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CVR Energy (CVI) USD

At a glance: strengths & risks
✓Profit growing (+286%)✓Margins improving (5%→8%)✗Revenue declining (-6%)✗Pricier than own history (EV/EBITDA 8.1 vs avg 5.8)

Sector: Oil refining

Geography: United States

COMM_CVI

Price chart

33.94 USDDay -2.69%

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
33.94 USD · -2.69%
Market cap
3.4 bn USD

Growth

Δ revenue y/y
20.3%
Δ EBITDA y/y
64.3%

Multiples

P/E (LTM)
126.3x
3y avg: 122.6x
P/B (FY)
4.7x
P/E (ann.)
<0
EV/EBITDA (LTM)
8.1x
3y avg: 5.8x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
0.3%
FCF yield (LTM)
-1.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+250.6%
↓ details

Liquidity

Daily turnover (listing)
30 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
2026-03-31Q1 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

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50005001 0001 5002 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-150%-100%-50%0%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-400-20002002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05001 0001 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — US Gasoline Index (EIA)

Current 3spot vs LTM -1%

Commodity-player potential

EI1 PHP analysis (Wd_Strategy_Results_Comm.Potential_min3y) — the production commodity re-rating upside.

Upside: +250.6%

Main driver: US Gasoline Index (EIA) -1% vs LTM; revenue ×1.10 vs costs ×1.21; EBITDA 582→-129; at 11.7× EV/EBITDA → +251%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (cost)-63%89.2572.3176.27+23%+5%
US Gasoline Index (EIA) (rev)+51%3.123.173.41-1%+8%
US Diesel Index (EIA) (rev)+19%5.134.224.11+22%-3%
US Gulf Coast Kerosene-Type Jet Fuel (rev)+19%3.382.632.56+28%-3%
Bitumen (cost)-7%4 275.003 619.003 731.91+18%+3%
Ethanol (USD/Gal) (cost)-7%1.941.801.85+8%+3%
China Sulfur (cost)-4%9 535.674 452.952 906.00+114%-35%
Henry Hub Gas (cost)-4%2.893.373.11-14%-8%
UAN (Black Sea) (rev)+4%495.00375.13333.49+32%-11%
Electricity Spot (cost)-4%57.8058.5652.39-1%-11%
Ammonia (Black Sea) (rev)+2%317.12338.51399.58-6%+18%
Urea (FOB China) (rev)+0%403.50511.62384.99-21%-25%

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

1 · Reported baseline (LTM)
LTM revenue7 495
LTM EBITDA582
LTM cash costs (revenue − EBITDA)6 913
2 · Revenue projection
Revenue multiplier — spot×1.102 (+10%)
= Spot revenue8 262
Revenue multiplier — 3y price×1.026 (+3%)
= 3-year-price revenue7 690
3 · Costs projection
Cost multiplier — spot×1.214 (+21%)
= Spot cash costs8 391
Cost multiplier — 3y price×1.020 (+2%)
= 3-year-price cash costs7 050
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-129
= 3-year-price EBITDA640
Conservative EBITDA = min(spot, avg)-129
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)11.7x
Target EV = EV/EBITDA × conservative EBITDA-1 507
Net debt1 360
Target market cap = EV − net debt-2 867
Current market cap3 412

Upside = target market cap ÷ current − 1 = +250.6%

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 Q22 2362 225+0.5%296315-5.9%
2023 Q32 5222 360+6.9%526275+91.6%
2023 Q42 2022 301-4.3%36309-88.4%
2024 Q11 8632 153-13.5%199239-16.9%
2024 Q21 9672 191-10.2%99205-51.7%
2024 Q31 8331 960-6.5%-3893-140.9%
2024 Q41 9471 735+12.2%95-86—
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%

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 13.1x · target 75th pct (3y) 11.7x · LTM avg 8.1x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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.

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.

Frequently asked questions

What is CVR Energy (CVI)'s P/E ratio?
CVR Energy (CVI) trades at a P/E of 126.3x (price to trailing 12-month earnings).
What is CVR Energy (CVI)'s EV/EBITDA?
CVR Energy (CVI) trades at 8.1x EV/EBITDA.
What is CVR Energy (CVI)'s P/B ratio?
CVR Energy (CVI) trades at a P/B of 4.7x.
What is CVR Energy (CVI)'s dividend yield?
CVR Energy (CVI)'s trailing 12-month dividend yield is 0.3%.
What is CVR Energy (CVI)'s return on equity (ROE)?
CVR Energy (CVI)'s ROE is -107.0%.
What is CVR Energy (CVI)'s market capitalization?
CVR Energy (CVI)'s market cap is 3.4 bn USD.