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CVR Energy, Inc. is a diversified holding company, formed in September 2006, primarily engaged in the petroleum refining and marketing industry, the renewable fuels industry, and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership ( CVR Partners ). As of December 31, 2025, we had three reportable segments as fol…
Operating margin is thin at 2.54%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 5.9% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 118% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$41M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$7.16B
▼ -5.9% YoY
Net Income (TTM)
$27M
▲ +285.7% YoY
Op. Margin
2.54%
▲ +1.7pp YoY
ROIC
5.41%
▲ +3.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$41M
▼ -118.2% YoY
Op. Cash Flow (TTM)
$144M
▼ -64.4% YoY
Net Debt
$1.33B
Cash & Equiv.
$511M
5Y CAGR: +12.8%
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