Recent News
On June 22, 2026 the company announced leadership changes across CVR Energy and CVR Partners, reflecting board-level adjustments and management updates.
In May 2026 the company published an investor presentation that highlighted margin-capture dynamics, pursuit of Small Refinery Exemptions (SREs) for Wynnewood, and operational throughput commentary.
A Form 10-Q and related filings in late April–May 2026 reiterated that Icahn Enterprises Holdings L.P. holds a controlling stake and that strategic-transactions (including potential asset or business acquisitions) remain under consideration.
Technical Analysis
ADX at 26.36 indicates a strong directional regime in place.
DI+ sits at 14.86 and trends lower (bearish), while DI- reads 32.64 and trends higher (bearish); directional indicators collectively point to negative pressure on price.
MACD stands at -1.34, with the MACD line below the signal line (-0.76) and trending downward, indicating bearish momentum and an absence of a bullish MACD cross.
MRO at -14.47 and decreasing places the price below the WMDST target, implying technical scope for upward mean reversion toward that target despite current negative momentum.
RSI at 45.12 and falling signals mild bearishness without oversold conditions.
Price trades below the 12‑day EMA (price12dayEMA 29.05; price close $26.80), the 20‑day average ($29.87), the 50‑day average ($32.06) and the 200‑day average ($30.83), reinforcing short- to medium-term downside bias; the 12‑day EMA shows a decreasing trend.
Price sits slightly below the 1x Bollinger lower band ($27.15), suggesting proximity to the lower volatility boundary and potential for a technical bounce if momentum shifts.
Fundamental Analysis
Profitability: EBIT totaled $-131,000,000, with an EBIT margin of -6.62%. That margin improved QoQ by 27.40% but declined YoY by 15.58 percentage points. The EBIT margin sits below the industry peer mean (about 2.56%) and well below the industry peer median (about 8.23%).
Net results: Net income registered $-192,000,000 and EPS actual $-1.24 versus an estimate of $-0.62, missing by $0.62 (EPS surprise ratio -100%). Adjusted EBITDA registered negative $52,000,000, while operating margin stands at -7.32% with a QoQ improvement of 33.88% but YoY deterioration of 6.56 percentage points.
Cash and leverage: Cash and short‑term investments equal $512,000,000; total debt equals $1,801,000,000 with net debt roughly $1,218,000,000. Debt‑to‑equity reads 3.3476 (334.76%), and debt‑to‑assets 46.65%, with debt‑to‑equity rising ~37.21% QoQ. Interest coverage remains negative at -2.26x, reflecting earnings shortfalls relative to interest expense ($58,000,000).
Working capital and efficiency: Current ratio equals 1.44 and quick ratio 0.89; cash conversion cycle ~14.9 days, near the industry peer mean. Asset turnover equals 0.523 (above the industry peer mean ~0.451), indicating relatively efficient asset use for revenue generation despite margin pressure.
Valuation multiples: P/B at 5.55 sits above the industry peer mean (~0.67) and median (~1.43). P/S equals 1.51, slightly above the industry peer mean (~1.11). Forward P/E sits at ~113.9 on forward EPS of $0.51, reflecting a stretched multiple tied to low forward earnings. WMDST values the stock as over‑valued under current fundamentals and market pricing.
Operating catalysts and risks: Nitrogen fertilizer operations and refinery throughput remain core revenue drivers; asset‑level margin capture and the outcome of SRE pursuits will materially affect future margins and cash generation. The company’s controlling ownership and the disclosure that strategic transactions remain under consideration add corporate‑action risk and potential upside or dilution depending on outcomes.
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 | $ -131.61 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 | $ 0.51 | |
| 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 % |
|