CVR Energy
CVI on NYSE. CVR Energy sells gasoline, diesel, jet fuel, renewable diesel, and fertilizer to drivers and farmers. Market value $5.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.08 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 54 of 100. Price score: 59 of 100. Our list needs 70 on quality and 60 on price.
$57.42 a share, 193% above its 1-year low
Over the past year the price has ranged from $19.62 to $58.56.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $351 million in the past 12 months, a shortfall of $41 million in the year to December 2025.
| Revenue | |||||
| Revenue | $7.2bn | $10.9bn | $9.2bn | $7.6bn | $7.2bn |
| Operating margin | |||||
| Operating margin | 1.2% | 8.8% | 12.1% | 0.8% | 2.5% |
| Debt to equity | |||||
| Debt to equity | 3.00 | 3.00 | 2.58 | 2.73 | 2.42 |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.42× equity
- Revenue growth, five yearsStrong, 12.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2.7 billion last quarter, up 55% on a year ago.
- A loss of $3 million, compared with a loss of $114 million a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, after losing 5 cents a year earlier.
- Spare cash over the past 12 months: $351 million. A year earlier it spent $54 million more than it brought in.
- About the same number of shares as a year ago.
- Debt is $1 billion more than cash, down from $1.3 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.8bn |
| December 2024 | $1.9bn |
| March 2025 | $1.6bn |
| June 2025 | $1.8bn |
| September 2025 | $1.9bn |
| December 2025 | $1.8bn |
| March 2026 | $2.0bn |
| June 2026 | $2.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$124m |
| December 2024 | $29m |
| March 2025 | -$123m |
| June 2025 | -$114m |
| September 2025 | $374m |
| December 2025 | -$110m |
| March 2026 | -$192m |
| June 2026 | -$3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 223 funds in all.
- Icahn Enterprises (Carl Icahn)Carl Icahn
- Value
- $2.0bn
- Share of fund
- 23.7%
- Polaris Capital ManagementBernard Horn
- Value
- $2m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Icahn Enterprises (Carl Icahn)Carl Icahn | $2.0bn | 23.7% | |
| Hotchkis & WileyHotchkis & Wiley team | $8m | <0.1% | Cut |
| Polaris Capital ManagementBernard Horn | $2m | 0.2% |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- Icahn Enterprises (Carl Icahn)$2.0bn
- BlackRock$143mAdded
- State Street$59mAdded
- Vanguard Portfolio Management$57mCut
- Dimensional Fund Advisors LP$57mAdded
- Vanguard Capital Management$37m
- Allianz Asset Management GmbH$26mCut
- Jane Street Group$24mAdded
- CastleKnight Management LP$24mCut
- BNP Paribas Financial Markets$23mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- at least 70.8%+1.0 pts(filed with 2 related holders)Since 24 February 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
at least 70.8%+1.0 pts (filed with 2 related holders) | 24 February 2026 | ||
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.4× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.