Recent News
On July 30, 2025 CVR Energy reported a second-quarter net loss attributable to stockholders of $114 million, an EBITDA loss of $24 million and adjusted EBITDA of $99 million; the company prepaid $70 million and $20 million on its Term Loan in June and July and will not pay a Q2 cash dividend, while CVR Partners declared a $3.89 per-unit distribution. The company announced a leadership transition with Mark Pytosh to become CEO on January 1, 2026 and Brett Icahn added to the Board effective August 1, 2025.
Technical Analysis
Directional strength: ADX at 29.34 indicates a strong trend strength supporting continued directional follow-through; DI+ shows a dip & reversal (bullish) while DI- shows a peak & reversal (bullish), aligning directional indicators toward the upside and reinforcing momentum discovery.
MACD momentum: MACD sits at 1.31 with a MACD signal of 1.06 and a MACD_trend described as dip & reversal; MACD currently trades above its signal line, which constitutes a bullish momentum condition favoring additional near-term upside pressure.
MRO vs. valuation: MRO registers 6.24 (positive), which indicates the market price lies above the model target and therefore implies a bias toward mean reversion or pressure to decline; this technical over-extension aligns with the WMDST over-valued assessment.
RSI and short-term pattern: RSI at 60.17 with a dip & reversal trend shows resumed buying pressure without extended overbought readings, supporting the case for continued near-term upside while still leaving room before classic overbought levels.
Price structure and moving averages: Price closed at $34.26, above the 20-day average $32.06, 50-day average $29.07 and 200-day average $22.97; the 12-day EMA shows a dip & reversal. Being above major averages and the ichimoku Tenkan/Kijun levels (Tenkan $32.06, Kijun $30.08) signals bullish price placement, but proximity to the upper Bollinger band (~$34.8) constrains immediate extension.
Volume and volatility: Today’s volume of 3,690,000 exceeded the 10-day average of 2,716,610 and the 50/200-day averages, confirming conviction behind the move; 42-day and 52-week volatility both sit near 3%, suggesting contained intraday swings relative to the move.
Fundamental Analysis
Profitability: EBIT stands at -$102,000,000 and EBIT margin calculates to -5.79%; EBIT margin contracted -26.09% QoQ and declined -467.51% YoY. The EBIT margin sits below the industry peer mean of 2.70% and the industry peer median of 4.01%, indicating profitability lags typical refiners.
Earnings and EPS surprise: Reported EPS equaled -$0.23 versus an estimate of -$0.13, an EPS difference of -$0.10 and an EPS surprise ratio of -76.92%, reflecting a material downside miss versus consensus expectations for the quarter.
Revenue and cash flow: Total revenue reached $1,761,000,000 with YoY revenue growth of 25.17% but a QoQ revenue change of -145.19%. Operating cash flow totaled $176,000,000 while free cash flow remained negative at -$13,000,000 and free cash flow yield at -0.48%, demonstrating operating cash generation even as free cash conversion lagged.
Liquidity and leverage: Cash on hand equals $596,000,000 with total debt $1,877,000,000 and net debt $1,205,000,000. Current ratio stands at 1.17, below the industry peer mean of 1.56. Debt to equity sits at 4.03x (402.79%), materially above the industry peer mean of ~1.21, signaling elevated financial leverage versus peers.
Valuation metrics: Price-to-book registers 5.82x, well above the industry peer mean of ~0.99 and above the industry peer high of ~2.06; price-to-sales at 1.54x sits above the industry peer mean of ~1.05. GAAP P/E shows a negative figure; forward P/E runs near 440x while the analyst price target mean is $30.09 versus a current close of $34.26, producing a target gap that aligns with WMDST’s valuation view.
Summary valuation view: Revenue growth and operating cash flow provide constructive operational context, but negative margins, a sizable EPS miss, high leverage and elevated price-to-book combine to produce the WMDST valuation: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-27 |
| CASH FLOW | Begin Period Cash Flow | $ 695.0 M |
| Operating Cash Flow | $ 176.0 M | |
| Capital Expenditures | $ -189.00 M | |
| Change In Working Capital | $ 209.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -99.00 M | |
| End Period Cash Flow | $ 596.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ -20.38 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.8 B | |
| Depreciation | $ 78.0 M | |
| Depreciation and Amortization | $ 78.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.9 B | |
| PROFITABILITY | ||
| Gross Profit | $ -68.00 M | |
| EBITDA | $ -24.00 M | |
| EBIT | $ -102.00 M | |
| Operating Income | $ -104.00 M | |
| Interest Income | — | |
| Interest Expense | $ 30.0 M | |
| Net Interest Income | $ -30.00 M | |
| Income Before Tax | $ -132.00 M | |
| Tax Provision | $ -42.00 M | |
| Tax Rate | 31.7 % | |
| Net Income | $ -114.00 M | |
| Net Income From Continuing Operations | $ -90.00 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.13 | |
| EPS Actual | $ -0.23 | |
| EPS Difference | $ -0.10 | |
| EPS Surprise | -76.923 % | |
| Forward EPS | $ 0.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.0 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 466.0 M | |
| Total Current Assets | $ 1.4 B | |
| Cash and Short-Term Investments | $ 596.0 M | |
| Cash | $ 596.0 M | |
| Net Receivables | $ 245.0 M | |
| Inventory | $ 503.0 M | |
| Long-Term Investments | $ 437.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 462.0 M | |
| Short-Term Debt | $ 12.0 M | |
| Total Current Liabilities | $ 1.2 B | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.9 B | |
| Total Liabilities | $ 3.3 B | |
| EQUITY | ||
| Total Equity | $ 466.0 M | |
| Retained Earnings | $ -1.04 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.64 | |
| Shares Outstanding | 100.531 M | |
| Revenue Per-Share | $ 17.52 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 4.0 B | |
| Enterprise Multiple | -166.323 | |
| Enterprise Multiple QoQ | 223.621 % | |
| Enterprise Multiple YoY | -912.422 % | |
| Enterprise Multiple IPRWA | high: 42.171 median: 42.171 mean: 20.497 low: -66.591 CVI: -166.323 |
|
| EV/R | 2.267 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 8.549 | |
| Asset To Liability | 1.201 | |
| Debt To Capital | 0.801 | |
| Debt To Assets | 0.471 | |
| Debt To Assets QoQ | 3.556 % | |
| Debt To Assets YoY | 23456.5 % | |
| Debt To Assets IPRWA | high: 1.434 median: 0.578 mean: 0.532 CVI: 0.471 low: 0.005 |
|
| Debt To Equity | 4.028 | |
| Debt To Equity QoQ | 20.795 % | |
| Debt To Equity YoY | 42659.023 % | |
| Debt To Equity IPRWA | CVI: 4.028 high: 2.037 median: 2.037 mean: 1.207 low: -2.315 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.817 | |
| Price To Book QoQ | 77.943 % | |
| Price To Book YoY | 82.432 % | |
| Price To Book IPRWA | CVI: 5.817 high: 2.057 median: 1.8 mean: 0.993 low: -1.3 |
|
| Price To Earnings (P/E) | -113.427 | |
| Price To Earnings QoQ | 248.814 % | |
| Price To Earnings YoY | -137.91 % | |
| Price To Earnings IPRWA | high: 428.146 median: 163.562 mean: 123.477 low: -8.971 CVI: -113.427 |
|
| PE/G Ratio | 1.398 | |
| Price To Sales (P/S) | 1.539 | |
| Price To Sales QoQ | 33.631 % | |
| Price To Sales YoY | 11.846 % | |
| Price To Sales IPRWA | high: 2.671 CVI: 1.539 median: 1.368 mean: 1.052 low: 0.1 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 440.009 | |
| Forward PE/G | -5.422 | |
| Forward P/S | -132.996 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.996 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.428 | |
| Asset Turnover Ratio QoQ | 10.611 % | |
| Asset Turnover Ratio YoY | -11.983 % | |
| Asset Turnover Ratio IPRWA | CVI: 0.428 high: 0.375 median: 0.375 mean: 0.35 low: 0.063 |
|
| Receivables Turnover | 6.234 | |
| Receivables Turnover Ratio QoQ | 16.454 % | |
| Receivables Turnover Ratio YoY | -12.691 % | |
| Receivables Turnover Ratio IPRWA | high: 9.362 mean: 6.406 CVI: 6.234 median: 5.979 low: 1.768 |
|
| Inventory Turnover | 3.362 | |
| Inventory Turnover Ratio QoQ | 5.079 % | |
| Inventory Turnover Ratio YoY | 0.582 % | |
| Inventory Turnover Ratio IPRWA | high: 7.808 mean: 4.763 median: 4.345 CVI: 3.362 low: 1.024 |
|
| Days Sales Outstanding (DSO) | 14.638 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 14.796 | |
| Cash Conversion Cycle Days QoQ | -3.51 % | |
| Cash Conversion Cycle Days YoY | 0.954 % | |
| Cash Conversion Cycle Days IPRWA | high: 67.637 mean: 19.408 median: 15.359 CVI: 14.796 low: -14.527 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 8.761 | |
| CapEx To Revenue | -0.107 | |
| CapEx To Depreciation | -2.423 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ 466.0 M | |
| Net Working Capital | $ 201.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.5 | |
| Current Ratio | 1.169 | |
| Current Ratio QoQ | -11.119 % | |
| Current Ratio YoY | -19.941 % | |
| Current Ratio IPRWA | high: 2.615 mean: 1.555 median: 1.523 CVI: 1.169 low: 0.062 |
|
| Quick Ratio | 0.746 | |
| Quick Ratio QoQ | -12.027 % | |
| Quick Ratio YoY | -19.615 % | |
| Quick Ratio IPRWA | high: 2.096 mean: 0.961 median: 0.799 CVI: 0.746 low: 0.024 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -78.208 | |
| Cost Of Debt | 1.073 % | |
| Interest Coverage Ratio | -3.4 | |
| Interest Coverage Ratio QoQ | -34.109 % | |
| Interest Coverage Ratio YoY | -308.387 % | |
| Interest Coverage Ratio IPRWA | high: 3.258 median: 1.756 mean: 1.422 CVI: -3.4 low: -5.345 |
|
| Operating Cash Flow Ratio | -0.031 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.388 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -6.281 % | |
| Revenue Growth | 6.987 % | |
| Revenue Growth QoQ | -145.194 % | |
| Revenue Growth YoY | 25.17 % | |
| Revenue Growth IPRWA | high: 49.139 % CVI: 6.987 % mean: 4.151 % median: 4.074 % low: -8.094 % |
|
| Earnings Growth | -81.148 % | |
| Earnings Growth QoQ | -123.443 % | |
| Earnings Growth YoY | -164.918 % | |
| Earnings Growth IPRWA | high: 20.0 % mean: -42.49 % median: -72.727 % CVI: -81.148 % low: -111.111 % |
|
| MARGINS | ||
| Gross Margin | -3.861 % | |
| Gross Margin QoQ | -31.664 % | |
| Gross Margin YoY | -238.09 % | |
| Gross Margin IPRWA | high: 60.231 % mean: 8.211 % median: 7.699 % CVI: -3.861 % low: -6.422 % |
|
| EBIT Margin | -5.792 % | |
| EBIT Margin QoQ | -26.094 % | |
| EBIT Margin YoY | -467.513 % | |
| EBIT Margin IPRWA | high: 16.295 % median: 4.007 % mean: 2.698 % CVI: -5.792 % low: -24.288 % |
|
| Return On Sales (ROS) | -5.906 % | |
| Return On Sales QoQ | -24.64 % | |
| Return On Sales YoY | -474.746 % | |
| Return On Sales IPRWA | high: 13.351 % median: 3.729 % mean: 1.976 % CVI: -5.906 % low: -20.431 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -13.00 M | |
| Free Cash Flow Yield | -0.48 % | |
| Free Cash Flow Yield QoQ | -96.851 % | |
| Free Cash Flow Yield YoY | -316.216 % | |
| Free Cash Flow Yield IPRWA | high: 16.97 % mean: 4.297 % median: 1.125 % CVI: -0.48 % low: -6.637 % |
|
| Free Cash Growth | -95.502 % | |
| Free Cash Growth QoQ | -89.421 % | |
| Free Cash Growth YoY | 0.618 % | |
| Free Cash Growth IPRWA | high: 50.909 % median: 50.909 % mean: -44.103 % CVI: -95.502 % low: -215.926 % |
|
| Free Cash To Net Income | 0.114 | |
| Cash Flow Margin | -2.101 % | |
| Cash Flow To Earnings | 0.325 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -2.769 % | |
| Return On Assets QoQ | -4.154 % | |
| Return On Assets YoY | -633.526 % | |
| Return On Assets IPRWA | high: 2.611 % median: 0.313 % mean: 0.0 % CVI: -2.769 % low: -9.697 % |
|
| Return On Capital Employed (ROCE) | -3.652 % | |
| Return On Equity (ROE) | -0.245 | |
| Return On Equity QoQ | 15.358 % | |
| Return On Equity YoY | -1089.244 % | |
| Return On Equity IPRWA | high: 0.146 mean: 0.031 median: 0.011 low: -0.098 CVI: -0.245 |
|
| DuPont ROE | -21.799 % | |
| Return On Invested Capital (ROIC) | -3.068 % | |
| Return On Invested Capital QoQ | -14.564 % | |
| Return On Invested Capital YoY | -27.59 % | |
| Return On Invested Capital IPRWA | high: 5.084 % median: 1.678 % mean: 1.208 % CVI: -3.068 % low: -22.57 % |
|