CVR Partners LP Common Units representing Limited Partner Interests (UAN)

FairStock Score: 47/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I have watched fertilizer businesses long enough to know they are cyclical, not compounders. CVR Partners produces ammonia and urea ammonium nitrate from Sugar Land, Texas, with only 320 employees. That is a simple, asset-heavy business. In fiscal Q2 2026, the quarter ended 2026-06-30, it reported revenue of $202.2 million, net income of $77.5 million, and diluted EPS of $7.33. Compare that with fiscal Q2 2025, when revenue was $168.6 million, net income $38.8 million, and diluted EPS $3.67. That is a remarkable upswing, and FairStock computes profit growth near 99.92% and revenue growth near 19.95%. The trailing free cash flow is $144.6 million, a 10.8% FCF yield, and the dividend yield is 10.81%. A Piotroski F-Score of 8/9 and ROE of 48.30% suggest current profitability and balance-sheet momentum are strong. But Graham would remind me that current earnings in a cyclical commodity business are not reliable earnings power. Fiscal 2023 EPS was $16.31, fiscal 2024 fell to $5.76, and fiscal 2025 recovered to $9.33. The latest quarter annualizes far above that. At $126.21 on 2026-10-13, the P/E is 8.33, but the Graham Number is $105.82, implying a negative 19.27% margin of safety. P/B is 3.84, debt-to-equity is 1.66, and the Altman Z-Score is 1.82, which is not a fortress. The 10.81% dividend is attractive only if fertilizer margins persist. I would call this a cyclical cash generator trading near the high end of its 52-week range, not a bargain with a durable moat.

In plain English: CVR Partners makes nitrogen fertilizer, mainly ammonia and a common farm fertilizer, for farmers and industrial customers. The business looks very profitable right now, with recent quarterly sales and profits much higher than a year ago, but fertilizer profits can swing a lot with farm and energy markets. At $126.21 on 2026-10-13, the stock looks cheap compared with current earnings but expensive compared with a simple value estimate based on assets and earnings.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

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