UAN

MKT CAP:$1B

CVR Partners, LP

Market Cap

$1B

Basic Materials·Agricultural Inputs·🇺🇸 United States·NYSE

Materials·Agricultural·🇺🇸·NYSE

Stock Price

$127.32+$25.82 (+25.44%)

Apr 22, 2026

Company Details

CVR Partners, LP, together with its subsidiaries, engages in the production and sale of nitrogen fertilizer products in the United States. The company offers ammonia products for agricultural and industrial customers; and urea and ammonium ...

CEO

Mark A. Pytosh

IPO Date

Apr 8, 2011

Website

www.cvrpartners.com

Key Metrics TTM

Revenue

$615M

+16.5% YoY

Net Income

$127M

EPS (Diluted)

$12.04

Free Cash Flow

$138M

Revenue / Share

$58.14

Gross Margin

26.9%

Operating Margin

25.6%

Net Margin

20.7%

FCF Margin

22.5%

P/S

2.3x

P/E

11.0x

Earnings Reports

Q4 2025

Apr 27, 2026

PENDING

FY 2025

Feb 18, 2026

$606M+15.4%EPS $9.33

Q3 2025

Oct 30, 2025

$164M+30.6%EPS $4.08

Q2 2025

Jul 31, 2025

$169M+26.8%EPS $3.67

Q1 2025

Apr 29, 2025

$143M+11.9%EPS $2.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$189M	$80M	$72M
Q1 22	$223M	$113M	$104M
Q2 22	$244M	$133M	$126M
Q3 22	$156M	-$4M	-$12M
Q4 22	$212M	$110M	$102M
Q1 23	$226M	$117M	$109M
Q2 23	$183M	$74M	$67M
Q3 23	$131M	$17M	$8M
Q4 23	$142M	$24M	$17M
Q1 24	$128M	$27M	$20M
Q2 24	$133M	$40M	$34M
Q3 24	$125M	$18M	$11M
Q4 24	$140M	$33M	$26M
Q1 25	$143M	$42M	$35M
Q2 25	$169M	$55M	$46M
Q3 25	$164M	$35M	$51M

Valuation

Quarter	P/S	P/E
Q4 21	2.6x	17.9x
Q1 22	2.0x	7.1x
Q2 22	1.8x	4.6x
Q3 22	1.7x	5.5x
Q4 22	1.7x	4.9x
Q1 23	1.7x	4.8x
Q2 23	1.8x	5.9x
Q3 23	1.9x	5.4x
Q4 23	2.1x	8.1x
Q1 24	2.4x	16.9x
Q2 24	2.6x	28.3x
Q3 24	2.7x	26.7x
Q4 24	2.7x	23.0x
Q1 25	2.6x	18.6x
Q2 25	2.4x	15.9x
Q3 25	2.3x	11.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$68M	$58M
Q1 22	$167M	$159M
Q2 22	$49M	$43M
Q3 22	$89M	$69M
Q4 22	-$3M	-$14M
Q1 23	$130M	$127M
Q2 23	$61M	$57M
Q3 23	$70M	$64M
Q4 23	-$18M	-$28M
Q1 24	$42M	$34M
Q2 24	$9M	$2M
Q3 24	$87M	$82M
Q4 24	$13M	-$6M
Q1 25	$55M	$46M
Q2 25	$24M	$18M
Q3 25	$92M	$80M

Capital Expenditures

Quarter	CapEx
Q4 21	$10M
Q1 22	$8M
Q2 22	$6M
Q3 22	$20M
Q4 22	$11M
Q1 23	$3M
Q2 23	$4M
Q3 23	$6M
Q4 23	$10M
Q1 24	$8M
Q2 24	$6M
Q3 24	$4M
Q4 24	$18M
Q1 25	$10M
Q2 25	$6M
Q3 25	$12M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+109.2%	+28.2%
Q1 22	+265.8%	+58.7%
Q2 22	+76.8%	+9.6%
Q3 22	+8.1%	+71.2%
Q4 22	+12.3%	-5.8%
Q1 23	+1.5%	-1.7%
Q2 23	-25.0%	-1.5%
Q3 23	-16.5%	-27.3%
Q4 23	-33.3%	+12.9%
Q1 24	-43.6%	-8.0%
Q2 24	-27.4%	-14.6%
Q3 24	-4.1%	-6.7%
Q4 24	-1.5%	-8.5%
Q1 25	+11.9%	+0.6%
Q2 25	+26.8%	+23.1%
Q3 25	+30.6%	-1.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$8M	4.0%
Q1 22	$12M	5.4%
Q2 22	-$721.0K	-0.3%
Q3 22	$7M	4.6%
Q4 22	$7M	3.1%
Q1 23	$2M	0.9%
Q2 23	$2M	1.2%
Q3 23	$4M	2.9%
Q4 23	$269.0K	0.2%
Q1 24	$2M	1.6%
Q2 24	$675.0K	0.5%
Q3 24	$714.0K	0.6%
Q4 24	$1M	1.1%
Q1 25	$1M	1.0%
Q2 25	$3M	1.7%
Q3 25	$3M	2.0%

OpEx Breakdown

Quarter	SG&A
Q4 21	$7M
Q1 22	$9M
Q2 22	$7M
Q3 22	$8M
Q4 22	$8M
Q1 23	$7M
Q2 23	$7M
Q3 23	$8M
Q4 23	$7M
Q1 24	$7M
Q2 24	$6M
Q3 24	$7M
Q4 24	$7M
Q1 25	$8M
Q2 25	$8M
Q3 25	$9M

Revenue Segments

Quarter	Product, Ammonia	Product, UAN	Product, Urea Products	Products, Other
Q1 25	$33M	$86M	$9M	$14M
Q2 25	$34M	$110M	$10M	$15M
Q3 25	$25M	$114M	$10M	$14M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$137M	$0	$137M
Q2 22	$156M	$0	$156M
Q3 22	$119M	$0	$119M
Q4 22	$86M	$0	$86M
Q1 23	$121M	$0	$121M
Q2 23	$69M	$0	$69M
Q3 23	$89M	$0	$89M
Q4 23	$45M	$0	$45M
Q1 24	$65M	$0	$65M
Q2 24	$48M	$0	$48M
Q3 24	$111M	$0	$111M
Q4 24	$91M	$0	$91M
Q1 25	$122M	$0	$122M
Q2 25	$114M	$0	$114M
Q3 25	$156M	$0	$156M
Q4 25	$69M	$0	$69M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	11M	0.0%	-3.0%
Q1 22	11M	-0.1%	-0.3%
Q2 22	11M	-0.9%	-1.0%
Q3 22	11M	0.0%	-1.0%
Q4 22	11M	0.0%	-1.0%
Q1 23	11M	0.0%	-0.9%
Q2 23	11M	0.0%	0.0%
Q3 23	11M	0.0%	0.0%
Q4 23	11M	0.0%	0.0%
Q1 24	11M	0.0%	0.0%
Q2 24	11M	0.0%	0.0%
Q3 24	11M	0.0%	0.0%
Q4 24	11M	0.0%	0.0%
Q1 25	11M	0.0%	0.0%
Q2 25	11M	0.0%	0.0%
Q3 25	11M	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$638.2K	296
Q1 22	$752.9K	296
Q2 22	$824.3K	296
Q3 22	$528.6K	296
Q4 22	$707.4K	300
Q1 23	$754.2K	300
Q2 23	$610.0K	300
Q3 23	$435.3K	300
Q4 23	$456.8K	310
Q1 24	$411.8K	310
Q2 24	$428.7K	310
Q3 24	$403.9K	310
Q4 24	$441.6K	316
Q1 25	$452.1K	316
Q2 25	$533.4K	316
Q3 25	$517.6K	316

Revenue / Employee