CVR Partners, LP Common Units Representing Limited Partner Interests (UAN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 23	—	$9.64	—	—	$226.3M	—
Q4 22	—	$9.02	—	—	$212.2M	—
Q3 22	—	-$1.87	—	—	$156.5M	—
Q2 22	—	$11.1	—	—	$244M	—
Q1 22	—	$8.78	—	—	$222.9M	—
Q4 21	—	$5.76	—	—	$188.9M	—
Q3 21	—	$3.28	—	—	$144.7M	—
Q2 21	—	$0.66	—	—	$138M	—
Q1 21	—	-$2.37	—	—	$60.9M	—
Q4 20	—	-$1.53	—	—	$90.3M	—
Q3 20	-$3.3	-$1.7	+48.5%	—	$79.5M	—
Q2 20	-$0.1	-$3.7	-3600.0%	—	$105.1M	—
Q1 20	-$2.1	-$1.8	+14.3%	—	$75.1M	—
Q4 19	-$1.4	-$2.2	-57.1%	—	$86.1M	—
Q3 19	-$0.5	-$2	-300.0%	—	$88.6M	—
Q2 19	$0.5	$1.7	+240.0%	—	$137.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.33	—	—	$606M	—
FY24	—	$5.76	—	—	$525.3M	—
FY23	—	$16.3	—	—	$681.5M	—
FY22	—	$27.1	—	—	$835.6M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$356.3M	$330.8M	$351.1M	$404.2M	$350M	$532.6M	$835.6M	$681.5M	$525.3M	$606M
YoY change	+23.2%	-7.15%	+6.13%	+15.1%	-13.4%	+52.2%	+56.9%	-18.4%	-22.9%	+15.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	356.3M	330.8M	351.1M	404.2M	350M	532.6M	835.6M	681.5M	525.3M	606M
Cost of revenue	302.2M	315.2M	319.4M	347.6M	325.1M	370.5M	483.2M	449M	406.5M	442.7M
Gross profit	54.1M	15.6M	31.7M	56.6M	24.8M	162M	352.4M	232.5M	118.9M	163.4M
Gross margin	15.2%	4.71%	9.04%	14%	7.1%	30.4%	42.2%	34.1%	22.6%	27%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	29.3M	25.6M	25M	25.8M	18.2M	26.6M	32.2M	29.5M	28.4M	33.6M
Operating expenses	29.3M	25.6M	25M	25.8M	18.2M	26.6M	32.2M	29.5M	28.4M	33.6M
Operating income	24.8M	-10M	6.7M	30.8M	6.7M	135.4M	320.2M	202.9M	90.5M	129.8M
Operating margin	6.95%	-3.04%	1.91%	7.61%	1.91%	25.4%	38.3%	29.8%	17.2%	21.4%
Non-operating income, net	-2.8M	322K	5.8M	-3.1M	-41.4M	3.8M	851K	-1.6M	353K	-792K
Pretax income	-26.6M	-72.6M	-50.1M	-35M	-98.2M	78.2M	287M	172.7M	61M	98.6M
Income tax	329K	220K	-46K	-18K	30K	57K	160K	289K	77K	-23K
Net income	-26.9M	-72.8M	-50M	-35M	-98.2M	78.2M	286.8M	172.4M	60.9M	98.7M
Net margin	-7.56%	-22%	-14.2%	-8.65%	-28.1%	14.7%	34.3%	25.3%	11.6%	16.3%
EBITDA	80.4M	64.5M	84.5M	110.9M	82.9M	213.6M	403.4M	282.6M	179M	212M
EPS	-2.6	-6.4	-4.4	-3.1	-8.77	7.31	27.1	16.3	5.76	9.33
Diluted EPS	-2.6	-6.4	-4.4	-3.1	-8.77	7.31	27.1	16.3	5.76	9.33

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	130.6M	141.6M	127.7M	132.9M	125.2M	139.6M	142.9M	168.6M	163.5M	131.1M	180M	202.2M
Cost of revenue	113.6M	117.2M	100.3M	93M	106.8M	106.4M	100.4M	113.9M	103M	125.3M	112.6M	109M
Gross profit	17M	24.4M	27.4M	39.9M	18.4M	33.2M	42.4M	54.6M	60.5M	5.8M	67.5M	93.2M
Gross margin	13%	17.3%	21.4%	30%	14.7%	23.8%	29.7%	32.4%	37%	4.41%	37.5%	46.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.8M	7M	7.3M	6.3M	7.4M	7.3M	7.9M	8M	9.2M	8.5M	9M	7.5M
Operating expenses	7.8M	7M	7.3M	6.3M	7.4M	7.3M	7.9M	8M	9.2M	8.5M	9M	7.5M
Operating income	9.2M	17.4M	20.1M	33.6M	11M	25.8M	34.5M	46.6M	51.3M	-2.7M	58.4M	85.7M
Operating margin	7.05%	12.3%	15.7%	25.3%	8.79%	18.5%	24.2%	27.6%	31.4%	-2.08%	32.4%	42.4%
Non-operating income, net	-942K	-154K	152K	160K	48K	-6K	265K	-252K	-690K	-116K	-663K	-783K
Pretax income	762K	10.2M	12.6M	26.2M	3.8M	18.4M	27.1M	38.8M	43.1M	-10.3M	49.9M	77.5M
Income tax	31K	212K	-25K	0	0	102K	0	0	0	-23K	0	0
Net income	731K	10M	12.6M	26.2M	3.8M	18.3M	27.1M	38.8M	43.1M	-10.3M	49.9M	77.5M
Net margin	0.56%	7.04%	9.85%	19.7%	3.04%	13.1%	19%	23%	26.3%	-7.83%	27.7%	38.3%
EBITDA	33.4M	38.1M	39.5M	53.8M	35.8M	49.9M	52.8M	67.5M	71.3M	20.3M	78.5M	108M
EPS	0.07	0.94	1.19	2.48	0.36	1.73	2.56	3.67	4.08	-0.97	4.72	7.33
Diluted EPS	0.07	0.94	1.19	2.48	0.36	1.73	2.56	3.67	4.08	-0.97	4.72	7.33

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	371.6M	385.2M	351.2M	179.3M	883.5M	1.1B	692.3M	802.9M	1.1B	1.3B
Enterprise value	—	948.3M	952.4M	950.1M	788.3M	1.4B	1.5B	1.2B	1.3B	1.6B	1.7B
Shares outstanding	10.3M	11.3M	11.3M	11.3M	11.2M	10.7M	10.6M	10.6M	10.6M	10.6M	10.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	11.3	3.71	4.02	13.2	11	8.13
P/S	—	1.12	1.1	0.87	0.51	1.66	1.28	1.02	1.53	1.79	1.93
P/B	—	0.68	0.77	0.84	0.57	2.58	2.59	2.29	2.74	4.08	3.76
EV/EBITDA	—	14.7	11.3	8.57	9.51	6.48	3.79	4.24	7.18	7.49	6.24
EV/Sales	—	2.87	2.71	2.35	2.25	2.6	1.83	1.76	2.45	2.62	2.56
Earnings yield	—	—	—	—	—	8.85%	26.9%	24.9%	7.59%	9.11%	12.3%
FCF yield	—	-1.12%	3.23%	5.84%	0.64%	19%	24.1%	31.7%	14.1%	9.12%	8.6%
PEG	—	—	—	—	—	—	—	—	—	—	0.08

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	15.2%	4.71%	9.04%	14%	7.1%	30.4%	42.2%	34.1%	22.6%	27%	46.1%
Operating margin	6.95%	-3.04%	1.91%	7.61%	1.91%	25.4%	38.3%	29.8%	17.2%	21.4%	42.4%
Net margin	-7.56%	-22%	-14.2%	-8.65%	-28.1%	14.7%	34.3%	25.3%	11.6%	16.3%	23.7%
ROE	-4.31%	-13.2%	-10%	-8.34%	-31.2%	22.8%	69.6%	56.9%	20.8%	37.1%	48.3%
ROA	-2.05%	-5.9%	-3.99%	-3.07%	-9.51%	6.93%	26.1%	17.7%	5.98%	10.2%	11.7%
ROIC	2.08%	-0.89%	0.63%	3.02%	0.72%	16%	36.6%	25.1%	11.7%	16.8%	24.6%
Return on tangible assets	-2.19%	-6.32%	-4.27%	-3.31%	-9.51%	6.93%	26.1%	17.7%	5.98%	10.2%	15.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.13	2.1	1.58	1.65	1.55	1.62	2.11	2.2	2.1	2.21	3.01
Quick ratio	1.21	1.16	1.06	1.02	0.99	1.3	1.49	1.28	1.42	1.36	2.11
Debt / equity	1	1.14	1.26	1.52	2.04	1.79	1.33	1.82	1.95	2.16	1.66
Debt / assets	0.47	0.51	0.5	0.56	0.62	0.54	0.5	0.56	0.56	0.59	0.54
Net debt / EBITDA	7.06	8.94	6.71	5.4	7.34	2.35	1.15	1.79	2.69	2.38	1.57
Interest coverage	0.45	-0.15	0.2	0.44	-0.55	2.28	9.42	7.03	3.04	4.25	6.29
Effective tax rate	0%	0%	0%	0%	0%	0.07%	0.06%	0.17%	0.13%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	34.5	29.2	31	35.7	31.3	49.8	78.9	64.5	49.7	57.3	64
EPS (basic)	-2.6	-6.4	-4.4	-3.1	-8.77	7.31	27.1	16.3	5.76	9.33	9.33
EPS (diluted)	-2.6	-6.4	-4.4	-3.1	-8.77	7.31	27.1	16.3	5.76	9.33	15.2
Book value per share	60.5	48.5	44.1	37	28.1	32	38.9	28.7	27.7	25.1	32.8
FCF per share	2.1	-0.37	1.1	1.81	0.1	15.7	24.2	20.8	10.7	9.35	13.7
Cash per share	5.38	4.34	5.45	3.27	2.73	10.5	8.15	4.28	8.6	6.55	13
Capex per share	—	—	—	—	—	—	—	—	—	4.81	6.36

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	8.38%	9.93%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	33.9%	31.7%
Payout ratio	-258.3%	-3.11%	0%	-129.6%	0%	63.6%	71.4%	163.2%	116.1%	127.7%	81%
Dividend yield	—	0.61%	0%	12.9%	0%	5.62%	19.2%	40.6%	8.81%	11.6%	19.7%

Yield

19.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$6.08

ex-dividend Aug 10, 2026

Payout ratio

81%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$6.08
May 11, 2026	$4.00
Mar 2, 2026	$0.37
Nov 10, 2025	$4.02
Aug 11, 2025	$3.89
May 12, 2025	$2.26

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$130.6M	$141.6M	$127.7M	$132.9M	$125.2M	$139.6M	$142.9M	$168.6M	$163.5M	$131.1M	$180M	$202.2M
YoY change	-16.5%	-33.3%	-43.6%	-27.4%	-4.13%	-1.46%	+11.9%	+26.8%	+30.6%	-6.08%	+26%	+20%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	55.6M	49.2M	61.8M	37M	30.6M	112.5M	86.3M	45.3M	90.9M	69.2M
Receivables	13.9M	9.9M	61.7M	34.3M	36.9M	88.4M	90.4M	41.9M	65.2M	59M
Inventory	58.2M	53.2M	63.6M	48.3M	42.3M	52.3M	77.5M	69.2M	75.6M	82.7M
Total current assets	134.5M	118M	194M	125M	118.2M	262.2M	265.7M	165.9M	233.5M	213.9M
Property, plant & equipment	1.1B	1.1B	998.1M	934.7M	880.2M	832.9M	793.5M	742.8M	717.4M	693.5M
Goodwill & intangibles	81.9M	81.9M	81.9M	81.9M	0	—	—	—	—	—
Total assets	1.3B	1.2B	1.3B	1.1B	1B	1.1B	1.1B	975.3M	1B	969.5M
Accounts payable	28.8M	23.5M	29.8M	23.6M	24.8M	50.4M	50.8M	38.8M	36.6M	48.4M
Short-term debt	—	—	—	3.5M	5.5M	3.1M	2.9M	3.2M	4.9M	5M
Total current liabilities	63M	56.1M	122.6M	75.5M	76.3M	161.9M	126.1M	75.5M	111.3M	96.8M
Long-term debt	623.1M	625.9M	629M	632.4M	633.9M	610.6M	546.8M	547.3M	568M	569.1M
Total liabilities	687.3M	684.4M	754.6M	718.4M	718.6M	784.9M	688.6M	672.5M	725.7M	703.7M
Shareholders' equity	624.9M	549.9M	499.8M	419.5M	314.2M	342.2M	411.8M	302.9M	293.1M	265.7M
Total debt	623.1M	625.9M	629M	635.9M	639.5M	613.7M	549.7M	550.5M	572.9M	574.1M
Net debt	567.5M	576.7M	567.2M	598.9M	608.9M	501.2M	463.4M	505.2M	482M	504.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	89.2M	45.3M	64.6M	47.5M	110.5M	90.9M	121.8M	114.4M	156.2M	69.2M	128.1M	137.5M
Receivables	36.2M	41.9M	37.3M	48.1M	36M	65.2M	41.6M	50.5M	47.8M	59M	52.8M	81.7M
Inventory	74M	69.2M	72.4M	80.6M	75.3M	75.6M	80.4M	73.9M	81.9M	82.7M	88.3M	94M
Total current assets	203.4M	165.9M	182.5M	183.6M	226.6M	233.5M	247.1M	242.2M	288.6M	213.9M	271.2M	315M
Property, plant & equipment	752M	742.8M	726M	710M	696.8M	717.4M	704.7M	694.9M	687.1M	693.5M	686M	680.2M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	1B	975.3M	972.2M	959.4M	986.6M	1B	1B	998M	1B	969.5M	1B	1.1B
Accounts payable	36.7M	38.8M	32.3M	30.1M	34.1M	36.6M	31.9M	38.4M	39.3M	48.4M	44.1M	48.4M
Short-term debt	2.3M	3.2M	3.2M	4M	3.8M	4.9M	4.5M	4.4M	5M	5M	5.6M	5.7M
Total current liabilities	113.2M	75.5M	79.5M	59.5M	105.2M	111.3M	98.9M	70.3M	107.7M	96.8M	98.6M	104.6M
Long-term debt	547.2M	547.3M	547.4M	547.6M	547.7M	568M	569.3M	569.2M	569.1M	569.1M	569M	569M
Total liabilities	709.8M	672.5M	674.5M	655.8M	699.3M	725.7M	712.3M	681.5M	718.7M	703.7M	706.4M	710.2M
Shareholders' equity	309.3M	302.9M	297.7M	303.6M	287.4M	293.1M	301.7M	316.5M	318.5M	265.7M	311.7M	347M
Total debt	549.5M	550.5M	550.7M	551.6M	551.5M	572.9M	573.8M	573.7M	574.1M	574.1M	574.6M	574.7M
Net debt	460.3M	505.2M	486M	504.1M	441M	482M	452M	459.3M	417.9M	504.9M	446.5M	437.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-26.9M	-72.8M	-50M	-35M	-98.2M	78.2M	286.8M	172.4M	60.9M	98.7M
Depreciation & amortization	58.2M	74M	71.6M	79.8M	76.1M	73.5M	82.1M	79.7M	88.1M	81.9M
Stock-based compensation	2.8M	3M	3M	3.4M	1M	23.1M	25.3M	8.2M	4.9M	9.8M
Change in working capital	15.5M	4.6M	2.1M	-11.3M	485K	9.6M	-77.1M	-12.9M	-11.9M	-41.8M
Operating cash flow	55M	14.2M	31.7M	40.7M	-15.6M	187.3M	317.8M	248.5M	142.8M	149.6M
Capital expenditure	—	—	—	—	—	—	—	—	—	-50.8M
Investing cash flow	-63.9M	0	175K	127K	48K	252K	45K	21.5M	5.2M	-44.1M
Dividends paid	-69.6M	-2.3M	0	-45.3M	0	-49.7M	-204.8M	-281.4M	-70.7M	-126M
Share repurchases	0	—	0	0	-7.1M	-529K	-12.4M	0	0	—
Financing cash flow	47.8M	-2.3M	0	-45.4M	-7.6M	-86.4M	-283M	-281.9M	-73.1M	-127.2M
Net change in cash	38.9M	12M	31.8M	-4.6M	-23.1M	101.1M	34.8M	-11.9M	74.9M	-21.6M
Free cash flow	21.7M	-4.2M	12.4M	20.5M	1.1M	168.1M	256.8M	219.3M	113.5M	98.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	731K	10M	12.6M	—	3.8M	18.3M	—	—	43.1M	-10.3M	49.9M	77.5M
Depreciation & amortization	24.1M	20.6M	19.3M	—	24.7M	24M	—	—	20M	23M	20M	22.2M
Stock-based compensation	3.8M	269K	2M	—	714K	1.5M	—	—	3.3M	2.2M	3M	361K
Change in working capital	40.2M	-53.1M	8.4M	-3.9M	38.6M	-6.7M	23.6M	-8.8M	24.6M	-37.1M	918K	-35.4M
Operating cash flow	70.1M	-23.3M	42.4M	-3.9M	68.1M	37.4M	23.6M	-8.8M	91.7M	-21.6M	75.8M	65.9M
Capital expenditure	—	—	—	—	—	—	—	—	-11.6M	-23.6M	-17M	-15M
Investing cash flow	787K	802K	2.8M	—	840K	807K	—	—	-10.7M	-22.7M	-12.8M	-14.1M
Dividends paid	-43.8M	-16.4M	-17.8M	—	-20.1M	-12.6M	—	—	-41.1M	-42.5M	-3.9M	-42.3M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-44.3M	-16.4M	-17.8M	—	-20.1M	-12.6M	—	—	-39.2M	-42.5M	-4.1M	-42.3M
Net change in cash	26.6M	-38.9M	27.4M	-3.9M	48.8M	25.6M	23.6M	-8.8M	41.8M	-86.8M	58.8M	9.6M
Free cash flow	63.9M	-28.3M	34.3M	—	82.3M	-5.6M	—	—	80.1M	-45.2M	58.7M	50.9M

CVR Partners, LP Common Units Representing Limited Partner Interests Financials

EPS

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EPS

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Cash generation and uses

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