# CVR Energy, Inc. (CVI)

> Source: Nexqual · https://nexqual.com/CVI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CVR Energy, Inc. (CVI), nexqual.com/CVI" · informational, not investment advice.

**Price:** USD 58.63 (-3.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 60.73 · day 57.47–61 · 52w 19.62–63.51 · market cap $5.89B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.47B, net income $69.0M (0.8% margin), free cash flow $351M (SEC filings).
- Valuation: P/E 85.4x (avg 122.6x at the last 3 fiscal year-ends), EV/EBITDA 10.0x, net debt $963M.
- 1 of 80 tracked superinvestors hold CVI (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Sell (mean 3.83 on a 1–5 scale) (6 analysts), mean target USD 48 (range 38–53).
- Total return with dividends: 1Y +50.7% vs S&P 500 +14.9%; 5Y +288.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 2.91, revenue estimate $2.35B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.24B | $10.9B | $9.25B | $7.61B | $7.16B | $8.47B |
| Gross profit | $218M | $1.13B | $1.27B | $205M | $346M | — |
| Operating income | $87.0M | $963M | $1.12B | $58.0M | $182M | $350M |
| Net income | $25.0M | $463M | $769M | $7.0M | $27.0M | $69.0M |
| EPS (diluted) | $0.25 | $4.60 | $7.65 | $0.06 | $0.27 | — |
| Free cash flow | $172M | $776M | $743M | $225M | -$41.0M | $351M |
| Gross margin | 3.0% | 10.4% | 13.8% | 2.7% | 4.8% | — |
| Operating margin | 1.2% | 8.8% | 12.1% | 0.8% | 2.5% | 4.1% |
| Net margin | 0.3% | 4.2% | 8.3% | 0.1% | 0.4% | 0.8% |
| Revenue growth | +84.3% | +50.5% | -15.1% | -17.7% | -5.9% | — |
| Cash + short-term investments | $510M | $510M | $581M | $987M | $511M | — |
| Total debt | $1.66B | $1.50B | $2.10B | $1.90B | $1.70B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 85.4x · P/S 0.7x · EV/EBITDA 10.0x · EV/Sales 0.8x · P/FCF 16.8x · P/B 11.2x · FCF yield 5.96% · Earnings yield 1.17% · Net debt $963M · EV $6.86B
P/E at fiscal year-ends: Dec 2025 94.7x, Dec 2024 269.1x, Dec 2023 4.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CVI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Carl Icahn | Icahn Capital Management | 23.73% | $1.96B | Unchanged |

## Analysts
Consensus Sell (mean 3.83 on a 1–5 scale), 6 analysts; mean target USD 48 (low 38, high 53).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Goldman Sachs | Target raised | Sell | $36 → $50 |
| 2026-10-08 | Mizuho | Target raised | Underperform | $29 → $52 |
| 2026-10-02 | UBS | Target raised | Neutral | $35 → $53 |
| 2026-08-04 | Mizuho | Target raised | Underperform | $28 → $29 |
| 2026-07-07 | Mizuho | Target lowered | Underperform | $35 → $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +50.7% | +288.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +50.9% | +31.1% |
| Volatility (annualized) | 53.5% | 56.6% |
| Max drawdown | -48.2% (Oct 2025→Feb 2026) | -55.9% (Apr 2024→Oct 2024) |

## Peers (Oil & Gas Refining & Marketing)
DK (Delek US Holdings, Inc.) USD 75.79 -3.11% · UGP (Ultrapar Participacoes S.A. (Ne) USD 7.8 -2.13% · IEP (Icahn Enterprises L.P. - Deposi) USD 6.13 -0.33% · PARR (Par Pacific Holdings, Inc. Comm) USD 80.18 -5.34% · PBF (PBF Energy Inc.) USD 79.25 -2.81% · DKL (Delek Logistics Partners, L.P.) USD 56.91 +0.25%

## More
Full page: https://nexqual.com/CVI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CVI's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | LSB INDUSTRIES, INC. (LXU) | "Koch Fertilizer Company, LLC; and LSB Industries, Inc. Domestic customers generally demonstrate sophisticated buying tendencies that include a focus on cost and service." |
| Customer | Plains Pipeline | "Our Nitrogen Fertilizer Segment's sales to agricultural customers are concentrated in the Great Plains and Midwest states, and nitrogen fertilizer demand is seasonal." |
| Partner | CapturePoint | "In January 2023, the Nitrogen Fertilizer Segment entered into a series of agreements with CapturePoint LLC, an unaffiliated third-party ("CapturePoint"), and certain unaffiliated third-party investors intended to qualify…" |
| Partner | Gunvor USA | "Our Petroleum Segment obtains substantially all of its crude oil supply through crude oil gathering operations in Kansas and Oklahoma or through the crude oil intermediation agreement with Gunvor USA LLC." |
| Partner | ICAHN ENTERPRISES L.P. (IEP) | "As previously disclosed, Icahn Enterprises L.P. and its affiliates ("IEP") and the Company are considering potential strategic transactions available to the Company and our subsidiaries and affiliates, which may include …" |

Other companies that name CVI in their own reports (relationship from CVI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ICAHN ENTERPRISES L.P. (IEP) | 10-K 2026-02-26 | "We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. ("CVR Energy"), along with a 3% interest in common units of CVR Partners, LP ("CVR Partners") held outside of CVR …" |
| partner | Energy Transfer LP (ET) | 10-K 2026-02-19 | "A portion of these operations are conducted through Enable South Central Pipeline, a joint venture with a subsidiary of CVR Energy, Inc., which is operated by us and in which we own a 60% membership i…" |

## Revenue by business segment (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Petroleum | $1.80B | 90.9% | +22.0% | -$193.0M | -10.7% |
| Nitrogen Fertilizer | $180.0M | 9.1% | +25.9% | $58.0M | 32.2% |
| Corporate costs (not allocated) | — | — | — | -$10.0M | — |
| Total revenue | $1.98B | 100% | — | -$145.0M | -7.3% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product Sales, Excluding Renewable Fuel Activity | $2.54B | 92.6% | +62.8% |
| — Product Distillates (part of Product Sales, Excluding Renewable Fuel Activity) | $1.28B | 46.6% | +96.8% |
| — Product Gasoline (part of Product Sales, Excluding Renewable Fuel Activity) | $1.19B | 43.4% | +53.4% |
| — Product Ammonia (part of Product Sales, Excluding Renewable Fuel Activity) | $43.0M | 1.6% | +26.5% |
| — Service Crude Oil Sales (part of Product Sales, Excluding Renewable Fuel Activity) | $13.0M | 0.5% | -84.9% |
| — Product Urea Products (part of Product Sales, Excluding Renewable Fuel Activity) | $13.0M | 0.5% | +30.0% |
| Product UAN | $131.0M | 4.8% | +19.1% |
| Total revenue | $2.74B | 100% | — |
The lines above cover 97.4% of total revenue.

## Customer concentration

Period ended 2025-12-31: 50%, 12% of revenue from unnamed direct customers (10-K, filed 2026-02-18).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.91 | $0.65 | +346.5% | $2.35B | 6 |
| Next quarter (ends 2026-12-31) | $1.56 | $0.21 | +627.1% | $2.14B | 6 |
| Current fiscal year (ends 2026-12-31) | $3.57 | $-0.17 | -2176.7% | $9.21B | 6 |
| Next fiscal year (ends 2027-12-31) | $4.55 | $1.74 | +161.2% | $7.82B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±16.6%; last 8 reports averaged ±6.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 74.6% | ±16.6% |
| 2026-12-18 | 56 | 68.4% | ±21.4% |
| 2027-01-15 | 84 | 64.6% | ±24.6% |
| 2027-03-19 | 147 | 66.1% | ±32.8% |
| 2027-06-17 | 237 | 64.3% | ±40.2% |