| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 89 | 8.7x | 17.9x | Top tier | |
Growth | 44 | 17.5% | 7.1% | Around median | |
Quality | 79 | 21.0% | 4.5% | Top tier | |
Safety | 63 | 1.6x | 2.6x | Around median | |
Capital Return | 49 | — | 2.11% | Around median | |
Momentum | 92 | 40.2% | 2.7% | Top tier | |
Sentiment | 53 | — | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
CVR Partners, LP produces nitrogen fertilizers and primarily sells UAN and ammonia from its Coffeyville and East Dubuque facilities. Revenue depends on production and sales volumes and realized fertilizer prices, so results are affected by planting seasons, operating costs, and global supply availability; in Q2 FY2026, the company sold approximately 333 thousand tons of UAN at an average of $392 per ton and approximately 54 thousand tons of ammonia at an average of $791 per ton.
In Q2 FY2026, revenue was $202.2 million, gross profit was $93.2 million, net income was $77.5 million, and earnings per unit were $7.33. This represents a gross profit margin of approximately 46.1% and a net income margin of approximately 38.3%, compared with revenue of $180.0 million, gross profit of $67.5 million, and net income of $49.9 million in Q1 FY2026.
EBITDA in Q2 FY2026 was approximately $107 million, benefiting primarily from a 24% increase in the price of UAN and a 33% increase in the price of ammonia year over year, despite slightly lower sales volumes. The ammonia plants achieved a 99% utilization rate and produced 214 thousand gross tons of ammonia and 342 thousand tons of UAN, while the board of directors of the general partner approved a variable distribution of $6.08 per common unit for that quarter.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on UAN is Neutral, indicating a balance between the strength of Q2 FY2026 earnings and the risks of the planned turnaround and fertilizer price cyclicality. The 52-week range extends from $84.13 to $139.50, a wide range consistent with net income moving from a loss of $10.3 million in Q4 FY2025 to a profit of $77.5 million in Q2 FY2026.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Revenue was $202.2 million, net income was $77.5 million, and EBITDA was approximately $107 million in Q2 FY2026. The price of UAN increased by 24% and the price of ammonia increased by 33% year over year, with higher prices being the primary driver of the improvement in EBITDA. The 99% ammonia utilization rate helped produce 214 thousand gross tons of ammonia and 342 thousand tons of UAN.
Management expects an ammonia utilization rate of between 75% and 80% in Q3 FY2026, down from 99% in the previous quarter. This is due to the planned turnaround at the East Dubuque facility, with estimated turnaround expenses of between $30 million and $35 million. The company also expects direct operating expenses, excluding inventory and turnaround effects, of between $57 million and $62 million.
During the East Dubuque turnaround, the company intends to carry out an expansion project targeting an increase of up to 5% in ammonia production capacity. The Coffeyville project aims to enable the use of natural gas as an alternative to third-party petroleum coke, with likely completion in the second half of 2027 and no anticipated production downtime. Management said on July 30, 2026, that the expected project cost had fallen to less than half of the original estimate after revising the scope and eliminating the need for the adjacent hydrogen plant.
The board of directors of the general partner approved a distribution of $6.08 per common unit for Q2 FY2026, after generating $64 million of cash available for distribution. However, CVR Partners is a variable-distribution partnership, and its payments vary according to performance, product prices, capital expenditures, and reserves. Management expects to retain some capital during the project implementation period, while the estimate for total 2026 capital expenditures ranges from $85 million to $95 million.
Demand for UAN weakened late in the 2026 planting season when its price increased relative to other nitrogen fertilizers, and some customers shifted to alternatives. Nevertheless, buyers returned during the fill programs, which were completed for ammonia in late June 2026 and for UAN in early July 2026, and management described the order book for the second half of 2026 as strong. Prices remain exposed to seasonality and changes in global supply, and fertilizer prices declined after spring 2026 as the market reset during the summer.
