Recent News
Late January 2026 reports confirm CVR completed reversion of the Wynnewood renewable diesel unit back to hydrocarbon processing in December and ceased renewable diesel production, reducing U.S. renewable diesel capacity by roughly 100 million gallons per year; management cited unfavorable renewables economics, feedstock and logistical constraints, and retention of the option to restart renewables if incentives change.
Technical Analysis
ADX at 23.09 indicates an emerging trend in place; strength sits above the no-trend band but below strong-trend readings, implying limited directional conviction for now.
Directional indicators show bearish alignment: DI+ peaked and reversed (bearish) while DI- dipped then reversed (bearish), which signals sellers currently dominate directional pressure and supports a near-term downside bias relative to the current valuation.
MACD reads -0.78 with a signal line at -0.86; the MACD sits above its signal line (a bullish crossover), yet the MACD trend has peaked-and-reversed, which indicates negative momentum recently turning less negative — the net effect: short-lived bullish crossover against a backdrop of waning momentum.
MRO at -2.15 with a peak-and-reversal signal shows price below target with only weak mean-reversion potential; the negative MRO implies limited upside from momentum-normalization alone.
RSI at 37.5 with a peak-and-reversal pattern confirms recent selling pressure without reaching deep oversold territory; this supports a cautious stance for momentum-driven swing trades over the next few weeks.
Price sits at $21.59, below the 50-day average ($25.22) and well under the 200-day average ($29.08), reinforcing shorter-term downside bias versus longer-term averages; the 12-day and 26-day EMAs recently peaked-and-reversed, adding weight to the near-term negative tilt. Bollinger bands show a 20-day average of $23.32 and a 1x lower band near $22.25, indicating the current close trades near the lower short-term volatility band and leaving room for mean-reversion if demand reasserts.
Fundamental Analysis
EBIT of $514,000,000 and EBITDA of $626,000,000 produce an EBIT margin of 26.44%, materially above the industry peer mean of 6.249% and near the reported peer high of 30.204%; margin contraction QoQ stands at -5.56% and YoY at -5.41%, reflecting the reversion and turnaround activity that suppressed segment performance. (Industry peer mean and high shown for context.)
Revenue totaled $1,944,000,000 with reported revenue growth of 10.392% (QoQ growth at 48.733% but YoY down 2.526%), indicating recent volume or price improvements quarter-to-quarter while full-year comparatives lag slightly. Gross margin at 28.704% contracted roughly 8.21% YoY, consistent with the renewables reversion and fertilizer turnaround effects on mix and throughput.
Liquidity shows $670,000,000 in cash and short-term investments with a current ratio of 1.96 and quick ratio of 1.28; operating cash flow reached $163,000,000 and free cash flow $120,000,000, producing a free cash flow yield of 3.606% versus an industry peer mean near 2.435% — indicating modest cash generation relative to enterprise value. Net debt stands near $1,133,000,000 with debt-to-EBITDA of 2.97 and debt-to-equity of 2.21, signalling leverage above many peers and constraining capital flexibility until deleveraging continues.
Operationally, nitrogen fertilizer remains a meaningful earnings driver; the company noted reduced nitrogen volumes from a planned turnaround and delayed Coffeyville restart, which contributed to a preliminary fourth-quarter net loss driven by accelerated depreciation from the Wynnewood reversion. Management completed the RDU reversion in December and indicated no planned Petroleum segment turnarounds for 2026.
Valuation metrics present contrasts: enterprise multiple near 7.21 sits below the cited peer mean (~19.38), while P/E registers at ~82.75 and price-to-book at 3.96; WMDST values the stock as over-valued given the combination of high market multiples, elevated leverage, and near-term earnings pressure from the renewables reversion and fertilizer turnaround.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-18 |
| NEXT REPORT DATE: | 2026-05-20 |
| CASH FLOW | Begin Period Cash Flow | $ 596.0 M |
| Operating Cash Flow | $ 163.0 M | |
| Capital Expenditures | $ -43.00 M | |
| Change In Working Capital | $ -481.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 74.0 M | |
| End Period Cash Flow | $ 670.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.9 B | |
| Forward Revenue | $ 28.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.4 B | |
| Depreciation | $ 112.0 M | |
| Depreciation and Amortization | $ 112.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 558.0 M | |
| EBITDA | $ 626.0 M | |
| EBIT | $ 514.0 M | |
| Operating Income | $ 516.0 M | |
| Interest Income | — | |
| Interest Expense | $ 25.0 M | |
| Net Interest Income | $ -25.00 M | |
| Income Before Tax | $ 489.0 M | |
| Tax Provision | $ 88.0 M | |
| Tax Rate | 17.9 % | |
| Net Income | $ 374.0 M | |
| Net Income From Continuing Operations | $ 401.0 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.81 | |
| EPS Actual | $ -0.80 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 1.235 % | |
| Forward EPS | $ 0.22 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.0 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 840.0 M | |
| Total Current Assets | $ 1.5 B | |
| Cash and Short-Term Investments | $ 670.0 M | |
| Cash | $ 670.0 M | |
| Net Receivables | $ 253.0 M | |
| Inventory | $ 509.0 M | |
| Long-Term Investments | $ 408.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 437.0 M | |
| Short-Term Debt | $ 14.0 M | |
| Total Current Liabilities | $ 755.0 M | |
| Net Debt | $ 1.1 B | |
| Total Debt | $ 1.9 B | |
| Total Liabilities | $ 3.0 B | |
| EQUITY | ||
| Total Equity | $ 840.0 M | |
| Retained Earnings | $ -667.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.36 | |
| Shares Outstanding | 100.531 M | |
| Revenue Per-Share | $ 19.34 | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 4.5 B | |
| Enterprise Multiple | 7.212 | |
| Enterprise Multiple QoQ | -104.336 % | |
| Enterprise Multiple YoY | -113.071 % | |
| Enterprise Multiple IPRWA | high: 31.539 median: 25.807 mean: 19.384 CVI: 7.212 low: -53.099 |
|
| EV/R | 2.322 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.752 | |
| Asset To Liability | 1.353 | |
| Debt To Capital | 0.689 | |
| Debt To Assets | 0.465 | |
| Debt To Assets QoQ | -1.263 % | |
| Debt To Assets YoY | 22481.553 % | |
| Debt To Assets IPRWA | high: 1.466 median: 0.564 mean: 0.517 CVI: 0.465 low: 0.004 |
|
| Debt To Equity | 2.211 | |
| Debt To Equity QoQ | -45.115 % | |
| Debt To Equity YoY | 18555.781 % | |
| Debt To Equity IPRWA | CVI: 2.211 high: 1.818 median: 1.128 mean: 0.894 low: -3.312 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.961 | |
| Price To Book QoQ | -31.901 % | |
| Price To Book YoY | 8.827 % | |
| Price To Book IPRWA | CVI: 3.961 high: 2.081 median: 1.057 mean: 0.573 low: -2.254 |
|
| Price To Earnings (P/E) | 82.75 | |
| Price To Earnings QoQ | -172.954 % | |
| Price To Earnings YoY | -269.286 % | |
| Price To Earnings IPRWA | high: 119.893 CVI: 82.75 median: 44.432 mean: 34.827 low: -68.228 |
|
| PE/G Ratio | -0.302 | |
| Price To Sales (P/S) | 1.712 | |
| Price To Sales QoQ | 11.198 % | |
| Price To Sales YoY | 27.696 % | |
| Price To Sales IPRWA | high: 2.658 CVI: 1.712 median: 1.157 mean: 0.945 low: 0.11 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 570.617 | |
| Forward PE/G | -2.083 | |
| Forward P/S | 485.179 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -58.115 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.487 | |
| Asset Turnover Ratio QoQ | 13.975 % | |
| Asset Turnover Ratio YoY | 4.792 % | |
| Asset Turnover Ratio IPRWA | CVI: 0.487 high: 0.391 median: 0.374 mean: 0.347 low: 0.062 |
|
| Receivables Turnover | 7.807 | |
| Receivables Turnover Ratio QoQ | 25.244 % | |
| Receivables Turnover Ratio YoY | 23.306 % | |
| Receivables Turnover Ratio IPRWA | high: 9.961 CVI: 7.807 mean: 6.54 median: 5.723 low: 2.141 |
|
| Inventory Turnover | 2.739 | |
| Inventory Turnover Ratio QoQ | -18.53 % | |
| Inventory Turnover Ratio YoY | -25.198 % | |
| Inventory Turnover Ratio IPRWA | high: 8.79 mean: 5.242 median: 4.776 CVI: 2.739 low: 1.147 |
|
| Days Sales Outstanding (DSO) | 11.688 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 14.507 | |
| Cash Conversion Cycle Days QoQ | -1.954 % | |
| Cash Conversion Cycle Days YoY | -7.603 % | |
| Cash Conversion Cycle Days IPRWA | high: 94.279 mean: 19.846 median: 14.688 CVI: 14.507 low: -25.082 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.689 | |
| CapEx To Revenue | -0.022 | |
| CapEx To Depreciation | -0.384 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.6 B | |
| Net Invested Capital | $ 2.6 B | |
| Invested Capital | $ 2.6 B | |
| Net Tangible Assets | $ 840.0 M | |
| Net Working Capital | $ 723.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.887 | |
| Current Ratio | 1.958 | |
| Current Ratio QoQ | 67.494 % | |
| Current Ratio YoY | 46.682 % | |
| Current Ratio IPRWA | high: 3.114 mean: 2.312 median: 2.124 CVI: 1.958 low: 0.045 |
|
| Quick Ratio | 1.283 | |
| Quick Ratio QoQ | 71.944 % | |
| Quick Ratio YoY | 48.794 % | |
| Quick Ratio IPRWA | high: 2.501 mean: 1.778 median: 1.4 CVI: 1.283 low: 0.031 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.966 | |
| Cost Of Debt | 1.099 % | |
| Interest Coverage Ratio | 20.56 | |
| Interest Coverage Ratio QoQ | -704.706 % | |
| Interest Coverage Ratio YoY | -436.436 % | |
| Interest Coverage Ratio IPRWA | CVI: 20.56 high: 6.075 mean: 2.394 median: 2.13 low: -0.997 |
|
| Operating Cash Flow Ratio | 0.592 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 22.426 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.201 % | |
| Revenue Growth | 10.392 % | |
| Revenue Growth QoQ | 48.733 % | |
| Revenue Growth YoY | -252.554 % | |
| Revenue Growth IPRWA | high: 13.297 % median: 11.911 % CVI: 10.392 % mean: 8.125 % low: -18.954 % |
|
| Earnings Growth | -273.913 % | |
| Earnings Growth QoQ | 237.547 % | |
| Earnings Growth YoY | -58.217 % | |
| Earnings Growth IPRWA | high: 414.286 % median: 5.505 % mean: -2.484 % CVI: -273.913 % low: -400.0 % |
|
| MARGINS | ||
| Gross Margin | 28.704 % | |
| Gross Margin QoQ | -843.434 % | |
| Gross Margin YoY | -820.663 % | |
| Gross Margin IPRWA | high: 47.823 % CVI: 28.704 % mean: 12.489 % median: 8.074 % low: -0.098 % |
|
| EBIT Margin | 26.44 % | |
| EBIT Margin QoQ | -556.492 % | |
| EBIT Margin YoY | -540.593 % | |
| EBIT Margin IPRWA | high: 30.204 % CVI: 26.44 % mean: 6.249 % median: 4.625 % low: -20.024 % |
|
| Return On Sales (ROS) | 26.543 % | |
| Return On Sales QoQ | -549.424 % | |
| Return On Sales YoY | -542.31 % | |
| Return On Sales IPRWA | high: 30.547 % CVI: 26.543 % mean: 5.413 % median: 4.227 % low: -17.532 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 120.0 M | |
| Free Cash Flow Yield | 3.606 % | |
| Free Cash Flow Yield QoQ | -851.25 % | |
| Free Cash Flow Yield YoY | 638.934 % | |
| Free Cash Flow Yield IPRWA | high: 5.183 % CVI: 3.606 % median: 3.496 % mean: 2.435 % low: -6.085 % |
|
| Free Cash Growth | -1023.077 % | |
| Free Cash Growth QoQ | 971.262 % | |
| Free Cash Growth YoY | -1123.077 % | |
| Free Cash Growth IPRWA | high: 281.489 % median: 193.976 % mean: 123.925 % low: -432.653 % CVI: -1023.077 % |
|
| Free Cash To Net Income | 0.321 | |
| Cash Flow Margin | 22.994 % | |
| Cash Flow To Earnings | 1.195 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 9.378 % | |
| Return On Assets QoQ | -438.678 % | |
| Return On Assets YoY | -397.998 % | |
| Return On Assets IPRWA | CVI: 9.378 % high: 1.556 % mean: 0.886 % median: 0.824 % low: -2.344 % |
|
| Return On Capital Employed (ROCE) | 15.879 % | |
| Return On Equity (ROE) | 0.445 | |
| Return On Equity QoQ | -281.998 % | |
| Return On Equity YoY | -342.373 % | |
| Return On Equity IPRWA | CVI: 0.445 high: 0.078 mean: 0.026 median: 0.024 low: -0.075 |
|
| DuPont ROE | 57.275 % | |
| Return On Invested Capital (ROIC) | 15.966 % | |
| Return On Invested Capital QoQ | -620.404 % | |
| Return On Invested Capital YoY | -19.974 % | |
| Return On Invested Capital IPRWA | high: 16.003 % CVI: 15.966 % mean: 3.43 % median: 1.72 % low: -19.245 % |
|