UAN
CVR Partners, LP
UAN's fundamentals are mixed, but it looks expensive: trading at 11x earnings, above its usual 8.4x. Its downside scenario is about three times its upside.
UAN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Healthy |
UAN's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
UAN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.6x | $35.73 | -68% |
| Fair | 8.4x | $84.30 | -25% |
| Current | 11x | $112 | — |
| Expensive | 14x | $138 | +23% |
Historical ranges are pointers, not guarantees.
UAN's PE is in its expensive range at 11x.
UAN Forward outlook
There aren't enough analyst estimates for UAN to show an outlook.
UAN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $10.05 | -17% |
| Q2 2026 | $15.15 | +82% |
| Q1 2026 | $11.49 | +61% |
| Q4 2025 | $9.33 | +62% |
| Q3 2025 | $12.04 | +142% |
| Q2 2025 | $8.32 | +78% |
| Q1 2025 | $7.13 | -9.3% |
| Q4 2024 | $5.76 | -65% |
UAN's earnings per share have fallen from their peak: $10.05 over the past year, against $28.92 in mid-2022.
UAN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $146.2M | -11% |
| Q2 2026 | $202.2M | +20% |
| Q1 2026 | $180M | +26% |
| Q4 2025 | $131.1M | -6.1% |
| Q3 2025 | $163.5M | +31% |
| Q2 2025 | $168.6M | +27% |
| Q1 2025 | $142.9M | +12% |
| Q4 2024 | $139.6M | -1.5% |
UAN's revenue is growing: $146M last quarter, down 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -2.5% | -34 points |
| Q2 2026 | 42% | +15 points |
| Q1 2026 | 32% | +7.8 points |
| Q4 2025 | -2.2% | -21 points |
| Q3 2025 | 31% | +22 points |
| Q2 2025 | 27% | +2.2 points |
| Q1 2025 | 24% | +8.5 points |
| Q4 2024 | 18% | +6.3 points |
UAN's operating margin was −2.5% last quarter, down 33 points from the same quarter a year ago.
UAN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $84.2M | +5.1% |
| Q2 2026 | $50.9M | +177% |
| Q1 2026 | $58.7M | +29% |
| Q4 2025 | -$45.2M | -$39.6M |
| Q3 2025 | $80.1M | -2.6% |
| Q2 2025 | $18.4M | +652% |
| Q1 2025 | $45.5M | +33% |
| Q4 2024 | -$5.6M | +$22.8M |
UAN still generates free cash flow, though less than at its 2022 peak: $149M over the past year.
UAN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | 0% | -- |
| 5 years | -1% | -111K shares |
| Available history | -6.7% | -758K shares |
UAN has 11M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | $12.4M |
UAN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.8x | Healthy |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.7x | Moderate |
UAN's net debt is about 1.8 years of its operating earnings (EBITDA), about the same as a year ago.
UAN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.5 | Neutral |
| Stochastic | 28.1 | Neutral |
UAN's weekly RSI is 42 (neutral) and its Stochastic is 28 (neutral).
UAN PE vs Basic Materials Sector
| Metric | UAN | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 19x | 40% below |
| PE % | 70 | 40 | 30 pts above |
UAN is trading at 11x earnings, a 40% discount to the Basic Materials sector's median of 19x.
UAN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $121.6 | 7.8% below |
| 20 week MA | $123.8 | 9.5% below |
| 50 week MA | $118.4 | 5.3% below |
| 100 week MA | $101.7 | 10% above |
| 200 week MA | $90.4 | 24% above |
UAN has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 24% above its 200-week average.
UAN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.0 | $15.2 | -49% |
| 2021 | $15.2 | $79.8 | +426% |
| 2022 | $79.8 | $101.7 | +27% |
| 2023 | $101.7 | $65.5 | -36% |
| 2024 | $65.5 | $75.3 | +15% |
| 2025 | $75.3 | $97.2 | +29% |
| 2026 YTD | $97.2 | $112.1 | +15% |
UAN's yearly returns have swung widely, from +426% in 2021 to −49% in 2020. It's up 15% so far in 2026.