CVR Partners, LP (UAN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+254.6%

$443.94

vs $125.21 price

Levered DCF

$345.35

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.61

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.99×	13.19×	4.02×	3.72×	11.31×	-1.83×	-10.03×	-7.69×
P/B	4.08×	2.74×	2.29×	2.59×	2.58×	0.57×	0.84×	-0.93×
P/S	1.79×	1.53×	1.02×	1.28×	1.66×	0.51×	0.87×	1.1×
EV / EBITDA	7.62×	7.32×	4.26×	3.81×	6.52×	19.06×	8.84×	12.17×
Gross margin	27.0%	22.6%	34.1%	42.2%	30.4%	7.1%	14.0%	9.0%
Operating margin	21.4%	17.2%	29.6%	38.3%	25.3%	-10.0%	6.8%	1.8%
Net margin	16.3%	11.6%	25.3%	34.3%	14.7%	-28.1%	-8.7%	-14.2%
Current ratio	2.21×	2.1×	2.2×	2.11×	1.62×	1.55×	1.73×	1.58×
Debt / equity	2.23×	2.04×	1.82×	1.35×	1.8×	2.04×	1.52×	-1.52×
Interest coverage	4.28×	3.03×	7.03×	9.39×	2.21×	-0.55×	0.44×	0.1×
Dividend yield	11.6%	8.8%	40.6%	19.2%	5.6%	0.0%	12.9%	0.0%
Payout ratio	127.7%	116.1%	163.2%	71.4%	63.6%	0.0%	-129.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	37.1%	20.8%	56.9%	69.6%	22.8%	-31.2%	-8.3%	12.1%
Return on invested capital	14.8%	9.9%	22.3%	32.7%	13.9%	-3.6%	2.6%	0.6%
Return on assets	10.2%	6.0%	17.7%	26.1%	6.9%	-9.5%	-3.1%	-4.0%
Free cash flow yield	9.1%	14.1%	31.7%	24.1%	19.0%	0.6%	5.8%	3.2%
Earnings yield	9.1%	7.6%	24.9%	26.9%	8.8%	-54.7%	-10.0%	-13.0%
Enterprise value	$1.6B	$1.3B	$1.2B	$1.5B	$1.4B	$788.3M	$950.1M	$952.4M
Net debt / EBITDA	2.49×	2.83×	1.8×	1.17×	2.37×	14.72×	5.57×	7.25×
Cash conversion cycle (days)	64	80	47	60	62	58	63	103