UAN
Basic MaterialsCVR Partners, LP · Agricultural Inputs · $1B
What is CVR Partners, LP?
CVR Partners, LP is a US-focused nitrogen fertilizer producer operating as a master limited partnership. The company serves agricultural and industrial customers across the United States, supplying essential crop nutrients through two production facilities.
CVR Partners produces and sells nitrogen fertilizer products, primarily ammonia and urea ammonium nitrate (UAN). Ammonia is sold to both agricultural users and industrial buyers, while UAN solutions are directed at farmers, retailers, and distributors. Revenue is tied closely to nitrogen fertilizer pricing, which fluctuates with natural gas input costs and agricultural demand cycles. The partnership structure means a significant portion of distributable cash flow is returned to unitholders rather than reinvested in expansion.
CVR Partners was founded in 2011 and is headquartered in Sugar Land, Texas.
- Ammonia — for agricultural and industrial end markets
- Urea ammonium nitrate (UAN) solutions for crop nutrition
- Nitrogen fertilizer distribution to retailers and farm cooperatives
Is UAN a Good Stock to Buy?
UQS Score rates UAN as Good overall, reflecting a mixed profile where one standout pillar offsets meaningful weaknesses elsewhere.
The Quality pillar is rated Strong, indicating that CVR Partners generates relatively healthy cash flows for its size and sector positioning. Valuation is rated Attractive, suggesting the units may be priced favorably relative to the underlying business fundamentals — a combination that can appeal to income-oriented investors in the basic materials space.
The Moat, Growth, and Risk pillars all carry Weak ratings, pointing to limited competitive differentiation, constrained expansion prospects, and meaningful exposure to commodity price swings and input cost volatility.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does UAN pay dividends?
Yes — CVR Partners, LP pays a dividend.
CVR Partners pays a regular distribution to unitholders, consistent with its master limited partnership structure. Distribution levels tend to vary with nitrogen fertilizer prices and free cash flow generation rather than following a fixed payout. Investors drawn to commodity-linked income streams often monitor UAN for its variable distribution potential, though payouts can fluctuate significantly across agricultural cycles.
When does UAN report earnings?
CVR Partners reports earnings on a quarterly cadence, typical for US-listed partnerships.
Results tend to reflect the inherent seasonality of fertilizer demand — spring planting season typically drives the strongest volumes. Input cost dynamics, particularly natural gas prices, play a large role in shaping quarterly profitability. For the most current quarter's figures, results can vary considerably year over year.
For the most recent quarter's results and guidance, visit CVR Partners' investor relations page directly.
UAN Price History
+349.8% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in CVR Partners, LP?
Based on CVR Partners, LP's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
UAN Long-term Outlook
The UQS Growth pillar is rated Weak, reflecting limited near-term expansion catalysts for a mature, asset-heavy nitrogen fertilizer producer. The Risk pillar is also Weak, underscoring that commodity price cycles and natural gas cost exposure can create meaningful earnings volatility. That said, the Attractive Valuation rating suggests the market may already be pricing in a degree of these headwinds, leaving room for upside if fertilizer markets tighten.
Growth drivers
- Agricultural demand recovery and tighter global nitrogen supply
- Operational efficiency improvements at existing production facilities
- Variable distribution upside during high fertilizer price environments
Key risks
- Natural gas cost spikes compressing production margins
- Nitrogen fertilizer price declines driven by global oversupply
- Commodity cycle volatility creating unpredictable cash distributions
UAN vs Peers
CVR Partners operates in a competitive fertilizer and specialty chemicals landscape alongside several distinct peers.
Hyperliquid Strategies operates in a fundamentally different business model, making direct comparison to CVR Partners' fertilizer operations limited.
FMC focuses on agricultural sciences and crop protection chemicals, giving it a broader and more diversified agricultural product portfolio than CVR Partners' nitrogen-only focus.
Intrepid Potash produces potash and specialty fertilizers, competing in the broader crop nutrient market but with a different nutrient focus and mine-based production model.
Frequently Asked Questions
What does CVR Partners do?
CVR Partners produces and sells nitrogen fertilizer products — primarily ammonia and urea ammonium nitrate — to agricultural customers, industrial buyers, retailers, and distributors across the United States. The partnership operates production facilities and distributes cash flow to unitholders.
Does UAN pay dividends?
Yes, CVR Partners pays regular distributions to unitholders as a master limited partnership. The distribution amount is variable and tied to fertilizer market conditions and free cash flow, so payouts can rise or fall meaningfully depending on the commodity cycle.
When does UAN report earnings?
CVR Partners reports on a quarterly cadence, consistent with US-listed partnerships. Earnings timing can shift slightly quarter to quarter. For confirmed dates, check CVR Partners' investor relations page or financial data providers directly.
Is UAN a good stock to buy?
UQS Score rates UAN as Good overall. The Quality pillar is Strong and Valuation is Attractive, but Moat, Growth, and Risk are all Weak. Whether it fits your portfolio depends on your tolerance for commodity volatility and your income objectives. View the full pillar breakdown on UQS Pro.
Is UAN overvalued?
The UQS Valuation pillar for UAN is rated Attractive, suggesting the units are not considered overvalued relative to fundamentals at the time of scoring. Valuation can shift quickly in commodity-linked businesses, so monitoring is worthwhile.
How does UAN compare to its competitors?
CVR Partners is a pure-play nitrogen fertilizer producer, which makes it more concentrated than diversified peers like FMC Corporation. Compared to Intrepid Potash, CVR Partners focuses on nitrogen rather than potash nutrients. Each company carries a different risk and growth profile — see the UQS comparison tool for side-by-side pillar ratings.
What is UAN's market cap bracket?
CVR Partners is classified as a small-cap partnership. This places it in a segment of the market that can offer higher yield potential but also carries greater liquidity and volatility risk compared to large-cap fertilizer producers.
Who founded CVR Partners?
CVR Partners was established in 2011 as a spin-off from CVR Energy, which created the partnership to hold its nitrogen fertilizer operations. CVR GP, LLC serves as the general partner of the partnership today.
Is UAN a long-term quality investment?
As a long-term quality indicator, UAN's Strong Quality pillar is a positive signal, but the Weak Moat and Weak Growth ratings suggest limited structural advantages and expansion capacity over time. Long-term holders should weigh commodity cycle exposure carefully. The full UQS analysis is available to Pro members.
What is the main competitive advantage of CVR Partners?
CVR Partners' primary advantage lies in its established production infrastructure and direct access to US agricultural markets. However, the UQS Moat pillar is rated Weak, indicating that durable competitive differentiation — such as pricing power or switching costs — is limited in the commodity nitrogen fertilizer industry.
What sector does UAN belong to?
CVR Partners belongs to the Basic Materials sector, specifically within nitrogen fertilizer production. The sector is heavily influenced by agricultural commodity cycles, natural gas input costs, and global fertilizer supply and demand dynamics.
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Pro Analysis
UAN — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 7, 2026 | 51.2 | 85.0 | 19.0 | 39.3 | 36.2 | 79.7 | -0.2 |
| May 3, 2026 | 51.4 | 85.0 | 19.0 | 39.3 | 36.2 | 80.5 | +0.1 |
| Apr 19, 2026 | 51.3 | 85.0 | 19.0 | 39.3 | 36.2 | 80.2 | 0.0 |
| Apr 18, 2026 | 51.3 | 85.0 | 19.0 | 39.3 | 36.2 | 79.9 | -0.5 |
| Apr 14, 2026 | 51.8 | 85.0 | 19.0 | 39.3 | 36.2 | 83.7 | -0.2 |
| Apr 12, 2026 | 52.0 | 85.0 | 19.0 | 39.3 | 36.2 | 84.6 | +0.2 |
| Apr 5, 2026 | 51.8 | 85.0 | 19.0 | 39.3 | 36.2 | 83.8 | -0.1 |
| Apr 2, 2026 | 51.9 | 85.0 | 19.0 | 39.3 | 36.2 | 84.0 | — |
UAN — Pillar Breakdown
Quality
— 88.9/100 (25%)CVR Partners, LP demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 76.8/100 (20%)CVR Partners, LP is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 46.8/100 (15%)CVR Partners, LP has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 91.3/100 (15%)CVR Partners, LP appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 19/100 (25%)CVR Partners, LP operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for UAN.
Score Composition
Financial Data
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How is the UAN UQS Score Calculated?
The UQS (Unified Quality Score) for CVR Partners, LP is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses CVR Partners, LP's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether CVR Partners, LP is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.