Free cash flow generation remains highly erratic, evidenced by margins swinging from a peak of 65.7% in 2024Q3 to a negative 34.5% in 2025Q4 due to seasonal working capital requirements.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 170.02M | 149.64M | 150.54M | 243.53M | 301.46M | 188.72M | 19.74M | 39.16M | 32.23M | 10.4M | 44.97M | 78.42M | 118.88M | 129.01M | 133.5M | 139.85M | 75.94M | 85.53M | 123.47M |
| Operating CF Margin % | - | 24.69% | 28.66% | 35.73% | 36.08% | 35.44% | 5.64% | 9.69% | 9.18% | 3.14% | 12.62% | 27.12% | 39.8% | 39.86% | 44.16% | 46.18% | 42.08% | 41.05% | 46.95% |
| Operating CF Growth % | -46.28% | -0.6% | -38.18% | -19.22% | 59.74% | 856.05% | -49.59% | 21.48% | 209.94% | -76.87% | -42.66% | -34.03% | -7.85% | -3.36% | -4.54% | 84.15% | -11.21% | -30.72% | - |
| Net Income | 121.49M | 98.66M | 60.9M | 172.43M | 286.8M | 78.16M | -98.18M | -34.97M | -50.03M | -72.79M | -26.94M | 62.04M | 76.15M | 118.62M | 112.22M | 132.45M | 33.31M | 57.88M | 118.93M |
| Depreciation & Amortization | 60.78M | 81.87M | 88.1M | 79.72M | 82.14M | 73.48M | 76.08M | 79.84M | 71.58M | 73.99M | 58.25M | 28.45M | 27.25M | 25.58M | 20.72M | 18.87M | 18.46M | 18.68M | 17.99M |
| Stock-Based Compensation | 9.09M | 9.8M | 4.9M | 8.23M | 25.26M | 23.07M | 1.03M | 3.44M | 3.02M | 3.02M | 2.79M | 2.35M | 1.78M | 2.83M | 6.84M | 7.3M | 9.01M | 3.2M | -10.62M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 41.55M | 0 | 390K | 52K | 5.03M | 31K | 202K | -67K | 295K | 0 | 0 | 16K | 0 |
| Other Non-Cash Items | 17.59M | 1.78M | 872K | 2.51M | 1.6M | 12.35M | 5.01M | 7.06M | 5.02M | 3.05M | 3M | 964K | 964K | 964K | 964K | 1.51M | 1.86M | 20K | 6.4M |
| Working Capital Changes | -49.19M | -42.48M | -4.22M | -19.37M | -94.34M | 1.67M | -5.75M | -16.22M | 2.26M | 3.08M | 2.85M | -15.41M | 12.53M | -18.91M | -7.54M | -20.27M | 13.3M | 5.74M | -9.24M |
| Change in Receivables | -11.2M | 6.26M | -23.32M | 27.5M | -21.14M | -21.88M | 2.89M | 936K | -6.7M | 4.09M | 2.19M | -44K | 429K | -710K | 2.52M | -4.32M | -2.22M | 3.19M | -3.22M |
| Change in Inventory | -7.94M | -7.8M | -5.68M | 6.7M | -24.81M | -7.51M | 538K | 9.91M | -8.67M | 2.5M | 31.43M | -1.92M | -2.55M | -4.12M | -5.82M | -3.42M | 2.11M | 5.7M | -11.48M |
| Change in Payables | 3.24M | 5.74M | -5.6M | -23.83M | -6.58M | 11.37M | -1.64M | -8.08M | 5.21M | -2.31M | 5.79M | -1.61M | -4.97M | -549K | 9.4M | -5.87M | 9.39M | -9.22M | 10.13M |
| Cash from Investing | -51.12M | -44.09M | -31.89M | -2.72M | -44.62M | -20.34M | -18.55M | -18.53M | -19.63M | -14.56M | -87.1M | -16.95M | -20.97M | -43.72M | -81.1M | -16.4M | -8.97M | -13.37M | -23.52M |
| Capital Expenditures | -34.41M | -50.8M | -37.07M | -24.2M | -44.67M | -20.59M | -18.6M | -18.66M | -19.81M | -14.56M | -23.23M | -17.02M | -21.08M | -43.75M | -82.2M | -19.14M | -10.08M | -13.39M | -23.52M |
| CapEx % of Revenue | 5.35% | 8.38% | 7.06% | 3.55% | 5.35% | 3.87% | 5.31% | 4.62% | 5.64% | 4.4% | 6.52% | 5.89% | 7.06% | 13.52% | 27.19% | 6.32% | 5.59% | 6.43% | 8.94% |
| Acquisitions | 1.75M | 0 | 4K | 21.47M | 45K | 0 | 48K | 0 | 0 | 0 | -63.87M | 78K | 0 | 0 | 0 | 2.75M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -22.67M | 6.71M | 5.18M | 0 | 45K | 252K | 48K | 127K | 175K | 0 | 0 | 78K | 110K | 33K | 1.1M | 2.75B | 1.11M | 18K | 0 |
| Cash from Financing | -112.6M | -127.17M | -73.07M | -281.86M | -283.02M | -86.43M | -7.63M | -45.41M | 0 | -2.27M | 47.76M | -91.42M | -103.14M | -127.99M | -161.5M | 70.78M | -29.67M | -75.8M | -105.34M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -65M | -32.24M | 0 | 0 | 0 | 0 | 132.53M | 0 | 0 | 0 | 0 | 125M | 0 | -75.8M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -12.4M | -529K | -7.08M | 0 | 0 | 0 | 0 | -19K | -50K | -485K | -305K | 324.76M | 0 | 0 | 0 |
| Dividends Paid | -111.41M | -125.99M | -70.71M | -281.36M | -204.79M | -49.67M | 0 | -45.31M | 0 | -2.27M | -69.59M | -91.4M | -103.09M | -127.51M | -161.19M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -12.4M | -529K | -7.08M | 0 | 0 | 0 | 0 | -19K | -50K | -485K | -305K | -121K | 0 | 0 | 0 |
| Other Financing | -1.19M | -1.17M | -2.36M | -500K | -830K | -3.99M | -549K | -97K | 0 | 0 | -15.18M | 0 | 0 | 0 | 0 | -30.82M | -29.67M | 0 | -105.34M |
| Net Change in Cash | 6.31M | -21.61M | 45.58M | -41.06M | -26.18M | 81.96M | -6.43M | -24.78M | 12.6M | -6.42M | 5.63M | -29.95M | -5.23M | -42.71M | -109.1M | 194.23M | 37.3M | -3.63M | -5.4M |
| Free Cash Flow | 112.05M | 98.84M | 113.47M | 219.33M | 256.8M | 168.13M | 1.14M | 20.5M | 12.43M | -4.16M | 21.74M | 61.4M | 97.8M | 85.25M | 51.3M | 120.71M | 65.86M | 72.15M | 99.95M |
| FCF Margin % | 17.42% | 16.31% | 21.6% | 32.18% | 30.73% | 31.57% | 0.33% | 5.07% | 3.54% | -1.26% | 6.1% | 21.23% | 32.75% | 26.34% | 16.97% | 39.86% | 36.5% | 34.62% | 38.01% |
| FCF Growth % | -10.12% | -12.89% | -48.27% | -14.59% | 52.74% | 14622.5% | -94.43% | 64.96% | 399.04% | -119.12% | -64.59% | -37.22% | 14.72% | 66.19% | -57.5% | 83.27% | -8.71% | -27.82% | - |
| FCF per Share | 10.60 | 9.35 | 10.73 | 20.75 | 24.24 | 15.74 | 0.10 | 1.81 | 1.10 | -0.37 | 2.10 | 8.40 | 13.37 | 11.64 | 7.01 | 16.52 | 9.02 | 9.88 | 13.69 |
| FCF Conversion (FCF/Net Income) | 0.92x | 1.52x | 2.47x | 1.41x | 1.05x | 2.41x | -0.20x | -1.12x | -0.64x | -0.14x | -1.67x | 1.26x | 1.56x | 1.09x | 1.19x | 1.06x | 2.28x | 1.48x | 1.04x |
| Interest Paid | 0 | 0 | 0 | 34.08M | 35.16M | 51.37M | 0 | 0 | 0 | 0 | 53.11M | 5.92M | 5.82M | 5.37M | 3.17M | 2.43M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 281K | 110K | 27K | 0 | 0 | 0 | 0 | 14K | 35K | 55K | 71K | 28K | 15K | 35K | 0 | 0 |
Commodity price volatility exposure
As reported in quarterly filings, UAN's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 22.78 in 2024Q3 and a low of -1.79 in 2023Q4, illustrating that GAAP net income is a poor proxy for the firm's actual cash-generating capacity.
The significant divergence between net income and operating cash flow suggests that non-cash items and working capital swings heavily distort reported earnings. Investors should monitor these discrepancies closely, as the reliance on spot-market pricing often leads to timing differences between revenue recognition and actual cash collection.
Based on the provided financial data, UAN's free cash flow trajectory remains highly erratic, with margins swinging from a peak of 65.7% in 2024Q3 to a negative 34.5% in 2025Q4, reflecting the intense seasonality and commodity-driven nature of the nitrogen fertilizer business model.
This volatility implies that the company's ability to fund distributions is inherently unstable and tied to short-term market conditions rather than consistent operational performance. The negative FCF periods warrant further investigation into whether these are temporary maintenance-related outflows or signs of structural margin compression.
According to recent cash flow statements, working capital changes have been a primary driver of liquidity, with a massive $57.3M inflow in 2024Q3 contrasting sharply with a $38.8M outflow in 2025Q2, highlighting the company's sensitivity to seasonal inventory and accounts receivable cycles.
These dramatic shifts suggest that UAN's cash position is highly dependent on the timing of agricultural application seasons and the subsequent collection of receivables. Analysts should interpret these swings as a reflection of the firm's operational exposure to the U.S. Midwest farming cycle rather than underlying efficiency.
As indicated by historical financial statements, UAN's capital expenditure as a percentage of revenue has ranged from 3.4% to 18.0%, suggesting that periodic maintenance turnarounds are a significant, albeit lumpy, drain on the company's available cash flow for unitholder distributions.
The high capital intensity in periods like 2025Q4 appears to be a necessary investment to maintain the operational integrity of aging nitrogen production assets. Investors should monitor whether these maintenance requirements increase over time, as they may permanently reduce the cash available for distribution.
Quick answers to the most common questions about buying UAN stock.
CVR Partners, LP (UAN) generated $149.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CVR Partners, LP (UAN) generated $98.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CVR Partners, LP (UAN) spent $50.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CVR Partners, LP (UAN) returned $126.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.