Recent News
On January 5, 2026 the company announced a $75 million principal prepayment on the senior secured term loan made December 31, 2025, as part of a deleveraging plan. On December 23, 2025 the board named Mark A. Pytosh President and CEO effective January 1, 2026. The company published preliminary fourth‑quarter and full‑year 2025 results on January 26, 2026 and reported final fourth‑quarter and full‑year 2025 results on February 18, 2026. During late 2025 CVR resolved to revert the Wynnewood renewable diesel unit back to hydrocarbon processing, citing unfavorable renewables economics and operational optimization.
Technical Analysis
ADX and Directional Indicators — ADX at 26.65 indicates a strong trend strength. DI+ sits at 37.31 and shows an increasing trend, which signals bullish directional pressure; DI‑ at 19.81 is decreasing, which reinforces the bullish directional read relative to the ADX strength.
MACD — MACD at 1.45 with a rising trend and a signal line at 0.74 shows that MACD has crossed above its signal line, which constitutes a bullish momentum signal and supports near‑term upside bias in price action.
MRO — The MRO reads 21.34 and exhibits an increasing trend; because MRO is positive, price currently sits above the model target and therefore carries mean‑reversion pressure that could produce pullbacks during any rapid rallies.
RSI and Momentum — RSI at 52.63 with an increasing trend reflects neutral‑to‑bullish momentum without overbought readings, suggesting room for continuation but limited runaway strength.
Price vs Moving Averages and Bands — Last close of $32.91 trades above the 20‑day average ($27.29), the 50‑day average ($24.30) and the 200‑day average ($29.38); the 12‑day EMA (26.05) trends upward. Bollinger bands place the current price nearer the upper band, indicating compressed volatility on recent gains. The super trend lower value at $27.95 offers a technical support reference below current price.
Volume and Volatility — Daily volume (2,516,774) exceeds 10/50/200‑day averages, confirming participation behind recent moves. Volatility measures remain moderate (42‑day ~4%, 52‑week ~3%), which reduces the likelihood of extreme intraday swings compared with more volatile peers.
Fundamental Analysis
Profitability and Income Statement — EBIT of -$94,000,000 and EBITDA of $51,000,000 produce an EBIT margin of -5.19%. That EBIT margin sits below the industry peer mean of 1.15% and the industry peer median of 3.52%, though it remains well above the industry peer low of -20.37%. Gross profit was -$59,000,000 and operating income -$99,000,000 for the period ending 2025‑12‑31.
Earnings Metrics — Reported EPS of -$0.80 slightly beat the estimate of -$0.83, producing an EPS surprise ratio of 3.61%. Forward EPS stands at $0.2323 with a forward PE about 126x, reflecting low near‑term earnings visibility relative to current price levels.
Revenue and Growth — Total revenue reached $1,810,000,000 with YoY revenue contraction of 6.89% and QoQ declines. Revenue growth remains negative and contributed to margin pressure across refining and nitrogen fertilizer operations.
Cash Flow and Capital Allocation — Operating cash flow measured $68,000,000 while free cash flow registered -$56,000,000; capital expenditures totaled $56,000,000 and capex to revenue approximated -3.09%. Cash and short‑term investments hold $511,000,000, supporting liquidity needs while the firm executes debt paydowns.
Balance Sheet and Leverage — Total debt equals $1,781,000,000 with net debt $1,199,000,000; debt to EBITDA reads 34.92x and debt to equity at 243.97% (2.44x). Debt to assets at 48.06% sits slightly below the industry peer mean of 54.49% but leverage on earnings metrics remains elevated and constrains free‑cash flexibility.
Liquidity and Working Capital — Current ratio 1.79 and quick ratio 1.13 exceed the industry peer mean current ratio of 1.38, indicating comparatively stronger near‑term liquidity coverage. Cash conversion cycle stands at 16.55 days, roughly in line with typical operating cadence for refining and fertilizer operations.
Valuation — WMDST values the stock as over‑valued. Market capitalization stands at $2,677,429,433 and enterprise value at $3,947,429,433, producing an enterprise multiple of 77.40x and an EV‑to‑revenue ratio near 2.18. Price target mean from analysts sits at $28.60 versus the last close of $32.91, reflecting the stretched valuation against current fundamentals and the need for margin recovery to justify present pricing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-18 |
| NEXT REPORT DATE: | 2026-05-20 |
| CASH FLOW | Begin Period Cash Flow | $ 670.0 M |
| Operating Cash Flow | $ 68.0 M | |
| Capital Expenditures | $ -56.00 M | |
| Change In Working Capital | $ -24.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -159.00 M | |
| End Period Cash Flow | $ 511.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ -96.07 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.9 B | |
| Depreciation | $ 145.0 M | |
| Depreciation and Amortization | $ 145.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.9 B | |
| PROFITABILITY | ||
| Gross Profit | $ -59.00 M | |
| EBITDA | $ 51.0 M | |
| EBIT | $ -94.00 M | |
| Operating Income | $ -99.00 M | |
| Interest Income | — | |
| Interest Expense | $ 29.0 M | |
| Net Interest Income | $ -29.00 M | |
| Income Before Tax | $ -123.00 M | |
| Tax Provision | $ -7.00 M | |
| Tax Rate | 5.691 % | |
| Net Income | $ -110.00 M | |
| Net Income From Continuing Operations | $ -116.00 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.83 | |
| EPS Actual | $ -0.80 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 3.614 % | |
| Forward EPS | $ 0.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.7 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 730.0 M | |
| Total Current Assets | $ 1.3 B | |
| Cash and Short-Term Investments | $ 511.0 M | |
| Cash | $ 511.0 M | |
| Net Receivables | $ 235.0 M | |
| Inventory | $ 472.0 M | |
| Long-Term Investments | $ 389.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 415.0 M | |
| Short-Term Debt | $ 14.0 M | |
| Total Current Liabilities | $ 706.0 M | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 2.8 B | |
| EQUITY | ||
| Total Equity | $ 730.0 M | |
| Retained Earnings | $ -777.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.26 | |
| Shares Outstanding | 100.531 M | |
| Revenue Per-Share | $ 18.00 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 3.9 B | |
| Enterprise Multiple | 77.401 | |
| Enterprise Multiple QoQ | 973.26 % | |
| Enterprise Multiple YoY | 852.251 % | |
| Enterprise Multiple IPRWA | high: 96.728 CVI: 77.401 median: 46.587 mean: 22.952 low: -113.353 |
|
| EV/R | 2.181 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.077 | |
| Asset To Liability | 1.32 | |
| Debt To Capital | 0.709 | |
| Debt To Assets | 0.481 | |
| Debt To Assets QoQ | 3.308 % | |
| Debt To Assets YoY | 17002.135 % | |
| Debt To Assets IPRWA | high: 0.915 mean: 0.545 median: 0.524 CVI: 0.481 low: 0.233 |
|
| Debt To Equity | 2.44 | |
| Debt To Equity QoQ | 10.36 % | |
| Debt To Equity YoY | 14192.501 % | |
| Debt To Equity IPRWA | CVI: 2.44 high: 1.855 median: 1.855 mean: 1.665 low: 0.359 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.668 | |
| Price To Book QoQ | -7.413 % | |
| Price To Book YoY | 30.568 % | |
| Price To Book IPRWA | CVI: 3.668 high: 1.293 median: 1.293 mean: 1.252 low: 0.968 |
|
| Price To Earnings (P/E) | -33.291 | |
| Price To Earnings QoQ | -140.231 % | |
| Price To Earnings YoY | -77.968 % | |
| Price To Earnings IPRWA | high: 62.479 CVI: -33.291 mean: -39.775 median: -53.798 low: -98.062 |
|
| PE/G Ratio | 0.111 | |
| Price To Sales (P/S) | 1.479 | |
| Price To Sales QoQ | -13.581 % | |
| Price To Sales YoY | 45.844 % | |
| Price To Sales IPRWA | high: 1.933 CVI: 1.479 mean: 1.329 median: 1.204 low: 0.738 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 125.977 | |
| Forward PE/G | -0.42 | |
| Forward P/S | -25.409 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 17.161 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.47 | |
| Asset Turnover Ratio QoQ | -3.531 % | |
| Asset Turnover Ratio YoY | -1.687 % | |
| Asset Turnover Ratio IPRWA | high: 0.542 CVI: 0.47 median: 0.372 mean: 0.358 low: 0.065 |
|
| Receivables Turnover | 7.418 | |
| Receivables Turnover Ratio QoQ | -4.985 % | |
| Receivables Turnover Ratio YoY | 9.727 % | |
| Receivables Turnover Ratio IPRWA | CVI: 7.418 high: 5.931 median: 5.931 mean: 5.507 low: 3.591 |
|
| Inventory Turnover | 3.81 | |
| Inventory Turnover Ratio QoQ | 39.11 % | |
| Inventory Turnover Ratio YoY | 0.751 % | |
| Inventory Turnover Ratio IPRWA | high: 6.227 median: 4.478 mean: 3.967 CVI: 3.81 low: 1.183 |
|
| Days Sales Outstanding (DSO) | 12.301 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 16.548 | |
| Cash Conversion Cycle Days QoQ | 14.068 % | |
| Cash Conversion Cycle Days YoY | 23.032 % | |
| Cash Conversion Cycle Days IPRWA | high: 91.409 mean: 18.798 CVI: 16.548 low: 10.44 median: 10.44 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.226 | |
| CapEx To Revenue | -0.031 | |
| CapEx To Depreciation | -0.386 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.4 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ 730.0 M | |
| Net Working Capital | $ 561.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.724 | |
| Current Ratio | 1.795 | |
| Current Ratio QoQ | -8.326 % | |
| Current Ratio YoY | 8.032 % | |
| Current Ratio IPRWA | high: 2.109 CVI: 1.795 mean: 1.381 median: 1.38 low: 0.735 |
|
| Quick Ratio | 1.126 | |
| Quick Ratio QoQ | -12.262 % | |
| Quick Ratio YoY | -6.474 % | |
| Quick Ratio IPRWA | high: 1.582 CVI: 1.126 mean: 0.812 median: 0.784 low: 0.562 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 34.922 | |
| Cost Of Debt | 1.504 % | |
| Interest Coverage Ratio | -3.241 | |
| Interest Coverage Ratio QoQ | -115.765 % | |
| Interest Coverage Ratio YoY | -238.916 % | |
| Interest Coverage Ratio IPRWA | high: 14.134 median: 1.894 mean: 1.073 CVI: -3.241 low: -10.404 |
|
| Operating Cash Flow Ratio | 0.096 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.047 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -7.164 % | |
| Revenue Growth | -6.893 % | |
| Revenue Growth QoQ | -166.33 % | |
| Revenue Growth YoY | -210.838 % | |
| Revenue Growth IPRWA | high: 117.712 % median: 42.573 % mean: 32.173 % CVI: -6.893 % low: -15.662 % |
|
| Earnings Growth | -300.0 % | |
| Earnings Growth QoQ | 9.524 % | |
| Earnings Growth YoY | 305.405 % | |
| Earnings Growth IPRWA | high: 112.5 % median: -85.938 % mean: -108.197 % CVI: -300.0 % low: -315.0 % |
|
| MARGINS | ||
| Gross Margin | -3.26 % | |
| Gross Margin QoQ | -111.357 % | |
| Gross Margin YoY | -213.352 % | |
| Gross Margin IPRWA | high: 46.536 % mean: 9.314 % median: 8.198 % low: -0.289 % CVI: -3.26 % |
|
| EBIT Margin | -5.193 % | |
| EBIT Margin QoQ | -119.641 % | |
| EBIT Margin YoY | -306.317 % | |
| EBIT Margin IPRWA | high: 10.009 % median: 3.523 % mean: 1.15 % CVI: -5.193 % low: -20.367 % |
|
| Return On Sales (ROS) | -5.47 % | |
| Return On Sales QoQ | -120.608 % | |
| Return On Sales YoY | -317.322 % | |
| Return On Sales IPRWA | high: 10.896 % median: 2.023 % mean: 0.366 % CVI: -5.47 % low: -11.82 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -56.00 M | |
| Free Cash Flow Yield | -2.092 % | |
| Free Cash Flow Yield QoQ | -158.014 % | |
| Free Cash Flow Yield YoY | -214.756 % | |
| Free Cash Flow Yield IPRWA | high: 8.36 % mean: 3.094 % median: 2.25 % low: 1.84 % CVI: -2.092 % |
|
| Free Cash Growth | -146.667 % | |
| Free Cash Growth QoQ | -85.664 % | |
| Free Cash Growth YoY | -173.333 % | |
| Free Cash Growth IPRWA | high: 587.417 % mean: 43.21 % median: -4.508 % CVI: -146.667 % low: -707.133 % |
|
| Free Cash To Net Income | 0.509 | |
| Cash Flow Margin | 3.757 % | |
| Cash Flow To Earnings | -0.618 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -2.858 % | |
| Return On Assets QoQ | -130.476 % | |
| Return On Assets YoY | -501.404 % | |
| Return On Assets IPRWA | high: 3.001 % median: -0.489 % mean: -0.649 % CVI: -2.858 % low: -4.6 % |
|
| Return On Capital Employed (ROCE) | -3.133 % | |
| Return On Equity (ROE) | -0.151 | |
| Return On Equity QoQ | -133.842 % | |
| Return On Equity YoY | -465.285 % | |
| Return On Equity IPRWA | high: 0.093 mean: -0.007 median: -0.014 low: -0.143 CVI: -0.151 |
|
| DuPont ROE | -14.012 % | |
| Return On Invested Capital (ROIC) | -3.633 % | |
| Return On Invested Capital QoQ | -122.755 % | |
| Return On Invested Capital YoY | -8.489 % | |
| Return On Invested Capital IPRWA | high: 6.931 % median: 0.961 % mean: 0.299 % CVI: -3.633 % low: -6.081 % |
|