y —
81.0
y/y —
526.0
y/y —
353.0
y/y —
370.0-50.04421.0
y/y —
957.0
y/y —
55.0%707.0Link
2023-06-30Q2 2023 (3M)OK2236.0
y/y —
224.0
y/y —
72.0
y/y —
296.0
y/y —
130.0
y/y —
367.0-55.04217.0
y/y —
755.0
y/y —
72.7%847.0Link
2023-03-31Q1 2023 (3M)OK2286.0
y/y —
330.0
y/y —
68.0
y/y —
398.0
y/y —
195.0
y/y —
247.0-45.04208.0
y/y —
675.0
y/y —
—998.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)16
Long-term debt (incl. LT leases)1 771
− Cash & equivalents737
Net debt1 050

Net debt / LTM EBITDA: 1.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 00001 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-150%-100%-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-20002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 3.71x of reported net profit; after capex, 1.68x.
year20212022202320242025
cash flow / profit15.84x2.09x1.23x—5.33x
accruals, % of assets-9.5%-12.2%-3.8%-9.3%-3.2%
Last twelve months (to 2026-06-30): 7.74x of profit came back as operating cash flow.
net debt / EBITDA 2.1x · EBIT covers interest 1.3x · capex 0.6x of depreciation · dividends 71% of free cash flow
● EBIT covers interest 1.3x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — US Gasoline Index (EIA)

Current 3spot vs LTM +1%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +21.7% ▼ -8.6 pp 1d

Main driver: US Gasoline Index (EIA) +1% vs LTM; revenue ×1.20 vs costs ×1.25; EBITDA 816→584; at 11.3× EV/EBITDA → +22%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (cost)-63%92.7071.9676.36+29%+6%
US Gasoline Index (EIA) (rev)+51%3.193.173.38+1%+7%
US Diesel Index (EIA) (rev)+19%5.604.214.15+33%-1%
US Gulf Coast Kerosene-Type Jet Fuel (rev)+19%4.192.612.60+60%-1%
Bitumen (cost)-7%4 926.003 617.553 752.48+36%+4%
Ethanol (USD/Gal) (cost)-7%2.081.801.84+16%+2%
China Sulfur (cost)-4%8 201.754 402.853 279.24+86%-26%
Henry Hub Gas (cost)-4%2.973.383.12-12%-8%
UAN (Black Sea) (rev)+4%487.50375.13341.45+30%-9%
Electricity Spot (cost)-4%57.8062.1952.40-7%-16%
Ammonia (Black Sea) (rev)+2%406.00338.24394.70+20%+17%
Urea (FOB China) (rev)+0%400.00508.98391.00-21%-23%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue8 472
LTM EBITDA816
LTM cash costs (revenue − EBITDA)7 656
2 · Revenue projection
Revenue multiplier — spot×1.201 (+20%)
= Spot revenue10 174
Revenue multiplier — 3y price×1.028 (+3%)
= 3-year-price revenue8 713
3 · Costs projection
Cost multiplier — spot×1.253 (+25%)
= Spot cash costs9 590
Cost multiplier — 3y price×1.026 (+3%)
= 3-year-price cash costs7 855
4 · EBITDA projection (revenue − costs)
= Spot EBITDA584
= 3-year-price EBITDA858
Conservative EBITDA = min(spot, avg)584
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)11.3x
Target EV = EV/EBITDA × conservative EBITDA6 577
Net debt1 131
Target market cap = EV − net debt5 446
Current market cap4 474

Upside = target market cap ÷ current − 1 = +21.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q32 5222 360+6.9%526275+91.6%
2023 Q42 2022 301-4.3%201309-35.0%
2024 Q11 8632 153-13.5%199279-28.6%
2024 Q21 9672 191-10.2%99247-60.0%
2024 Q31 8331 960-6.5%-38133-128.6%
2024 Q41 9471 735+12.2%95-47—
2025 Q11 6461 832-10.1%-63-27—
2025 Q21 7611 891-6.9%-25148-116.9%
2025 Q31 9441 825+6.5%62357+986.4%
2025 Q41 8101 767+2.4%50169-70.4%
2026 Q11 9801 853+6.9%-6639-268.6%
2026 Q22 7382 306+18.7%209-32—

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -6% vs -18% the year before — a +11.8 pp move. 3-year CAGR -13%.
revenue growth by year: 2023 -15% · 2024 -18% · 2025 -6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 31.3x · target 75th pct (3y) 11.3x · LTM avg 7.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-100.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2026-05-110.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2024-08-120.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-05-100.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-03-010.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-11-102 USDEx-dividend: 2 USD per sharePaidYahoo Finance (ex-div)
2023-08-111.5 USDEx-dividend: 1.5 USD per sharePaidYahoo Finance (ex-div)
2023-05-120.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-03-030.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2022-11-101.4 USDEx-dividend: 1.4 USD per sharePaidYahoo Finance (ex-div)
2022-08-113 USDEx-dividend: 3 USD per sharePaidYahoo Finance (ex-div)
2022-05-120.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of CVR Energy (CVI) — from primary filings.

Frequently asked questions

What is CVR Energy (CVI)'s P/E ratio?
CVR Energy (CVI) trades at a P/E of 64.8x (price to trailing 12-month earnings).
What is CVR Energy (CVI)'s EV/EBITDA?
CVR Energy (CVI) trades at 6.8x EV/EBITDA.
What is CVR Energy (CVI)'s P/B ratio?
CVR Energy (CVI) trades at a P/B of 6.1x.
What is CVR Energy (CVI)'s dividend yield?
CVR Energy (CVI)'s trailing 12-month dividend yield is 0.4%.
What is CVR Energy (CVI)'s return on equity (ROE)?
CVR Energy (CVI)'s ROE is -2.3%.
What is CVR Energy (CVI)'s market capitalization?
CVR Energy (CVI)'s market cap is 4.5 bn USD.

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