Highlights

  • CVR Partners shows 82.16% EPS growth, 8.28 P/E and 0.00 PEG.
  • Second quarter net income was $77,504 thousand, against $38,768 thousand a year earlier.
  • It declared a second quarter distribution of $6.08 per common unit on July 29.
  • Total liquidity was $187.5 million at June 30, 2026.

An undervalued growth stock pairs earnings growth with its P/E and PEG ratios, and CVR Partners (NYSE:UAN) shows all three: basic earnings per share grew 82.16% over one year, the trailing twelve-month P/E ratio is 8.28 and the PEG ratio, on an expected basis, is 0.00, with units trading at USD 124.80 on October 28, 2026, up 0.84%. In its latest disclosures, the nitrogen fertilizer producer received a Verified Ammonia Carbon Intensity certification for its Coffeyville Facility in June, reported second quarter 2026 net income of $77,504 thousand in a quarterly report filed in late July, and declared a $6.08 per common unit distribution on July 29.

CVR Partners, LP is a Delaware limited partnership formed in 2011 by CVR Energy, with its principal executive offices in Sugar Land, Texas. It produces and distributes nitrogen fertilizer products, used by farmers primarily for corn and wheat, at two facilities: the Coffeyville Facility in Kansas and the East Dubuque Facility in Illinois. Its principal products are ammonia and urea ammonium nitrate, sold on a wholesale basis. At June 30, 2026, public unitholders held approximately 60% of its limited partner interests and CVR Energy held approximately 37%.

Growth: Second Quarter Earnings, Net Sales and Fertilizer Pricing

Net income was $77,504 thousand in the second quarter against $38,768 thousand a year earlier, and $127,417 thousand for the first six months against $65,856 thousand. Basic and diluted earnings per common unit were $7.33 against $3.67 in the quarter, and $12.06 against $6.23 for six months. Net sales were $202,194 thousand against $168,559 thousand, and operating income was $84,816 thousand against $46,318 thousand.

The partnership said the $33.6 million increase in quarterly net sales was primarily due to higher UAN and ammonia sales prices, which contributed $35.4 million, partly offset by lower sales volumes that reduced revenues by $5.8 million. Ammonia pricing at the gate was $791 per ton against $593, and UAN pricing was $392 per ton against $317. The partnership stated that ammonia and UAN sales prices increased 33% and 24%, respectively, and attributed the increases to tight inventory levels linked to Middle East conflicts and production outages. The ammonia utilization rate was 99% against 91%.

Valuation: P/E of 8.28, PEG of 0.00 and Cash Generation

The P/E ratio of 8.28 is measured on trailing twelve-month earnings, and the PEG ratio of 0.00 on expected growth. EBITDA, a non-GAAP measure, was $107,121 thousand in the second quarter against $67,209 thousand. Net cash provided by operating activities was $141,676 thousand for the first six months against $79,493 thousand. Total partners' capital was $346,969 thousand at June 30, 2026, against $265,741 thousand at December 31, 2025.

Capital Returns, Debt and Liquidity

On July 29, 2026 the board of the general partner approved a second quarter distribution of $6.08 per common unit, or approximately $64.3 million, payable August 17, 2026 to unitholders as of August 10, 2026. The partnership paid $4.00 per common unit for the first quarter of 2026 and $0.37 for the fourth quarter of 2025.

Cash and cash equivalents were $137.5 million, and with $50.0 million available under the ABL Credit Facility, total liquidity was $187.5 million against $117.1 million at December 31, 2025. Debt consisted of $550,000 thousand of 6.125% Senior Secured Notes due June 2028, and the partnership stated that it was in compliance with its debt covenants. It estimates 2026 capital expenditures of $85,000 thousand to $95,000 thousand.

Disclosed Risks and Outlook

UAN sales volumes decreased by 3% in the quarter, which the partnership attributed to fewer corn acres planted and higher UAN prices relative to comparable fertilizers. Direct operating expenses rose $6.9 million in the six months, primarily on higher utility and repair and maintenance costs. The partnership disclosed lawsuits alleging personal injury from an October 2025 ammonia release at the Coffeyville Facility, a declaratory judgment action in which an insurer seeks a ruling that it has no duty to defend or indemnify, and Kansas environmental claims seeking compensatory and punitive damages after the court dismissed a medical monitoring claim in July 2026. It cannot yet determine whether the ammonia matters will have a material adverse effect.

It noted that Icahn Enterprises and CVR Energy are considering potential strategic transactions that may involve CVR Partners, with no assurance of any outcome.

The partnership scheduled planned maintenance at the East Dubuque Facility for August 2026 at an estimated cost of $35 million to $40 million, lasting approximately 40 days, during which it plans to complete a brownfield ammonia expansion expected to increase production capacity by approximately 5%. It expects, with board approval, to proceed with natural gas feedstock construction at the Coffeyville Facility in 2026 and 2027. It issued no earnings guidance.