Forensic Analysis · Energy / Oil & Gas · as of Jul 20, 2026

CVR ENERGY INC (CVI)

A forensic read on CVR ENERGY INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.9

Altman Z-score

Clean

Earnings quality

Forensic signals

3.7%

ROE

$3.5B

Market cap

1.19%

Dividend yield

-5.9%

Revenue growth

CVR ENERGY INC earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.9, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by shareholder returns — halted.

What the filings flag

stoppedShareholder returns — halted. Capital returns have STOPPED — $151M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.

suspendedDividend — suspended. The dividend has been SUSPENDED — $151M paid in FY2024, then $0 in FY2025. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.

+19.3%Accruals ratio (% of NOA). Net operating assets grew +19.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 6% of net operating assets, diverging from the balance-sheet accrual read.

6.5%Return on invested capital. Return on invested capital is 6.5% in the latest fiscal year and slipping from 36% — around its ~8% cost of capital, so growth is roughly value-neutral — watch the trend.

+0.0%/yrShare count. Diluted share count changed +0% over the last 3 years to FY2025 (+0.0%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

$41MGoodwill impairments. Took $41M of goodwill writedowns across 1 year (FY2020 ($41M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.

Key fundamentals

Latest Revenue$7.16B

Revenue Growth YoY-5.9%

Revenue CAGR (3yr)-13.1%

Net Margin0.4%

Free Cash Flow$222.0M

Return on Equity3.7%

Debt / Equity2.42x

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🔒Peer comparison + filing-change monitoring & alerts

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Data from SEC EDGAR public filings · metrics as of Jul 20, 2026. Forensic signals flag probability, not certainty.