Recent News
April 29, 2026 — CVR Energy filed its Form 10-Q and related disclosures describing ongoing consideration of strategic transactions and noting heightened global fertilizer and energy supply disruptions tied to Middle East conflict dynamics. The filing reiterated Icahn Enterprises’ majority ownership and referenced prior operational incidents and related legal activity at the nitrogen facility.
Technical Analysis
ADX at 12.93 indicates no established trend; momentum lacks strength and favors range-bound behavior rather than directional expansion. The absence of a strong ADX weakens conviction for breakout scenarios.
DI+ peaked and reversed while DI- increased, producing a bearish directional-indicator profile; the directional system therefore signals sellers have regained the edge in recent sessions.
MACD registers negative and decreasing momentum (MACD -0.12 below the signal line at 0.26), signaling bearish momentum and no bullish MACD crossover present to suggest a momentum reversal.
MRO at 7.3 sits positive, indicating the current price sits above the modeled target and implying a modest likelihood of mean reversion to lower levels.
RSI at 50.36 recently peaked and reversed, consistent with weakening short-term strength rather than oversold conditions; the oscillator no longer supports a sustained bullish push.
Price sits below the 12- and 26-day EMAs, and the 12-day EMA shows a decreasing path; this alignment reinforces near-term downward bias relative to short-term moving-average resistance. The 200-day average near $30.91 slightly exceeds the close at $30.39, keeping long-term average pressure intact.
Bollinger bands place the close inside the lower band region (lower 1σ ~$31.20), indicating price trades near the lower volatility envelope and leaving room for either a corrective bounce or continuation lower if momentum reaccelerates.
Fundamental Analysis
Profitability shows material weakness: EBIT stood at -$131.0M and EBITDA at -$52.0M for the quarter, producing an EBIT margin of -6.62%. That margin sits below the industry peer mean of 2.56% and well below the industry peer median of 8.23%, reflecting negative operating leverage in the quarter relative to typical refiners and fertilizer peers.
Net income registered a loss of -$192.0M and EPS actual of -$1.24 missed the consensus estimate of -$0.62 by $0.62, an EPS surprise of -100%. The company reported significant unrealized derivative losses affecting the period’s net result.
Operating cash flow remained positive at $64.0M with free cash flow of $17.0M; cash and short-term investments totalled $512.0M, producing a cash ratio near 0.50 and a current ratio of 1.44. The cash balance provides near-term liquidity cover against working-capital and capex needs, even as capital expenditures reached -$47.0M for the period.
Balance-sheet leverage remains elevated: total debt of $1.80B against total equity of $538.0M produces a debt-to-equity near 3.35 and debt-to-assets of 46.65%. Interest coverage sits below zero (interest-coverage ratio about -2.26), underscoring that operating losses exceeded interest-bearing cost in the quarter.
Top-line activity showed total revenue of $1.98B with reported revenue growth of 9.39% year-over-year in the most recent reporting cadence, though on a trailing basis revenue growth QoQ and YoY metrics in the dataset reflect mixed timing effects from prior turnarounds and product pricing shifts.
Valuation context: WMDST values the stock as over-valued. Market multiples present distortions given negative earnings: price-to-book near 5.55 and a negative trailing PE near -23.93 derive from the loss environment; price-target dispersion remains wide (mean ~$32.81, high ~$56.87, low ~$18.77), illustrating analyst disagreement on recovery prospects. Where industry peer means exist for select metrics, the company currently falls below peer profitability medians and shows higher leverage than the industry peer mean and median on leverage measures.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-29 |
| NEXT REPORT DATE: | 2026-07-29 |
| CASH FLOW | Begin Period Cash Flow | $ 511.0 M |
| Operating Cash Flow | $ 64.0 M | |
| Capital Expenditures | $ -47.00 M | |
| Change In Working Capital | $ -30.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 1.0 M | |
| End Period Cash Flow | $ 512.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.0 B | |
| Forward Revenue | $ -105.93 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.1 B | |
| Depreciation | $ 79.0 M | |
| Depreciation and Amortization | $ 79.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ -105.00 M | |
| EBITDA | $ -52.00 M | |
| EBIT | $ -131.00 M | |
| Operating Income | $ -145.00 M | |
| Interest Income | — | |
| Interest Expense | $ 58.0 M | |
| Net Interest Income | $ -58.00 M | |
| Income Before Tax | $ -189.00 M | |
| Tax Provision | $ -29.00 M | |
| Tax Rate | 15.344 % | |
| Net Income | $ -192.00 M | |
| Net Income From Continuing Operations | $ -160.00 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.62 | |
| EPS Actual | $ -1.24 | |
| EPS Difference | $ -0.62 | |
| EPS Surprise | -100.0 % | |
| Forward EPS | $ 0.41 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.9 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 538.0 M | |
| Total Current Assets | $ 1.5 B | |
| Cash and Short-Term Investments | $ 512.0 M | |
| Cash | $ 512.0 M | |
| Net Receivables | $ 329.0 M | |
| Inventory | $ 553.0 M | |
| Long-Term Investments | $ 364.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 532.0 M | |
| Short-Term Debt | $ 11.0 M | |
| Total Current Liabilities | $ 1.0 B | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 3.1 B | |
| EQUITY | ||
| Total Equity | $ 538.0 M | |
| Retained Earnings | $ -969.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.35 | |
| Shares Outstanding | 100.531 M | |
| Revenue Per-Share | $ 19.70 | |
| VALUATION | Market Capitalization | $ 3.0 B |
| Enterprise Value | $ 4.3 B | |
| Enterprise Multiple | -82.161 | |
| Enterprise Multiple QoQ | -206.15 % | |
| Enterprise Multiple YoY | 59.863 % | |
| Enterprise Multiple IPRWA | high: 22.866 median: 22.866 mean: 10.964 CVI: -82.161 low: -108.139 |
|
| EV/R | 2.158 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.177 | |
| Asset To Liability | 1.235 | |
| Debt To Capital | 0.77 | |
| Debt To Assets | 0.466 | |
| Debt To Assets QoQ | -2.936 % | |
| Debt To Assets YoY | 2.53 % | |
| Debt To Assets IPRWA | high: 1.497 mean: 0.512 median: 0.509 CVI: 0.466 low: 0.008 |
|
| Debt To Equity | 3.348 | |
| Debt To Equity QoQ | 37.211 % | |
| Debt To Equity YoY | 0.393 % | |
| Debt To Equity IPRWA | CVI: 3.348 high: 1.847 median: 1.847 mean: 1.094 low: -2.235 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.545 | |
| Price To Book QoQ | 51.192 % | |
| Price To Book YoY | 69.629 % | |
| Price To Book IPRWA | CVI: 5.545 high: 1.433 median: 1.433 mean: 0.667 low: -2.529 |
|
| Price To Earnings (P/E) | -23.932 | |
| Price To Earnings QoQ | -28.112 % | |
| Price To Earnings YoY | -26.403 % | |
| Price To Earnings IPRWA | high: 36.446 median: 22.283 mean: 12.718 CVI: -23.932 low: -73.938 |
|
| PE/G Ratio | -0.435 | |
| Price To Sales (P/S) | 1.507 | |
| Price To Sales QoQ | 1.859 % | |
| Price To Sales YoY | 30.802 % | |
| Price To Sales IPRWA | high: 3.158 CVI: 1.507 median: 1.119 mean: 1.111 low: 0.157 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 113.921 | |
| Forward PE/G | 2.071 | |
| Forward P/S | -46.843 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.191 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.523 | |
| Asset Turnover Ratio QoQ | 11.285 % | |
| Asset Turnover Ratio YoY | 35.344 % | |
| Asset Turnover Ratio IPRWA | high: 0.738 CVI: 0.523 mean: 0.451 median: 0.365 low: 0.063 |
|
| Receivables Turnover | 7.021 | |
| Receivables Turnover Ratio QoQ | -5.348 % | |
| Receivables Turnover Ratio YoY | 31.169 % | |
| Receivables Turnover Ratio IPRWA | high: 15.455 CVI: 7.021 mean: 5.74 median: 4.574 low: 3.331 |
|
| Inventory Turnover | 4.068 | |
| Inventory Turnover Ratio QoQ | 6.768 % | |
| Inventory Turnover Ratio YoY | 27.149 % | |
| Inventory Turnover Ratio IPRWA | high: 7.64 mean: 4.619 CVI: 4.068 median: 3.927 low: 0.995 |
|
| Days Sales Outstanding (DSO) | 12.996 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 14.9 | |
| Cash Conversion Cycle Days QoQ | -9.955 % | |
| Cash Conversion Cycle Days YoY | -2.828 % | |
| Cash Conversion Cycle Days IPRWA | high: 34.634 CVI: 14.9 mean: 13.278 median: 9.044 low: -19.051 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 4.449 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -0.595 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ 538.0 M | |
| Net Working Capital | $ 445.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.504 | |
| Current Ratio | 1.438 | |
| Current Ratio QoQ | -19.848 % | |
| Current Ratio YoY | 9.386 % | |
| Current Ratio IPRWA | high: 4.309 mean: 1.494 CVI: 1.438 median: 1.395 low: 0.088 |
|
| Quick Ratio | 0.894 | |
| Quick Ratio QoQ | -20.644 % | |
| Quick Ratio YoY | 5.318 % | |
| Quick Ratio IPRWA | high: 1.309 mean: 0.994 median: 0.917 CVI: 0.894 low: 0.061 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -34.635 | |
| Cost Of Debt | 2.742 % | |
| Interest Coverage Ratio | -2.259 | |
| Interest Coverage Ratio QoQ | -30.319 % | |
| Interest Coverage Ratio YoY | -56.228 % | |
| Interest Coverage Ratio IPRWA | high: 4.378 median: 4.378 mean: 2.502 CVI: -2.259 low: -5.611 |
|
| Operating Cash Flow Ratio | -0.168 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.118 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.182 % | |
| Revenue Growth | 9.392 % | |
| Revenue Growth QoQ | -236.254 % | |
| Revenue Growth YoY | -160.75 % | |
| Revenue Growth IPRWA | high: 42.18 % median: 24.302 % mean: 12.379 % CVI: 9.392 % low: -7.85 % |
|
| Earnings Growth | 55.0 % | |
| Earnings Growth QoQ | -118.333 % | |
| Earnings Growth YoY | -84.111 % | |
| Earnings Growth IPRWA | high: 350.0 % median: 142.857 % mean: 77.837 % CVI: 55.0 % low: -450.0 % |
|
| MARGINS | ||
| Gross Margin | -5.303 % | |
| Gross Margin QoQ | 62.669 % | |
| Gross Margin YoY | -6.142 % | |
| Gross Margin IPRWA | high: 52.892 % median: 13.124 % mean: 11.125 % CVI: -5.303 % low: -8.498 % |
|
| EBIT Margin | -6.616 % | |
| EBIT Margin QoQ | 27.402 % | |
| EBIT Margin YoY | -15.58 % | |
| EBIT Margin IPRWA | high: 20.466 % median: 8.232 % mean: 2.555 % CVI: -6.616 % low: -37.676 % |
|
| Return On Sales (ROS) | -7.323 % | |
| Return On Sales QoQ | 33.876 % | |
| Return On Sales YoY | -6.559 % | |
| Return On Sales IPRWA | high: 16.837 % median: 8.092 % mean: 3.99 % CVI: -7.323 % low: -16.636 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 17.0 M | |
| Free Cash Flow Yield | 0.57 % | |
| Free Cash Flow Yield QoQ | -127.247 % | |
| Free Cash Flow Yield YoY | -103.74 % | |
| Free Cash Flow Yield IPRWA | high: 12.723 % mean: 3.634 % median: 2.131 % CVI: 0.57 % low: -9.916 % |
|
| Free Cash Growth | -130.357 % | |
| Free Cash Growth QoQ | -11.12 % | |
| Free Cash Growth YoY | -85.56 % | |
| Free Cash Growth IPRWA | high: 69.817 % median: 9.442 % mean: -48.693 % CVI: -130.357 % low: -443.068 % |
|
| Free Cash To Net Income | -0.089 | |
| Cash Flow Margin | -8.636 % | |
| Cash Flow To Earnings | 0.891 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -5.075 % | |
| Return On Assets QoQ | 77.572 % | |
| Return On Assets YoY | 75.666 % | |
| Return On Assets IPRWA | high: 7.987 % median: 1.337 % mean: -0.098 % CVI: -5.075 % low: -11.646 % |
|
| Return On Capital Employed (ROCE) | -4.603 % | |
| Return On Equity (ROE) | -0.357 | |
| Return On Equity QoQ | 136.846 % | |
| Return On Equity YoY | 68.284 % | |
| Return On Equity IPRWA | high: 0.304 mean: 0.077 median: 0.047 low: -0.048 CVI: -0.357 |
|
| DuPont ROE | -30.284 % | |
| Return On Invested Capital (ROIC) | -4.89 % | |
| Return On Invested Capital QoQ | 34.6 % | |
| Return On Invested Capital YoY | 36.174 % | |
| Return On Invested Capital IPRWA | high: 16.658 % median: 3.746 % mean: 0.954 % CVI: -4.89 % low: -20.876 % |
|