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UAN

CVR Partners, LP

UAN

CVR Partners, LP • NYSE
$96.56 ▲ 1.36% (+1.30)
Market Cap $1.02 B
52w High $100.89
52w Low $63.45
Dividend Yield 11.92%
P/E 8.02
Volume 21.20K
Outstanding Shares 10.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $163.549M ▼ $-15.503M ▼ $43.072M ▲ 26.336% ▲ $4.08 ▲ $101.229M ▲
Q2-2025 $168.559M ▲ $8.316M ▲ $38.768M ▲ 23% ▲ $3.67 ▲ $67.18M ▲
Q1-2025 $142.866M ▲ $7.889M ▲ $27.088M ▲ 18.96% ▲ $2.56 ▲ $52.855M ▲
Q4-2024 $139.555M ▲ $7.432M ▼ $18.295M ▲ 13.11% ▲ $1.73 ▲ $49.841M ▲
Q3-2024 $125.203M $7.447M $3.807M 3.041% $0.36 $35.78M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $156.183M ▲ $1.037B ▲ $718.697M ▲ $318.497M ▲
Q2-2025 $114.4M ▼ $997.996M ▼ $681.455M ▼ $316.54M ▲
Q1-2025 $121.775M ▲ $1.014B ▼ $712.293M ▼ $301.66M ▲
Q4-2024 $90.857M ▼ $1.019B ▲ $725.654M ▲ $293.07M ▲
Q3-2024 $110.539M $986.626M $699.274M $287.352M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $43.072M ▲ $91.744M ▲ $-10.729M ▼ $-39.232M ▼ $41.783M ▲ $80.128M ▲
Q2-2025 $0 ▼ $24.102M ▼ $-4.883M ▲ $-26.594M ▼ $-7.375M ▼ $18.355M ▼
Q1-2025 $27.088M ▲ $55.391M ▲ $-5.807M ▲ $-18.666M ▼ $30.918M ▲ $45.52M ▲
Q4-2024 $18.295M ▲ $12.791M ▼ $-17.535M ▼ $-14.938M ▲ $-19.682M ▼ $-5.555M ▼
Q3-2024 $3.807M $86.725M $-3.627M $-20.083M $63.015M $82.26M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Ammonia
Product Ammonia
 $50.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Product UAN
Product UAN
 $70.00M ▲$90.00M ▲$110.00M ▲$110.00M ▲
Product Urea Products
Product Urea Products
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Products Other
Products Other
 $40.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits climbed sharply from 2020 into 2022 as fertilizer prices strengthened, then eased back in 2023 and 2024 as the cycle cooled. Even with this pullback, the business has stayed clearly profitable since 2021, a big improvement from the loss-making year in 2020. Margins expanded meaningfully during the upcycle and have since compressed but remain healthy by the company’s own historical standards. Earnings per unit are very volatile, which is typical for a commodity fertilizer producer whose results swing with nitrogen prices and plant utilization. Overall, recent years show that UAN can earn strong profits in favorable markets but should be viewed as cyclically exposed rather than steadily growing.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable in size over the past five years, with total assets moving within a fairly narrow band. Debt remains a significant part of the capital structure, noticeably larger than the equity base, so this is not a lightly levered company. Equity has not grown much despite strong profits in some years, suggesting that much of the cash has been returned to unitholders or offset by other factors instead of building up book value. Cash on hand is modest, meaning there is less of a buffer if markets weaken or plants face extended downtime. Overall, the balance sheet appears workable but not especially conservative, which adds some financial risk in a downturn.

Cash Flow

Cash Flow Cash generation improved dramatically after 2020. Operating cash flow and free cash flow were very strong during the peak fertilizer years and have stepped down more recently but remain solid. Capital spending has historically been quite modest relative to cash generation, allowing the company to produce meaningful free cash flow in good years. With new growth and environmental projects planned, capital needs are likely to tick higher, but recent history suggests the business can fund them from internal cash when pricing is supportive. The main risk is that, with only a small cash cushion, a sharp and prolonged downturn in fertilizer prices or significant operational issues could pressure liquidity.

Competitive Edge

Competitive Edge UAN operates in a commodity industry, but it does have some notable advantages. Its Coffeyville plant is the only nitrogen facility in North America that uses petroleum coke gasification, giving it an alternative to natural gas and a cost hedge when gas prices are high. The second plant uses natural gas, so together they provide useful feedstock flexibility. Both plants sit near the U.S. Corn Belt, close to major end-users, which helps on freight costs, reliability, and customer relationships. Integration with its parent’s refinery supports a steady pet coke supply. These factors form a real, though niche, moat in a regional market. At the same time, UAN is still exposed to global fertilizer price swings, plant outages, and industry overcapacity, so its advantages improve its position but do not eliminate cyclical risk.

Innovation and R&D

Innovation and R&D UAN is not an R&D-heavy chemtech company, but it does have meaningful process and operational innovation. The pet coke gasification setup and dual-feedstock strategy are the standout technological differentiators. Management is also pursuing incremental capacity expansion in ammonia and investing in environmental upgrades, which can both enhance efficiency and future-proof the assets against tightening regulations. Product offerings themselves remain largely standard nitrogen fertilizers rather than specialty formulations, so differentiation comes from how the company produces and delivers its products rather than what it sells. Future innovation seems focused on optimizing plants, modestly expanding capacity, and improving environmental performance, not on breakthrough new products.

Summary

UAN has transformed from a loss-making business in 2020 into a consistently profitable, cash-generative fertilizer producer during the latest cycle, though with clear signs of normalization after a very strong 2022. The company’s balance sheet is adequate but carries meaningful leverage and only modest cash reserves, which makes earnings and cash flow volatility an important risk to watch. Cash flow performance has been strong in good markets, funding both distributions and investment, but would likely be pressured in a severe downturn. Competitively, UAN benefits from unique pet coke-based production, dual-feedstock flexibility, and prime Midwestern locations, giving it a cost and logistics edge in its region despite operating in a commodity space. Innovation is primarily operational and capital-project driven rather than research-heavy, aimed at squeezing more efficiency and capacity out of existing assets. Overall, this is a cyclical, operationally differentiated nitrogen producer whose fortunes remain closely tied to fertilizer pricing and plant reliability.

NEWS

October 29, 2025 · 4:21 PM UTC

CVR Partners Reports Third Quarter 2025 Results

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October 16, 2025 · 8:30 AM UTC

CVR Partners to Release Third Quarter 2025 Earnings Results

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