CVR Partners, LP (UAN) 10-Year Financial Performance & Capital Metrics

UAN • • Industrial / General

Basic MaterialsAgricultural InputsFertilizer ProductionNitrogen Fertilizer Producers

AboutCVR Partners, LP, together with its subsidiaries, engages in the production and sale of nitrogen fertilizer products in the United States. The company offers ammonia products for agricultural and industrial customers; and urea and ammonium nitrate products to agricultural customers, as well as retailers and distributors. CVR GP, LLC serves as the general partner of the company. CVR Partners, LP was incorporated in 2007 and is headquartered in Sugar Land, Texas.Show more

Revenue $525M -22.9%
EBITDA $178M -36.5%
Net Income $61M -64.7%
EPS (Diluted) 5.76 -64.7%
Gross Margin 22.63% -33.7%
EBITDA Margin 33.97% -17.7%
Operating Margin 17.2% -41.8%
Net Margin 11.59% -54.2%
ROE 20.44% -57.6%
ROIC 8.5% -52.4%
Debt/Equity 2.00 +9.8%
Interest Coverage 3.03 -56.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 48.3%
✓FCF machine: 21.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.6%
✓Healthy 5Y average net margin of 11.6%
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.81%

5Y5.38%

3Y-0.46%

TTM16.52%

Profit (Net Income) CAGR

10Y-2.21%

5Y-

3Y-7.98%

TTM141.96%

EPS CAGR

10Y-5.74%

5Y-

3Y-7.64%

TTM142.25%

ROCE

10Y Avg9.34%

5Y Avg15%

3Y Avg21.49%

Latest10%

Peer Comparison

Nitrogen Fertilizer Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UANCVR Partners, LP	1.25B	118.57	20.59	-22.91%	20.7%	39.94%	9.05%	2.00
CFCF Industries Holdings, Inc.	13.51B	86.60	12.85	-10.48%	20.47%	17.92%	12.98%	0.43

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	289.19M	356.28M	330.8M	351.08M	404.18M	349.95M	532.58M	835.58M	681.48M	525.32M
Revenue Growth %	-0.03%	0.23%	-0.07%	0.06%	0.15%	-0.13%	0.52%	0.57%	-0.18%	-0.23%
Cost of Goods Sold+	199.7M	300.31M	314.39M	319.36M	347.57M	325.11M	370.54M	483.22M	449.01M	406.46M
COGS % of Revenue	0.69%	0.84%	0.95%	0.91%	0.86%	0.93%	0.7%	0.58%	0.66%	0.77%
Gross Profit+	89.5M	55.98M	16.41M	31.73M	56.61M	24.84M	162.04M	352.37M	232.46M	118.86M
Gross Margin %	0.31%	0.16%	0.05%	0.09%	0.14%	0.07%	0.3%	0.42%	0.34%	0.23%
Gross Profit Growth %	-0.11%	-0.37%	-0.71%	0.93%	0.78%	-0.56%	5.52%	1.17%	-0.34%	-0.49%
Operating Expenses+	20.77M	29.28M	25.63M	25.02M	29.23M	59.73M	27.56M	32.45M	31.06M	28.41M
OpEx % of Revenue	0.07%	0.08%	0.08%	0.07%	0.07%	0.17%	0.05%	0.04%	0.05%	0.05%
Selling, General & Admin	20.77M	29.28M	25.63M	25.02M	25.83M	18.17M	26.61M	32.19M	29.52M	28.41M
SG&A % of Revenue	0.07%	0.08%	0.08%	0.07%	0.06%	0.05%	0.05%	0.04%	0.04%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	164K	103K	0	0	3.4M	41.55M	948K	263K	1.53M	0
Operating Income+	68.73M	26.7M	-9.22M	6.31M	27.38M	-34.88M	134.48M	319.91M	201.41M	90.35M
Operating Margin %	0.24%	0.07%	-0.03%	0.02%	0.07%	-0.1%	0.25%	0.38%	0.3%	0.17%
Operating Income Growth %	-0.17%	-0.61%	-1.35%	1.68%	3.34%	-2.27%	4.86%	1.38%	-0.37%	-0.55%
EBITDA+	97.18M	84.95M	64.77M	77.89M	107.22M	41.2M	207.96M	402.05M	281.13M	178.45M
EBITDA Margin %	0.34%	0.24%	0.2%	0.22%	0.27%	0.12%	0.39%	0.48%	0.41%	0.34%
EBITDA Growth %	-0.12%	-0.13%	-0.24%	0.2%	0.38%	-0.62%	4.05%	0.93%	-0.3%	-0.37%
D&A (Non-Cash Add-back)	28.45M	58.25M	73.99M	71.58M	79.84M	76.08M	73.48M	82.14M	79.72M	88.1M
EBIT	68.93M	21.94M	-9.72M	6.7M	27.65M	-34.72M	139.19M	321.03M	201.38M	90.8M
Net Interest Income+	-6.84M	-48.55M	-62.84M	-62.59M	-62.64M	-63.43M	-60.98M	-34.06M	-28.65M	-29.83M
Interest Income	40K	6K	50K	0	0	0	0	0	0	0
Interest Expense	6.88M	48.56M	62.9M	62.59M	62.64M	63.43M	60.98M	34.06M	28.65M	29.83M
Other Income/Expense	-6.68M	-51.17M	-62.29M	-56.39M	-62.37M	-63.27M	-56.27M	-32.95M	-28.69M	-29.37M
Pretax Income+	62.05M	-26.61M	-72.57M	-50.07M	-34.99M	-98.15M	78.21M	286.96M	172.72M	60.98M
Pretax Margin %	0.21%	-0.07%	-0.22%	-0.14%	-0.09%	-0.28%	0.15%	0.34%	0.25%	0.12%
Income Tax+	11K	329K	220K	-46K	-18K	30K	57K	160K	289K	77K
Effective Tax Rate %	1%	1.01%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	62.04M	-26.94M	-72.79M	-50.03M	-34.97M	-98.18M	78.16M	286.8M	172.43M	60.9M
Net Margin %	0.21%	-0.08%	-0.22%	-0.14%	-0.09%	-0.28%	0.15%	0.34%	0.25%	0.12%
Net Income Growth %	-0.19%	-1.43%	-1.7%	0.31%	0.3%	-1.81%	1.8%	2.67%	-0.4%	-0.65%
Net Income (Continuing)	62.04M	-26.94M	-72.79M	-50.03M	-34.97M	-98.18M	78.16M	286.8M	172.43M	60.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1K	1K	1K	1K	1K	1K	1K	1K	1K	1K
EPS (Diluted)+	8.50	-2.61	-6.43	-4.42	-3.09	-8.77	7.31	27.07	16.31	5.76
EPS Growth %	-0.18%	-1.31%	-1.46%	0.31%	0.3%	-1.84%	1.83%	2.7%	-0.4%	-0.65%
EPS (Basic)	8.50	-2.61	-6.43	-4.42	-3.09	-8.77	7.31	27.07	16.31	5.76
Diluted Shares Outstanding	7.31M	10.33M	11.33M	11.33M	11.33M	11.2M	10.69M	10.59M	10.57M	10.57M
Basic Shares Outstanding	7.31M	10.33M	11.33M	11.33M	11.33M	11.2M	10.69M	10.59M	10.57M	10.57M
Dividend Payout Ratio	1.47%	-	-	-	-	-	0.64%	0.71%	1.63%	1.16%

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+	98.77M	134.53M	118.92M	193.98M	130.59M	118.21M	262.25M	265.7M	165.87M	233.54M
Cash & Short-Term Investments	49.97M	55.59M	49.17M	61.78M	36.99M	30.56M	112.52M	86.34M	45.28M	90.86M
Cash Only	49.97M	55.59M	49.17M	61.78M	36.99M	30.56M	112.52M	86.34M	45.28M	90.86M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	7.19M	13.92M	9.86M	61.66M	34.26M	36.9M	88.35M	90.45M	41.89M	65.22M
Days Sales Outstanding	9.07	14.26	10.87	64.11	30.94	38.48	60.55	39.51	22.44	45.31
Inventory	37.53M	58.17M	54.1M	63.55M	53.93M	42.35M	52.27M	77.52M	69.17M	75.58M
Days Inventory Outstanding	68.59	70.7	62.81	72.64	56.63	47.55	51.49	58.55	56.22	67.87
Other Current Assets	0	0	5.79M	6.99M	5.41M	8.41M	9.11M	11.4M	9.53M	632K
Total Non-Current Assets+	437.71M	1.18B	1.12B	1.06B	1.01B	914.67M	864.81M	834.7M	809.46M	785.18M
Property, Plant & Equipment	393.13M	1.13B	1.07B	1.02B	951.96M	897.85M	857.79M	823.81M	761.02M	751.95M
Fixed Asset Turnover	0.74x	0.32x	0.31x	0.35x	0.42x	0.39x	0.62x	1.01x	0.90x	0.70x
Goodwill	40.97M	40.97M	40.97M	40.97M	40.97M	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	777K	598K	0	0	0	0	0	0	21.48M	19.33M
Other Non-Current Assets	3.61M	6.6M	4.86M	4.2M	14.43M	16.82M	7.03M	10.88M	26.95M	13.91M
Total Assets+	536.48M	1.31B	1.23B	1.25B	1.14B	1.03B	1.13B	1.1B	975.33M	1.02B
Asset Turnover	0.54x	0.27x	0.27x	0.28x	0.36x	0.34x	0.47x	0.76x	0.70x	0.52x
Asset Growth %	-0.07%	1.45%	-0.06%	0.02%	-0.09%	-0.09%	0.09%	-0.02%	-0.11%	0.04%
Total Current Liabilities+	25.91M	63.02M	56.09M	122.64M	75.53M	76.34M	161.86M	126.06M	75.47M	111.35M
Accounts Payable	11.1M	28.82M	23.52M	29.77M	23.65M	24.76M	50.4M	50.82M	38.8M	36.58M
Days Payables Outstanding	20.29	35.02	27.3	34.02	24.83	27.8	49.65	38.39	31.54	32.85
Short-Term Debt	0	0	0	0	0	2.24M	3.05M	2.93M	0	4.92M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5.68M	0	8.22M	13.41M	6.63M	2.66M	3.29M	2.17M	4.69M	5.36M
Current Ratio	3.81x	2.13x	2.12x	1.58x	1.73x	1.55x	1.62x	2.11x	2.20x	2.10x
Quick Ratio	2.36x	1.21x	1.16x	1.06x	1.02x	0.99x	1.30x	1.49x	1.28x	1.42x
Cash Conversion Cycle	57.37	49.94	46.38	102.72	62.74	58.23	62.39	59.67	47.12	80.34
Total Non-Current Liabilities+	125.02M	624.29M	628.33M	631.93M	642.88M	642.3M	623M	562.53M	596.98M	614.3M
Long-Term Debt	124.77M	623.11M	625.9M	628.99M	632.41M	633.94M	610.64M	546.8M	547.31M	547.85M
Capital Lease Obligations	0	0	0	0	0	0	2.18M	7.97M	0	32.25M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	16K	1.19M	2.42M	2.94M	10.47M	8.36M	10.18M	7.76M	16.36M	7.24M
Total Liabilities	150.93M	687.31M	684.42M	754.56M	718.41M	718.64M	784.86M	688.59M	672.45M	725.65M
Total Debt+	125M	623.11M	625.9M	628.99M	635.93M	639.49M	615.88M	557.71M	550.48M	585.02M
Net Debt	75.03M	567.51M	576.73M	567.21M	598.93M	608.93M	503.36M	471.37M	505.2M	494.16M
Debt / Equity	0.32x	1.00x	1.14x	-	1.52x	2.04x	1.80x	1.35x	1.82x	2.00x
Debt / EBITDA	1.29x	7.34x	9.66x	8.08x	5.93x	15.52x	2.96x	1.39x	1.96x	3.28x
Net Debt / EBITDA	0.77x	6.68x	8.90x	7.28x	5.59x	14.78x	2.42x	1.17x	1.80x	2.77x
Interest Coverage	9.99x	0.55x	-0.15x	0.10x	0.44x	-0.55x	2.21x	9.39x	7.03x	3.03x
Total Equity+	385.55M	624.91M	549.85M	-412.74M	419.55M	314.24M	342.2M	411.81M	302.88M	293.07M
Equity Growth %	-0.07%	0.62%	-0.12%	-1.75%	2.02%	-0.25%	0.09%	0.2%	-0.26%	-0.03%
Book Value per Share	52.72	60.50	48.54	-36.44	37.04	28.07	32.03	38.88	28.65	27.73
Total Shareholders' Equity	385.55M	624.91M	549.85M	-412.74M	419.54M	314.24M	342.2M	411.81M	302.88M	293.07M
Common Stock	385.67M	624.91M	549.85M	499.82M	419.54M	314.24M	342.2M	411.81M	302.88M	293.07M
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-119K	0	-341.23M	-412.74M	0	0	0	0	0	0
Minority Interest	1K	1K	1K	1K	1K	1K	1K	1K	1K	1K

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+	78.42M	44.97M	10.4M	32.23M	39.16M	19.74M	188.72M	301.46M	243.53M	150.54M
Operating CF Margin %	0.27%	0.13%	0.03%	0.09%	0.1%	0.06%	0.35%	0.36%	0.36%	0.29%
Operating CF Growth %	-0.34%	-0.43%	-0.77%	2.1%	0.21%	-0.5%	8.56%	0.6%	-0.19%	-0.38%
Net Income	62.04M	-26.94M	-72.79M	-50.03M	-34.97M	-98.18M	78.16M	286.8M	172.43M	60.9M
Depreciation & Amortization	28.45M	58.25M	73.99M	71.58M	79.84M	76.08M	73.48M	82.14M	79.72M	88.1M
Stock-Based Compensation	2.35M	2.79M	3.02M	3.02M	3.44M	1.03M	23.07M	25.26M	8.23M	4.9M
Deferred Taxes	31K	5.03M	52K	390K	0	41.55M	0	0	0	0
Other Non-Cash Items	964K	3M	3.05M	5.02M	7.06M	5.01M	12.35M	1.6M	2.51M	872K
Working Capital Changes	-15.41M	2.85M	3.08M	2.26M	-16.22M	-5.75M	1.67M	-94.34M	-19.37M	-4.22M
Change in Receivables	-44K	2.19M	4.09M	-6.7M	936K	2.89M	-21.88M	-21.14M	27.5M	-23.32M
Change in Inventory	-1.92M	31.43M	2.5M	-8.67M	9.91M	538K	-7.51M	-24.81M	6.7M	-5.68M
Change in Payables	-1.61M	5.79M	-2.31M	5.21M	-8.08M	-1.64M	11.37M	-6.58M	-23.83M	-5.6M
Cash from Investing+	-16.95M	-87.1M	-14.56M	-19.63M	-18.53M	-18.55M	-20.34M	-44.62M	-2.72M	-31.89M
Capital Expenditures	-17.02M	-23.23M	-14.56M	-19.81M	-18.66M	-18.6M	-20.59M	-44.67M	-24.2M	-37.07M
CapEx % of Revenue	0.06%	0.07%	0.04%	0.06%	0.05%	0.05%	0.04%	0.05%	0.04%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	78K	0	0	175K	127K	48K	252K	45K	21.47M	5.18M
Cash from Financing+	-91.42M	47.76M	-2.27M	0	-45.41M	-7.63M	-86.43M	-283.02M	-281.86M	-73.07M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-91.4M	-69.59M	-2.27M	0	-45.31M	0	-49.67M	-204.79M	-281.36M	-70.71M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-15.18M	0	0	-97K	-549K	-3.99M	-830K	-500K	-2.36M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	61.4M	21.74M	-4.16M	12.43M	20.5M	1.14M	168.13M	256.8M	219.33M	113.47M
FCF Margin %	0.21%	0.06%	-0.01%	0.04%	0.05%	0%	0.32%	0.31%	0.32%	0.22%
FCF Growth %	-0.37%	-0.65%	-1.19%	3.99%	0.65%	-0.94%	146.23%	0.53%	-0.15%	-0.48%
FCF per Share	8.40	2.10	-0.37	1.10	1.81	0.10	15.74	24.24	20.75	10.73
FCF Conversion (FCF/Net Income)	1.26x	-1.67x	-0.14x	-0.64x	-1.12x	-0.20x	2.41x	1.05x	1.41x	2.47x
Interest Paid	5.92M	53.11M	0	0	0	0	51.37M	35.16M	34.08M	0
Taxes Paid	35K	14K	0	0	0	0	27K	110K	281K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.52%	-5.33%	-12.39%	-72.97%	-1028.05%	-26.76%	23.81%	76.07%	48.25%	20.44%
Return on Invested Capital (ROIC)	11.21%	2.42%	-0.6%	0.74%	3.5%	-2.69%	11.4%	27.76%	17.86%	8.5%
Gross Margin	30.95%	15.71%	4.96%	9.04%	14.01%	7.1%	30.43%	42.17%	34.11%	22.63%
Net Margin	21.45%	-7.56%	-22%	-14.25%	-8.65%	-28.06%	14.67%	34.32%	25.3%	11.59%
Debt / Equity	0.32x	1.00x	1.14x	-	1.52x	2.04x	1.80x	1.35x	1.82x	2.00x
Interest Coverage	9.99x	0.55x	-0.15x	0.10x	0.44x	-0.55x	2.21x	9.39x	7.03x	3.03x
FCF Conversion	1.26x	-1.67x	-0.14x	-0.64x	-1.12x	-0.20x	2.41x	1.05x	1.41x	2.47x
Revenue Growth	-3.17%	23.2%	-7.15%	6.13%	15.12%	-13.42%	52.19%	56.89%	-18.44%	-22.91%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Product, UAN	222.33M	251.2M	198.26M	316.01M	556.52M	431.45M	312.01M
Product, UAN Growth	-	12.99%	-21.08%	59.40%	76.11%	-22.47%	-27.68%
Product, Ammonia	66.25M	94.47M	94.12M	146.14M	199.52M	161M	129.95M
Product, Ammonia Growth	-	42.58%	-0.37%	55.27%	36.53%	-19.31%	-19.29%
Products, Other	8.3M	7.64M	10.13M	10.26M	11.27M	18.2M	52.91M
Products, Other Growth	-	-7.88%	32.56%	1.26%	9.78%	61.51%	190.81%
Product, Urea Products	-	17.43M	14.12M	28.75M	33.51M	28.73M	30.45M
Product, Urea Products Growth	-	-	-19.02%	103.66%	16.56%	-14.25%	5.98%
Product, Fertilizer Sales, Exclusive of Freight	309.22M	363.1M	306.49M	490.9M	789.55M	621.18M	-
Product, Fertilizer Sales, Exclusive of Freight Growth	-	17.42%	-15.59%	60.17%	60.84%	-21.32%	-
Product, Freight Revenue	33.57M	33.44M	33.33M	31.42M	34.77M	42.1M	-
Product, Freight Revenue Growth	-	-0.39%	-0.32%	-5.73%	10.67%	21.07%	-
Product, Other Urea Products	20.63M	-	-	-	-	-	-
Product, Other Urea Products Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

CVR Partners, LP (UAN) has a price-to-earnings (P/E) ratio of 20.6x. This is roughly in line with market averages.

Growth & Financials

CVR Partners, LP (UAN) reported $614.5M in revenue for fiscal year 2024. This represents a 103% increase from $302.9M in 2011.

CVR Partners, LP (UAN) saw revenue decline by 22.9% over the past year.

Yes, CVR Partners, LP (UAN) is profitable, generating $127.2M in net income for fiscal year 2024 (11.6% net margin).

Dividend & Returns

Yes, CVR Partners, LP (UAN) pays a dividend with a yield of 5.64%. This makes it attractive for income-focused investors.

CVR Partners, LP (UAN) has a return on equity (ROE) of 20.4%. This is excellent, indicating efficient use of shareholder capital.

CVR Partners, LP (UAN) generated $138.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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