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CVI, CVR Energy Inc.

Refining & Marketing capital-intensive Distress / turnaroundCyclical

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.

December 31, 2025 | In addition to the use of third-party pipelines, we have an extensive gathering system consisting of logistics assets that are owned, leased, or part of a joint venture operation.

Latest annual: FY2025 10-K

CVI · CVR Energy Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$7.2B

−5.9% YoY · 13% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $7.5B 5-yr avg $8.4B

Gross margin 4% 5-yr avg 7%

Operating margin 2.2% 5-yr avg 5.1%

Owner-earnings margin 3% 5-yr avg 4%

Free cash flow margin 3% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Petroleum (90%), Nitrogen Fertilizer (8%) and Renewables (2%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 4.5% and operating margin about 2.4% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −8.5% and 12% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Petroleum is 90% of revenue, with Nitrogen Fertilizer the other meaningful segment at 8%.

Revenue by reportable segment, FY2025

Petroleum90%$6.4B
Nitrogen Fertilizer8%$605M
Renewables2%$141M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$4.8B	$6.0B	$7.1B	$6.4B	$3.9B	$7.2B	$10.9B	$9.2B	$7.6B	$7.2B	$7.5B	RevenueRevenue
4%	5%	9%	11%	−5%	3%	10%	14%	3%	5%	4%	Gross marginGross mgn
2%	2%	2%	2%	2%	2%	1%	2%	2%	2%	2%	SG&A / revenueSG&A/rev
$70M	$145M	$532M	$580M	($333M)	$87M	$963M	$1.1B	$58M	$182M	$168M	Operating incomeOp. inc.
1.5%	2.4%	7.5%	9.1%	−8.5%	1.2%	8.8%	12.1%	0.8%	2.5%	2.2%	Operating marginOp. mgn
$25M	$263M	$259M	$380M	($256M)	$25M	$463M	$769M	$7M	$27M	($42M)	Net incomeNet inc.
—	—	23%	25%	—	—	25%	21%	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$267M	$248M	$628M	$747M	$90M	$396M	$967M	$948M	$404M	$144M	$403M	Operating cash flowOp. cash
$193M	$258M	$274M	$287M	$278M	$279M	$288M	$298M	$298M	$403M	$414M	DepreciationDeprec.
$40M	($292M)	$79M	$63M	$64M	$46M	$145M	($153M)	$84M	($328M)	($17M)	Working capital & otherWC & other
$133M	$120M	$102M	$121M	$124M	$224M	$191M	$205M	$179M	$185M	$181M	CapexCapex
2.8%	2.0%	1.4%	1.9%	3.2%	3.1%	1.8%	2.2%	2.4%	2.6%	2.4%	Capex / revenueCapex/rev
$134M	$128M	$526M	$626M	($34M)	$172M	$776M	$743M	$225M	($41M)	$222M	Owner earningsOwner earn.
2.8%	2.1%	7.4%	9.8%	−0.9%	2.4%	7.1%	8.0%	3.0%	−0.6%	3.0%	Owner earnings marginOE mgn
$134M	$128M	$526M	$626M	($34M)	$172M	$776M	$743M	$225M	($41M)	$222M	Free cash flowFCF
2.8%	2.1%	7.4%	9.8%	−0.9%	2.4%	7.1%	8.0%	3.0%	−0.6%	3.0%	Free cash flow marginFCF mgn
$64M	$0	$0	$0	$0	$20M	$0	$0	—	—	$0	AcquisitionsAcquis.
$174M	$174M	$238M	$306M	$121M	$241M	$483M	$453M	$151M	$0	$0	Dividends paidDiv. paid
—	—	$0	$0	$7M	$1M	$12M	$0	$0	—	—	BuybacksBuybacks
5%	9%	23%	22%	-13%	5%	45%	36%	3%	—	—	ROICROIC
3%	29%	20%	27%	-25%	5%	87%	91%	1%	4%	-8%	Return on equityROE
−17%	10%	2%	5%	−37%	−39%	−4%	37%	−20%	4%	−8%	Retained to equityRetained/eq
											Balance sheet
$736M	$482M	$668M	$652M	$667M	$510M	$510M	$581M	$987M	$511M	$512M	Cash & investmentsCash+inv
$152M	$179M	$169M	$182M	$178M	$299M	$358M	$286M	$295M	$235M	$329M	ReceivablesReceiv.
$349M	$369M	$380M	$373M	$298M	$484M	$624M	$604M	$502M	$472M	$553M	InventoryInvent.
$251M	$334M	$320M	$412M	$282M	$409M	$497M	$530M	$538M	$415M	$532M	Accounts payablePayables
$250M	$214M	$229M	$143M	$194M	$374M	$485M	$360M	$259M	$292M	$350M	Operating working capitalOper. WC
$1.3B	$1.1B	$1.3B	$1.3B	$1.4B	$1.4B	$1.6B	$2.2B	$1.8B	$1.3B	$1.5B	Current assetsCur. assets
$566M	$544M	$496M	$596M	$659M	$1.2B	$1.4B	$1.7B	$1.1B	$706M	$1.0B	Current liabilitiesCur. liab.
2.3×	2.0×	2.6×	2.1×	2.1×	1.2×	1.1×	1.3×	1.7×	1.8×	1.4×	Current ratioCurr. ratio
$41M	$41M	—	—	$0	$0	$0	—	—	—	$0	GoodwillGoodwill
$4.0B	$3.8B	$4.0B	$3.9B	$4.0B	$3.9B	$4.1B	$4.7B	$4.3B	$3.7B	$3.9B	Total assetsAssets
$1.2B	$1.2B	$1.2B	$1.2B	$1.7B	$1.7B	$1.6B	$2.2B	$1.9B	$1.8B	$1.8B	Total debtDebt
$458M	$710M	$499M	$543M	$1.0B	$1.1B	$1.1B	$1.6B	$932M	$1.3B	$1.3B	Net debt / (cash)Net debt
0.8×	1.3×	—	—	—	—	10.4×	12.5×	0.5×	1.3×	1.0×	Interest coverageInt. cov.
$858M	$919M	$1.3B	$1.4B	$1.0B	$553M	$531M	$847M	$703M	$730M	$538M	Shareholders’ equityEquity
0.2%	0.3%	0.2%	0.3%	0.1%	0.6%	0.7%	0.4%	0.2%	0.6%	0.6%	Stock comp / revenueSBC/rev
											Per share
0K	0K	0K	101M	101M	101M	101M	101M	101M	101M	101M	Shares out (diluted)Shares
—	—	—	$63.32	$39.10	$72.06	$108.42	$92.01	$75.72	$71.26	$74.59	Revenue / shareRev/sh
—	—	—	$3.78	$-2.55	$0.25	$4.61	$7.65	$0.07	$0.27	$-0.42	EPS (diluted)EPS
—	—	—	$6.23	$-0.34	$1.71	$7.72	$7.39	$2.24	$-0.41	$2.21	Owner earnings / shareOE/sh
—	—	—	$6.23	$-0.34	$1.71	$7.72	$7.39	$2.24	$-0.41	$2.21	Free cash flow / shareFCF/sh
—	—	—	$3.04	$1.20	$2.40	$4.81	$4.51	$1.50	$0.00	$0.00	Dividends / shareDiv/sh
—	—	—	$1.20	$1.23	$2.23	$1.90	$2.04	$1.78	$1.84	$1.80	Cap. spending / shareCapex/sh
—	—	—	$13.86	$10.14	$5.50	$5.28	$8.43	$7.00	$7.26	$5.35	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+2.0%/yr (6-yr)	+12.8%/yr
EPS	−35.6%/yr (6-yr)	—
Capital spending / share	+7.3%/yr (6-yr)	+8.3%/yr
Book value / share	−10.2%/yr (6-yr)	−6.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

101Mpeak FY2019

ROIC

3%low FY2020

Gross margin

5%low FY2020

Net debt ÷ owner earnings

4.1×peak FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($41M)owner earningsvs.$27Mnet incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $27M of profit but ($41M) of owner earnings: $68M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$27M	$7M	$769M	$463M	$25M
Depreciation & amortizationnon-cash charge added back	+$403M	+$298M	+$298M	+$288M	+$279M
Stock-based compensationreal costnon-cash, but a real cost	+$42M	+$15M	+$34M	+$71M	+$46M
Working capital & othertiming of cash in and out, other non-cash items	−$328M	+$84M	−$153M	+$145M	+$46M
Cash from operations	$144M	$404M	$948M	$967M	$396M
Capital expenditurecash put back in to keep running and to grow	−$185M	−$179M	−$205M	−$191M	−$224M
Owner earnings	($41M)	$225M	$743M	$776M	$172M
Owner-earnings marginowner earnings ÷ revenue	-1%	3%	8%	7%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $42M), owner earnings is nearer ($83M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.3×

Thin

Operating income $182M ÷ interest expense $139M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? $1.3B · 6.9× operating profit

Heavy net debt

Cash $511M − debt $1.8B

What this means
Netting $511M of cash and short-term investments against $1.8B of debt leaves $1.3B owed, about 6.9× a year's operating profit (9.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 15d

Tight

DSO 12 + DIO 25 − DPO 22 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

9-yr median, range -13%–45%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 5%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Thin through the cycle

10-yr median margin, range -1%–10%; latest ($41M) = operating cash $144M − maintenance capex $185M

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a 3% median across 10 years. Treating stock comp as the real expense it is (less $42M of SBC) leaves ($83M).
Are earnings backed by cash? 5.33×

Cash-backed

Cash from ops $144M ÷ net income $27M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.46×

Harvesting

Capex $185M ÷ depreciation $403M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $7.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.79×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.8B vs $561M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Near

Uninterrupted dividends · 9 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +47%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.66/share (latest year $0.27), the averaged base the calculator's gate runs on, and book value is $7.26/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 4 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 4% → 5% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin widened — about 4% early to 5% lately, median 2% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −4%/yr

What this means
Owner earnings shrank about 4% a year over the record.
Worst year 2020 · −8.5% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 9 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.5B

Cash & short-term investments$512M
Receivables$329M
Inventory$553M
Other current assets$66M

Current liabilities$1.0B

Accounts payable$532M
Other current liabilities$483M

Current ratio1.44×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.89×stricter: inventory excluded

Cash ratio0.50×strictest: cash alone against what's due

Working capital$445Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+20.3%the freshest read on whether the business is still growing

Current ratio, recent quarters1.5× → 1.4×

Deeper floors

Tangible book value$538Mequity stripped of goodwill & intangibles

Debt incl. operating leases$1.8B$57M of it operating leases

Deferred revenue$43Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $4.8B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.6B · 33%
Dividends$2.3B · 48%
Buybacks$20M · 0%
Retained (debt / cash)$894M · 18%

Returned to owners$2.4B
73% of the owner earnings the business produced over the span, $2.3B as dividends and $20M as buybacks.
Average price paid for buybacks—
Buybacks ran $20M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count0.0%
The diluted count barely moved (101M to 101M): buybacks roughly offset the stock issued to staff.
Dividend record$0.00/sh
Paid in 9 of the years on record. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$200K0% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$84Mover 10 years buying other businesses, against $1.6B of capital spent building

$41M written down across 1 year (2020): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 49% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Lamp	$3.9M	$4.6M	$172M
2022	Mr. Lamp	$4.3M	$7.7M	$776M
2023	Mr. Lamp	$4.5M	$5.3M	$743M
2024	Mr. Lamp	$4.7M	$3.8M	$225M
2025	Mr. Lamp	$8.6M	$6.5M	($41M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

CEO pay ratio59:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$42M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 23% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why CVR Energy Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 6 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?3.5% vs 4.1%
The owner-earnings margin averaged 4.1% early in the record and 3.5% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid debt outgrow the business?$1.2B → $1.8B
Debt rose from $1.2B to $1.8B while owner earnings went from about $263M to $309M — about 4.5 years of owner earnings in debt then, about 5.8 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$900M · 12% of revenue on the largest customers (TTM)
“The Petroleum Segment's top customer represented 12% and 13% of its net sales for the years ended December 31, 2025 and 2024, respectively, and its top two customers represented 27% of its net sales for the year ended December 31, 2023.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Refining & Marketing

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PBFPBF Energy	$29.3B	4%	2.4%	9%	2%
SUNSunoco LP Common	$25.2B	8%	2.8%	—	2%
SUNCSunocoCorp LLC Common	$25.2B	9%	3.5%	—	2%
HESHess Corporation	$12.9B	—	2.9%	1%	-5%
DKDelek US Holdings	$10.7B	4%	1.9%	7%	2%
IEPIcahn Enterprises L.P.	$9.7B	—	-5.4%	2%	3%
CVICVR Energy Inc.	$7.2B	5%	2.5%	9%	3%
CLMTCalumet Inc.	$4.1B	7%	2.7%	—	-5%
Group median	—	6%	2.6%	7%	2%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what CVR Energy Inc. has delivered.

Today’s price $

Through the cycle, CVR Energy Inc. earns about $206M on its 2.9% median owner-earnings margin. This year’s −0.6% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($206M) Net of stock comp (−$48M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−34%/yr

Owner-earnings growth · ’16→’25−4%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $222M on 101M shares outstanding, per the 10-Q cover, as of 2026-04-24; net debt $1.3B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CVI against another business →

The owners of CVI: the meeting and the votes →

Cite: Owner Scorecard, "CVR Energy Inc. (CVI), the owner's record," https://ownerscorecard.com/c/CVI, data as of 2026-07-09.

Manual order: ← CVEO its page in the Manual CVLG →

Industry order: ← CLMT the Refining & Marketing chapter CVX →