Latest Ratios: P/E Ratio 14.5x · EV/EBITDA 7.1x · ROE 3.0%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $2.6B | $1.9B | $3.0B | $3.1B | $1.7B | $1.2B | $3.2B | $2.5B | $2.6B | $1.7B |
| Enterprise Value | $5.2B | $3.9B | $2.8B | $4.7B | $4.2B | $2.9B | $2.2B | $3.8B | $3.0B | $3.2B | $2.2B |
| P/E Ratio → | 14.46 | 94.22 | 268.87 | 3.96 | 6.81 | 67.24 | — | 8.47 | 8.75 | 10.91 | 71.75 |
| P/S Ratio | 0.39 | 0.36 | 0.25 | 0.33 | 0.29 | 0.23 | 0.30 | 0.51 | 0.35 | 0.43 | 0.36 |
| P/B Ratio | 4.27 | 2.85 | 2.12 | 2.93 | 3.98 | 2.19 | 0.97 | 1.93 | 1.35 | 1.50 | 1.02 |
| P/FCF | 4.68 | — | 10.95 | 4.44 | 4.54 | 11.49 | — | 5.47 | 4.87 | 52.96 | 12.94 |
| P/OCF | 26.62 | 17.75 | 4.66 | 3.21 | 3.26 | 4.27 | 13.17 | 4.31 | 4.07 | 15.33 | 6.52 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.54 | 0.37 | 0.50 | 0.39 | 0.39 | 0.57 | 0.59 | 0.42 | 0.54 | 0.45 |
| EV / EBITDA | 7.10 | 6.80 | 7.95 | 3.28 | 3.39 | 7.79 | — | 4.36 | 3.75 | 8.05 | 8.26 |
| EV / EBIT | 30.86 | 20.96 | 29.49 | 4.10 | 4.79 | 15.59 | — | 6.37 | 5.53 | 22.06 | 30.18 |
| EV / FCF | — | — | 16.46 | 6.80 | 6.13 | 19.40 | — | 6.43 | 5.84 | 67.13 | 16.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.4% | 4.4% | 2.6% | 13.7% | 10.3% | 2.9% | -5.1% | 10.9% | 9.1% | 4.4% | 3.8% |
| Operating Margin | 2.3% | 2.3% | 0.8% | 12.1% | 8.8% | 1.2% | -8.5% | 9.1% | 7.5% | 2.4% | 1.5% |
| Net Profit Margin | 0.4% | 0.4% | 0.1% | 8.3% | 4.2% | 0.3% | -6.5% | 6.0% | 3.6% | 4.4% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.0% | 3.0% | 0.7% | 84.1% | 59.3% | 2.5% | -17.7% | 21.5% | 14.5% | 15.4% | 1.5% |
| ROA | 0.7% | 0.7% | 0.2% | 17.4% | 11.5% | 0.6% | -6.5% | 9.7% | 6.7% | 6.7% | 0.7% |
| ROIC | 6.2% | 6.2% | 1.9% | 37.1% | 37.8% | 3.1% | -11.1% | 18.9% | 16.8% | 4.8% | 2.9% |
| ROCE | 5.3% | 5.3% | 1.9% | 39.4% | 35.5% | 2.9% | -10.0% | 17.3% | 15.9% | 4.3% | 2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.04 | 2.04 | 2.18 | 2.12 | 2.03 | 2.17 | 1.40 | 0.73 | 0.63 | 0.68 | 0.68 |
| Debt / EBITDA | 3.21 | 3.21 | 5.44 | 1.55 | 1.28 | 4.57 | — | 1.40 | 1.45 | 2.89 | 4.43 |
| Net Debt / Equity | — | 1.47 | 1.07 | 1.56 | 1.39 | 1.51 | 0.85 | 0.34 | 0.27 | 0.40 | 0.25 |
| Net Debt / EBITDA | 2.32 | 2.32 | 2.66 | 1.14 | 0.88 | 3.18 | — | 0.65 | 0.62 | 1.70 | 1.63 |
| Debt / FCF | — | — | 5.51 | 2.36 | 1.58 | 7.91 | — | 0.96 | 0.97 | 14.17 | 3.18 |
| Interest Coverage | 1.76 | 1.76 | 1.25 | 21.87 | 10.42 | 1.56 | -2.19 | 5.81 | 5.36 | 1.34 | 0.86 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.79 | 1.79 | 1.66 | 1.30 | 1.11 | 1.18 | 2.13 | 2.14 | 2.61 | 2.01 | 2.32 |
| Quick Ratio | 1.13 | 1.13 | 1.20 | 0.94 | 0.67 | 0.77 | 1.68 | 1.51 | 1.84 | 1.30 | 1.71 |
| Cash Ratio | 0.72 | 0.72 | 0.90 | 0.35 | 0.35 | 0.44 | 1.01 | 1.09 | 1.35 | 0.89 | 1.30 |
| Asset Turnover | — | 1.89 | 1.79 | 1.96 | 2.65 | 1.85 | 0.99 | 1.63 | 1.82 | 1.57 | 1.18 |
| Inventory Turnover | 14.51 | 14.51 | 14.77 | 13.21 | 15.66 | 14.53 | 13.86 | 15.20 | 17.04 | 14.87 | 13.18 |
| Days Sales Outstanding | — | 11.98 | 14.15 | 11.29 | 11.99 | 15.07 | 16.53 | 10.44 | 8.66 | 10.91 | 12.37 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 8.0% | 14.9% | 15.3% | 14.3% | 10.2% | 9.5% | 9.4% | 6.8% | 10.0% |
| Payout Ratio | — | — | 2157.1% | 58.9% | 104.3% | 964.0% | — | 80.5% | 91.9% | 66.2% | 694.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 1.1% | 0.4% | 25.2% | 14.7% | 1.5% | — | 11.8% | 11.4% | 9.2% | 1.4% |
| FCF Yield | 21.4% | — | 9.1% | 22.5% | 22.0% | 8.7% | — | 18.3% | 20.5% | 1.9% | 7.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.1% | 0.6% | 9.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 8.0% | 14.9% | 15.7% | 14.3% | 10.8% | 18.9% | 9.4% | 6.8% | 10.0% |
| Shares Outstanding | — | $101M | $101M | $101M | $101M | $101M | $101M | $101M | $93M | $87M | $87M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying CVI stock.
CVR Energy, Inc.'s current P/E ratio is 14.5x. The historical average is 25.5x. This places it at the 63th percentile of its historical range.
CVR Energy, Inc.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.3x.
CVR Energy, Inc.'s return on equity (ROE) is 3.0%. The historical average is 19.1%.
Based on historical data, CVR Energy, Inc. is trading at a P/E of 14.5x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CVR Energy, Inc. has 4.4% gross margin and 2.3% operating margin.
CVR Energy, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Refining margin volatility
Metrics are mathematically derived from official filings.
Earnings Multiple Distorted by Cyclical Trough
Based on the supplied multiples, CVI trades at a trailing P/E of 141.22 against a forward P/E of 11.16, a gap that suggests depressed trailing earnings rather than an expensive stock, with EV/EBITDA falling from 9.04 to 5.87 on a forward basis.
The collapse from trailing to forward multiples indicates that market expectations rest on recovering refining spreads rather than on the weak trailing earnings base. A forward EV/EBITDA near 5.9 would appear undemanding for a capital-intensive refiner, though that conclusion depends on whether the 2026Q3 margin peak is sustainable. Investors should monitor whether forward estimates hold if crack spreads normalize.
Margins Swing From Losses to Peak Quarter
As reported in financial statements, CVI's operating margin moved from -16.5% in 2026Q1 to 22.1% in 2026Q3, a spread that indicates earnings power is dominated by refining cycle timing rather than by a stable cost structure.
The 38-point swing in operating margin within two quarters suggests profitability is driven primarily by crack spreads and feedstock costs instead of structural efficiency gains. Net margin reaching 17.4% in the peak quarter after multiple loss-making periods implies the trailing picture is highly unrepresentative of normalized earning power. Investors should treat the 2026Q3 result as a cyclical high point pending evidence that it persists across further quarters.
Returns Oscillate Without Clear Compounding
Based on EDBL-style reported figures, CVI's ROIC ranged from -11.5% to 30.7% across the ten quarters, with the latest 30.7% reading reflecting a single strong quarter rather than a consistent upward trajectory from the 2024 baseline near 1%.
The ROIC series shows returns decaying into losses during downturns and spiking only under favorable spread conditions, which points to limited compounding capacity. Relative to peers, Par Pacific's 15.6% ROIC and Delek US's 9.9% suggest CVI's through-cycle returns may trail the group despite the strong recent quarter. Investors should weight a multi-year average over the peak reading when judging capital efficiency.
Debt Load Steady as Equity Rebuilds
According to reported quarterly figures, CVI's D/E ratio has oscillated between 1.42 and 2.82 with total debt near $1.8B, while the 2026Q3 interest coverage of 34.52 reflects strong debt service only in the peak quarter rather than across the cycle.
Leverage ratios appear driven more by equity volatility than by debt issuance, as the debt base has remained broadly stable while equity recovered from roughly $466M to $1.1B. Interest coverage was negative or unavailable in several quarters, which suggests debt service comfort is highly cyclical and dependent on refining earnings. Investors should monitor whether coverage holds through a margin downturn, since current strength may not reflect the full-cycle debt burden.
Current Ratio Rises With Cash Accumulation
As reported in financial statements, CVI's current ratio climbed from 1.31 in 2025Q1 to 1.73 in 2026Q3 while cash rose to roughly $1.3B, suggesting near-term liquidity has strengthened meaningfully over recent quarters.
The improvement in current and quick ratios, with the quick ratio reaching 1.27 in 2026Q3, appears supported by cash build rather than inventory, since the quick ratio remains close to the current ratio. Liquidity would still depend heavily on refining cash generation under a severe margin shock, and the 2026Q1 quick ratio of 0.89 illustrates how thin the cushion was during the trough. Investors should assess whether the cash position is durable or a temporary product of the peak quarter.
Peak Quarter May Overstate Durable Returns
Based on the supplied quarterly data, CVI's 2026Q3 ROE of 57.0% and ROIC of 30.7% followed multiple loss quarters, so the bear case argues these headline returns reflect a transient spread spike rather than a repeatable earnings base.
Annualizing a single quarter with a 57.0% ROE and 17.4% net margin would materially overstate normalized returns, given that ROE was negative in four of the prior nine quarters. The more informative metric is a through-cycle average of ROIC and margins across the full ten-quarter window, which sits far below the peak reading. Investors should be wary of valuing the stock on peak-quarter ratios and should instead test whether the equity base and returns hold under a renewed margin downturn.