Latest Ratios: P/E Ratio 190.0x · EV/EBITDA 11.4x · 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 | $5.2B | $2.6B | $1.9B | $3.0B | $3.1B | $1.7B | $1.2B | $3.2B | $2.5B | $2.6B | $1.7B |
| Enterprise Value | $6.5B | $3.9B | $2.8B | $4.7B | $4.2B | $2.9B | $2.2B | $3.8B | $3.0B | $3.2B | $2.2B |
| P/E Ratio → | 190.00 | 94.22 | 268.87 | 3.96 | 6.81 | 67.24 | — | 8.47 | 8.75 | 10.91 | 71.75 |
| P/S Ratio | 0.72 | 0.36 | 0.25 | 0.33 | 0.29 | 0.23 | 0.30 | 0.51 | 0.35 | 0.43 | 0.36 |
| P/B Ratio | 5.74 | 2.85 | 2.12 | 2.93 | 3.98 | 2.19 | 0.97 | 1.93 | 1.35 | 1.50 | 1.02 |
| P/FCF | — | — | 10.95 | 4.44 | 4.54 | 11.49 | — | 5.47 | 4.87 | 52.96 | 12.94 |
| P/OCF | 35.81 | 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 | 11.36 | 6.80 | 7.95 | 3.28 | 3.39 | 7.79 | — | 4.36 | 3.75 | 8.05 | 8.26 |
| EV / EBIT | 38.79 | 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 | 67.14 | 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 | 14.18 | 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 | 0.5% | 1.1% | 0.4% | 25.2% | 14.7% | 1.5% | — | 11.8% | 11.4% | 9.2% | 1.4% |
| FCF Yield | — | — | 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 190.0x. The historical average is 25.5x. This places it at the 100th percentile of its historical range.
CVR Energy, Inc.'s current EV/EBITDA is 11.4x. 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 190.0x. This is at the 100th 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.
Margin Whiplash Masks Structural Weakness
CVI's gross margin swung from -14.5% in 2026Q1 to 4.3% in 2026Q2, while net margin remained negative at -0.1%, reflecting extreme refining margin volatility. According to quarterly filings, operating margin of 2.8% in 2026Q2 is far below the 26.5% peak in 2025Q3.
The profitability profile is dominated by crack spread swings, with gross margin oscillating between -14.5% and 28.7% over the past ten quarters. This volatility suggests that CVI's earning power is highly sensitive to external market conditions rather than operational efficiency. The negative net margin in 2026Q2 despite positive operating income indicates non-operating charges that further depress bottom-line results, warranting scrutiny of recurring vs. non-recurring items.
Return on Capital Decaying Amidst Losses
ROIC fell from 3.9% in 2024Q1 to -11.5% in 2026Q1, recovering to 3.1% in 2026Q2, while ROE turned negative at -0.4% in 2026Q2. Based on reported figures, the 10-quarter trend shows more quarters of negative returns than positive, indicating capital destruction.
The erratic ROIC pattern, with a peak of 18.5% in 2025Q3 and trough of -11.5% in 2026Q1, underscores the cyclicality of refining margins. The negative ROE in most recent quarters suggests that shareholder equity is being eroded by losses, and the recovery in 2026Q2 is modest relative to the prior peak. This implies that CVI is not consistently compounding returns on invested capital, and investors should monitor whether the 2025Q3 spike was an anomaly or a sign of potential improvement.
Working Capital Efficiency Shows Stability
Cash conversion cycle remained stable at 13-16 days over the past ten quarters, with DSO improving from 17 days in 2025Q1 to 11 days in 2026Q2. As reported in financial statements, DIO and DPO have also been relatively consistent, indicating efficient working capital management.
The stable CCC suggests that CVI manages its receivables, inventory, and payables effectively, with DSO improving notably in 2026Q2. However, the asset turnover ratio has been low, ranging from 0.39 to 0.69, reflecting the asset-heavy nature of refining. This implies that while working capital is not a major drag, the overall asset efficiency is constrained by the capital-intensive business model, and improvements in margins are needed to generate adequate returns.
Leverage Creeps Higher on Shrinking Equity
D/E rose from 1.51 in 2024Q1 to 2.38 in 2026Q2, while D/EBITDA spiked to 11.21 in 2026Q2 from 2.96 in 2025Q3. According to balance sheet data, total debt remained near $1.8B, but equity contracted 40% to $525M, driving leverage higher.
The rising D/E is primarily due to equity erosion from persistent losses, not new borrowing, as debt levels have stayed flat. Interest coverage turned negative in several quarters, including -6.27 in 2026Q1, indicating that operating income is insufficient to cover interest expenses during downturns. This suggests that CVI's leverage is becoming less comfortable, and the company may face refinancing risk if margins do not recover, though the current cash buffer of $737M provides some near-term cushion.
Liquidity Buffer Improves but Remains Cyclical
Current ratio improved to 1.42 in 2026Q2 from 1.17 a year earlier, while quick ratio rose to 0.92 from 0.75. As per quarterly data, cash increased to $737M, providing a modest buffer against refining margin swings.
The improvement in liquidity ratios is partly due to a working capital release in 2026Q2, which may not be sustainable. The quick ratio below 1.0 indicates reliance on inventory to meet short-term obligations, which could be problematic if inventory values decline. Under severe stress, such as a prolonged margin downturn, the liquidity position could deteriorate quickly, as seen in 2025Q1 when FCF margin was -14.9% and current ratio was 1.31.
P/E Misleading for Cyclical Refiner
CVI's trailing P/E of 129.78 is distorted by near-zero earnings, while EV/EBITDA of 8.50 better reflects valuation. For cyclical refiners, P/E is commonly misapplied because earnings are volatile; EV/EBITDA or EV/Sales may be more appropriate.
The P/E multiple is nearly meaningless given the earnings swings, with net income ranging from -$374M to +$374M over the past ten quarters. EV/EBITDA of 8.50 is more stable and comparable to peers like Delek US Holdings (8.63) and Par Pacific (7.27), suggesting CVI is not excessively cheap or expensive on this basis. Investors should focus on mid-cycle earnings power and use EV/EBITDA or EV/Sales to assess valuation, as P/E can mislead in cyclical industries.