Latest Ratios: P/E Ratio 105.5x · EV/EBITDA 7.3x · ROE 3.0%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $2.6B | $1.9B | $3.0B | $3.1B | $1.7B | $1.2B | $3.2B | $2.5B | $2.6B | $1.7B |
| Enterprise Value | $4.2B | $3.9B | $2.8B | $4.7B | $4.2B | $2.9B | $2.2B | $3.8B | $3.0B | $3.2B | $2.2B |
| P/E Ratio → | 105.48 | 94.22 | 268.87 | 3.96 | 6.81 | 67.24 | — | 8.47 | 8.75 | 10.91 | 71.75 |
| P/S Ratio | 0.40 | 0.36 | 0.25 | 0.33 | 0.29 | 0.23 | 0.30 | 0.51 | 0.35 | 0.43 | 0.36 |
| P/B Ratio | 3.19 | 2.85 | 2.12 | 2.93 | 3.98 | 2.19 | 0.97 | 1.93 | 1.35 | 1.50 | 1.02 |
| P/FCF | — | — | 10.95 | 4.44 | 4.54 | 11.49 | — | 5.47 | 4.87 | 52.96 | 12.94 |
| P/OCF | 19.88 | 17.75 | 4.66 | 3.21 | 3.26 | 4.27 | 13.17 | 4.31 | 4.07 | 15.33 | 6.52 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.54 | 0.37 | 0.50 | 0.39 | 0.39 | 0.57 | 0.59 | 0.42 | 0.54 | 0.45 |
| EV / EBITDA | 7.34 | 6.80 | 7.95 | 3.28 | 3.39 | 7.79 | — | 4.36 | 3.75 | 8.05 | 8.26 |
| EV / EBIT | 25.05 | 23.21 | 29.49 | 4.10 | 4.79 | 15.59 | — | 6.37 | 5.53 | 22.06 | 30.18 |
| EV / FCF | — | — | 16.46 | 6.80 | 6.13 | 19.40 | — | 6.43 | 5.84 | 67.14 | 16.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.4% | 4.4% | 2.6% | 13.7% | 10.3% | 2.9% | -5.1% | 10.9% | 9.1% | 4.4% | 3.8% |
| Operating Margin | 2.3% | 2.3% | 0.8% | 12.1% | 8.8% | 1.2% | -8.5% | 9.1% | 7.5% | 2.4% | 1.5% |
| Net Profit Margin | 0.4% | 0.4% | 0.1% | 8.3% | 4.2% | 0.3% | -6.5% | 6.0% | 3.6% | 4.4% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.0% | 3.0% | 0.7% | 84.1% | 59.3% | 2.5% | -17.7% | 21.5% | 14.5% | 15.4% | 1.5% |
| ROA | 0.7% | 0.7% | 0.2% | 17.4% | 11.5% | 0.6% | -6.5% | 9.7% | 6.7% | 6.7% | 0.7% |
| ROIC | 6.2% | 6.2% | 1.9% | 37.1% | 37.8% | 3.1% | -11.1% | 18.9% | 16.8% | 4.8% | 2.9% |
| ROCE | 5.3% | 5.3% | 1.9% | 39.4% | 35.5% | 2.9% | -10.0% | 17.3% | 15.9% | 4.3% | 2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.04 | 2.04 | 2.18 | 2.12 | 2.03 | 2.17 | 1.40 | 0.73 | 0.63 | 0.68 | 0.68 |
| Debt / EBITDA | 3.21 | 3.21 | 5.44 | 1.55 | 1.28 | 4.57 | — | 1.40 | 1.45 | 2.89 | 4.43 |
| Net Debt / Equity | — | 1.47 | 1.07 | 1.56 | 1.39 | 1.51 | 0.85 | 0.34 | 0.27 | 0.40 | 0.25 |
| Net Debt / EBITDA | 2.32 | 2.32 | 2.66 | 1.14 | 0.88 | 3.18 | — | 0.65 | 0.62 | 1.70 | 1.63 |
| Debt / FCF | — | — | 5.51 | 2.36 | 1.58 | 7.91 | — | 0.96 | 0.97 | 14.18 | 3.18 |
| Interest Coverage | 1.59 | 1.59 | 1.25 | 21.87 | 10.42 | 1.56 | -2.19 | 5.81 | 5.36 | 1.34 | 0.86 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.79 | 1.79 | 1.66 | 1.30 | 1.11 | 1.18 | 2.13 | 2.14 | 2.61 | 2.01 | 2.32 |
| Quick Ratio | 1.13 | 1.13 | 1.20 | 0.94 | 0.67 | 0.77 | 1.68 | 1.51 | 1.84 | 1.30 | 1.71 |
| Cash Ratio | 0.72 | 0.72 | 0.90 | 0.35 | 0.35 | 0.44 | 1.01 | 1.09 | 1.35 | 0.89 | 1.30 |
| Asset Turnover | — | 1.89 | 1.79 | 1.96 | 2.65 | 1.85 | 0.99 | 1.63 | 1.82 | 1.57 | 1.18 |
| Inventory Turnover | 14.51 | 14.51 | 14.77 | 13.21 | 15.66 | 14.53 | 13.86 | 15.20 | 17.04 | 14.87 | 13.18 |
| Days Sales Outstanding | — | 11.98 | 14.15 | 11.29 | 11.99 | 15.07 | 16.53 | 10.44 | 8.66 | 10.91 | 12.37 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 8.0% | 14.9% | 15.3% | 14.3% | 10.2% | 9.5% | 9.4% | 6.8% | 10.0% |
| Payout Ratio | — | — | 2157.1% | 58.9% | 104.3% | 964.0% | — | 80.5% | 91.9% | 66.2% | 694.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 1.1% | 0.4% | 25.2% | 14.7% | 1.5% | — | 11.8% | 11.4% | 9.2% | 1.4% |
| FCF Yield | — | — | 9.1% | 22.5% | 22.0% | 8.7% | — | 18.3% | 20.5% | 1.9% | 7.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.1% | 0.6% | 9.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 8.0% | 14.9% | 15.7% | 14.3% | 10.8% | 18.9% | 9.4% | 6.8% | 10.0% |
| Shares Outstanding | — | $101M | $101M | $101M | $101M | $101M | $101M | $101M | $93M | $87M | $87M |
Commodity Spread Margin Compression
According to current market data, CVI trades at a forward P/E of 32.88, which appears disconnected from the company's recent negative earnings trajectory and suggests that investors may be pricing in a cyclical recovery that remains unsupported by the current 0.38 price-to-sales multiple.
The elevated forward P/E ratio relative to the company's historical volatility suggests that the market is assigning a premium to potential future crack spread improvements. However, given the persistent net losses and the structural challenges in the refining segment, this valuation may be overly optimistic and warrants further investigation into whether the market is mispricing the company's long-term earnings power.
Based on reported figures, CVI's ROIC has deteriorated to -11.5% in 2026Q1, marking a significant decline from the 18.5% peak in 2025Q3 and indicating that the company is currently failing to generate returns that exceed its cost of capital in the current commodity environment.
The sharp swing in ROIC highlights the extreme sensitivity of the company's capital efficiency to regional refining margins and fertilizer feedstock costs. This trend suggests that the company's asset base is struggling to compound value, as the high capital intensity required to maintain aging infrastructure continues to outpace the returns generated during cyclical downturns.
As reported in recent financial statements, CVI's cash conversion cycle has remained volatile, with the 2026Q1 figure of 16 days reflecting the ongoing difficulty in managing inventory and receivables amidst the seasonal demand shifts inherent in the nitrogen fertilizer and refining segments.
The fluctuation in the cash conversion cycle suggests that the company's working capital management is heavily dictated by external commodity cycles rather than internal process improvements. Investors should monitor whether the company can stabilize these metrics, as the current inconsistency in DSO and DIO trends may indicate limited leverage over suppliers and customers.
According to recent SEC filings, CVI's debt-to-equity ratio has climbed to 2.45x as of 2026Q1, a level that appears increasingly precarious given the company's inability to maintain consistent profitability and the resulting pressure on its interest coverage ratios during periods of margin compression.
The rising leverage profile suggests that the company's financial flexibility is becoming constrained, particularly as interest coverage has turned negative in recent quarters. This trend indicates that the company may face significant refinancing risks if the current volatility in crack spreads persists, potentially limiting its ability to fund necessary capital expenditures.
The most commonly misapplied metric for CVI is the standard EV/EBITDA multiple, which fails to account for the unique integration of the nitrogen fertilizer segment and the significant non-controlling interest of CVR Partners, thereby obscuring the true cash-generating capacity of the core refining assets.
Analysts often treat CVI as a pure-play refiner, which ignores the counter-cyclical benefits of the fertilizer segment and the distorting impact of RINs accounting on headline EBITDA. A more accurate assessment would require adjusting for these segment-specific dynamics and the consolidation of UAN to avoid overestimating the company's operational stability.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying CVI stock.
CVR Energy, Inc.'s current P/E ratio is 105.5x. The historical average is 25.5x. This places it at the 100th percentile of its historical range.
CVR Energy, Inc.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.3x.
CVR Energy, Inc.'s return on equity (ROE) is 3.0%. The historical average is 19.1%.
Based on historical data, CVR Energy, Inc. is trading at a P/E of 105.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CVR Energy, Inc. has 4.4% gross margin and 2.3% operating margin.
CVR Energy, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.