CVR Energy CVI

NYSE · Petroleum Refining · $4.3B

$39.84−7.37%Nov 5 close · Databento

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CVI Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $39.841D −7.37%3M +22.89%SMA20 $57.17SMA50 $52.94RSI(14) 25.9

39.84

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 25.9

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$4.3B

Enterprise value$5.5B

Revenue$7.2B −5.9%

ROIC9.8%

EPS, diluted$0.27 +350.0%

Modern Valuation (EOD)

Market Cap$4.3B

Enterprise Value$5.5B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT30.29

EV / Sales0.77

P / E (GAAP)160.14

P / FCF—

P / Oper. CF30.03

P / Book4.81

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield0.6%

Shareholder Yield−1.0%

Buyback Yield0.0%

Dividend Yield12.27%

Dividend / sh$4.89

Payout Ratio0%

FCF / sh—

EPS (diluted)$0.27

Compounder & Returns

Rule of 40—

ROIC9.8%

Cash ROIC (CROIC)—

GP / Assets—

ROE3.0%

ROA0.7%

Gross Margin—

Oper. Margin2.5%

Net Margin0.4%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−3.2%

SBC % of FCF—

SBC % of Rev0.6%

Reinvest. Rate—

Sales Growth Y/Y−5.9%

Sales 3Y CAGR−13.1%

EPS Growth Y/Y+350.0%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y0.0%

Balance Sheet & Scale

Revenue (FY)$7.2B

Gross Profit (FY)—

Oper. Income (FY)$182.0M

GAAP Net Income$27.0M

True FCF (ex-SBC)—

Cash & Equiv$511.0M

Total Debt$1.7B

Net Cash (Debt)$-1.2B

Net Cash % MCap−27.5%

Debt / FCF (yrs)—

Current Ratio1.79100.53M sh

Price & Technicals (EOD)

Perf Week−29.88%

Perf Month−30.57%

Perf Quarter+27.90%

Perf Half Y+22.28%

Perf YTD+32.01%

SMA 20 Dist−30.32%$57.17

SMA 50 Dist−24.75%$52.94

SMA 100 Dist−6.93%$42.80

Window High−36.88%$63.12

Window Low+48.66%$26.80

RSI (14) · Vol25.985%v

Income Distribution & Cash Flow ConversionHow every dollar of CVI revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$6.8B ($95.2 / $100)

SG&A & Other OpEx$164.0M ($2.3 / $100)

Tax & Non-Operating$155.0M ($2.2 / $100)

Net Profit Kept$27.0M ($0.4 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$27.0M (0.4% margin)

Operating Cash Flow (OCF)$144.0M(2.0% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$42.0M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$7.2B	$10.9B	$9.2B	$7.6B	$7.2B	−5.9%	−0.3%
Cost of Revenue (COGS)	$7.0B	$9.8B	$8.0B	$7.4B	$6.8B	−8.0%	−0.7%
Selling, General & Admin (SG&A)	$119.0M	$149.0M	$141.0M	$139.0M	$148.0M	+6.5%	+5.6%
Operating Income (EBIT)	$87.0M	$963.0M	$1.1B	$58.0M	$182.0M	+213.8%	+20.3%
Interest Expense	—	$93.0M	$90.0M	$115.0M	$139.0M	+20.9%	+14.3%
Income Tax Expense	$-8.0M	$157.0M	$207.0M	$-26.0M	$-10.0M	+61.5%	—
GAAP Net Income	$25.0M	$463.0M	$769.0M	$7.0M	$27.0M	+285.7%	+1.9%
Diluted EPS	$0.25	$4.60	$7.65	$0.06	$0.27	+350.0%	+1.9%
Diluted Shares	100.5M	100.5M	100.5M	100.5M	100.5M	+0.0%	+0.0%
Balance Sheet
Cash & Equivalents	$517.0M	$517.0M	$1.2B	$987.0M	$511.0M	−48.2%	−0.3%
Inventory	$484.0M	$624.0M	$604.0M	$502.0M	$472.0M	−6.0%	−0.6%
Total Current Assets	$1.4B	$1.6B	$2.2B	$1.8B	$1.3B	−30.5%	−1.9%
Total Assets	$3.9B	$4.1B	$4.7B	$4.3B	$3.7B	−13.1%	−1.3%
Total Current Liabilities	$1.2B	$1.4B	$1.7B	$1.1B	$706.0M	−35.7%	−11.6%
Total Debt (Short + Long Term)	$591.7M	$1.5B	$2.1B	$1.9B	$1.7B	−10.5%	+30.2%
Stockholders' Equity	$770.0M	$791.0M	$1.0B	$888.0M	$898.0M	+1.1%	+3.9%
Net Cash / (Net Debt)	$-74.7M	$-983.0M	$-914.0M	$-913.0M	$-1.2B	−30.2%	—
Invested Capital	$844.7M	$1.8B	$2.0B	$1.8B	$2.1B	+15.9%	+25.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$396.0M	$967.0M	$948.0M	$404.0M	$144.0M	−64.4%	−22.3%
Depreciation & Amortization (D&A)	$279.0M	$288.0M	$298.0M	$298.0M	$403.0M	+35.2%	+9.6%
Stock-Based Compensation (SBC)	$46.0M	$71.0M	$34.0M	$15.0M	$42.0M	+180.0%	−2.2%
Share Repurchases (Buybacks)	$1.0M	$12.0M	$0	$0	$0	—	—
Dividends Paid	$241.0M	$483.0M	$453.0M	$151.0M	$0	−100.0%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what CVI did at the next close after each story

Nov 3

CVR Energy nears $4 bln deal for Marathon refineries- WSJ

Investing.com · 12:12 AM ET

−13.09%

What happened · big days

27 big days in a year, and what we hold on each

A big day is a close more than 5.90% from the one before, three times CVI’s median day (1.97%). On 1 of the 27, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.90%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayCVIWhat we hold that dayGroup (median of 4) · each

1 Jan 7, 2026−6.94%
Before our storiesgroup −0.9%, did not move with it
1Jan 7, 2026−6.94%
Before our stories
−0.9% did not move with itCOP −3.3 · CVX −0.9 · MPC +1.2
2 Jan 21, 2026+9.54%
Before our storiesgroup +1.5%, did not move with it
2Jan 21, 2026+9.54%
Before our stories
+1.5% did not move with itCOP +1.7 · MPC +1.5 · CVX +0.9
3 Jan 26, 2026−9.49%
Before our storiesgroup +0.1%, did not move with it
3Jan 26, 2026−9.49%
Before our stories
+0.1% did not move with itMPC −1.6 · COP +0.1 · CVX +0.5
4 Feb 12, 2026−6.63%
Before our storiesgroup −1.8%, did not move with it
4Feb 12, 2026−6.63%
Before our stories
−1.8% did not move with itMPC −5.1 · CVX −1.8 · COP −0.3
5 Feb 25, 2026+6.45%
Before our storiesgroup −0.5%, did not move with it
5Feb 25, 2026+6.45%
Before our stories
−0.5% did not move with itMPC +0.3 · COP −0.5 · CVX −0.6
6 Mar 9, 2026−5.96%
Before our storiesgroup −0.3%, did not move with it
6Mar 9, 2026−5.96%
Before our stories
−0.3% did not move with itMPC −2.5 · CVX −0.3 · COP −0.0
7 Mar 11, 2026+10.30%
Before our storiesgroup +3.0%, did not move with it
7Mar 11, 2026+10.30%
Before our stories
+3.0% did not move with itMPC +5.3 · CVX +3.0 · COP +2.5
8 Mar 18, 2026+10.36%
Before our storiesgroup +0.6%, did not move with it
8Mar 18, 2026+10.36%
Before our stories
+0.6% did not move with itMPC +1.3 · COP +0.6 · CVX +0.3
9 Apr 1, 2026−6.09%
Before our storiesgroup −2.7%, did not move with it
9Apr 1, 2026−6.09%
Before our stories
−2.7% did not move with itCVX −4.6 · COP −2.7 · MPC −2.5
10 Apr 9, 2026−6.58%
Before our storiesgroup −1.4%, did not move with it
10Apr 9, 2026−6.58%
Before our stories
−1.4% did not move with itMPC −3.6 · COP −1.4 · CVX −1.3
11 Apr 17, 2026−10.41%
Before our storiesgroup −4.5%, did not move with it
11Apr 17, 2026−10.41%
Before our stories
−4.5% did not move with itMPC −5.5 · COP −4.5 · CVX −2.2
12 May 6, 2026−6.95%
Before our storiesgroup −3.9%, moved with CVI
12May 6, 2026−6.95%
Before our stories
−3.9% moved with CVIMPC −5.7 · CVX −3.9 · COP −3.6
13 Jul 8, 2026+7.36%
Nothing on CVIgroup +2.1%, did not move with it
13Jul 8, 2026+7.36%
Nothing on CVINo CVI story, brief or results filing in our record that day
+2.1% did not move with itMPC +5.4 · COP +2.1 · CVX +1.1
14 Jul 13, 2026+8.04%
Nothing on CVIgroup +3.5%, did not move with it
14Jul 13, 2026+8.04%
Nothing on CVINo CVI story, brief or results filing in our record that day
+3.5% did not move with itMPC +4.6 · COP +3.5 · CVX +3.3
15 Jul 30, 2026+9.99%
Resultsgroup +0.8%, did not move with it
15Jul 30, 2026+9.99%
ResultsFirst close after the Jul 29 results filing
+0.8% did not move with itMPC +1.7 · COP +0.8 · CVX +0.2
16 Jul 31, 2026−6.46%
Nothing on CVIgroup +1.2%, did not move with it
16Jul 31, 2026−6.46%
Nothing on CVINo CVI story, brief or results filing in our record that day
+1.2% did not move with itMPC +0.8 · COP +1.2 · CVX +2.4
17 Aug 3, 2026−7.66%
Nothing on CVIgroup −1.9%, did not move with it
17Aug 3, 2026−7.66%
Nothing on CVINo CVI story, brief or results filing in our record that day
−1.9% did not move with itMPC −3.0 · CVX −1.9 · COP −1.1
18 Aug 5, 2026−6.39%
Nothing on CVIgroup −2.5%, did not move with it
18Aug 5, 2026−6.39%
Nothing on CVINo CVI story, brief or results filing in our record that day
−2.5% did not move with itMPC −4.8 · COP −2.5 · CVX −2.1
19 Aug 21, 2026+10.27%
Nothing on CVIgroup −0.0%, did not move with it
19Aug 21, 2026+10.27%
Nothing on CVINo CVI story, brief or results filing in our record that day
−0.0% did not move with itMPC +0.7 · COP −0.0 · CVX −0.2
20 Sep 15, 2026+7.28%
Nothing on CVIgroup +3.3%, did not move with it
20Sep 15, 2026+7.28%
Nothing on CVINo CVI story, brief or results filing in our record that day
+3.3% did not move with itMPC +3.6 · COP +3.3 · CVX +2.6
21 Oct 1, 2026+6.61%
Nothing on CVIgroup +1.5%, did not move with it
21Oct 1, 2026+6.61%
Nothing on CVINo CVI story, brief or results filing in our record that day
+1.5% did not move with itMPC +6.3 · COP +1.5 · CVX +1.4 · XOM +0.7
22 Oct 13, 2026+7.15%
Nothing on CVIgroup +1.9%, did not move with it
22Oct 13, 2026+7.15%
Nothing on CVINo CVI story, brief or results filing in our record that day
+1.9% did not move with itMPC +4.0 · COP +2.4 · CVX +1.3 · XOM +1.1
23 Oct 26, 2026+6.64%
Nothing on CVIgroup +0.6%, did not move with it
23Oct 26, 2026+6.64%
Nothing on CVINo CVI story, brief or results filing in our record that day
+0.6% did not move with itMPC +2.9 · XOM +0.7 · COP +0.4 · CVX −0.5
24 Oct 27, 2026−7.40%
Nothing on CVIgroup −2.4%, did not move with it
24Oct 27, 2026−7.40%
Nothing on CVINo CVI story, brief or results filing in our record that day
−2.4% did not move with itMPC −7.4 · XOM −2.5 · COP −2.3 · CVX −1.6
25 Nov 3, 2026−13.09%
Results · 1 storygroup −1.2%, did not move with it
25Nov 3, 2026−13.09%
Results · 1 storyFirst close after the Nov 3 results filing
−1.2% did not move with itCOP −1.7 · XOM −1.2 · CVX −1.1 · MPC −0.7
26 Nov 4, 2026−11.50%
Nothing on CVIgroup −4.9%, did not move with it
26Nov 4, 2026−11.50%
Nothing on CVINo CVI story, brief or results filing in our record that day
−4.9% did not move with itMPC −8.1 · COP −5.2 · XOM −4.6 · CVX −3.7
27 Nov 5, 2026−7.37%
Nothing on CVI
27Nov 5, 2026−7.37%
Nothing on CVINo CVI story, brief or results filing in our record that day
No group that day

A story on the same day is not a cause, and a group move is not proof either. Group: the median of XOM, CVX, COP and MPC that day, the largest companies in CVI’s SEC industry; “moved with CVI” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). CVI reports after the close, so day 1 is the next close. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 29, 2025

day 1−5.31%day 6−6.64%

Reported Feb 18, 2026

day 1−3.44%day 6+5.68%

Reported Apr 29, 2026

day 1−2.90%day 6−4.54%

Reported Jul 29, 2026

day 1+9.99%day 6−9.39%

Next report: expected early-to-mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 3 report: −28.76%. Four reports is a small sample.

Every report since 2023 →

Each line is CVI’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

CVI against four refining peers, a year at 100

CVI is up 9.3% in a year. Valero Energy is up 2.1 times, Marathon Petroleum 2.0, Conocophillips is up 56.0% and Chevron 40.0%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale so a twofold rise and a 9.3% rise both read honestly.

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CVI +9.3%. Valero Energy ×2.1, Marathon Petroleum ×2.0, Conocophillips +56.0%, Chevron +40.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in CVI’s SEC industry (Petroleum Refining) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

XOM	Exxon Mobil	$701.6B	−2.35%
CVX	Chevron	$428.7B	−1.86%
COP	Conocophillips	$164.5B	−1.08%
MPC	Marathon Petroleum	$110.3B	−3.91%
VLO	Valero Energy	$105.2B	−3.86%
PSX	Phillips 66	$103.6B	−4.85%
PBF	PBF Energy	$8.3B	−5.85%
DK	Delek US	$4.0B	−4.54%