CVR Energy, Inc.

CVR Energy, Inc. (CVI) Market Cap

CVR Energy, Inc. has a market capitalization of —.

No quote data available.

CEO: Mark A. Pytosh

Sector: Energy

Industry: Oil & Gas Refining & Marketing

IPO Date: 2007-10-23

Website: https://www.cvrenergy.com

CVR Energy, Inc. (CVI) - Company Information

Market Cap: -|Sector: Energy

Company Profile

CVR 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.

Analyst Sentiment

26%
Underperform

From 7 Active Polls

1Y Forecast: $32.50

▲ +0.0% Potential Upside

Consensus Target Metrics

Low Bound

$30

Median

$33

High Bound

$35

Average

$33

Price & Moving Averages

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🎯 Wall Street Analyst Intelligence Report

1-Year structural target targets, chart projections, and sentiment maps.

Average 1Y Target
$32.50
▼ -1.96% Upside
Low Target
$30.00
-10% Risk
Median Target
$32.50
-2% Mid
High Target
$35.00
6% Max

Consensus Trend Projection

Trailing closures vs. 12-month metrics map.

Analyst Vote Distribution

Aggregate institutional coverage sentiment weights.

Sentiment volume allocation data unavailable.

valuation & financial ratiosdetailed financials

Historical valuation matrix unavailable.

📘 Full Research Report

ℹ️

AI-Generated Research: This report is for informational purposes only.

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📘 CVR ENERGY INC (CVI) — Investment Overview

🧩 Business Model Overview

CVR Energy Inc is a North American energy infrastructure and refining platform centered on turning crude oil into refined petroleum products. The value chain runs from (1) sourcing crude, (2) processing it in its refineries into transportation fuels and other refined products, and (3) distributing products through integrated logistics (e.g., pipelines, terminals, and related distribution capabilities) that help move volumes efficiently to regional markets. The operating model emphasizes refinery run-rate optimization, product yield management, and logistical execution to capture margins when market spreads reward specific crude/product configurations.

💰 Revenue Streams & Monetisation Model

Revenue is predominantly generated through the sale of refined products produced from crude oil. Monetisation is largely spread-driven rather than contract-driven: margins depend on the relationship between the cost of crude and the realizable value of refinery outputs (the “crack spread” concept).

  • Refining product sales (primary): Gasoline, distillates, and other petroleum products sold into regional distribution networks.
  • Integration-driven logistics monetisation (supporting): Logistic assets can improve throughput economics by reducing per-unit distribution friction and enabling more consistent delivery to demand centers.

Margin drivers typically include: (1) crude quality/grade flexibility and the ability to access advantaged crude baskets, (2) refinery complexity and operational reliability (yield and availability), and (3) logistical efficiency that reduces basis and transportation drag.

🧠 Competitive Advantages & Market Positioning

CVR’s competitive position is rooted more in cost advantages and asset specificity than in customer “stickiness.” Competitors can buy and sell refined products, but they cannot easily replicate refinery capacity configuration, permitting history, and the associated logistics footprint.

Geographic cost advantage / low-cost feedstock access: CVR’s Midwest and inland U.S. refinery footprint supports participation in the North American crude and product system where pricing differentials can favor inland operators that can source appropriate crude grades and route products efficiently to nearby demand. Proximity to crude sourcing basins and regional product demand helps reduce delivered-cost friction versus models that rely heavily on longer haul or less flexible crude sourcing.

Logistical infrastructure: Integrated distribution capability (pipelines/terminals and related infrastructure) can lower the incremental cost of moving volumes and can improve operational optionality during demand or spread shifts.

Complexity and operational execution: Refining economics reward plants that can sustain high utilization, manage turnarounds effectively, and optimize yields for prevailing product pricing. This favors operators with proven operational discipline and configured processing capability.

  • Marathon Petroleum (large-scale refiners with major Gulf Coast exposure): focuses on different regional crude and product flow dynamics; CVR’s inland orientation emphasizes participation in Midwest/inland spreads with different logistical economics.
  • Valero Energy (global North American refining leader with diversified footprints): benefits from system breadth; CVR’s positioning is more concentrated, which can amplify both operating leverage and spread sensitivity.
  • PBF Energy (U.S. refiner with East/West mix): competes through regional asset networks; CVR’s advantage is anchored in inland geographic integration and logistics-driven efficiency.

🚀 Multi-Year Growth Drivers

  • Regional supply/demand imbalances: Even with long-run demand normalization pressures from electrification, refined product demand remains substantial, and capacity rationalization and compliance-driven retirements can tighten supply in certain regions.
  • Crude slate flexibility and spread capture: Market structures reward refiners that can access advantaged crude grades and adjust yields as crack structures change.
  • Logistics resilience: Transport and distribution assets reduce bottlenecks and can preserve economics when spot market routing becomes less favorable.
  • Regulatory-driven complexity as a barrier: Stricter fuel specifications and emissions requirements can raise effective barriers to entry, making modernized, permitted capacity more valuable.

Over a 5–10 year horizon, CVR’s investment case is less about volume growth in a steady demand curve and more about sustaining competitive unit economics through asset reliability, feedstock access, and infrastructure-enabled distribution—factors that influence the ability to compound value in a cyclical sector.

⚠ Risk Factors to Monitor

  • Refining margin cyclicality: Crack spreads can compress due to global refining capacity additions, demand swings, and crude/product spread shifts.
  • Commodity and feedstock quality risk: Changes in crude availability, price differentials, or crude quality compatible with refinery configuration can impair margin capture.
  • Regulatory and environmental compliance: Compliance with emissions, wastewater, and air permitting requirements can raise sustaining capital needs and operating costs.
  • Energy transition demand pressure: Structural demand erosion from electrification can reduce gasoline/diesel pools over time and alter product mix economics.
  • Capital intensity and execution risk: Turnarounds, maintenance capex, and potential upgrades require disciplined execution; disruptions can affect availability and yields.

📊 Valuation & Market View

The market typically values refiners based on expected operating cash flow power and sensitivity to refining margins, often using enterprise value relative to normalized earnings measures (commonly anchored to EV/EBITDA-style frameworks) rather than growth-rate metrics. Key valuation drivers include:

  • Normalized crack economics: not the level of any single spread, but the ability to maintain attractive unit margins across cycles.
  • Run-rate reliability and utilization: operational execution that sustains margins and limits downtime.
  • Integration quality: how effectively logistics reduce per-unit friction and protect realized prices.
  • Balance sheet durability: leverage and liquidity affect resilience through margin troughs.

🔍 Investment Takeaway

CVR Energy’s long-term appeal is anchored in refinery- and logistics-driven cost competitiveness within North American refining. The moat is primarily structural—geographic positioning for feedstock/product economics, logistical infrastructure that supports efficient distribution, and operational execution that converts complex assets into margin capture. The investment thesis depends on sustaining unit economics through cycles while managing environmental/compliance capital requirements and adapting to evolving fuel demand dynamics.


⚠ AI-generated — informational only. Validate using filings before investing.

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📊 AI Financial Analysis

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Earnings Data: Q Ending 2026-03-31

"CVI reported Q1 2026 revenue of $1.98B and net income of -$192M (EPS -$1.91), versus Q4 2025 revenue of $1.81B and net income of -$110M. On a QoQ basis, revenue rose +9.4% while net losses widened (net income fell by -$82M, EPS deteriorated). On a YoY basis (Q1 2026 vs Q1 2025), revenue increased +20.3%, but net income declined (from -$123M to -$192M, a -56.1% deterioration). Margins remain deeply negative: gross profit was -$1.93B (gross margin -97.4%) and net margin -9.7%, indicating profitability contraction over the last two quarters. Cash flow also weakened versus the prior quarter. Operating cash flow in Q1 2026 was $64M, down from $0M in Q4 (as presented), and free cash flow was +$17M (vs -$55M in Q4). The balance sheet shows equity compressed to $538M (down sharply from $730M in Q4), while total assets increased to $3.86B. Long-term debt remained elevated at $1.77B, implying leverage risk remains. Shareholder returns appear strong: the stock is up +63.9% over the last year, a >20% momentum tailwind. With a $30 consensus target (implying upside from the $29.44 price), sentiment may be improving despite losses."

Revenue Growth

Positive

Revenue increased QoQ from $1.81B to $1.98B (+9.4%) and YoY from $1.646B to $1.98B (+20.3%), showing top-line resilience despite earnings volatility.

Profitability

Neutral

Margins are highly negative: Q1 2026 gross margin -97.4% and net margin -9.7%. QoQ net losses widened (-$110M to -$192M), and YoY net income deteriorated (-$123M to -$192M).

Cash Flow Quality

Fair

Operating cash flow was positive at $64M and free cash flow was +$17M in Q1 2026, improving versus Q4’s -$55M FCF. However, results are choppy given the prior quarter’s $0 OCF presentation.

Leverage & Balance Sheet

Caution

Total assets rose to $3.86B, but equity fell to $538M (from $730M in Q4). Long-term debt remains high at $1.77B, keeping leverage and balance-sheet resilience as key risks.

Shareholder Returns

Strong

Strong price momentum with 1y_change of +63.9%. No dividends or buybacks are indicated in the provided cash flow, so total return is primarily capital appreciation.

Analyst Sentiment & Valuation

Fair

Consensus target is $30 versus the $29.44 current price (modest upside). With losses ongoing, valuation support appears largely expectation-driven rather than fundamentals.

Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.

RevenueEarningsP/E RatioSharesDebtMargin %

Fundamentals Overview

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CVI/“CVR Energy” delivered a weak Q1 on reported terms but emphasized that the loss profile is largely driven by accounting marks rather than ongoing operating collapse. GAAP net loss was $160m (EPS loss $1.91) with EBITDA loss of $52m; the quarter included $158m unrealized derivative losses plus a $51m unfavorable RFS liability change, partially offset by $120m favorable inventory valuation. Adjusted results were more resilient: adjusted EBITDA $37m and adjusted EPS loss $1.24. The operational engine stayed healthy—crude utilization 97% and ammonia utilization 103%—while margin capture benefited from improved cracks and refined-product drawdowns, but was still heavily pressured by RINs: $143m net RINs expense cut capture rate by ~34%. Management reinstated a $0.10 dividend (confirmed non-variable), tied to deleveraging progress toward $1B gross debt and ongoing market opportunities from Mid-Continent basis tightening, rail/Wynnewood utilization, and later-2026 pipeline outlets. Key uncertainty remains EPA timing on SRE petitions and continued crack/derivative volatility.

AI IconGrowth Catalysts

  • Improving Mid-Continent basis/margin capture after refined product inventory drawdowns: gasoline inventories down 17% and diesel down 20% vs beginning of year; cracks improved in April.
  • Higher crack environment: Group 3 2-1-1 averaged $21.58/bbl in Q1 vs $17.65/bbl in Q1 2025.
  • Sustained high operating rates enabling execution: crude utilization 97% and ammonia utilization 103%.

Business Development

  • Started utilizing the rail loading facility at Wynnewood after reversion of the renewable diesel unit.
  • Pipeline-driven outlet expansion: new product pipeline from Kansas and Denver scheduled to come online later in 2026; Western Gateway Pipeline under development for additional Mid-Continent to Gulf Coast outlets.

AI IconFinancial Highlights

  • GAAP: Net loss of $160 million; EPS loss of $1.91; EBITDA loss of $52 million in Q1 2026.
  • Unrealized derivative losses: $158 million tied to NYMEX gasoline/diesel crack spread swaps versus expected future production; total derivative loss discussed as $182 million, with realized derivatives about $25 million (Q&A).
  • RFS: Unfavorable change in RFS liability of $51 million; inventory valuation impact favorable $120 million.
  • Adjusted: Adjusted EBITDA of $37 million; adjusted EPS loss of $1.24 after excluding the above items.
  • Petroleum adjusted EBITDA: loss of $50 million vs loss of $30 million in Q1 2025; drivers cited as increased RINs expenses, higher operating costs, and realized derivative losses.
  • RINs/RFS cash economics pressure: Net RINs expense $143 million (ex-change in RFS liability), or $7.37/bbl, reducing capture rate by ~34%.
  • Capture: realized margin (adjusted for unrealized derivatives, RFS liability change, and inventory valuation) $4.72/bbl, representing 22% capture rate on Group 3 2-1-1 benchmark.
  • Estimated RFS obligation: $204 million at March 31, 2026 (113 million RINs marked to market at $1.80). Pending 2025 petition noted; Wynnewood 100% SRE would improve consolidated capture rate by ~12%.
  • Dividend: announced Q1 2026 dividend of $0.10/share; confirmed in Q&A as non-variable.
  • Cash flow/capex: Operating cash flow $64 million; free cash flow $21 million (about $63 million from Fertilizer). Capital spending $47 million cash in quarter (accrual capital spending $44 million total: $29m Petroleum, $14m Fertilizer). Full-year 2026 capex estimate $200m–$240m.

AI IconCapital Funding

  • Dividend declared: $0.10/share for Q1 2026 (proportionate ~$16 million expected to CVR Energy from its ~37% ownership of CVR Partners units).
  • Liquidity: consolidated cash $512 million (includes $128 million in Fertilizer); total liquidity excluding CVR Partners ~$923 million (cash $384m + ABL availability $539m).
  • Deleveraging objective: continue toward gross leverage target of $1 billion excluding CVR Partners debt (re-stated and supported by dividend commentary).
  • Uses of cash: $40 million cash interest; $15 million for debt refinancing costs; $47 million capital spending in the quarter; $3 million noncontrolling interest portion of CVR Partners distribution.

AI IconStrategy & Ops

  • Refining logistics/market access: stepping up ability to access higher-demand regions outside Mid-Continent; rail loading at Wynnewood started; basis expected to improve with later 2026 pipeline coming online and longer-dated Western Gateway Pipeline.
  • Hedging posture: historically hedges when market levels above mid-cycle; during war elevated uncertainty prompted adding crack spread hedges to capture higher values; management emphasized not hedging ~30% of production “just to make sure” coverage between two refineries.
  • WCS exposure increase: management running ~18,000 bpd Western Canadian after Venezuela actions increased WCS differential by about $3/bbl; disclosed increase framed as ~8% crude slate exposure in Q1 vs near zero in Q4 (analyst question).
  • Operational execution: 214,000 bpd combined throughput; light product yield 93%.

AI IconMarket Outlook

  • Q2 2026 Petroleum outlook (management estimates): throughputs ~200,000–215,000 bpd; direct operating expenses $110m–$120m; total capital spending $35m–$40m.
  • Q2 2026 Fertilizer outlook: ammonia utilization 95%–100%; direct operating expenses excluding inventory/turnaround impacts $57m–$62m; total capital spending $28m–$32m.
  • Quarter-to-date Q2 pricing metrics cited: Group 2-1-1 cracks $38.36/bbl; Brent-WTI spread $3.81/bbl; WCS differential $15.46/bbl under WTI; prompt ammonia $950/ton; prompt UAN $525/ton.
  • Dividend guidance framing: Q1 dividend reinstated and described as non-variable; expectations tied to deleveraging path and “economics for rest of year.”
  • Next reporting timing: second quarter results expected in late July.

AI IconRisks & Headwinds

  • RINs/RFS cost escalation: RIN prices up >75% YTD and RVO +18% (recent Set 2 rule) adding ~$0.25–$0.30/gallon; management argues this conflicts with fuel-cost reduction goals and pressures capture.
  • Regulatory timing risk: EPA has missed deadline on ruling for Wynnewood 2025 SRE petition; management continues to recognize 100% Wynnewood obligation, potentially depressing capture until resolved.
  • Derivatives volatility/mark-to-market: large unrealized derivative losses ($158m) and ongoing crack swap mark-to-market mismatch with physical exposures; management expects future offsets but recognizes potential for continued negative marks if conditions persist.
  • Crack spread and basis uncertainty with Middle East conflict: management expects elevated cracks to persist but acknowledges potential normalization lags and continued volatility.
  • Macro throughput and product movement disruptions: reduced refined product movement and crude availability effects remain uncertain despite U.S. fleet “largely unimpacted so far.”

Q&A: Analyst Interest

  • Topic: WCS exposure change and rationale (8% Q1 vs ~0% Q4) and its benefits. Management: Venezuela actions in early January moved Western Canadian differentials immediately (~+$3/bbl). Models indicated WCS provided more value than alternatives, leading to ~18,000 bpd WCS running. They’ll continue if the differential holds; it has worked for ~4 months.
  • Topic: Derivative headwind magnitude in Q1 and how Q2 mark-to-market could impact results. Management: Q1 realized loss ~ $25m from positions put on lower in Jan/Feb, worsened in March; rest tied to inventory hedging as crude/running prices rose in March. For Q2, they would not give specifics; they provided notional amounts and ~4.47 volume at strike for calculation; average won’t apply across the full strip.
  • Topic: Capital allocation balance between dividend and $1B gross leverage target, plus M&A timing amid volatility. Management: Deleveraging continues while paying dividends because rest-of-year economics look supportive. Dividend is justified as non-variable versus variable fertilizer economics. M&A remains a priority, but the last two months’ volatility made it lower priority; as markets settle, they will re-engage discussions.

Sentiment: MIXED

Note: This summary was synthesized by AI from the CVI Q1 2026 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.

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© 2026 Stock Market Info — CVR Energy, Inc. (CVI) Financial Profile