# CVR Energy (CVI.US)

Canonical: https://gigainvestors.com/s/CVI

Analysis as of: 2026-10-16T07:27:50.415Z. Financial observations: FY2005–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $61.68 per share; close as of 2026-10-15.

Estimated value: low $13.58 per share, central $15.22 per share, high $17.40 per share. Buy at or below the central value $15.22 per share. Valuation as of 2026-10-16T07:27:50.415Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 1.49×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: -0.08×

- FY2021: 0.01×

- FY2022: 0.09×

- FY2023: 0.12×

- FY2024: 0.01×

- FY2025: 0.02×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 4.4%

- Recent gross margin (lower of latest and 3-year median): 4.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 14.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.4%

- FY2017: 9.3%

- FY2018: 24.5%

- FY2019: 21.9%

- FY2020: -12.8%

- FY2021: 5.1%

- FY2022: 47.6%

- FY2023: 36.9%

- FY2024: 3.5%

- FY2025: 8.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $1.3B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: 3.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.41×

- FY2022: 1.02×

- FY2023: 1.04×

- FY2024: 2.47×

- FY2025: 3.42×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.3% vs 8.1%

- Per-share earnings: 1.95 to 0.27 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $353M

- Cumulative retained earnings: -$439M

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -22.0%

- Per-share value change: -$1.69

- Per-share value, starting three-year median: $1.95

- Per-share value, ending three-year median: $0.27

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 2.1%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: $0

- Cumulative net income, 10 years: $2.0B

- ROIC, first three-year median: 9.3%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.29

- FY2017: $3.03

- FY2018: $2.58

- FY2019: $3.78

- FY2020: -$2.55

- FY2021: $0.25

- FY2022: $4.61

- FY2023: $7.65

- FY2024: $0.07

- FY2025: $0.27

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 29.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.33×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.0%

- FY2017: 2.5%

- FY2018: -9.2%

- FY2019: -9.4%

- FY2020: -8.7%

- FY2021: -1.7%

- FY2022: -12.2%

- FY2023: -3.8%

- FY2024: -9.3%

- FY2025: -3.1%

## Holders

- [Carl Icahn](https://gigainvestors.com/ic): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 19.9% a year for ten years · sales +18.3%

Story as of 2026-10-16T09:58:35.694Z; price observation 2026-10-15.

Price needs cash profits to grow 19.9% a year for ten years

### Sales · FY2025–2026

sales +18.3%; source https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm; observed 2026-02-18.

- FY2017: $6.0B 

- FY2018: $7.1B 

- FY2019: $6.4B 

- FY2020: $3.9B 

- FY2021: $7.2B 

- FY2022: $11B 

- FY2023: $9.2B 

- FY2024: $7.6B 

- FY2025: $7.2B 

- FY2026: $8.5B 

### Gross margin · FY2025

gross margin 4.4%; source https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm; observed 2026-02-18.

- FY2016: 3.8% 

- FY2017: 4.4% 

- FY2018: 9.1% 

- FY2019: 10.9% 

- FY2021: 2.9% 

- FY2022: 10.3% 

- FY2023: 13.7% 

- FY2024: 2.6% 

- FY2025: 4.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas refining & marketing; annual sales are USD 7.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm (filed 2026-02-18); FY2025: revenue 7162000000; grossProfit 315000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 2.6% to 13.7% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 2.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.04438558471787463],[2017,0.09281782102163616],[2018,0.24471759294170878],[2019,0.21872997848745449],[2020,-0.12789013125911522],[2021,0.050699300699300696],[2022,0.4758741186301389],[2023,0.3686613510810331],[2024,0.03513022410660206],[2025,0.08146341463414634]]; median 0.08714061782789126. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 132700000; owner earnings 85300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 118600000; owner earnings 402400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 102000000; owner earnings 431000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 159000000; owner earnings 508000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 0; upkeep 249000000; owner earnings 35135135.13513514. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 274000000; owner earnings 473065217.3913044. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 262000000; owner earnings 800530751.7084283. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 232000000; owner earnings 17266666.666666664. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 185000000; owner earnings 92400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,173600000],[2017,173700000],[2018,238000000],[2019,306000000],[2020,121000000],[2021,241000000],[2022,483000000],[2023,453000000],[2024,151000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CVI.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.9% yearly over ten years; actual decline was 5.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.2764024331628324. Price 61.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.5956770541575238 → FY2025 0.9194029850746268. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $13.26 per share

- 2016-11: $16.73 per share

- 2016-12: $25.39 per share

- 2017-01: $22.21 per share

- 2017-02: $22.92 per share

- 2017-03: $20.08 per share

- 2017-04: $21.89 per share

- 2017-05: $19.96 per share

- 2017-06: $21.76 per share

- 2017-07: $18.91 per share

- 2017-08: $21.42 per share

- 2017-09: $25.90 per share

- 2017-10: $27.45 per share

- 2017-11: $32.65 per share

- 2017-12: $37.24 per share

- 2018-01: $35.79 per share

- 2018-02: $29.62 per share

- 2018-03: $30.22 per share

- 2018-04: $34.50 per share

- 2018-05: $37.73 per share

- 2018-06: $36.99 per share

- 2018-07: $39.29 per share

- 2018-08: $38.05 per share

- 2018-09: $40.22 per share

- 2018-10: $43.00 per share

- 2018-11: $37.74 per share

- 2018-12: $34.48 per share

- 2019-01: $40.15 per share

- 2019-02: $40.54 per share

- 2019-03: $41.20 per share

- 2019-04: $45.61 per share

- 2019-05: $42.47 per share

- 2019-06: $49.99 per share

- 2019-07: $53.07 per share

- 2019-08: $39.78 per share

- 2019-09: $44.03 per share

- 2019-10: $47.42 per share

- 2019-11: $43.39 per share

- 2019-12: $40.43 per share

- 2020-01: $34.61 per share

- 2020-02: $28.42 per share

- 2020-03: $16.53 per share

- 2020-04: $23.85 per share

- 2020-05: $20.40 per share

- 2020-06: $20.11 per share

- 2020-07: $19.20 per share

- 2020-08: $16.69 per share

- 2020-09: $12.38 per share

- 2020-10: $11.01 per share

- 2020-11: $14.14 per share

- 2020-12: $14.90 per share

- 2021-01: $17.10 per share

- 2021-02: $22.08 per share

- 2021-03: $19.18 per share

- 2021-04: $21.29 per share

- 2021-05: $20.75 per share

- 2021-06: $17.96 per share

- 2021-07: $13.66 per share

- 2021-08: $14.40 per share

- 2021-09: $16.66 per share

- 2021-10: $19.17 per share

- 2021-11: $15.61 per share

- 2021-12: $16.81 per share

- 2022-01: $19.53 per share

- 2022-02: $17.39 per share

- 2022-03: $25.54 per share

- 2022-04: $25.07 per share

- 2022-05: $34.43 per share

- 2022-06: $33.50 per share

- 2022-07: $33.54 per share

- 2022-08: $32.66 per share

- 2022-09: $28.98 per share

- 2022-10: $39.06 per share

- 2022-11: $36.85 per share

- 2022-12: $31.34 per share

- 2023-01: $33.20 per share

- 2023-02: $31.73 per share

- 2023-03: $32.78 per share

- 2023-04: $26.34 per share

- 2023-05: $23.41 per share

- 2023-06: $29.96 per share

- 2023-07: $36.74 per share

- 2023-08: $32.70 per share

- 2023-09: $34.03 per share

- 2023-10: $32.75 per share

- 2023-11: $31.77 per share

- 2023-12: $30.30 per share

- 2024-01: $33.73 per share

- 2024-02: $33.18 per share

- 2024-03: $35.66 per share

- 2024-04: $30.38 per share

- 2024-05: $27.86 per share

- 2024-06: $26.77 per share

- 2024-07: $28.60 per share

- 2024-08: $25.42 per share

- 2024-09: $23.03 per share

- 2024-10: $15.90 per share

- 2024-11: $19.35 per share

- 2024-12: $18.74 per share

- 2025-01: $18.95 per share

- 2025-02: $18.42 per share

- 2025-03: $19.40 per share

- 2025-04: $18.86 per share

- 2025-05: $23.39 per share

- 2025-06: $26.85 per share

- 2025-07: $26.78 per share

- 2025-08: $30.49 per share

- 2025-09: $36.48 per share

- 2025-10: $35.59 per share

- 2025-11: $34.53 per share

- 2025-12: $25.44 per share

- 2026-01: $22.74 per share

- 2026-02: $24.16 per share

- 2026-03: $33.65 per share

- 2026-04: $33.14 per share

- 2026-05: $33.22 per share

- 2026-06: $27.54 per share

- 2026-07: $35.62 per share

- 2026-08: $41.86 per share

- 2026-09: $50.99 per share

- 2026-10: $61.68 per share

## Annual estimated value (USD per share)

- FY2016: low $19.05 per share, central $21.17 per share, high $23.99 per share

- FY2017: low $21.47 per share, central $24.12 per share, high $27.65 per share

- FY2018: low $23.28 per share, central $26.00 per share, high $29.63 per share

- FY2019: low $46.23 per share, central $52.01 per share, high $59.69 per share

- FY2020: low $30.75 per share, central $34.32 per share, high $39.06 per share

- FY2021: low $48.88 per share, central $55.45 per share, high $64.20 per share

- FY2022: low $53.54 per share, central $60.63 per share, high $70.08 per share

- FY2023: low $47.12 per share, central $53.14 per share, high $61.15 per share

- FY2024: low $5.31 per share, central $5.86 per share, high $6.60 per share

- FY2025: low $11.15 per share, central $12.53 per share, high $14.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Carl Icahn](https://gigainvestors.com/ic): 71,201,875 CVI shares; USD 1,960,900,000 reported position value; 23.73% of portfolio; hold; quarter 2026 Q2.

# CVI — CVR Energy Inc.

Held by 1 investor · USD 1,960,900,000 total · 2026 Q2 · reported price USD 27.54 (split-adjusted).
Page: https://gigainvestors.com/s/CVI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Carl Icahn (https://gigainvestors.com/ic) | USD 1,960,900,000 | 24% | hold |

## Total held by quarter

- 2013 Q2: USD 3,374,819,233 · 1 holder · USD 47.40
- 2013 Q3: USD 2,742,574,617 · 1 holder · USD 38.52
- 2013 Q4: USD 3,092,160,323 · 1 holder · USD 43.43
- 2014 Q1: USD 3,008,145,836 · 1 holder · USD 42.25
- 2014 Q2: USD 3,431,066,220 · 1 holder · USD 48.19
- 2014 Q3: USD 3,184,718,656 · 1 holder · USD 44.73
- 2014 Q4: USD 2,756,102,374 · 1 holder · USD 38.71
- 2015 Q1: USD 3,030,217,438 · 1 holder · USD 42.56
- 2015 Q2: USD 2,679,919,746 · 1 holder · USD 37.64
- 2015 Q3: USD 2,922,707,374 · 1 holder · USD 41.05
- 2015 Q4: USD 2,801,669,553 · 1 holder · USD 39.35
- 2016 Q1: USD 1,858,286,540 · 1 holder · USD 26.10
- 2016 Q2: USD 1,103,580,129 · 1 holder · USD 15.50
- 2016 Q3: USD 980,406,347 · 1 holder · USD 13.77
- 2016 Q4: USD 1,807,735,450 · 1 holder · USD 25.39
- 2017 Q1: USD 1,429,670,257 · 1 holder · USD 20.08
- 2017 Q2: USD 1,549,284,104 · 1 holder · USD 21.76
- 2017 Q3: USD 1,844,046,796 · 1 holder · USD 25.90
- 2017 Q4: USD 2,651,440,258 · 1 holder · USD 37.24
- 2018 Q1: USD 2,151,625,258 · 1 holder · USD 30.22
- 2018 Q2: USD 2,633,640,579 · 1 holder · USD 36.99
- 2018 Q3: USD 2,863,612,438 · 1 holder · USD 40.22
- 2018 Q4: USD 2,454,931,797 · 1 holder · USD 34.48
- 2019 Q1: USD 2,933,387,182 · 1 holder · USD 41.20
- 2019 Q2: USD 3,559,223,913 · 1 holder · USD 49.99
- 2019 Q3: USD 3,134,879,554 · 1 holder · USD 44.03
- 2019 Q4: USD 2,878,564,169 · 1 holder · USD 40.43
- 2020 Q1: USD 1,176,914,809 · 1 holder · USD 16.53
- 2020 Q2: USD 1,431,806,219 · 1 holder · USD 20.11
- 2020 Q3: USD 881,440,129 · 1 holder · USD 12.38
- 2020 Q4: USD 1,060,860,898 · 1 holder · USD 14.90
- 2021 Q1: USD 1,365,591,411 · 1 holder · USD 19.18
- 2021 Q2: USD 1,278,728,975 · 1 holder · USD 17.96
- 2021 Q3: USD 1,186,170,642 · 1 holder · USD 16.66
- 2021 Q4: USD 1,196,850,450 · 1 holder · USD 16.81
- 2022 Q1: USD 1,818,415,258 · 1 holder · USD 25.54
- 2022 Q2: USD 2,385,157,053 · 1 holder · USD 33.50
- 2022 Q3: USD 2,063,338,848 · 1 holder · USD 28.98
- 2022 Q4: USD 2,231,367,822 · 1 holder · USD 31.34
- 2023 Q1: USD 2,333,893,976 · 1 holder · USD 32.78
- 2023 Q2: USD 2,133,113,591 · 1 holder · USD 29.96
- 2023 Q3: USD 2,269,541,725 · 1 holder · USD 34.03
- 2023 Q4: USD 2,020,779,144 · 1 holder · USD 30.30
- 2024 Q1: USD 2,378,250,306 · 1 holder · USD 35.66
- 2024 Q2: USD 1,785,355,039 · 1 holder · USD 26.77
- 2024 Q3: USD 1,535,925,534 · 1 holder · USD 23.03
- 2024 Q4: USD 1,249,815,220 · 1 holder · USD 18.74
- 2025 Q1: USD 1,329,564,838 · 1 holder · USD 19.40
- 2025 Q2: USD 1,890,735,946 · 1 holder · USD 26.85
- 2025 Q3: USD 2,568,865,822 · 1 holder · USD 36.48
- 2025 Q4: USD 1,791,445,902 · 1 holder · USD 25.44
- 2026 Q1: USD 2,395,943,094 · 1 holder · USD 33.65
- 2026 Q2: USD 1,960,900,000 · 1 holder · USD 27.54