CVR Energy, Inc. (CVI) 10-Year Financial Performance & Capital Metrics

CVI • • Industrial / General

EnergyOil Refining & MarketingTraditional Petroleum Refining & MarketingIndependent Refiners

AboutCVR Energy, Inc., together with its subsidiaries, engages in the petroleum refining and nitrogen fertilizer manufacturing activities in the United States. It operates in two segments, Petroleum and Nitrogen Fertilizer. The Petroleum segment refines and markets gasoline, diesel fuel, and other refined products. It also owns and operates a coking medium-sour crude oil refinery in southeast Kansas; and a crude oil refinery in Wynnewood, Oklahoma, as well as supporting logistics assets. This segment primarily serves retailers, railroads, farm co-operatives, and other refiners/marketers. The Nitrogen Fertilizer segment owns and operates a nitrogen fertilizer plant in North America that utilizes a pet coke gasification process to produce nitrogen fertilizer products; and a nitrogen fertilizer facility in East Dubuque, Illinois that produces nitrogen fertilizers in the form of ammonia and urea ammonium nitrate (UAN). It primarily markets UAN products to agricultural customers; and ammonia products to agricultural and industrial customers. The company was founded in 1906 and is headquartered in Sugar Land, Texas. CVR Energy, Inc. is a subsidiary of Icahn Enterprises L.P.Show more

Revenue $7.61B -17.7%
EBITDA $356M -74.9%
Net Income $7M -99.1%
EPS (Diluted) 0.07 -99.1%
Gross Margin 2.59% -81.1%
EBITDA Margin 4.68% -69.6%
Operating Margin 0.76% -93.7%
Net Margin 0.09% -98.9%
ROE 0.73% -99.1%
ROIC 1.94% -94.8%
Debt/Equity 2.18 +2.9%
Interest Coverage 0.75 -96.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 48.0%
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.8x turnover

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Profits declining 55.0% over 5 years
✗Weak momentum: RS Rating 11 (bottom 11%)
✗Dividend payout exceeds 100% of earnings
✗Thin 5Y average net margin of 1.3%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.78%

5Y3.64%

3Y1.67%

TTM-7.21%

Profit (Net Income) CAGR

10Y-27.48%

5Y-55.02%

3Y-34.58%

TTM137.14%

EPS CAGR

10Y-28.51%

5Y-55.01%

3Y-34.67%

TTM132.39%

ROCE

10Y Avg12.36%

5Y Avg13.91%

3Y Avg25.57%

Latest1.87%

Peer Comparison

Independent Refiners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVICVR Energy, Inc.	2.44B	24.30	348.64	-17.7%	2.27%	15.95%	7.04%	2.18
PBFPBF Energy Inc.	3.61B	31.19	-6.78	-13.59%	-1.78%	-9.81%		0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.43B	4.78B	5.99B	7.12B	6.36B	3.93B	7.24B	10.9B	9.25B	7.61B
Revenue Growth %	-0.4%	-0.12%	0.25%	0.19%	-0.11%	-0.38%	0.84%	0.5%	-0.15%	-0.18%
Cost of Goods Sold+	4.94B	4.6B	5.73B	6.47B	5.67B	4.13B	7.03B	9.77B	7.98B	7.41B
COGS % of Revenue	0.91%	0.96%	0.96%	0.91%	0.89%	1.05%	0.97%	0.9%	0.86%	0.97%
Gross Profit+	493.3M	181M	261M	650M	693M	-199M	209M	1.12B	1.27B	197M
Gross Margin %	0.09%	0.04%	0.04%	0.09%	0.11%	-0.05%	0.03%	0.1%	0.14%	0.03%
Gross Profit Growth %	0.32%	-0.63%	0.44%	1.49%	0.07%	-1.29%	2.05%	4.37%	0.13%	-0.84%
Operating Expenses+	71.7M	111M	116M	118M	113M	134M	122M	160M	143M	139M
OpEx % of Revenue	0.01%	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.01%	0.02%	0.02%
Selling, General & Admin	99M	110M	113M	112M	117M	86M	119M	149M	141M	139M
SG&A % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-27.3M	1M	3M	6M	-4M	48M	3M	11M	2M	0
Operating Income+	421.6M	70M	145M	532M	580M	-333M	87M	963M	1.12B	58M
Operating Margin %	0.08%	0.01%	0.02%	0.07%	0.09%	-0.08%	0.01%	0.09%	0.12%	0.01%
Operating Income Growth %	0.6%	-0.83%	1.07%	2.67%	0.09%	-1.57%	1.26%	10.07%	0.17%	-0.95%
EBITDA+	585.7M	263M	403M	806M	867M	-55M	366M	1.25B	1.42B	356M
EBITDA Margin %	0.11%	0.05%	0.07%	0.11%	0.14%	-0.01%	0.05%	0.11%	0.15%	0.05%
EBITDA Growth %	0.4%	-0.55%	0.53%	1%	0.08%	-1.06%	7.65%	2.42%	0.14%	-0.75%
D&A (Non-Cash Add-back)	164.1M	193M	258M	274M	287M	278M	279M	288M	298M	298M
EBIT	430.7M	72M	147M	547M	593M	-285M	183M	886M	1.14B	96M
Net Interest Income+	-47.4M	-83M	-109M	-102M	-102M	-130M	-117M	-85M	-52M	-77M
Interest Income	1M	700K	1.1M	0	0	0	0	0	0	0
Interest Expense	48.4M	83.9M	110.1M	102M	102M	130M	117M	85M	52M	77M
Other Income/Expense	-39.3M	-81M	-107M	-87M	-89M	-82M	-21M	-162M	-38M	-39M
Pretax Income+	382.3M	-11M	38M	445M	491M	-415M	66M	801M	1.08B	19M
Pretax Margin %	0.07%	-0%	0.01%	0.06%	0.08%	-0.11%	0.01%	0.07%	0.12%	0%
Income Tax+	84.5M	-20M	-220M	79M	129M	-95M	-8M	157M	207M	-26M
Effective Tax Rate %	0.44%	-2.27%	6.92%	0.58%	0.77%	0.62%	0.38%	0.58%	0.71%	0.37%
Net Income+	169.6M	25M	263M	259M	380M	-256M	25M	463M	769M	7M
Net Margin %	0.03%	0.01%	0.04%	0.04%	0.06%	-0.07%	0%	0.04%	0.08%	0%
Net Income Growth %	-0.02%	-0.85%	9.52%	-0.02%	0.47%	-1.67%	1.1%	17.52%	0.66%	-0.99%
Net Income (Continuing)	297.8M	9M	258M	366M	362M	-320M	74M	644M	878M	45M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	616.4M	851.5M	785.2M	622M	275M	200M	217M	260M	191M	185M
EPS (Diluted)+	1.95	0.28	2.70	3.12	3.78	-2.55	0.25	4.60	7.65	0.07
EPS Growth %	-0.03%	-0.86%	8.64%	0.16%	0.21%	-1.67%	1.1%	17.4%	0.66%	-0.99%
EPS (Basic)	1.95	0.28	2.70	3.12	3.78	-2.55	0.25	4.60	7.65	0.07
Diluted Shares Outstanding	86.8M	86.8M	86.8M	92.5M	100.5M	100.5M	100.5M	100.5M	100.5M	100.5M
Basic Shares Outstanding	86.8M	86.8M	86.8M	92.5M	100.5M	100.5M	100.5M	100.5M	100.5M	100.5M
Dividend Payout Ratio	1.02%	6.94%	0.66%	0.92%	0.81%	-	9.64%	1.04%	0.59%	21.57%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.27B	1.32B	1.09B	1.29B	1.27B	1.4B	1.37B	1.59B	2.18B	1.82B
Cash & Short-Term Investments	765.1M	735.8M	481.8M	668M	652M	667M	510M	510M	581M	987M
Cash Only	765.1M	735.8M	481.8M	668M	652M	667M	510M	510M	581M	987M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	114.3M	162.1M	179M	169M	182M	178M	299M	358M	286M	295M
Days Sales Outstanding	7.68	12.37	10.91	8.66	10.44	16.53	15.07	11.99	11.29	14.15
Inventory	289.9M	349.2M	385.2M	380M	373M	298M	484M	624M	604M	502M
Days Inventory Outstanding	21.42	27.7	24.55	21.42	24.01	26.34	25.12	23.3	27.62	24.72
Other Current Assets	0	0	0	76M	0	0	0	101M	629M	24M
Total Non-Current Assets+	2.03B	2.73B	2.71B	2.61B	2.63B	2.58B	2.54B	2.53B	2.53B	2.44B
Property, Plant & Equipment	1.97B	2.67B	2.57B	2.44B	2.34B	2.24B	2.27B	2.25B	2.27B	2.18B
Fixed Asset Turnover	2.76x	1.79x	2.33x	2.91x	2.72x	1.75x	3.19x	4.85x	4.07x	3.50x
Goodwill	41M	41M	41M	0	0	0	0	0	0	0
Intangible Assets	200K	200K	200K	0	0	0	0	0	0	0
Long-Term Investments	-633.5M	-579.9M	82.8M	0	0	0	0	0	1M	24M
Other Non-Current Assets	16.6M	21.4M	-369.2M	-193M	295M	336M	264M	279M	253M	239M
Total Assets+	3.31B	4.05B	3.81B	3.91B	3.9B	3.98B	3.91B	4.12B	4.71B	4.26B
Asset Turnover	1.64x	1.18x	1.57x	1.82x	1.63x	0.99x	1.85x	2.65x	1.96x	1.79x
Asset Growth %	-0.05%	0.23%	-0.06%	0.03%	-0%	0.02%	-0.02%	0.05%	0.14%	-0.09%
Total Current Liabilities+	484.8M	565.9M	543.7M	496M	596M	659M	1.16B	1.44B	1.68B	1.1B
Accounts Payable	261.5M	251M	334M	320M	412M	282M	409M	497M	530M	538M
Days Payables Outstanding	19.32	19.91	21.29	18.04	26.52	24.93	21.23	18.56	24.24	26.49
Short-Term Debt	126.4M	1.8M	2M	3M	5M	2M	0	6M	606M	12M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	47.9M	254.8M	137.2M	59M	8M	21M	17M	35M	427M	487M
Current Ratio	2.63x	2.32x	2.01x	2.61x	2.14x	2.13x	1.18x	1.11x	1.30x	1.66x
Quick Ratio	2.03x	1.71x	1.30x	1.84x	1.51x	1.68x	0.77x	0.67x	0.94x	1.20x
Cash Conversion Cycle	9.78	20.16	14.17	12.04	7.93	17.95	18.96	16.74	14.67	12.38
Total Non-Current Liabilities+	1.22B	1.77B	1.56B	1.54B	1.64B	2.1B	1.98B	1.89B	1.99B	2.28B
Long-Term Debt	540.7M	1.16B	1.12B	1.17B	1.13B	1.63B	1.61B	1.54B	1.54B	1.86B
Capital Lease Obligations	0	45.1M	43M	41M	61M	55M	48M	42M	37M	49M
Deferred Tax Liabilities	639.7M	579.9M	385.9M	362M	396M	368M	268M	249M	327M	277M
Other Non-Current Liabilities	679.8M	-13.1M	395M	-9M	55M	49M	58M	55M	81M	93M
Total Liabilities	3.31B	4.05B	3.81B	2.66B	2.24B	2.76B	3.14B	3.33B	3.67B	3.38B
Total Debt+	673.5M	1.16B	1.17B	1.17B	1.21B	1.71B	1.67B	1.61B	2.2B	1.94B
Net Debt	-91.6M	428.8M	684.7M	502M	562M	1.04B	1.16B	1.1B	1.62B	948M
Debt / Equity	0.42x	0.68x	0.68x	0.63x	0.73x	1.40x	2.17x	2.03x	2.12x	2.18x
Debt / EBITDA	1.15x	4.43x	2.89x	1.45x	1.40x	-	4.57x	1.28x	1.55x	5.44x
Net Debt / EBITDA	-0.16x	1.63x	1.70x	0.62x	0.65x	-	3.18x	0.88x	1.14x	2.66x
Interest Coverage	8.71x	0.83x	1.32x	5.22x	5.69x	-2.56x	0.74x	11.33x	21.60x	0.75x
Total Equity+	1.6B	1.71B	1.7B	1.87B	1.67B	1.22B	770M	791M	1.04B	888M
Equity Growth %	-0.04%	0.07%	-0%	0.1%	-0.11%	-0.27%	-0.37%	0.03%	0.31%	-0.14%
Book Value per Share	18.44	19.70	19.63	20.19	16.60	12.13	7.66	7.87	10.33	8.84
Total Shareholders' Equity	984.1M	858.1M	918.8M	1.25B	1.39B	1.02B	553M	531M	847M	703M
Common Stock	900K	900K	900K	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-189.2M	-338.1M	-277.4M	-226M	-113M	-490M	-956M	-976M	-660M	-804M
Treasury Stock	-2.3M	-2.3M	-2M	-2M	-2M	-2M	-2M	-2M	-2M	-2M
Accumulated OCI	0	0	-1.43B	-1.64B	0	0	0	0	0	0
Minority Interest	616.4M	851.5M	785.2M	622M	275M	200M	217M	260M	191M	185M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	536.8M	267.5M	166.9M	620M	747M	90M	396M	967M	948M	404M
Operating CF Margin %	0.1%	0.06%	0.03%	0.09%	0.12%	0.02%	0.05%	0.09%	0.1%	0.05%
Operating CF Growth %	-0.16%	-0.5%	-0.38%	2.71%	0.2%	-0.88%	3.4%	1.44%	-0.02%	-0.57%
Net Income	297.8M	8.9M	216.9M	411M	362M	-320M	74M	644M	878M	45M
Depreciation & Amortization	164.1M	193.1M	214M	213M	287M	278M	279M	288M	298M	298M
Stock-Based Compensation	12.8M	9.3M	18.8M	16M	17M	4M	46M	71M	34M	15M
Deferred Taxes	-10.4M	-84.4M	-216.5M	59M	24M	-30M	-98M	-17M	67M	-50M
Other Non-Cash Items	-12.9M	61M	60.3M	9M	2M	83M	-82M	19M	-24M	10M
Working Capital Changes	85.4M	79.6M	-126.6M	-88M	55M	75M	177M	-38M	-305M	86M
Change in Receivables	41M	-47.5M	-27.3M	56M	-40M	31M	-91M	-78M	51M	-9M
Change in Inventory	39.7M	-7.3M	-37.6M	-9M	-10M	9M	-182M	-140M	15M	96M
Change in Payables	-14.3M	-10.4M	88.1M	-23M	94M	-121M	122M	78M	37M	2M
Cash from Investing+	-150.6M	-201.4M	-195M	-100M	-121M	-423M	-238M	-271M	-239M	-121M
Capital Expenditures	-218.7M	-132.7M	-118.6M	-102M	-159M	-283M	-20M	-274M	-205M	-179M
CapEx % of Revenue	0.04%	0.03%	0.02%	0.01%	0.02%	0.07%	0%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	100K	-4M	100K	2M	1M	-160M	-221M	0	-56M	-34M
Cash from Financing+	-374.8M	-95.4M	-225.9M	-334M	-642M	355M	-315M	-696M	-40M	-482M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-173.7M	-173.6M	-173.7M	-238M	-306M	-121M	-241M	-483M	-453M	-151M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-199.8M	-54.8M	-50.2M	-96M	-35M	-17M	-41M	-136M	-187M	-56M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	318.1M	134.8M	48.3M	518M	588M	-193M	147M	693M	686M	172M
FCF Margin %	0.06%	0.03%	0.01%	0.07%	0.09%	-0.05%	0.02%	0.06%	0.07%	0.02%
FCF Growth %	-0.25%	-0.58%	-0.64%	9.72%	0.14%	-1.33%	1.76%	3.71%	-0.01%	-0.75%
FCF per Share	3.66	1.55	0.56	5.60	5.85	-1.92	1.46	6.90	6.83	1.71
FCF Conversion (FCF/Net Income)	3.17x	10.70x	0.63x	2.39x	1.97x	-0.35x	15.84x	2.09x	1.23x	57.71x
Interest Paid	45.4M	76.8M	106M	103M	104M	0	114M	96M	95M	112M
Taxes Paid	57.9M	45.5M	15M	31M	69M	0	72M	170M	93M	60M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.35%	1.51%	15.41%	14.5%	21.49%	-17.73%	2.51%	59.32%	84.09%	0.73%
Return on Invested Capital (ROIC)	20.36%	2.88%	4.8%	16.77%	18.91%	-11.13%	3.11%	37.81%	37.08%	1.94%
Gross Margin	9.08%	3.79%	4.36%	9.12%	10.89%	-5.06%	2.89%	10.31%	13.69%	2.59%
Net Margin	3.12%	0.52%	4.39%	3.64%	5.97%	-6.51%	0.35%	4.25%	8.32%	0.09%
Debt / Equity	0.42x	0.68x	0.68x	0.63x	0.73x	1.40x	2.17x	2.03x	2.12x	2.18x
Interest Coverage	8.71x	0.83x	1.32x	5.22x	5.69x	-2.56x	0.74x	11.33x	21.60x	0.75x
FCF Conversion	3.17x	10.70x	0.63x	2.39x	1.97x	-0.35x	15.84x	2.09x	1.23x	57.71x
Revenue Growth	-40.36%	-11.97%	25.22%	18.97%	-10.67%	-38.25%	84.27%	50.46%	-15.13%	-17.7%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2024
Petroleum	-	5.17B	4.43B	5.66B	-	-	-	6.72B	9.92B	6.92B
Petroleum Growth	-	-	-14.23%	27.76%	-	-	-	-	47.58%	-30.23%
Nitrogen Fertilizer	-	301M	359.3M	330.8M	-	-	-	533M	836M	525M
Nitrogen Fertilizer Growth	-	-	19.37%	-7.93%	-	-	-	-	56.85%	-37.20%
Renewables	-	-	-	-	-	-	-	-	-	-112M
Renewables Growth	-	-	-	-	-	-	-	-	-	-
Product	-	-	-	-	7.02B	6.3B	3.87B	-	-	-
Product Growth	-	-	-	-	-	-10.25%	-38.66%	-	-	-
Product, Gasoline	-	-	-	-	3.38B	3.05B	1.88B	-	-	-
Product, Gasoline Growth	-	-	-	-	-	-9.84%	-38.30%	-	-	-
Product, Distillates	-	-	-	-	3.07B	2.71B	1.54B	-	-	-
Product, Distillates Growth	-	-	-	-	-	-11.80%	-42.96%	-	-	-
Product, UAN	-	-	-	-	222M	251M	198M	-	-	-
Product, UAN Growth	-	-	-	-	-	13.06%	-21.12%	-	-	-
Product, Ammonia	-	-	-	-	66M	94M	94M	-	-	-
Product, Ammonia Growth	-	-	-	-	-	42.42%	0.00%	-	-	-
Products, Other	-	-	-	-	207M	129M	83M	-	-	-
Products, Other Growth	-	-	-	-	-	-37.68%	-35.66%	-	-	-
Service, Crude Oil Sales	-	-	-	-	96M	58M	63M	-	-	-
Service, Crude Oil Sales Growth	-	-	-	-	-	-39.58%	8.62%	-	-	-
Product, Freight Revenue	-	-	-	-	57M	56M	51M	-	-	-
Product, Freight Revenue Growth	-	-	-	-	-	-1.75%	-8.93%	-	-	-
Product, Other Urea Products	-	-	-	-	21M	18M	15M	-	-	-
Product, Other Urea Products Growth	-	-	-	-	-	-14.29%	-16.67%	-	-	-
Service, Other	-	-	-	-	5M	-	-	-	-	-
Service, Other Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	-18.9M	-	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

CVR Energy, Inc. (CVI) has a price-to-earnings (P/E) ratio of 348.6x. This suggests investors expect higher future growth.

Growth & Financials

CVR Energy, Inc. (CVI) reported $7.30B in revenue for fiscal year 2024. This represents a 45% increase from $5.03B in 2011.

CVR Energy, Inc. (CVI) saw revenue decline by 17.7% over the past year.

Yes, CVR Energy, Inc. (CVI) is profitable, generating $166.0M in net income for fiscal year 2024 (0.1% net margin).

Dividend & Returns

Yes, CVR Energy, Inc. (CVI) pays a dividend with a yield of 6.18%. This makes it attractive for income-focused investors.

CVR Energy, Inc. (CVI) has a return on equity (ROE) of 0.7%. This is below average, suggesting room for improvement.

CVR Energy, Inc. (CVI) had negative free cash flow of $103.0M in fiscal year 2024, likely due to heavy capital investments.

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